How Have Social Media Tools Most Likely Affected Personal Selling

question 25

Multiple Choice

How have social media tools most likely affected personal selling?

• A) reducing the use of person-to-person selling efforts
• B) increasing the costs of selling products and services
• C) changing the basic fundamentals of interpersonal selling
• D) increasing the number of product reports given to customers
• E) slowing the sales-force response rate to customers' problems

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Definitions:

Reallocation

The process of redistributing resources or assets from less productive uses to more productive ones in order to enhance efficiency and economic output.

Diminishing Returns

A rule that asserts when one input in the production process is augmented and the rest remain unchanged, the resultant extra production will ultimately diminish.

Marginal Revenue Product

The additional revenue generated by employing one more unit of input, such as labor or capital.

Economic Rent

The excess payment made for a factor of production over its opportunity cost.