Nurturing Customer Loyalty by Gathering Knowledge of Customer Needs and Preferences

question 108

Multiple Choice

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach cultivated in the ____________.

• A)relationship era
• B)colonial period
• C)industrial revolution
• D)marketing era

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Definitions:

Contribution Margin

The difference between the sales revenue of a product and its variable costs, providing insight into how much revenue contributes towards fixed costs and profit.

Fixed Expenses

Costs that do not fluctuate with the volume of production or sales, such as rent, salaries, and insurance.

Opportunity Cost

The loss of potential gain from other alternatives when a particular alternative is chosen.

Variable Manufacturing Costs

Costs in manufacturing that vary with the level of production output, including direct labor, materials, and utilities.