Since It Can Cost Five Times as Much to Acquire

question 57

Multiple Choice

Since it can cost five times as much to acquire a new customer than to service an existing one,it is important for salespersons to: 

• A) focus on maximizing profits.
• B) generate as many leads as possible through cold calling.
• C) implement the endless chain approach.
• D) build and maintain long-term relationships.

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Definitions:

Mnemonic Devices

Techniques a person can use to help them improve their ability to remember something, often by associating it with something more familiar or patterning.

Cognitive Shortcuts

Heuristic methods or simple strategies used by the human mind to make decisions or solve problems quickly.

Heuristics

Mental shortcuts or rules of thumb that facilitate fast and efficient decision-making, although not always leading to the perfect solution.

Elimination By Aspects

A decision-making approach in which alternatives are evaluated against criteria that have been ranked according to importance.