Firms Like Ford and Frito-Lay Have Learned Which of the Following

question 358

Multiple Choice

Firms like Ford and Frito-Lay have learned which of the following marketing lessons?

• A)It is a lot easier to find new customers than to retain existing ones.
• B)According to research, it is equally costly to acquire new customers and retain existing ones.
• C)Existing customers do not spend as much as new customers since that former like the old products rather than the new ones new customers like.
• D)The buying experience, customer satisfaction, and retention can increase a firm's profits.
• E)Unless a marketing promotion to retain customer loyalty can increase market share by at least 5 percent, it is not worth the expenditue

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Definitions:

Specialty Products

High-value products or services that are targeted towards a niche market, often characterized by high customer loyalty.

Business Products

Goods or services sold to other businesses for resale, use in production, or services in operations.

Convenience Products

Items that consumers purchase frequently, immediately, and with minimal comparison and buying effort, such as household goods or snacks.

Convenience Products

These are items that consumers purchase frequently, immediately, and with minimal comparison and buying effort, like bread or soft drinks.