Question

what is the efficiency and the effectiveness in the context of optimal customer service to contribute to the firm's welfare?

Answer 1

They are two buzzwords that are popularly used by CEOs and Sales VPs in charting the course of their organization. Yet, they are also commonly misused and misinterpreted, not just in the lexicon of business-speak but also in daily use. For all intents and purposes, let’s begin by defining efficiency and effectiveness in general terms.