Glossary – What Terms Mean

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 all about being different. It is the creation of a unique and valuable position in the minds of consumers, a Unique Value Proposition (UVP), involving a different set of activities than those of the competitions’, or, if those activities are...

Customer

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

Customer Satisfaction

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

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.

Heart, Mind, and Spirit

Heart - The emotions people feel about what happens to them, those they care for, and the world around them. Mind - A person’s capacity for self- and world-awareness, evaluation, reasoning, and rational thought. Spirit - Concern for the welfare and development of...

Hypothesis

Hypothesis - singularHypotheses - plural A fancy name for a guess or assumption. Having a guess or assumption is not a crime. What is perhaps criminal is acting on a guess or assumption without evidence - doesn’t make a lot of sense really. A supposition or proposed...

Industry Structural Analysis

A business does not exist in a vacuum – its existence and activities have an effect on its respective industry environment and vice versa. Industry Structural Analysis is analysis to establish whether an industry is or can be structurally attractive, meaning, “is...