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Customer attrition, also known as customer churn, customer turnover, or customer defection, is the loss of clients or customers.. Companies often use customer attrition analysis and customer attrition rates as one of their key business metrics (along with cash flow, EBITDA, etc.) because the cost of retaining an existing customer is far less than the cost of acquiring a new one. [1]
High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections. Customer retention starts with the first contact an organization has with a customer ...
The Vision is a quarterly peer-reviewed journal that focuses on all functional areas of management, including economic and business environment. It is a platform for discussion and exchange of ideas across the widest spectrum of scholarly opinions to promote theoretical, empirical and comparative research on problems confronting the business world.
Churn rate (also known as attrition rate, turnover, customer turnover, or customer defection) [1] [2] [3] is a measure of the proportion of individuals or items moving out of a group over a specific period. It is one of two primary factors that determine the steady-state level of customers a business will support. [clarification needed]
The loyalty business model is a business model used in strategic management in which a company's resources are employed so as to increase the loyalty of customers and other stakeholders in the expectation that corporate objectives will be met or surpassed.
In marketing and microeconomics, customer switching or consumer switching describes "customers/consumers abandoning a product or service in favor of a competitor". [1] Assuming constant price, product or service quality, counteracting this behaviour in order to achieve maximal customer retention is the business of marketing, public relations and advertising.
Zero Defects (or ZD) was a management-led program to eliminate defects in industrial production that enjoyed brief popularity in American industry from 1964 [1] to the early 1970s. Quality expert Philip Crosby later incorporated it into his "Absolutes of Quality Management" and it enjoyed a renaissance in the American automobile industry—as a ...
Management by exception can bring forward business errors and oversights, [3] ineffective strategies that need to be improved, changes in competition [4] and business opportunities. Management by exception is intended to reduce the managerial load and enable managers to spend their time more effectively in areas where it will have the most impact.