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Objective 1.01
Business Management 1
| Term | Definition |
|---|---|
| Advocacy | Word-of-mouth promotion an deferrals 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 customer needs |
| Continuous Improvement | a business strategy in which an organization continuously evaluates its business processes to make them more effective and efficient |
| Corporate Culture | the values and ideals that an organization encourages among its employees |
| Customer Experience Management | the strategies, processes, 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 customers' expectations |
| Customer Service | activities and benefits provided by a business has met its customers to create goodwill and customers 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 organizes |
| Product Development | The stages 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 products are planned, e.g., label, promotion, and distribution |
| Relationship Buying | The purchases a customer makes because of a long-term relationship s/he with the business |
| Touch points | All the opportunities that businesses have to connect with customers and reinforce their brand value |
| Word-of-mouth | Publicity for a business provided by customers who tell others of their satisfaction with the business |
Created by:
maydrin.r559
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