Of the Four Activities That Make a Firm Customer-Centric,coordination Involves

question 15

Multiple Choice

Of the four activities that make a firm customer-centric,coordination involves:

• A) using informal methods such as culture and incentives to encourage people in the organization to come together in the spirit of serving customers.
• B) developing relationship with parties outside a firm to increase the value of the firm's offerings.
• C) helping employees at a firm develop the right skills needed to better serve customers.
• D) creating structural mechanisms at a firm that allow workers to organize their activities to focus more exclusively on creating value for customers.

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Definitions:

Consumer Substitution

The tendency of consumers to switch from one good to another in response to changes in relative prices, keeping their level of satisfaction or utility constant.

New Good

A product that has been recently developed or introduced to the market, offering new benefits or replacing existing goods.

Economic Well-Being

A measure of how well an individual, community, or country is performing economically, often considering factors like income, employment, and access to goods and services.

Variety

The range of different products, services, or choices available in a market, often contributing to consumer satisfaction and market efficiency.