Research Suggests That Reducing Customer Defections by as Little as 5

question 6

True/False

Research suggests that reducing customer defections by as little as 5% can more than double an organization's profits.

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Definitions:

Psychological Disorders

Psychological disorders are mental health conditions characterized by alterations in thinking, mood, or behavior associated with distress or impaired functioning.

Cognitive Psychologist

A branch of psychology that studies mental processes such as "attention, language use, memory, perception, problem solving, creativity, and thinking."

Heuristics

Cognitive shortcuts or rules of thumb that simplify decision making, allowing for quick judgments and problem-solving despite the absence of complete information.

Visual Imagery

The process of visualization where an individual imagines visuals in their mind, often used in memory and creative processes.