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Instruction: Please explain and give example/s

Instruction: Please explain and give example/s

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Instruction: Please explain and give example/s.
ECONOMIC BENEFITS One of the most commonly cited economic benefits of customer retention is increased purchases over time; in many industries customers tend to spend more each year with a particular relationship partner
Transcribed Image Text:ECONOMIC BENEFITS One of the most commonly cited economic benefits of customer retention is increased purchases over time; in many industries customers tend to spend more each year with a particular relationship partner
Human Resource Management Benefits Loyal customers may also provide a firm with human resource management benefits. First, loyal customers may. because of their experience with and knowledge of the provider, be able to contribute to the coproduction of the service by assisting in service delivery: often the more experienced customers can make the service employees' job easier.
Transcribed Image Text:Human Resource Management Benefits Loyal customers may also provide a firm with human resource management benefits. First, loyal customers may. because of their experience with and knowledge of the provider, be able to contribute to the coproduction of the service by assisting in service delivery: often the more experienced customers can make the service employees' job easier.
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