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What is CEM
to create emotional connections that keep customers coming back
What is CRM
a process used to help companies manage their interactions with customers/ potential customers
what is a buyers market
a time when a service or product is being sold for less than it’s intended worth
What is a seller's market?
A time when services and products are being sold for more Then their intended value
What are the characteristics of economic services
scarce, intangible, useful, and transferable
what is a fee-only advisor?
an advisor that earns no additional compensation beyond the fee that is paid to them by clients
What is a fee-based advisor?
an advisor that may also earn commissions on the sale of certain products
what is operational risk?
the potential for a buisness to suffer financial loss out of operational failure like mismanagement
What is Financial Risk?
the potential for a business to suffer financial loss because of an investment or venture
What is a reputational risk?
involves harm to a business's reputation because of negative news or bad publicity
What is Strategic risk?
when a buisness loses profit from unsuccessful buisness planning such as changes in leadership
What Is a compliance risk?
a risk that can effect a buisness due to a company's violation of federal laws
What is market segmentation
a technique used to divide customers into subgroups based of shared characteristics
What is a demographic segmentation?
separating customers based of age, gender, income, ect
What is psychographic segmentation?
grouping customers based off personality, Hobbies, lifestyle, ect
What is geographic segmentation?
grouping customers based on climate, culture, language, ect
What is behavioral segmentation?
the process of grouping customers based on spending habits, loyalty to your company, browsing habits, ect
What is a master budget?
an extensive overview of your businesses budget, includes all other budgets
What is an operating budget?
a detailed veiw of a business's expected income over the next few months to a year
What is a financial budget?
used to present a compamy’s strategy for managing assets, cash flow, income, ect.
What is a cash budget?
aims to help a buisness manage and measure its income vs expenses
What is a direct labor budget?
calculates the number of labor hours needed to produce units/products to balance hours vs payroll expenses
What is a static budget?
anticipates a fixed amount of sales, revenue and expenses through a period of time, doesn’t change
What is a capital budget?
helps a buisness plan for large investments or purchases of assets like machines or property
What is traditional budgeting?
creates This year’s budget based off last years spending
what is zero-based budgeting
allows buisness to start from zero and build up based on average of expenses
what is rolling budgeting?
focuses on short-term goals that allow for more in depth views of patterns
what is flexible budgeting?
adjusts based on changes in revenue, expenses, ect in real time
