We define the exponential function as $\exp(z)=\sum\limits_{j=0}^\infty= \frac{z^j}{j!}$ for all $z\in \mathbb{C}$. Lets now compute $\exp(0)$, then we would have to calculate $0^0$ which undefined. But for all other $j$ $z^j=0$ and as we know that $\exp(0)=1$ this leaves $0^0=1$. So is it useful to define zero to the zeroth power as $1$? But the again there are surely cases where it could be useful to define it as $0$.
Now my main question is:
Are we actually allowed to use the above defintion or any other equation where one has to consider $z^i$ for all $z \in \mathbb{C}$ and $i$ ranging over $\mathbb{Z}$ including $0$?
Yours is a fair question.
Graham, Knuth, and Patashnik, in their Concrete Mathematics, suggest that we should just define $0^0=1$ for a quite similar reason. They say this on page 162 of the second edition:
Reference 220 is Two notes on notation by Knuth.