In Order to Build Relationships with Customer Value, Firms Must

question 70

Multiple Choice

In order to build relationships with customer value, firms must do all of the following except

• A) ensure that everyone in a firm works together to provide customer value before and after each purchase.
• B) brief their advertising people to develop ads that try to convince a customer to buy once.
• C) attract customers in the first place-and keep them satisfied after they buy.
• D) try to adopt the marketing concept.
• E) try to eliminate costs that do not give value to customers.

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Definitions:

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in the market, often resulting in higher prices and restricted supply.

Duopoly

A market structure in which two companies own all or nearly all of the market for a given product or service.

Price Effect

The impact on demand when the price of a product or service changes, influencing consumers' buying decisions.

Marginal Cost

The additional expense required to produce an extra item or unit of output, emphasizing its role in economic decision-making.