Customers Often Take Their Business to Competitors If They Feel

question 34

True/False

Customers often take their business to competitors if they feel they have had poor service and complacency,inappropriate complaint resolution,and unmet needs from one's company.

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Definitions:

Premiums

Payments made for insurance coverage or additional costs above the standard price.

Franchisees

Individuals or companies that purchase the rights to operate a branch of a larger company or brand, using the franchisor’s trademarks, systems, and business model.

Moral Hazard

The tendency of individuals or institutions to take on more risk when they know that they will not have to bear the full consequences of their actions.

Adverse Selection

A situation where asymmetric information results in high-risk individuals being more likely to participate in agreements or contracts, to the detriment of one party.