Answered: Describe the significance of customer…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Describe the significance of customer trust in a company. Consider the businesses you patronize and give examples of both the brands and businesses you respect and those you don't. Justify your feelings of trust or mistrust. What happens when a firm loses the trust of its customers, and how can it make a positive recovery?

Expert Solution

Step 1: Explain customer trust in a company

Customer trust is essential for any company that wants to be successful. When customers trust a company, they are more likely to buy its products or services, and they are also more likely to be loyal customers.

There are many benefits to customer trust, including:

Increased sales: Customers are more likely to buy from companies they trust.
Customer loyalty: Customers who trust a company are more likely to continue buying from that company in the future.
Positive word-of-mouth: Customers who trust a company are more likely to recommend it to their friends and family.
Increased brand reputation: A company with a good reputation for trustworthiness is more likely to attract new customers.

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