/Final answer:
The missing word in the question is 'business strategy,' which involves defining goals, identifying the target market, and establishing methods to achieve long-term advantage. An actionable and appropriate plan must be developed to realize these goals.
Step-by-step explanation:
The business plan or strategy. A comprehensive business strategy should define your goals and objectives, which involves stating what you want to achieve with your business and outlining the steps necessary to reach these goals. A critical part of this is identifying the target market, which means specifying who your potential customers are. In doing so, you will tailor your products and services to meet the needs and preferences of this group.
Additionally, to achieve long-term advantage, a business needs to assess the competitive landscape and decide on unique value propositions that make it stand out. This might involve a focus on quality, cost, innovation, or customer service. Remember, each goal should be Achievable and appropriate; it's not enough to just dream big, your plans must be realistic and well within your company's capabilities to execute.