Asked by Abigail Rodriguez on Jun 27, 2024
Verified
_____ is essential in building long-term relationships between businesses and consumers.
A) Profit
B) Governance
C) Trust
D) Knowledge
E) A code of ethics
Trust
The reliance on the integrity, strength, ability, surety, etc., of a person or thing; confidence.
- Recognize the importance of ethical practices in enhancing customer trust and satisfaction.
- Realize the contribution of ethical behavior in business towards the construction and maintenance of stakeholder relationships.
Verified Answer
MZ
Malik ZubairJul 02, 2024
Final Answer :
C
Explanation :
Trust is essential in building long-term relationships between businesses and consumers. When consumers trust a business, they are more likely to continue doing business with that company, recommend the company to others, and give the company the benefit of the doubt in case of a mistake or error. Trust is built over time through consistent and transparent behavior, honesty, and reliability. Without trust, it is difficult for businesses to maintain long-term customer relationships. Profit, governance, knowledge, and a code of ethics are important but are not the most essential factor in building long-term relationships with customers.
Learning Objectives
- Recognize the importance of ethical practices in enhancing customer trust and satisfaction.
- Realize the contribution of ethical behavior in business towards the construction and maintenance of stakeholder relationships.
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