In a Market Characterized by Vigorous Competition,look-Alike Products and Customer

question 66

Multiple Choice

In a market characterized by vigorous competition,look-alike products and customer loyalty that depends on quality relationships as well as quality products,the salesperson should fully utilize the:

• A)product strategy
• B)customer strategy
• C)presentation strategy
• D)relationship strategy
• E)marketing strategy

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Definitions:

Unit Elasticity

Describes a scenario in demand or supply where the percentage change in quantity demanded or supplied is equal to the percentage change in price.

Total Revenue

The total income generated by a firm from its sales of goods or services, calculated as quantity sold times price.

Elastic

A term used to describe a situation where the demand or supply for a good or service significantly changes in response to a change in price.

Inelastic

Describes a situation in demand or supply where the quantity demanded or supplied changes by a smaller percentage than the changes in price.