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The Business Model Canvas is a strategic management template used for developing new business models and documenting existing ones. [2] [3] It offers a visual chart with elements describing a firm's or product's value proposition, [4] infrastructure, customers, and finances, [1] assisting businesses to align their activities by illustrating potential trade-offs.
v. t. e. Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. [1] CRM systems compile data from a range of different communication channels, including a company's website, telephone (which ...
Market penetration refers to the successful selling of a product or service in a specific market, and it is a measure of the amount of sales volume of an existing good or service compared to the total target market for that product or service. [2] Market penetration involves targeting on selling existing goods or services in the targeted ...
The customer base is a group of customers who repeatedly purchase the goods or services of a business.These customers are a main source of revenue for a company. The customer base may be considered a business's target market, where customer behaviors are well understood through market research or past experience.
v. t. e. Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness. Market research helps to identify and analyze the needs of the market ...
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). [1][2][3][4] It is also "any activity or enterprise entered into for profit." [5]
Customer retention. Customer retention refers to the ability of a company or product to retain its customers over some specified period. [1] High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely.
Marketing Management is a combined effort of strategies on how a business can launch its products and services. On the other hand, Marketing strategy is the combination of many processes where the business owner or marketer can attract potential customers via several channels. It can be through offline channels or online channels.