Building and Maintaining Profitable Customer Relationships by Delivering Superior Customer

question 53

Multiple Choice

Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.

• A) customer lifetime value
• B) customer-perceived value
• C) customer relationship management
• D) partner relationship management
• E) customer equity

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Definitions:

Labor-Hour

A measure of the amount of work or labor time required or used to produce a good or service.

Variable Overhead Efficiency Variance

The difference between the actual variable overhead incurred and the standard cost of variable overhead that should have been incurred based on the efficiency of operations.

Favorable

An accounting term referring to actual results being better than projected or budgeted figures, often used in the context of variances.

Unfavorable

A term often used in finance and accounting to describe a variance or outcome that leads to a worse financial position than expected.