in the questions below, fill in the blank with the correct answer. 1. it costs more to gain a ______…

in the questions below, fill in the blank with the correct answer. 1. it costs more to gain a ______ customer than it does to keep an ____________ customer. 2. rework policies state that the conditions under which________ products will be corrected. 3. a warranty describes the conditions under which particular ____________ will be taken care of by the seller. 4. companie sthat sell products need to establish policies for handling situations when products are returned by ____________ customers. 5. one of the goals of inventory management is reconciling the ____________ and ____________ inventory levels. elaborate as much as you can to explain your answer. 1. name some general policies that are common to most small businesses. 2. what are some important parts of operations management? 3. what is a customer service policy designed to do?

in the questions below, fill in the blank with the correct answer. 1. it costs more to gain a ______ customer than it does to keep an ____________ customer. 2. rework policies state that the conditions under which________ products will be corrected. 3. a warranty describes the conditions under which particular ____________ will be taken care of by the seller. 4. companie sthat sell products need to establish policies for handling situations when products are returned by ____________ customers. 5. one of the goals of inventory management is reconciling the ____________ and ____________ inventory levels. elaborate as much as you can to explain your answer. 1. name some general policies that are common to most small businesses. 2. what are some important parts of operations management? 3. what is a customer service policy designed to do?

Answer

Brief Explanations:

  1. In business, it's a common principle that acquiring new customers incurs higher costs than retaining existing ones due to marketing and sales efforts for new - customer acquisition.
  2. Rework policies in business define when defective products will be corrected to ensure product quality and customer satisfaction.
  3. A warranty in business is a commitment by the seller to handle certain product - related issues under specific conditions.
  4. Companies need return policies to manage product returns from customers smoothly, protecting both the customer and the business.
  5. Inventory management aims to balance high and low inventory levels to avoid overstocking and stock - outs. For the elaboration questions: General small - business policies often include customer service, payment, and employee - related policies. Operations management includes production planning, quality control, and supply - chain management. A customer - service policy is designed to ensure customer satisfaction, handle complaints, and build long - term customer relationships.

Answer:

  1. New; Existing
  2. Defective
  3. Product - related issues
  4. Return
  5. High; Low Elaboration:
  6. Customer service policy (defines how to handle customers), payment policy (specifies payment terms), employee - hiring and - firing policy (governs workforce management).
  7. Production planning (determines what and how much to produce), quality control (ensures product quality), supply - chain management (manages the flow of goods and services).
  8. Ensure customer satisfaction, handle customer complaints effectively, build long - term customer relationships.