The Increasing Importance of Nurturing Long-Term and Widespread Relationships with Customers

question 222

Multiple Choice

The increasing importance of nurturing long-term and widespread relationships with customers has led many firms to adopt a selling approach that uses several professionals to make a sale and win a contract.This approach is referred to as cross-functional __________.

• A)account management
• B)cooperative selling
• C)missionary selling
• D)formula selling
• E)team selling

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Definitions:

Annuity Due

A type of annuity in which payments are made at the beginning of each period, rather than at the end.

Present Value

The present worth of a sum of money or a series of cash flows expected in the future, assuming a certain rate of return.

Compounded Annually

A method of calculating interest where the interest rate is applied once per year, and each year’s interest calculation includes the interest from the previous years.

Annual Rents

Regular payments made for the use of property or land over a yearly basis.