Customer lifetime value (CLV)

the total revenue or profit a business expects to earn from a single customer over the entire duration of their relationship.

a business philosophy where the company prioritizes understanding and meeting the needs of its customers in all decisions and activities.

Customer relationship management (CRM)

a technology and strategy for managing all a company's interactions with current and potential customers to improve relationships, enhance customer service, and drive sales.

the action of leaving, especially to start a journey.

the ability to understand and share the feelings of another.

a model used in the hospitality industry that describes the complete sequence of interactions and experiences a guest has with a hotel.

a marketing strategy that rewards customers for repeat business with incentives like points, discounts, or exclusive offers.

a time when a person or thing is tested, a decision has to be made, or a crisis has to be faced.

the action or fact of occupying a place.

any activity or process that occurs before a physical arrival.

the quality of being trustworthy or of performing consistently well.

the quality of reacting quickly and positively.

the process a business uses to address and fix a problem with a dissatisfied customer to turn a negative experience into a positive one, potentially leading to increased loyalty.

a service quality assessment tool that measures the gap between a customer's expectations and their perception of the actual service delivered.

the quality of being perceptible by the sense of touch, or being a physical, concrete thing that can be touched or felt.

a management approach focused on improving the performance of an organization through continuous improvement involving all employees.

Total quality management (TQM)

a management approach focused on long-term success through customer satisfaction, which is achieved by involving all members of an organization in improving processes, products, and services.

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Chapter 3

Question	Answer
Arrival	the action or process of arriving.
Assurance	a positive declaration intended to give confidence; a promise.
Customer lifetime value (CLV)	the total revenue or profit a business expects to earn from a single customer over the entire duration of their relationship.
Customer orientation	a business philosophy where the company prioritizes understanding and meeting the needs of its customers in all decisions and activities.
Customer relationship management (CRM)	a technology and strategy for managing all a company's interactions with current and potential customers to improve relationships, enhance customer service, and drive sales.
Departure	the action of leaving, especially to start a journey.
Empathy	the ability to understand and share the feelings of another.
Guest Cycle	a model used in the hospitality industry that describes the complete sequence of interactions and experiences a guest has with a hotel.
Loyalty programs	a marketing strategy that rewards customers for repeat business with incentives like points, discounts, or exclusive offers.
Moment of truth	a time when a person or thing is tested, a decision has to be made, or a crisis has to be faced.
Occupancy	the action or fact of occupying a place.
Pre-Arrival	any activity or process that occurs before a physical arrival.
Reliability	the quality of being trustworthy or of performing consistently well.
Responsiveness	the quality of reacting quickly and positively.
Service recovery	the process a business uses to address and fix a problem with a dissatisfied customer to turn a negative experience into a positive one, potentially leading to increased loyalty.
SERVQUAL	a service quality assessment tool that measures the gap between a customer's expectations and their perception of the actual service delivered.
Tangibility	the quality of being perceptible by the sense of touch, or being a physical, concrete thing that can be touched or felt.
Total quality (TQ)	a management approach focused on improving the performance of an organization through continuous improvement involving all employees.
Total quality management (TQM)	a management approach focused on long-term success through customer satisfaction, which is achieved by involving all members of an organization in improving processes, products, and services.

Created by: cprincerivera26

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