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Objective101
Business Management 1
| Term | Definition |
|---|---|
| Advocacy | Word-of-mouth promotion and referrals from a business/s current customers to its potential customers |
| Business process management | A business strategy that stresses technology innovation, and flexibility to align an organization's objectives and activities with customers needs |
| Continuous improvement | A business strategy that stresses technology, innovation, and flexibility to align an organization's objectives and activities with customers needs |
| Corporate culture | The values and ideals that an organization encourages among its employees |
| Customer experience management | The strategies, process, and policies a business uses to meet or exceed customer expectations and to provide customers with outstanding experiences at every touch point |
| Customer loyalty | The customer's preference for a business, usually expressed in regular purchases from the business |
| Customer relationship management | The strategies, processes, technology, and people a business uses to build, maintain, and maximize the long term value of customer relationships |
| Customer satisfaction | A measure of how well a business has met its customer's expectation |
| Customer service | Activities and benefits provided by a business to its customer to create goodwill and customer satisfaction |
| Customer-centric | Focused on customer needs and wants |
| Organizational structure | The company's configuration of employees for accomplishing specific business tasks; how the business is organized |
| Product development | The stage in the creation of a new product in which a working model may be tested. modified, and retested; production costs are estimated and final details of the product are planned, e.g., label, promotion and distribution |
| Relationship buying | The purchases a customer makes because of a long term relationship s/he has established with a business |
| Touch Points | All the opportunities that business have to connect with customers and reinforce their brand value |
| Word-of-mouth promotion | Publicity for a business provided by customers who tell others of their satisfaction with the business |
Created by:
ahmauri.a643
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