Page 161 - Demo

1613.3 Approaches to European Commercialization PracticesGlossaryB2B %u2013 refers to transactions, interactions, and relationships between businessesrather than between businesses and consumers. This could involvemanufacturers selling to distributors, wholesalers selling to retailers, serviceproviders to other businesses, etc. In a B2B model, a business targets otherbusinesses as their customer base, and products or services are created withthis demographic in mind.B2C %u2013 means business-to-consumer, a business model in which businessessell products, services, or information directly to end-users or consumers.Examples of B2C transactions are everywhere: when you buy groceries at thesupermarket, order a book online, or dine at a restaurant, you%u2019re partaking in aB2C transaction. In a B2C model, the business targets individual consumers astheir customer base, and products or services are tailored to the needs andwants of this demographic.CX %u2013 the customer experience is the sum of all interactions and experiencescustomers have with a business during their entire relationship. This can includeinteractions through a variety of touchpoints such as a business%u2019s website,customer service representatives, physical shops, social media, etc. It%u2019s aholistic concept that includes how customers perceive their interactions withthe company. The aim of focusing on the CX is to increase customersatisfaction, loyalty, and advocacy by ensuring positive and consistentexperiences in every interaction with the business.SME %u2013stands for small and medium-sized enterprises. These are businesseswhose personnel numbers or financials fall below certain limits. The exactdefinitions can vary by country, but these are often companies with fewer than250 employees, and they make up a significant portion of the economy in manycountries. SMEs are crucial to economic health, often driving innovation,competition, and employment. They have different needs and face differentchallenges compared to larger corporations, influencing their businessstrategies and policies.