Definition of Terms

Definition of Terms

COVID-19 - also known as the coronavirus pandemic, is an ongoing global pandemic of

coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome

coronavirus 2 (SARS-CoV-2).

Small Business - a small company, or small companies as a group. A small business is

often privately owned, does not employ many people, and has a low volume of sales.

Small Business Strategies - defines what approach and tactics you are going to adopt in

running your company. An important aspect of your small business strategy is the

marketing plan you adopt to attract potential customers. Without a well-defined

marketing plan, you will lose many potential customers.

Small Business Operations - the work of managing the inner workings of your business

so it runs as efficiently as possible. Whether you make products, sell products, or

provide services, every small business owner has to oversee the design and

management of behind-the-scenes work.

Impact - a powerful effect that something, especially something new, has on a situation

or person.

Demographic Profile - a description of a particular type of customer, including their sex,

age, income, etc.

Challenges - is something new and difficult which requires great effort and

determination. I like a big challenge and they don't come much bigger than this. The

new government's first challenge is the economy.

Epidemics - epidemic disease is one “affecting many persons at the same time, and

spreading from person to person in a locality where the disease is not permanently

prevalent.” The World Health Organization (WHO) further specifies epidemic as

occurring at the level of a region or community.

Pandemic - compared to an epidemic disease, a pandemic disease is an epidemic that

has spread over a large area, that is, it’s “prevalent throughout an entire country,

continent, or the whole world.”

Operations - operations are the business activities that a firm engages in to convert

materials into finished products or services, sell them to customers, and earn a profit.