ANNOYED – DISSATISFIED CUSTOMERS SPREAD THE WORD – NEW CUSTOMERS ARE DISCOURAGED – BUSINESSES FAIL Result: Low Quality and Poor Profitability When businesses fail to master the cost versus quality challenge, another business with high quality comes and kicks them out of business. On average, a satisfied customer is at least 8 times more profitable than a dissatisfied one. A Caution When quality gets buried in programs and statistical procedures, effectiveness can get lost. Two Key Principles…
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