Match the Term with Its Definition

question 67

Multiple Choice

Match the term with its definition.
-A company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on specific customer groups

• A)attitude
• B)culture
• C)customer experience management (CEM)
• D)customer lifetime value (CLV)
• E)customer relationship management (CRM)
• F)motivations
• G)needs
• H)opinion leaders
• I)perception
• J)perceptual categorization
• K)reference groups

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Definitions:

Monopolistic Competitor

A market structure where many companies sell products that are similar but not identical, allowing for some degree of market power and product differentiation.

Short Run

A period in economics during which at least one factor of production is fixed in quantity; the opposite of the long run, where all factors of production are variable.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing firms to adjust all inputs.

Product Differentiation

The strategy of distinguishing a product or service from others in the market to make it more attractive to a specific target market.