From the course: Developing Business Acumen
Join today to access over 22,600 courses taught by industry experts or purchase this course individually.
Understand common terminology
From the course: Developing Business Acumen
Understand common terminology
- It's important to know the definitions of common business terms. This is so you know what people are talking about, and so you can contribute to the conversation. What I'd like to offer are some of the most common terms you may hear used day to day. First is the business model. A business model is the plan implemented by a company to generate revenue and make a profit from their operations. The model includes the components and functions of the business, as well as the revenues it generates and the expenses it incurs. A value chain is a high level model for how businesses receive the materials as inputs, add value to those raw materials through various processes, and then sell their finished products to customers in the marketplace. Strategy is how the business chooses to compete. It looks at the market, the competitors, the products being sold, and the services being offered, then lays out a plan to win over time. Porter's five forces is a framework used to assess the market…
Practice while you learn with exercise files
Download the files the instructor uses to teach the course. Follow along and learn by watching, listening and practicing.
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.