LRCYLebanese Red Cross Youth
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Ideally, the loose monopoly condition occurs when consumers perceive that: (a) few alternatives to the offending product/service are available (AALT), (b) their knowledge about different offerings in limited (RINFO), (c) they are unable to detect pool product/service (CKNO), (d) the time gap between buying a product/service and finding out that it was of poor quality is long (LRCY), (e) complaint actions (voice/private) leave little impact on the sellers/providers (LIMP), and (f) several psychological inhibitions dissuade them from complaining about poor product/service (PCOS).
This is because providers in loose monopolies have little incentive to satisfy customer complaints as repurchase cycles are long (i.e., LRCY, Table 1) and voice actions are devoid of much power (i.e., LIMP, Table 1).