| Benchmarking | When one company studies the processes of another company to identify best practices.
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| Business analytics | The use of current business data to solve business problems using mathematical analysis.
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| Effectiveness | Doing the things that will create the most value for the customer.
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| Efficiency | Doing something at the lowest possible cost.
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| Mass customization | The ability to produce a unique product exactly to a particular customer’s requirements.
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| Operations and supply chain management (OSCM) | The design, operation, and improvement of the systems that create and deliver the firm’s primary products and services.
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| Process | One or more activities that transform inputs into outputs.
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| Product-service bundling | When a firm builds service activities into its product offerings to create additional value for the customer.
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| Sustainability | The ability to meet current resource needs without compromising the ability of future generations to meet their needs.
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| Triple bottom line | A business strategy that includes social, economic, and environmental criteria.
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| Value | The attractiveness of a product relative to its price.
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