business concept

Definition

An idea for a business that includes basic information such as the service or product, the target demographic, and a unique selling proposition that gives a company an advantage over competitors. A business concept may involve a new product or simply a novel approach to marketing or delivering an existing product. Once a concept is developed, it is incorporated into a business plan.

Use business concept in a sentence

  • Creating a business concept is a must when beginning a new company so that basic information is shared with potential customers and the public.

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