Firms Such as Ford and Frito-Lay Have Learned Which of the Following

question 137

Multiple Choice

Firms such as Ford and Frito-Lay have learned which of the following marketing lessons?

• A)It is a lot easier to find new customers than to retain existing ones.
• B)According to research,it is equally costly to acquire new customers and retain existing ones.
• C)Existing customers do not spend as much as new customers since the former like the old products rather than the new ones new customers like.
• D)The buying experience,customer satisfaction,and customer retention can increase a firm's profits.
• E)Unless a marketing promotion to retain customer loyalty can increase market share by at least 5 percent,it is not worth the expenditure.

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Definitions:

Target Markets

Specific groups of consumers at whom a company aims its products and services.

Foster Collaboration

To encourage or promote working together cooperatively, sharing ideas, resources, and responsibilities to achieve common goals.

Social Media

Digital platforms and technologies that facilitate the creation, sharing, and exchange of information, ideas, interests, and other forms of expression via virtual communities and networks.

Conversation

The informal exchange of ideas, information, and feelings between two or more people through spoken words.