Glossary – What Our Terms Mean

The purpose of this glossary is not necessarily to invent new terms but to define what the terms mean in the context of this resource.

There may be debate about the definitions, but at least we all understand what is meant. 

Cash Flow Statement

A Cash Flow Statement (CFS) or the statement of cash flows, is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company. The CFS measures how well a company manages its cash position, meaning how well...

Characteristics

Distinguishing feature NOTE 1 A characteristic can be inherent or assigned.NOTE 2 A characteristic can be qualitative or quantitative.NOTE 3 There are various classes of characteristic, such as the following: — physical (e.g. mechanical, electrical, chemical or...

Competitive Strategy

A Competitive strategy is more than about being different, it is about being distinctive. It is the creation of a distinctive and valuable position in the minds of consumers, a Distinctive Value Proposition (DVP). It is about delivering a distinctive mix of benefits...

Complexity

Complexity is a system or a system of nested systems, where each system contains interactive and interdependent agents where no amount of research, examination, or theory allows anyone to completely understand the system, control the system, and much less predict...

Customer

Organisation (3.3.1) or person that receives a product (3.4.2). [ISO 9000:2005].

Customer Response Hierarchy

Consumers of products[1] typically progress through a number of stages regarding their purchase or non-purchase of products. Or so economists and others interested in modelling such things would like to think. Creating a model of consumer behaviours or responses is...

Customer Satisfaction

Customer’s perception of the degree to which the customer’s requirements (3.1.2) have been fulfilled. [ISO 9000:2005].

Distinctive Value Proposition

Introduction A Distinctive Value Proposition (DVP) is the bundle of benefits, based on the solution, that the Customer Segment will receive. The diagram below is a simplified model of what a DVP is made of. Model of the Distinctive Value Proposition. At the core of...

Entrepreneur and Entrepreneurship

There is an unfortunate number of definitions; some of the better ones are: An Entrepreneur is "[a] person who sets up a business or businesses, taking on financial risks in the hope of profit."oxforddictionaries.com, 2018. An Entrepreneur is "[s]omeone who solves...

Experience

“An event or occurrence which leaves an impression on someone.” en.oxforddictionaries.com. Customers inevitably have experiences at every touch point. Since experiences are inevitable, we should plan them to be positive and not leave them to chance.