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In accounting, goodwill is an intangible asset recognized when a firm is purchased as a going concern. It reflects the premium that the buyer pays in addition to the net value of its other assets. Goodwill is often understood to represent the firm's intrinsic ability to acquire and retain customer business, where that ability is not otherwise ...
Customer Profitability Analysis (in short CPA) is a management accounting and a credit underwriting method, allowing businesses and lenders to determine the profitability of each customer or segments of customers, by attributing profits and costs to each customer separately. CPA can be applied at the individual customer level (more time ...
The customer is always right. " The customer is always right " is a motto or slogan which exhorts service staff to give a high priority to customer satisfaction. It was popularised by pioneering and successful retailers such as Harry Gordon Selfridge, John Wanamaker and Marshall Field. They advocated that customer complaints should be treated ...
Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." [1] Enhancing customer satisfaction and fostering customer loyalty are pivotal for businesses, given the significant importance of ...
Customer equity is the total combined customer lifetime values of all of the company's customers. [1] It is calculated by multiplying the number of customers by the average value of each customer. Customer equity is important because it reflects the potential future revenue that a company can generate from its existing customer base.
The number one in-demand skill of 2024 that companies want out of employees is good communication, according to a LinkedIn study conducted earlier this year. Customer service came in second, with ...
Service assurance is model that is centered on the concept of maximizing customer satisfaction. The belief is that such practices inevitably maximize the long-term profitability of an organization or enterprise. Numerous quality-regulating methods are often interwoven with CSA services. Under the CSA umbrella, it is typical to also find Quality ...
v. t. e. Customer relationship management ( CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information. [1] CRM systems compile data from a range of different communication channels, including a company's website, telephone (which ...