________ Is Turning Individual Consumer Transactions into Long-Term Customer Relationships

question 17

Multiple Choice

________ is turning individual consumer transactions into long-term customer relationships by making it in the best interests of customers to stay with the company rather than switch to another firm.

• A) Market segmentation
• B) Customer satisfaction
• C) Market targeting
• D) Customer retention
• E) Product promotion

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Definitions:

Demand

The level of demand for a good or service, depending on consumers' readiness and capacity to buy at various prices.

Equilibrium

A state in an economy or market where demand equals supply, and there is no tendency for change.

Complements

Goods or services that are used together, where the increase in the demand for one leads to an increase in the demand for the other.

Substitutes

Goods or services that can replace each other in usage, providing similar utility to the consumer.