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BM I 301 2025

Business Management

TermDefinition
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 continually evaluates its business processes to make them more effective and efficient.
Corporate Culture The values and ideas 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 touchpoint.
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 a 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 to its customers to create good will 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.
Touchpoints All the opportunities that a business have to connect with customers and reinforce their brand.
Word-of-mouth promotion Publicity for a business provided by customers who tell others of their satisfaction with the business.
Created by: Fernando646
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