Switching costs can be explicit or implicit.

Name: Switching costs can be explicit or implicit.
Brand: Quizplus
Rating: 4.8 (33 reviews)

Question

Quizplus · Accepted Answer

Switching costs can be explicit, meaning they are directly measurable and visible, such as fees or penalties for terminating a contract or account. They can also be implicit, meaning they are less tangible and harder to quantify, but still affect a customer's decision to switch to a competitor, such as the time, effort, and inconvenience of learning how to use a new product or service.

Switching Costs Can Be Explicit or Implicit