Firms That Want to Retain Existing Customers Are Likely to Employ

question 251

Multiple Choice

Firms that want to retain existing customers are likely to employ

• A) teaser strategies.
• B) versioning.
• C) lock-in strategies.
• D) bundling.

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Definitions:

Consumer Decision Process

The steps and thought processes consumers go through before purchasing a product or service, including need recognition, information search, evaluation, and purchase decision.

Larger Cars

Refers to vehicles that are significantly more spacious and usually more powerful than average, catering to those requiring more room for passengers or cargo.

Self-actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that categorizes human needs into five levels, from basic survival needs to self-actualization.