A warranty is a promise made by the seller of a product or service that the product or service will meet certain standards. Warranties can be either express or implied. An express warranty is a written or spoken promise made by the seller of a product or service. Express warranties can be either full or…
Category: Definitions
Most common business terminologies
Tax Return
A tax return is a document that taxpayers file with the Internal Revenue Service (IRS) to report their income, deductions, and credits for a given tax year. Tax returns are used to calculate the amount of taxes that taxpayers owe to the IRS. In the United States, most taxpayers are required to file a tax…
Returns
A return is when a customer returns an item to a business for a refund or exchange. Returns can happen for a variety of reasons, such as: Regardless of the reason, it is important for businesses to have a clear and concise returns policy. This policy should state what items are eligible for returns, how…
Complaint handling
Complaint handling is the process of responding to and resolving customer complaints. It is an important part of customer service, as it can help to build customer loyalty and improve customer satisfaction. There are many different ways to handle customer complaints. The best approach will vary depending on the specific complaint and the customer. However,…
Customer service
Customer service is the interaction between a business and its customers. It includes all of the ways that a business communicates with its customers, from pre-sale to post-sale. Customer service is an important part of any business, as it can help to build customer loyalty and improve customer satisfaction. There are many different aspects to…
Target market
A target market is a specific group of people that a business markets its products or services to1. They are the people who are most likely to buy your products or services, and they are united by some common characteristics, such as demographics and behaviors2. Identifying the target market is important in the development and implementation of a successful…
Sales funnel
A sales funnel is a visual representation of the customer journey, from awareness to action. It helps businesses to understand how potential customers move through the buying process and identify the best opportunities to reach them. A sales funnel typically has four stages: A well-designed sales funnel can help businesses to increase sales by guiding…
Market research
Market research is the process of gathering and analyzing information about a market, its customers, and its competitors. It is used to help businesses make informed decisions about their products, services, pricing, and marketing. There are many different types of market research, including: Market research can be used to answer a variety of questions, such…
Customer acquisition
Customer acquisition is the process of attracting new customers to a business. It is a critical function for any business that wants to grow and succeed. There are many different ways to acquire customers, and the best approach will vary depending on the business and its target market. Some of the most common customer acquisition…
Business development
Business development is the process of identifying, evaluating, and pursuing new business opportunities. It is a critical function for any business that wants to grow and succeed. Business development professionals use a variety of techniques to identify new opportunities, including market research, networking, and attending industry events. Once an opportunity has been identified, it is…
Personal loan
A personal loan is a type of loan that is not secured by collateral. This means that the lender does not have any assets that they can take if you default on the loan. Personal loans are typically used for consolidating debt, paying for major expenses, or making home improvements. Here are some of the…
Mortgage
A mortgage is a loan that is used to purchase a home. The borrower agrees to make monthly payments to the lender, including principal and interest. The property that is being purchased serves as collateral for the loan. If the borrower defaults on the loan, the lender can foreclose on the property and sell it…