The objective of the mission statement is to provide your company with a sense of purpose. If vision articulates what you want to be, a mission statement answers the question why. It is the foundation for the values …

Vision is your aspiration for your company. It communicates to all of your constituents (employees, customers, investors) where you are headed. It helps everyone to better understand what you believe success should look like. It isn’t a strategy …

A differentiator is unlike any other comparable product. Differentiators are distinctive; they set you apart from your competition and determine why your customers choose you. They make your products recognizable, influential and special. All admirable traits, yet difficult …

Benefits are the useful results delivered by your products and services. They aren’t features. Features are what your products and services do. Benefits are the value the customer receives as a result. It’s important to know the difference …

A value proposition is a clear explanation of the benefits your customers receive from using your goods and services. A value prop is important because it separates you from your competition and is the reason why you will …

A competitive advantage is a set of attributes that enable your company or products to outperform your peers. It’s what gives you superiority in your market. It is the thing that you have that others don’t or the …

A competitor is a rival. They are focused on the same things you are: your market and your customers. Competitors are direct challengers to your company’s existence and are usually seen as adversaries. They are. But they can …

Sales are money for something. Sales are an exchange of goods or services for units of value. They are a referendum from your customers on the usefulness of your company. Every transaction affirms or denies their views or …

A product is something that is made to be sold. It can be tangible or intangible. It is the consequence of a process with the purpose of creating a good or service that satisfies a customer’s needs. It’s …

A customer is a purchaser of your goods or services. They buy what you are selling. They can have distinctive traits that allow you to organize them into groups. They can be loyal or short term, every nationality, …