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A graphical representation of Porter's five forces. Porter's Five Forces Framework is a method of analysing the competitive environment of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
The skills and competencies considered "21st century skills" share common themes, based on the premise that effective learning, or deeper learning, requires a set of student educational outcomes that include acquisition of robust core academic content, higher-order thinking skills, and learning dispositions.
Competence is the set of demonstrable characteristics and skills that enable and improve the efficiency or performance of a job. Competency is a series of knowledge, abilities, skills, experiences and behaviors, which leads to effective performance in an individual's activities.
Customer delight means surprising a customer by exceeding their expectations and thus creating a positive emotional reaction. This emotional reaction leads to word of mouth . Customer delight directly affects the sales and profitability of a company, as it helps to distinguish the company and its products and services from the competition .
Service sector, the traditional tertiary sector of the economy, including: Customer service, provision of assistance to customers or clients; Domestic service, employment in a residence; Table service, food served by waiters and waitresses, also known as servers; Service system, or customer service system (CSS), including: Service design
Problem solving is the process of achieving a goal by overcoming obstacles, a frequent part of most activities. Problems in need of solutions range from simple personal tasks (e.g. how to turn on an appliance) to complex issues in business and technical fields.
Customer lifetime value: The present value of the future cash flows attributed to the customer during his/her entire relationship with the company. [2] Present value is the discounted sum of future cash flows: each future cash flow is multiplied by a carefully selected number less than one, before being added together.
Skills can often be divided into domain-general and domain-specific skills. Some examples of general skills are time management, teamwork and leadership, and self-motivation. In contrast, domain-specific skills would be used only for a certain job, e.g. operating a sand blaster. Skill usually requires certain environmental stimuli and ...