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

  • You should try to come up with a new business concept that will help you to figure out ways to grow your company.

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  • Having a good idea for a business isn't enough to make it success. You need to plan and create a concise business concept if you ever want it to get off the ground.

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  • The business concept was simple and it made me aware that they were a serious place that wanted and expected perfection.

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