Attracting a New Customer May Cost Five Times as Much

question 147

True/False

Attracting a new customer may cost five times as much as doing a good enough job to retain an existing one.

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Definitions:

Competitive Advantage

A unique attribute or ability a company has that enables it to outperform its competitors.

Benefits

Advantages or perks provided to employees in addition to their regular compensation, such as health insurance, retirement plans, and paid time off.

Social Responsibility

The obligation of companies to act in ways that benefit society at large, beyond their own interests or profitability.

Strategic Planning

The process of defining a business's direction and making decisions on allocating its resources to pursue this strategy, including its capital and people.