A Business Philosophy and Set of Strategies, Programs, and Systems

question 15

Multiple Choice

A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty with a firm's most-valued customers is called:

• A) customer decision area
• B) customer relationship management
• C) customer loyalty
• D) strategizing
• E) intratype competition

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Definitions:

Market Segment

A distinct group of potential consumers who share similar needs, desires, and characteristics, targeted by businesses for marketing campaigns.

Cost-based Pricing

Setting the price of a product or service based on the cost of production and distribution plus a markup for profit.

Market Penetration

A measure of the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service.

Growth Strategy

Plans developed by an organization to increase its size, revenue, market share, or competitive position.