Customer Retention Programs Are Based on What Concept

question 6

Multiple Choice

Customer retention programs are based on what concept?

• A)Customer excellence is the easiest macro strategy to follow.
• B)Customer relationships should be viewed from a lifetime value perspective rather than on a transaction-by-transaction basis.
• C)It is important to maximize profits in the first few months of a customer relationship.
• D)Segmentation, targeting, and positioning analysis should not be rushed.
• E)Firms must spend large amounts of money to retain customers.

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Definitions:

Cognition

All the mental activities associated with thinking, knowing, remembering, and communicating.

Psychology

The scientific study of the mind and behavior, encompassing various aspects of conscious and unconscious experience.

Broca's Area

An area of the brain located in the frontal lobe that is involved in language processing, speech production, and comprehension.

Angular Gyrus

An area within the parietal lobe of the brain that plays a role in understanding language, numerical data, and spatial awareness.