Customer lock-in occurs when customers view the costs of switching supplies as too high to justify doing so.

Name: Customer lock-in occurs when customers view the costs of switching supplies as too high to justify doing so.
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

Customer lock-in refers to a situation where customers are deterred from switching to a competitor due to high switching costs, making it economically unfeasible or inconvenient to change suppliers.

Customer Lock-In Occurs When Customers View the Costs of Switching