Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Explain which types of firms are most vulnerable and least vulnerable to customer defections.
Expert Solution
Step 1 of 2
Customer Defection refers to the loss in the number of customers a company has. This concept is also known as customer churn, customer attrition or customer turnover. Many industries use the concept of customer defection as a key metric to analyze the attrition rate of their customers.
Companies pay a lot of attention to the concept of customer defection because the cost of retaining a customer is very much less than the cost of acquiring new customers as acquisition of customers involve a lot of expenses in the form of advertisements.
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