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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]
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 ...
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 ...
Companies typically focus on inspection to ensure that defective product doesn't reach the customer. But this is both costly and still lets nonconformances through. [ 15 ] Prevention, in the form of "pledging ourselves to make a constant conscious effort to do our jobs right the first time", is the only way to guarantee zero defects.
As personal injury and product liability claims began to slowly increase during the early First Industrial Revolution (due to increased mobility of both people and products), common law courts in both England and the United States in the 1840s erected further barriers to plaintiffs by requiring them to prove negligence on the part of the ...
Consumer protection is the practice of safeguarding buyers of goods and services, and the public, against unfair practices in the marketplace. Consumer protection measures are often established by law.
Market share liability is a legal doctrine that allows a plaintiff to establish a prima facie case against a group of product manufacturers for an injury caused by a product, even when the plaintiff does not know from which defendant the product originated.
A 1985 National Research Council report entitled Injury in America [2] recommended that United States Congress establish a new program at the CDC to address the problem of injury. Initially the program was supported with funds from the United States Department of Transportation. In 1990 Congress passed the Injury Control Act which authorized ...