Joel Recently Opened a Neighbourhood Grocery

question 49

Multiple Choice

Joel recently opened a neighbourhood grocery.He chats briefly with each customer, carefully bags or boxes their purchases, and offers to load them into the customers' cars.Joel has learned that:

• A)a business provides a bundle of satisfaction to its customers, not just the product they have bought.
• B)customer relationships are more important than profits.
• C)how his customers feel is just as important as their satisfaction with their purchases.
• D)keeping customers is easier than finding new ones.

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Definitions:

ERG Theory

A motivation theory developed by Clayton Alderfer that categorizes human needs into three categories: Existence, Relatedness, and Growth, modifying Maslow's hierarchy of needs.

Needs Hierarchy Theory

A psychological theory proposing that human needs are arranged in a hierarchy, with basic needs being the most fundamental.

Perceptions of Fairness

Individual judgments about the appropriateness, justness, and equity of an action or decision, often relating to treatment by others.

Distribution and Exchange

The processes involved in the allocation of goods and services among individuals or groups, and the trading activities that facilitate this distribution.