Final answer:
Customer excellence is the practice of retaining loyal customers and providing exceptional customer service to build a strong reputation that drives repeat business and customer recommendations. It encompasses internal customer service and a focus on core competencies to enhance a company's success.
Step-by-step explanation:
This strategy is critical for businesses seeking to establish a good reputation and gain repeat customers, who are more likely to recommend the business to others. A company concerned with its reputation incentivizes customers to trust in the quality of its product or service, as seen with a well-established grocery store that can charge higher prices based on reputation compared to a temporary stand at a local farmer's market. Moreover, treating managers and supervisors as important internal customers, offering exceptional customer service, and being professional and resourceful can lead to positive feedback, opportunities, and increased job satisfaction. Companies focusing on their core competency, providing a few specialized products or services, often achieve greater success than those attempting to offer a wide array.