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Objective 1.01
Business Management l
| Term | Definition |
|---|---|
| 1. Advocacy | Word-of-Mouth promotion and referral's from a business's current customers to its potential customers |
| 2. Business process management | A business strategy that stresses technology, innovations, and flexibility to align an organization objectives and activities with customer needs |
| 3. Continuous improvements | A business in which an organization continuously evaluates its business processes to make them more effective and efficient |
| 4. Corporate culture | The values and ideals that an organization encourages among it employees |
| 5. 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 |
| 6. Customer loyalty | The customer's preference for a business; usually expressed in regular purchase from the business |
| 7. Customer relationship management | The strategies, processes, technology, and people a business uses to build, maintain, and maximize the long-term value of customer relationship |
| 8. Customer satisfaction | A measure of how well a business has melt its customers expectation |
| 9. Customer service | Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction |
| 10. Customer-centric | Focused on customer needs and wants |
| 11. Organizational structure | The company's configuration of employees for accomplishing specific business tasks; how the business is organized |
| 12. 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 planed, e.g., label, promotion, and distribution |
| 13. Relationship buying | The purchase a customer makes because of a long-term relationship s/he has established with a business |
| 14. Touch points | All the opportunities that businesses have to connect with customers and reinforce their brand value |
| 15. Word-of-mouth promotion | Publicity for a business provided by customers who tell others of their satisfaction with the business |
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