Without Customer Loyalty,service Organizations Must Depend Too Heavily on Acquiring

question 9

True/False

Without customer loyalty,service organizations must depend too heavily on acquiring new customers in order to sustain long-term profitability.

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Definitions:

Winning New Customers

Strategies and efforts aimed at attracting individuals to become new buyers or clients of a product or service.

Winning Back

The efforts of a company to regain former customers or market share that has been lost.

Lost Customers

Individuals or entities that have ceased purchasing or engaging with a business over a certain period, indicating churn.

Cross Selling

The practice of selling additional products or services to an existing customer, often to increase revenue without the cost of acquiring a new customer.