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Business Management
3.03
| Term | Definition |
|---|---|
| Competition | rivalry between two businesses |
| Corporate culture | the values an organization encourages among its employees |
| Customer loyalty | A persons preference for a business |
| Customer service | Benefits offered by a business to create goodwill among its customers |
| Etiquette | rules applying to acceptable behavior |
| FAQ's | Frequently Asked Questions |
| Incentives | Something that will fufill a customer's needs |
| Internal customers | the people who work cooperatively together to achive business goals |
| Patronage | loyalty to a particular business |
| Proactive | adapting to the environment |
| Productivity | the amount of goods and services produced from set amounts of resources |
| Respect | regard or esteem |
| Target market | customers a business seeks to attract |
| Touchpoints | opportunities that businesses have to connect with customers and reinforce their brand value |
| Word-of-mouth promotion | when the business is promoted by means of verbal discussion |
| Cusomer relations | all activities business engage in to interact with its customers |
| Customer-centric | focused on consumer wants and needs |