Question

1) After many attempts at trying to get an employee to perform​ adequately, a manager fires the employee. What is this act​ called? A. ​At-will-employment B. Remediation C. Worker buyout D. Performance appraisal E. Termination

2) Which term describes the process of establishing​ long-term relationships with individual customers to foster loyalty and repeat​ business? A. Market segmentation B. Niche marketing C. Marketing D. Value E. Customer relationship management

Answer 1

Correct Answer for 1: Termination
Correct Answer for 2: Customer Relationship Management

Important Definitions

At Will-Employment means a contractual relationship. In At Will-Employment an employee can be dismissed at any time. Even Giving a waning before is not necessary as long as the reason for firing the employee is legal.

Remediation is the act of fixing or remedying something that is undesirable or not up to the mark. Remedial actions are the actions or steps taken by the business to remedy something undesirable in their products and services.

Worker Buyout is that case when the business' own employees buy shares in the business usually through a share option plan. Such instances only occur when either the business is facing a severe financial burden or bankruptcy.

Performance Appraisal, also known as performance review is an evaluation made of the employee in order to help the employee find problems and help the employee grow and do his job better. Performance appraisal or reviews are generally an annual evaluation of the employee.

Termination in business means the act of terminating or firing an employee. Termination could be a self-made choice of the employee or it could be the decision of the employer for firing the employee for legal reasons.

Market Segmentation is an act of dividing a broad business market that consists of the existing customers of the business and the potential customers for the future into different other groups based on different characteristics.

Niche Marketing is when business is promoting a product whose features are focused on a meeting expectation of a specific market in terms of the price range, overall quality, etc.

Marketing is an act of business using various methods to promote its various products and services in the market. In this process, the business identifies, anticipates and tries to satisfy consumers' needs by first conducting market research.

Value in business is a casual term that consists of all types of values that directly impact the chances of fitness and wellbeing of the business in the long run.

Customer Relationship Management is a process of analyzing the data of existing customers using it to further strengthen the relationship with the customers to gain their loyalty and trust and generate added value to the business.