Which of the Following Statements About Customer Involvement Is Best

question 13

Multiple Choice

Which of the following statements about customer involvement is best?

• A) A firm that produces standardized products often seeks customer specifications.
• B) In service industries, customer contact is of minor importance.
• C) For services that directly involve the customer, the customer often dictates time and location of the service.
• D) When customer involvement is high a process is more likely to use a standardized- services process rather than a customized- services process.

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Definitions:

Annuity

A financial instrument that provides a consistent series of payments to a person, mainly serving as a source of income for individuals who have retired.

Compounded Monthly

Interest on an investment or loan that is calculated at the end of each month and then added to the principal sum, increasing the amount on which future interest is calculated.

RRSP

Registered Retirement Savings Plan, a Canadian financial account designed for retirement savings, offering tax benefits.

Compounded Nominal Rate

A nominal rate that is compounded refers to the stated interest rate of an investment or loan, not taking into account the effects of compounding over specific periods.