One of the Benefits of Using Customer Data to Identify

question 65

Multiple Choice

One of the benefits of using customer data to identify customers better is that attention to customer needs and wants will likely result in

• A)higher prices than the market leader charges.
• B)increased competition.
• C)long-term relationships.
• D)strong connections among competing firms in the marketplace.
• E)lower prices.

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Definitions:

Returns to Scale

The variation in outcome that occurs when all inputs used in the manufacturing process are increased by the same proportion.

Production Function

A mathematical equation that describes the maximum amount of output a firm can produce with a given set of inputs.

Output Levels

Refers to the specific quantities of products or services generated by a business, sector, or economy during a specified period.

Returns to Scale

The rate at which output increases in response to proportional increases in all inputs.