What Is Customer Alchemy

question 17

Multiple Choice

What is customer alchemy?

• A) Increasing the data collection from only platinum and gold customers
• B) Listening to customers and altering loyalty programs to better satisfy their needs
• C) Converting customers from platinum to gold
• D) Converting customers who are loyal to other retailers
• E) Increasing the sales made to good customers

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Definitions:

Traditional Costing Systems

Accounting methods that allocate production costs to products based on machine hours, labor hours, or material costs.

Overhead Costs

Expenses not directly tied to production such as rent, utilities, and office supplies.

Underapplied

A situation where the allocated costs in accounting are less than the actual costs incurred.

Production Volume Measures

Metrics or units of measurement used to gauge the quantity of products created by a company within a specific period.