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- a commercial and financial connection between a business that purchases goods or services (the customer) and the business that provides them (the supplier). It's a fundamental aspect of business operations, impacting factors like cost, quality, and overall business performance.

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- a sales approach that emphasizes building long-term, trust-based relationships with customers rather than focusing solely on short-term transactions. Instead of viewing each sale as a one-time event, this strategy aims to develop a partnership with customers that extends beyond the initial purchase.

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- a sales approach that focuses on closing individual sales as quickly and efficiently as possible. It's often characterized by a high-pressure sales environment where the primary goal is to maximize sales volume and revenue.

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- a framework that outlines the various stages that a customer goes through in their interaction with a company. It helps businesses understand the different phases of the customer journey and tailor their strategies accordingly.

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- a business strategy that focuses on building deep, personalized relationships with customers to understand their unique needs and preferences. It involves providing tailored products, services, and experiences that exceed customer expectations.

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The most common type of margin and represents the profit a company makes before deducting operating expenses like rent, salaries, and marketing costs.

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- detailed information and insights a company has about each of its customers. This information can include demographic data, purchase history, preferences, behaviors, and interactions with the company.

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This is the final profit a company makes after subtracting all expenses, including taxes and interest.

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- critical points or levels in business operations that can trigger specific actions, decisions, or outcomes. They are used to set benchmarks, measure performance, and manage risk.

Examples:

Inventory Levels

Sales Targets

Financial Ratios

Customer Satisfaction

Employee Turnover

Risk Tolerance

Practical usage:

Risk Management

Performance Measurement

Decision Making

Resource Allocation

Compliance

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- the difference between the selling price of a product or service and its cost of production. It's a key metric used to measure a business's profitability.

Price Margin = Selling Price - Cost of Goods Sold

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- unique value or benefit that a product, service, or company offers to a specific customer or market segment. It's essentially the answer to the question, "Why should a customer choose this product or service over others?"

Key Components:

Unique Selling Point (USP)

Target Audience

Value Proposition

Competitive Advantage

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The margin shows the profit a company makes after accounting for operating expenses.

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Stands for Customer Satisfaction Score. It's a metric used to measure how satisfied customers are with a product,service, or company. CSAT surveys typically ask customers to rate their satisfaction on a scale.

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- the process of gathering, analyzing, and understanding customer data to gain insights into their behavior, preferences, and needs. It involves collecting information from various sources, such as customer interactions,purchase history, and market research, and using it to make informed business decisions.

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- a strategic approach that aims to gain a competitive advantage by taking proactive steps to attack the market or competitors. It involves making bold moves, such as introducing new products, expanding into new markets, or acquiring competitors.

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- a strategic approach that aims to protect a company's position in the market by minimizing risks and vulnerabilities. It involves taking steps to defend against competitive threats and maintain a strong market position.

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Enterprise Resource Planning

It's a software application that integrates various business processes, including finance, human resources, supply chain management, manufacturing, and customer relationship management. ERP systems provide a centralized database and workflow to streamline operations, improve efficiency, and make better data-driven decisions.

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1. Purchase, Evaluation, and Utilization:

In procurement and supply chain management: PEU refers to the three stages of the procurement process:purchasing goods or services, evaluating their quality and performance, and utilizing them effectively.

2. Planning, Execution, and Utilization:

In project management: PEU can represent the three phases of project management: planning the project,executing the plan, and utilizing the project's outcomes.

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Original Equipment Manufacturer

It refers to a company that produces parts or components that are used by other manufacturers to assemble their final products.

OEMs often have long-term relationships with their customers and may provide specialized components or services that are tailored to their specific needs.

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Consumer Price Index

It's a measure of the average change over time in the price of a basket of goods and services consumed by households. In other words, it tracks inflation or deflation.

Key points:

Inflation measure

Basket of goods

Weighting

Calculation

Importance:

Economic indicator

Wage negotiations

Investment decisions

Government policies

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Key Performance Indicator

It's a metric that is used to measure the performance of an individual, team,or organization against specific objectives. KPIs are often used to track progress towards goals, identify areas for improvement, and make data-driven decisions.

Key characteristics:

Measurable

Relevant

Time-bound

Achievable

Aligned

Examples:

Sales: revenue, number of sales, average order value

Marketing: website traffic, social media engagement, conversion rate

Customer satisfaction: customer satisfaction scores, customer churn rate, net promoter score

Financial: profit margin, revenue growth

Operations: productivity, efficiency, defect rate

Human resources: employee turnover, employee satisfaction, training completion rate

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Europe, Middle East, and Africa

A geographical region commonly used in business and marketing to refer to these three continents collectively.

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- the process of developing, maintaining, and optimizing relationships with third-party businesses (channel partners) that distribute or sell a company's products or services. These partners can include distributors, retailers, resellers, and agents.

Essential for businesses that rely on indirect sales channels to reach their customers. By building strong relationships with channel partners and providing them with the necessary support and resources, companies maximize their market reach, improve customer satisfaction, and drive sales growth.

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- a communication approach that prioritizes the needs, interests, and experiences of customers. It involves tailoring messages and interactions to resonate with individual customers and build strong relationships.

Key characteristics: empathy, relevance, clarity, timeliness, consistency, personalization

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Customer Relationship Management

It's a software application designed to help businesses manage interactions with customers and potential customers. CRM systems typically include features for sales, marketing, and customer service.

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1. On-premises CRM: Installed on a company's own servers.

2. Cloud-based CRM: Hosted on a cloud platform, accessible from anywhere with an internet connection.

3. Open-source CRM: Free or low-cost CRM systems that can be customized and modified.

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Improved Customer Relationships: Better understanding and managing customer interactions.

Increased Sales: Streamlining sales processes and providing sales teams with the tools they need to succeed.

Enhanced Marketing Effectiveness: Targeting the right customers with the right messages.

Improved Customer Service: Providing better customer support and resolving issues more efficiently.

Data-Driven Decision Making: Making informed decisions based on customer data and analytics.

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Contact Management: Storing and managing customer information, including contact details, purchase history,and preferences.

Sales Management: Tracking sales opportunities, managing pipelines, and automating sales processes.

Marketing Automation: Automating marketing tasks, such as email campaigns, social media marketing, and lead generation.

Customer Service: Managing customer inquiries, complaints, and support requests.

Analytics: Providing insights into customer behavior, sales performance, and marketing effectiveness.

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- the percentage of a customer's total spending that a particular company or brand captures. It's a measure of customer loyalty and the extent to which a company has penetrated a customer's purchasing power.