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A concise definition of what a business concept is varies from author to author. The reason for this is that describing a business is never a formula. There are different ways to communicate what a business do and why it exists. Nevertheless, there are some key elements that must be explained by a business concept for it to be considered useful and informative. First of all, the product or service being offered must be easily understood.
This means that whatever the company is offering must be clearly communicated through the business concept. On the other hand, the target market should also be mentioned in this concept. This market will be the segment that the business is looking to serve.
Finally, the company’s overall competitive advantage should conclude the statement, to describe how this proposal differs from what already exists. Business concepts are employed regularly in the business world, most commonly to present new business ideas to potential investors and also as institutional information displayed to the public to transmit the essential qualities and elements behind a given business.