Cycle time—the minimum amount of time necessary for a task or series of tasks to be completed—is usually associated with manufacturing systems and depends on whether tasks are accomplished in a series or as parallel units. For example, in a textile factory production of a shirt requires cutting, sewing, and packaging.
Cyberspace is the electronic network of communications that includes the INTERNET and the WORLD WIDE WEB. Cyberspace is growing rapidly and creating a variety of new issues and concerns for global businesses.
A customs union is an agreement between or among countries to reduce or eliminate TRADE BARRIERS among its members and have a common set of external TARIFFs for trade outside the union. A customs union is one step beyond a FREE TRADE agreement but below a common market.
Customer-relationship management (CRM) is an organization’s efforts to build and maintain relationships with the people who buy their products and services. CRM became a popular buzzword among marketers in the last decade as new technology improved the ability of firms to gather information about and communicate with their customers using a variety of methods.
Customer loyalty (or customer retention) is the degree to which a company keeps its existing customers. Customer loyalty can be measured through repeat business and customer referrals. In most marketing environments, it is significantly more expensive to find and acquire a new customer than it is to retain an existing customer.
Cultural industries are those industries considered critical to maintaining the cultural heritage of a region or country. Most often the term refer to the exclusion of certain industries from FREE TRADE agreements. (Citizens and politicians in many countries fear U.S. cultural dominance.) In addition to challenging existing cultural norms, cultural industries are a significant source of revenue.
Cross-price elasticity of demand is the responsiveness of DEMAND for one PRODUCT or service to changes in the price of another good or service. Cross-price elasticity is calculated by dividing the percentage change in demand for one product by the percentage change in the price of a related product.
Cross-cultural communication is the ability to successfully form and maintain relationships with members of a culture different from one’s own. Many factors contribute to success in communicating with a person of another culture; these include manners, social structure, and values.
Critical path method (CPM) was created in 1957 by J. E. Kelly of Remington Rand and M. R. Walker of DuPont to assist in the building and repairs of DuPont’s chemical plants. In the following year, the Special Projects Office of the U.S.
A credit union is a nonprofit cooperative financial institution that primarily provides consumer credit LOANS to its members, with funds deposited by its participants. Credit unions are mutually owned and run by their members, with a BOARD OF DIRECTORS, elected by the members, which sets policies and procedures.
Credit scoring is mathematical modeling used by CREDIT-REPORTING SERVICES to generate a number rating a customer’s credit risk. Fair Isaac and Company (FICO) is the leading provider of credit scores in the United States.
Credit cards are a convenient method for consumers to secure short-term LOANS. In today’s U.S. economy, credit cards and access to credit cards are ubiquitous; in many situations, such as hotels, it is difficult to purchase goods and services without use of a credit card. While most Americans probably cannot conceive of life without credit cards, they are a relatively recent phenomenon in U.S. business.