Final answer:
A successful company is defined based on customer retention, product upgrades, and service contracts.
Step-by-step explanation:
A successful company is defined based on customer retention, product upgrades, and service contracts.
Customer retention refers to the ability of a company to keep its customers and prevent them from switching to competitors. This is crucial as it helps maintain a stable customer base and ensures consistent revenue.
Product upgrades involve improving existing products or introducing new ones to meet the changing needs and preferences of customers. This allows the company to stay competitive in the market and attract new customers.
Service contracts can provide additional value to customers by offering ongoing support, maintenance, or access to exclusive benefits. This helps strengthen the relationship between the company and its customers, enhancing loyalty and long-term success.