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Q:What is meant by goodwill in the line below?
”A good reputation should increase goodwill and increase sales.”
Goodwill is really the public’s ‘feeling’ about a company. IF a company has a reputation for making quality goods and treating customers fairly it is likely to have high good will ie it will be looked on favourably – even loved – by customers etc. This should generate success as cuctomers will choose that company in preference.
If a company has a reputation for treating customers or employees unfairly it will have low good will. Customers will prefer to shop elsewhere and sales will decline.
Think about how different airlines and travel companies are currently treating customers in the Covid pandemic. There are some I will definitely use again but I would certainly try to avoid others.
Ken Garrett wrote:Q:What is meant by goodwill in the line below?
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