Final answer:
Gaining customer loyalty involves providing excellent service and swiftly resolving issues, as demonstrated by implementing floor markings to direct customer queues effectively.
Step-by-step explanation:
To gain customer loyalty, it's not about being impatient or avoiding complaints, but about taking proactive steps to improve service delivery. In the example provided, when customer complaints arose due to a confusing payment line system, the task was to ensure fair, fast and friendly service. Quick action, such as implementing floor markings for direction, led to a more efficient system where complaints were resolved, and stress levels among staff were reduced. Improved efficiency attracted more customers on a daily basis. This is a testament to how providing excellent service can foster customer loyalty.
In perfectly competitive markets, the presence of numerous buyers and sellers means that advertising may not have a long-term impact on market share, but it could potentially boost sales in the short term. Companies should weigh the costs of aggressive advertising against the projected benefits, considering it's unlikely to lead to sustained increases in market share due to the nature of the market.
Examples of perfectly competitive markets include agricultural markets, foreign exchange markets, and online selling platforms where products are homogeneous.