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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 ...
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 ...
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 a subset of personal injury cases, product liability cases were extraordinarily rare, but it appears that in the few that were brought, the general rule at early common law was probably what modern observers would call no-fault or strict liability. [8] In other words, the plaintiff only needed to prove causation and damages. [8]
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.
Ward v. Tesco Stores Ltd. [1976] 1 WLR 810, is an English tort law case concerning the doctrine of res ipsa loquitur ("the thing speaks for itself"). It deals with the law of negligence and it set an important precedent in so called "trip and slip" cases which are a common occurrence.
The Consumer Safety Act (CPSA) was enacted on October 27, 1972, by the United States Congress.The act should not be confused with an earlier Senate Joint Resolution 33 of November 20, 1967, which merely established a temporary National Commission on Product Safety (NCPS), and for only 90-days (at a pittance of $100 per day).