________ Refers to the Benefit Given Up by Choosing an Alternative

question 4

Multiple Choice

________ refers to the benefit given up by choosing an alternative course of action.

• A) Opportunity cost
• B) Sunk cost
• C) Relevant cost
• D) Irrelevant cost

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Definitions:

Sales Plan Formulation

The process of defining strategies, tactics, sales targets, and actions to achieve the sales goals of a business.

Postpurchase Evaluation

The assessment by consumers of their level of satisfaction or dissatisfaction with a product after they have bought and used it.

Personal Selling Process

Involves a series of steps that a salesperson follows to persuade a prospective buyer to make a purchase, including prospecting, approaching, presenting, handling objections, closing, and follow-up.

Customer Satisfaction

A measure of how products or services provided by a company meet or surpass customer expectation.