Today, companies are increasingly concerned about customer defection. There are three main steps a company can take to reduce the defection rate. Describe those three steps
What will be an ideal response?
The three steps that a company can take to reduce defection are:
1. The company must define and measure its retention rate.
2. The company must distinguish the causes of customer attrition and identify those that can be managed better.
3. The company must compare the lost profit equal to the customer lifetime value from a lost customer to the costs to reduce the defection rate.
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The ________ governs the internal operation of labor unions
A) Wagner Act B) Taft-Hartley Act C) Landrum-Griffith Act D) Consolidated Omnibus Reconciliation Act
World Décor and Home has issued a notice that it will not be giving bonuses and raises to employees in the next quarter due to a downturn in profits. How do you think employees will react to this change? Describe the reactions likely experienced by each of the following four types of employees: stars, citizens, lone wolves, and apathetics.
What will be an ideal response?
What is meant by an involuntary prepayment?
What will be an ideal response?
Formulate a linear programming model for this revenue management application.
Hervis Car Rental in Austin, Texas, has 50 high-performance Shelby-H Mustangs in its rental fleet. These cars will be in greater demand than usual during the last weekend in July when the Central Texas Mustang Club holds its annual rally in Austin. At times like this, Hervis uses a revenue management system to determine the optimal number of reservations to have available for the Shelby-H cars.
Hervis has agreed to have at least 60% of its Shelby-H Mustangs available for rally attendees at a special rate. Although many of the rally attendees will request a Saturday and Sunday two-day package, some attendees may select a Saturday-only or a Sunday-only reservation. Customers not attending the rally may also request a Saturday and Sunday two-day package, or make a Saturday-only or Sunday-only reservation. Thus, six types of reservations are possible. The cost for each type of reservation is shown here.
The anticipated demand for each type of reservation is as follows:
Hervis Car Rental would like to determine how many Shelby-H Mustangs to make available for each type of reservation in order to maximize total revenue.