What Is the Best Way a Retailer Can Build Customer

question 81

Multiple Choice

What is the best way a retailer can build customer loyalty and develop a sustainable competitive advantage?

• A)lower their prices
• B)participate in community service projects
• C)expand assortments
• D)provide excellent customer service
• E)have promotional events

Understand the disadvantages and advantages of group decision making.

Identify and understand the steps of the decision-making process.

Differentiate between various decision-making models.

Understand criteria for evaluating decision alternatives.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials purchased and the expected (or standard) cost, used to assess cost management performance in procurement.

Milk Chocolate

A type of chocolate that includes milk powder or condensed milk as a main ingredient, giving it a smooth, rich flavor and creamy texture.

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, used to assess efficiency and control payroll costs.

Labor Efficiency Variance

The difference between the actual labor hours used and the expected (standard) labor hours for the level of production, multiplied by the standard labor rate.