Most Banks Implement Customer Retention Programs Aimed at Their Best

question 84

Multiple Choice

Most banks implement customer retention programs aimed at their best customers. They do this because they know that retaining customers usually results in

• A)a product development growth strategy.
• B)an operational advantage.
• C)opportunities for diversification.
• D)increased long-term profits.
• E)more clearly defined market segments.

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Definitions:

New Venture Creation

The process of conceiving, developing, and launching a new business entity, typically characterized by innovation and risk.

Management Team

A group of individuals responsible for overseeing the daily operations of a business and executing its strategy.

Spontaneous Collaboration

The unplanned coming together of individuals or groups to work on a project or solve a problem collectively.

Price-Cutting

A strategy where businesses reduce the price of their goods or services to attract more customers or undercut competitors.