GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Give customers extra time to pay if they request it.
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Immediately drop customers who cannot meet payment deadlines.
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Use procedures that retain the goodwill of the customer.
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Encourage credit sales when customers do not have the financial means to pay.
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Detailed explanation-1: -Customer retention indicates whether your product and the quality of your service please your existing customers. It’s also the lifeblood of most subscription-based companies and service providers. In an ideal world, a 100 percent retention rate is the goal.
Detailed explanation-2: -A credit policy helps you determine which clients or customers are eligible for credit from your company and outlines the steps you’ll take to collect unpaid debts. Credit policies are important because they keep your clients accountable and improve cash flow.
Detailed explanation-3: -Customer goodwill is the positive feeling of alignment and support a customer has for your brand. It’s made up of intangible assets such as brand recognition, customer loyalty, and customer value.
Detailed explanation-4: -Establish customer loyalty. Use data to meet customer expectations. Improve the long-term value of your business with quality customer service training. 18-Mar-2022