PRIMARY MARKET is the first sale of a newly issued security. Those securities are purchased in the primary market. All subsequent trading of those securities is done in the secondary market.
VALUE PROPOSITION is the unique mix of product, price, service, relationship and image that a provider offers its customers. It determines the market segments to be targeted and how the organization will differentiate itself in those segments, relative to its competition.
SCRAP is material that is discarded as worthless or sold to be reused as parts; junk; a small unusable amount of something that is left over after the rest has been used or consumed.
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