For Service Organizations,customer Relations Are Part of the Supply Chain

question 26

True/False

For service organizations,customer relations are part of the supply chain and customers are part of the value chain.

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Definitions:

Principal's Termination

The end of an agency relationship by the decision of the principal, who is the individual or entity that has empowered another to act on their behalf.

Exclusive Agency

An agency in which a principal grants an agent an exclusive territory and does not allow another agent to compete in that territory.

Liable

Refers to being legally responsible to compensate or rectify a damage, loss, or breach of contract.

Lost Profits

Financial losses experienced due to another party's wrongful act or breach of contract, reflecting income that would have been earned had the wrong or breach not occurred.