A Small Improvement in Customer Loyalty Can Substantially Improve the Profitability

question 2

True/False

A small improvement in customer loyalty can substantially improve the profitability of a service firm.

---

Definitions:

Entire Organization

Refers to encompassing all departments, employees, and processes in a holistic view of the organization.

Conceptual Perspective

An approach that emphasizes understanding concepts and theories behind observable phenomena, focusing on the big picture rather than specific details.

Consensus

General agreement among all members of a group or the process of reaching such an agreement.

Disruptive Act

An innovation or event causing a radical change in an existing industry or market by displacing old methods, products, or companies.