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:

Reactance Theory

A psychological principle suggesting that people have an aversive reaction to restrictions on their personal freedoms, leading them to resist or do the opposite.

Social Learning Theory

A theory of learning and social behavior which proposes that new behaviors can be acquired by observing and imitating others.

Cognitive Dissonance Theory

A theory proposing that people have a motivational drive to reduce dissonance by changing their attitudes, beliefs, or behaviors, or by rationalizing or justifying them.

Ethical Issues

Moral challenges facing individuals or organizations, often involving decisions about right and wrong behavior in complex and varying contexts.