NAME: NAYEEM AL ISLAM ID:09.02.02.

001 BUSINESS: An economic system in which goods and services are exchanged for one another or money, on the basis of their perceived worth. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit on a consistent basis. MANAGEMENT: The organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined objectives.

MARKETING: Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariably does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse, and satisfy customer needs." DEMAND: A claim for a sum of money as due, necessary, or required. Desire for certain good or service supported by the capacity to purchase it. WANT: Unfulfilled desire, Unwilling and detrimental lack of life's necessities. See also need. COST LEADERSHIP: Strategy used by businesses to create a low cost of operation within their niche. The use of this strategy is primarily to gain an advantage over competitors by reducing operation costs below that of others in the same industry. DIFFERENTIATION: Result of efforts to make a product or brand stand out as a provider of unique value to customers in comparison with its competitors. STRATEGY: A method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem. TARGET MARKET: A particular market segment at which a marketing campaign focused. MISSION: A mission is different from a vision in that the former is the cause and the latter is the effect; a mission is something to be accomplished whereas a vision is something to be pursued for that accomplishment. Also called company mission, corporate mission, or corporate purpose.

VISION: An aspiration description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action. See also mission statement. OBJECTIVE: An end that can be reasonably achieved within an expected timeframe and with available resources. In general, an objective is broader in scope than a goal, and may consist of several individual goals. Objectives are a basic tools that underlying all planning and strategic activities. They serve as the basis for policy and performance appraisals. FIXED COST: A periodic cost that remains more or less unchanged irrespective of the output level or sales revenue, such as depreciation, insurance, interest, rent, salaries, and wages. VARIABLE COST: A periodic cost that varies in step with the output or the sales revenue of a company. BREAKEVENPOINT: Point in time units when forecasted revenue exactly equals the estimated total costs, where loss ends and profit begins to accumulate. This is the point at which a business, product, or project becomes financially viable. CONTRIBUTION: Imposed or required payment.