In an Effort to Increase Customer Loyalty,management at Phat International

question 128

Multiple Choice

In an effort to increase customer loyalty,management at Phat International has worked to create a personal dialogue with their customers.This dialogue will enable Phat to offer products that exactly meet their customers' needs and provide personalized service before and after the sale.Phat International's new strategy illustrates:

• A)a production orientation.
• B)relationship marketing.
• C)personalized promotion.
• D)niche marketing.

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Definitions:

Expected Useful Life

The estimated duration for which an asset is expected to be economically usable by one or more users.

FASB

The Financial Accounting Standards Board is an independent organization responsible for establishing accounting and financial reporting standards for companies and nonprofit organizations in the United States.

Franchise

A license that allows the franchisee to access a business's proprietary knowledge, processes, and trademarks to allow the party to sell a product or provide a service under the business's name.

Product Development

The complete process of bringing a new product to market, from idea generation to commercialization.