Relationship Marketing Refers to

question 74

Multiple Choice

Relationship marketing refers to

• A) the selection and the assignment of a firm's personnel for a specific product or product line to a group of current or prospective customers.
• B) the belief that it is easier and less expensive to find new customers than to retain old ones.
• C) the linking of the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefits.
• D) the process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace.
• E) exclusive legally binding contractual agreements between retailers and customers in order to create enhanced value for each party.

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Definitions:

Differentiated Oligopoly

A market structure in which a few firms offer products that are similar but not perfect substitutes, allowing for some pricing power.

Collusion

An agreement between competing firms to control prices or exclude entry of a new competitor in the market, often in violation of antitrust laws.

Sequential Game

A strategic interaction (game) between two or more parties (players) in which each party moves (makes a decision) in a predetermined order (sequence).

Economic Profits

The profit a company makes after deducting both its explicit and implicit costs.