A Bank Spent Several Thousand Dollars to Learn How Customers

question 27

Multiple Choice

A bank spent several thousand dollars to learn how customers were satisfied with the readiness of the bank's ATMs. ATMs record, up to 4 decimal places, the time they are down. This situation illustrates the point that:

• A) ATM's are seldom not working
• B) ATMs are not dependable
• C) the better banks conduct marketing research
• D) marketing research should not be conducted when the information needed is already available
• E) marketing research should be used when the information needed is already available

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Definitions:

R&D

Research and Development, which refers to the activities companies undertake to innovate and introduce new products or services.

Innovation

The process of translating an idea or invention into a good or service that creates value and for which customers will pay.

Oligopolists

Firms or entities that dominate an industry or market in an oligopoly, where a small number of companies have significant market power and influence over prices and output.

R&D

Research and development; activities undertaken by companies or governments to innovate and introduce new products or services.