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BM 1 103

Business Management

TermDefinition
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 process to make them more effective and efficient
Corporate Culture The values and ideals that an organization encourages among its employee
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 purchase 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 customers 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
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 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: diana.r823
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