Final answer:
The statement 'Each customer defines its own retention policy' is false. A retention policy is established by an organization based on various factors and is applied universally to all customers.
Step-by-step explanation:
The statement 'Each customer defines its own retention policy' is False. A retention policy is a predefined set of rules and procedures that an organization follows to retain its customers. It is not defined individually by each customer. The organization establishes the retention policy based on various factors such as customer demographics, market analysis, and strategic goals.
For example, a company may have a policy to offer discounts or rewards to customers who have been with them for a certain period of time or have made a certain number of purchases. This policy is applied universally to all customers and is not personalized to each individual.