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As defined by The Independent, this is a non-monopoly (mere technology), collective (on a society level) kind of lock-in: [1]. Technological lock-in is the idea that the more a society adopts a certain technology, the more unlikely users are to switch.
As a business owner (yes, if you’re a freelancer you are, in fact, a business owner), challenging clients or difficult customers are part of the deal. It’s an aspect of doing business you may ...
Another reason for price convergence is that customers become aware of the possibility of being overcharged, and compensate by favoring more expensive goods over cheaper ones. For example, a customer may ask for a complete replacement of a broken car part with a new one, irrespective of whether the damage is small or large (which the customer ...
A good example is wine in the UK where supermarkets may present over 1000 different products leaving the consumer with a difficult choice process. Whilst large assortments do have some positive aspects (principally novelty and stimulation [ 4 ] and optimal solutions [ 5 ] ) any assortment greater than around 12–14 products leads to confusion ...
Second, the outstanding provider might have already captured the high-end of the market, even when it did not offer an explicit guarantee. Thus, the impact of providing an explicit guarantee would be minimal and it would be difficult for, for example, a highly rated hotel to attract new customers by signaling higher quality. [10]
So I think there's a number of other growth areas certainly and customer experience areas, but it's some of these high cost, high volume functional areas that are enabling to all enterprises, that ...
Customer Switching barriers – At times, it may be difficult or expensive for customers to switch providers, especially if they have to retrain employees or modify internal information systems. [8] Indeed, switching costs are often intentionally made high in order to discourage customers from changing suppliers and adopting the technological ...
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