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3.03 Glossary
Business Essentials
Term | Definition |
---|---|
Competition | The rivalry between two or more business that attract costumers dollars |
Corporate Culture | The values and ideas that an organization encourages among its employees |
Courtesy | Polite behavior; Good manners |
Customer loyalty | The costumers preference for business; usually expressed in regular purchases from the business |
Costumer relations | All the activities a business engages in to interact with its costumers |
Costumer service | Activities and benefits provided by a business to its customers to create goodwill and costumers satisfaction |
Customer-centric | Focused on customers needs and wants |
Etiquette | Rules applying to acceptable behavior |
FAQs | Frequently Asked Questions; used by businesses to answer questions on their website or other marketing materials |
Incentive | Something that will fulfill a customer's specific desire or need |
Internal customers | The people who work cooperatively together to achieve business goals |
Patronage | Loyalty to particular business |
Proactive | Adapting to the environment in advance of the occurrence of events; taking advantages of opportunities rather that reacting to problems |
Productivity | The amount and the value of goods and services produced from set amounts of resources |
Respect | Regard or esteem |
Target market | The particular group of customers seeks to attract |
Touchpoints | All the opportunities that business have to connect with customers and reinforce their brand value |
Word-of-mouth promotion | Promotion for business provided by a customer who tells others of their satisfaction with the business |