Today, companies are increasingly concerned about customer defection. There are three main steps a company can take to reduce the defection rate. Describe those three steps
What will be an ideal response?
The three steps that a company can take to reduce defection are:
1. The company must define and measure its retention rate.
2. The company must distinguish the causes of customer attrition and identify those that can be managed better.
3. The company must compare the lost profit equal to the customer lifetime value from a lost customer to the costs to reduce the defection rate.
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Which of the following helped organizations achieve goals through systematic management?
A. emphasis on the application of quantitative analysis to managerial decisions and problems B. careful definition of duties and responsibilities C. preservation of employees’ interpersonal relationships and other human aspects of the work D. focus on decentralization in decision making E. encouragement of participation and provision of opportunities for individual challenge
A code in which the number of records for each respondent are the same, and the same data appear in the same columns for all respondents, is a ________
A) respondent code B) fixed-field code C) category code D) record code