Why Is It Important for a Small Business to Keep

question 50

Essay

Why is it important for a small business to keep existing customers satisfied? How can a company achieve such customer satisfaction?

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Definitions:

French Fries

Deep-fried potato strips, known for their crispy texture and often served as a side dish or snack, popularized in American and European cuisines.

Indifference Curve

A graph showing different bundles of goods, each measured as to quantity, between which a consumer is indifferent.

Slope

In mathematics, the measure of the steepness or incline of a line, typically defined as the ratio of the vertical change to the horizontal change.

Utility Function

An economic concept that measures preferences over a set of goods and services, reflecting satisfaction or happiness.