Business key terms

The way a business interacts with customers to create a positive experience, including listening to their needs and responding helpfully.

Customers’ comments, opinions and complaints about a product or their experience with a business.

A customer's willingness to keep buying from a business rather than switching to its competitors.

A requirement or expectation that a customer seeks to satisfy when buying a good or service, such as affordability, reliability or convenience.

Keeping existing customers so that they continue buying from a business.

The extent to which a product and the service received meet or exceed a customer’s expectations.

The help, advice and support a business provides to customers before, during and after a sale.

Making a product to meet an individual customer's particular requirements.

A document prepared by an applicant summarising their qualifications, work experience, skills and other relevant information. CV stands for curriculum vitae.

The extent to which research information can be trusted as a basis for business decisions.

Passing decision-making authority down the hierarchy to managers or employees closer to day-to-day operations.

The stage when a product's sales fall over time.

An agreement setting out partners’ responsibilities and arrangements, including investment, profit sharing, voting rights and changes in membership.

A fault that means a product does not meet its required quality standard.

The removal of one or more levels of hierarchy from an organisation.

Giving a subordinate responsibility for a task and the authority needed to carry it out.

How consistently a supplier delivers orders as agreed, including arriving on time.

The quantity of a product customers are willing and able to buy at a particular price over a given period.

Management in which employees are consulted and involved in decision making.

Characteristics of a population, such as age and gender.

Measurable characteristics of a population, such as age, gender and household composition.

Dividing a market using population characteristics, such as age, gender and income.

A decrease in the value of a currency relative to another currency.

The balance between function, aesthetics and cost when designing a product.

The commitment to keep working towards a goal despite difficulties or setbacks.

Improving an employee’s abilities over time so they can take on greater responsibilities or meet future business needs.

Making a product or business noticeably different from rivals in a way that customers value.

The transfer of information using electronic devices, such as computers, tablets and smartphones.

Delivering digital content or providing access to a service electronically, rather than delivering a physical item.

A reduction in an existing owner’s proportion of ownership, which can occur when new shares are issued to other investors.