Retaining Current Customers Is More Expensive Than Gaining New Customers

question 148

True/False

Retaining current customers is more expensive than gaining new customers.

Grasp the principles of organizational culture and workforce diversity.

Comprehend the significance of reciprocity in organizational behavior.

Describe concepts and strategies for managing organizational behavior.

Recognize the importance of situational approaches in management.

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Definitions:

Employment Setting

Refers to the place or context in which employment occurs, including physical locations, organizational environments, and remote or virtual workplaces.

Bilateral Contract

A bilateral contract is an agreement in which each of the two parties makes a promise to the other, creating mutual obligations.

Consideration

In contract law, a benefit or something of value that is exchanged between parties to a contract, making the agreement legally binding.

Contracting Party

An entity or individual that enters into a legal contract or agreement.