An account executive (AE) is responsible for managing client relationships within an organization, serving as the primary contact point, ensuring customer satisfaction, and overseeing the delivery of services.
Benchmarking is a technique for measuring an organization's products, services, or activities against those of best-performing organizations to identify areas for improvement.
The ongoing process of improving an organization's goods or services, with the aim of increasing customer satisfaction. In a highly competitive environment, organizations need to actively seek ways to reduce costs, improve quality, and eliminate waste.
Customer perspective in a balanced scorecard focuses on the target customers and market segments that an organization aims to serve. It measures how well the company performs from the viewpoint of customers.
Customer service is the department or function within an organization that responds to inquiries or complaints from customers. It ensures the resolution of issues through various communication channels and plays a crucial role in customer retention and satisfaction.
A detail person is a salesperson working as a manufacturer's representative who visits the manufacturer's customers to take care of details and promote goodwill.
External Failure Costs are all costs associated with defects found after a product or service is delivered to the customer. These costs are crucial for understanding a company's approach to quality management and customer satisfaction.
FIT refers to a situation where the features of a particular product, such as an investment, perfectly match the requirements of a buyer, ensuring maximum utility and satisfaction.
Gain sharing is an employee motivational technique where compensation is provided for measurable performance gains in areas such as sales, customer satisfaction, and cost reductions. This compensation is often awarded to employee teams for achieving specified goals.
Mass customization refers to the methods used to produce customized goods and services on a large scale. Combining elements of mass production with individualized customization, it's a key strategy in contemporary business that enhances customer satisfaction while maintaining cost efficiency.
Refunding refers to the process of issuing new securities to retire existing ones, aiming to extend the maturity period or reduce the cost of debt service, particularly in finance. In merchandising, it describes returning money to a dissatisfied customer.
Returns inwards, also known as sales returns, refer to goods returned to an organization by customers. These returns typically occur due to dissatisfaction with the product, whether due to defects, wrong shipments, or simply buyer's remorse.
The right of return refers to an agreement that allows the purchaser to return goods to the seller for a full credit or refund. This policy is often included in sales contracts and consumer agreements to enhance customer satisfaction and trust.
Sales returns refer to goods that customers have returned to a business, usually due to defects or dissatisfaction. This can impact a company's revenue and inventory management.
Stockout cost refers to the costs incurred by a firm when its current inventory is exhausted for one or more items. Lost sales revenue is a primary consequence when the firm is unable to meet current orders because of a stockout condition.
Total Quality Management (TQM) is a comprehensive management approach that focuses on long-term success through customer satisfaction. This strategy involves all members of an organization participating in improving processes, products, services, and the organizational culture in which they work.
Total Quality Management (TQM) is an organizational approach that seeks to improve quality and performance to meet or exceed customer expectations. Through continuous improvement, employee empowerment, and systematic process analysis, TQM aims to enhance the overall operational efficiency and customer satisfaction.
Total Quality Management (TQM) is a comprehensive organizational approach that seeks to enhance quality and productivity through a participative culture, continuous improvement processes, and focused customer satisfaction.
