Business Management 3.01 Vocab

Word-of-mouth promotion and referrals from a business’s current customers to its potential customers

• continuous improvement

• advocacy

• culture

• mission

A business strategy that stresses technology, innovation, and flexibility to align an organization’s objectives and activities with customer needs

• continuous improvement

• business process agreement

• business process management

• corporate loyalty

A business strategy in which an organization continuously evaluates its business processes to make them more effective and efficient

• continuous improvement

• corporate culture

• customer experience management

• customer loyalty

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

• Customer culture

• customer relationship

• customer experience management

• customer service

The customer’s preference for a business; usually expressed in regular purchases from the business

• customer service

• customer loyalty

• organizational culture

• relationship buying

The company’s configuration of employees for accomplishing specific business tasks; how the business is organized

• organizational structure

• customer structure

• organizational design

• level of management

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

• product development

• innovation

• creativity

• production

the purchases a customer makes because of a long-term relationship s/he has established with a business

• loyalty

• product loyalty

• relationship buying

• customer relationship

All the opportunities that businesses have to connect with customers and reinforce their brand value

• word of mouth promotion

• promotions

• customer phone calls

• touchpoints

Publicity for a business provided by customers who tell others of their satisfaction with the business

• touchpoints

• word of mouth promotion

• negative reinforcement

• relationship buying