In Order to Understand Customers, Five Key Questions Need to Be

question 70

Multiple Choice

In order to understand customers, five key questions need to be answered: how do they buy; what are their _______ criteria; where do they buy; when do they buy and who is important?

• A)social
• B)economic
• C)choice
• D)limited

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Definitions:

Real Wages

The purchasing power of wages, adjusted for inflation, indicating the quantity of goods and services that can be bought with a unit of labor.

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation.

Real Wages

Wages or salaries that have been adjusted for inflation, indicating the purchasing power of the income received by workers.

CPI

The Consumer Price Index is an indicator that calculates the weighted average price of a selection of consumer goods and services, including food, medical care, and transportation.