BMI 3.01

Continuous improvement

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

Business process management

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

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 goodwill and customer satisfaction

Touch points

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

Customer-centric

Focused on customer needs and wants

Word-of-mouth promotion

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

Organizational structure

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

Customer loyalty

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

Relationship buying

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

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

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 touch point

Customer relationship management

The strategies, processes, technology, and people a business uses to build, maintain, and maximize the long-term value of customer relationships

Corporate culture

The values and ideals that an organization encourages among its employees

Advocacy

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