Describe Personalized Customer Service in the Context of the Internet

question 18

Essay

Describe personalized customer service in the context of the Internet channel.Provide examples to support your answer.

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Definitions:

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Equilibrium Quantity

The amount of products or services available matches the amount requested at the prevailing market rate.

Demand Increases

A situation where the desire and ability to purchase goods and services in a market rise, often leading to higher prices if supply remains constant.

Supply Decreases

A reduction in the quantity of a good or service that producers are willing to sell at a given price, often resulting in higher prices.