'In terms of' is another way of saying with regard to or in relation to something.

1. Luke may lag behind others when it comes to discipline and work ethic, but in terms of raw talent; he can compete with the very best.
2. In terms of cost, this model is the best value for your needs.

1. How are we doing in terms of sales this month? Last time I checked we were well on course to hit our monthly target.
2. In terms of the takeover bid; negotiations are still ongoing, but I'm afraid I cannot provide you with any more details at this time.
3. It is still too early to start talking in terms of making big profits, but the business is growing steadily year by year.