Prevention of Attrition of Customers Is an Equally Important Task

question 25

True/False

Prevention of attrition of customers is an equally important task like customer acquisition in a firm's customer management strategy Multiple Choice

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Definitions:

Efficiency

A measure of how well resources are used to achieve a goal, maximizing output from given inputs without waste.

Equity

The concept of fairness or justice, often discussed in the distribution of wealth, or the ownership interest in a firm.

Perfectly Competitive System

A market structure where many firms offer products or services that are similar, leading to a high level of competition and prices that reflect the true supply and demand.

Allocation of Resources

The process of assigning available resources, both human and material, to specific uses to satisfy the needs and wants of a society.