___________ are the costs incurred by a customer that make it costly or risky to change to a competing vendor's products.

Question

Quizplus · Accepted Answer

Switching costs refer to the costs that a customer incurs when switching from one vendor to another. These costs can be financial, such as the cost of retraining employees on a new system or the cost of new equipment, or they can be psychological, such as the uncertainty of working with a new vendor or the loss of familiarity with a current vendor's products. Switching costs make it more difficult for customers to switch to a new vendor, thus increasing their loyalty to their current vendor.

___________ Are the Costs Incurred by a Customer That Make