Business Terms Glossary

What Is a Broker?

A broker is an intermediary that serves as a go-between for the buyer or seller. Check out our latest articles on law and taxes for more information on the legal side of setting up and managing your business.

What Is the First Mover?

The first mover is a company that attempts to gain an unchallengeable, privileged market position by being the first to establish itself in a given market. Read up on the first mover advantage and first mover disadvantage too, and for more on defining your market and target customers, check out How to Do Market Research,...

What Is Direct Marketing?

Direct marketing refers to any method of distribution that gives the customer access to an organization’s products and services without intermediaries; also, any communication from the producer that communicates with a target market to generate a revenue producing response. For further reading, our article on the outline for a marketing plan can help you plan your...

What Are Success Factors?

Primary success factors include considerations regarding: The choice of business based on the status of the market Education and experience People and collaboration Creativity and innovation versus business skills and networks Incubation potential Leveraging available resources Management practices

What Is a Business Mission?

A business mission is, also called a mission statement, is a brief description of an organization’s purpose with reference to its customers, products or services, markets, philosophy, and technology. For more on your business mission, see How to Write a Mission Statement in 5 Easy Steps and Mission Statement Examples.

What Is Value?

Value is the ratio of perceived benefits compared to price for a product or service. Check out How to Create a Unique Value Proposition for more on working out exactly what the value of your product or service is.

What Is a Limited Liability Company (LLC)?

The LLC form is different for different states, with some real advantages in some states that aren’t relevant in others. An LLC is usually a lot like an S corporation, a combination of some limitation on legal liability and some favorable tax treatment for profits and transfer of assets. This is a newer form of...

What Is a Product Life Cycle (PLC)?

Product life cycle refers to the phases of the sales projections or history of a product or service category over time used to assist with marketing mix decisions and strategic options available. The four stages of the product life cycle include introduction, growth, maturity, and decline, and typically follow a predictable pattern based on sales...

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