You Have Just Taken a New Position in an Organization

question 25

Multiple Choice

You have just taken a new position in an organization and you're learning about the job functions of your new colleagues.You observe that your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships.Your marketing manager frequently speaks about the need to acquire,keep,and grow customers.Your manager is concerned with which one of the following?

• A) customer divestment
• B) customer-managed relationships
• C) the societal marketing concept
• D) partner relationship management
• E) customer relationship management

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Definitions:

Inelastic Demand

A situation in which demand for a good or service is barely affected by changes in price.

Elastic Demand

When consumer demand for a product significantly rises or falls following a small change in its price.

Price Discrimination

The practice of selling the same product to different buyers at different prices, based on factors other than cost.

Consumer Surplus

The difference between the total amount consumers are willing to pay for a good or service and the actual amount they pay.