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BE 303 CR-003

Business Essentials

TermDefinition
Competition The rivalry between two or more businesses to attract scarce customer dollars.
Corporate culture The values and ideals that an organization encourages among it employees.
Courtesy Polite behavior; good manners.
Customer loyalty The customers preference for a business; usually expressed in regular purchases from the business.
Customer relations All the activities a business engages in to interact with its customers.
Customer service Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction.
Customer centric Focused on customer needs and wants.
etiquette Rules applying to acceptable behavior.
FAQs Frequently asked questions; used by businesses to answer questions on their websites or other marketing materials.
Incentive Something that will fulfill a customer's specific desire or need.
Internal customers The people(i.e employees) who work cooperatively together to achieve business goals.
Patronage Loyalty to a particular business.
Proactive Adapting to the environment in advance of the occurrence of events; taking advantage of opportunities rather than reacting to problems.
Productivity The amount and the value of goods and services produced (outputs) from set amount of resources (inputs).
Respect Regard or esteem.
Target market The particular group of customers a business seeks to attract.
Touchpoints All the opportunities that business have to connect with customers and reinforce their brand value.
Word of mouth promotion Promotion of a business provided by customers who tell others of their satisfaction with the business.
Created by: mlya.t964
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