The Realization That Attracting New Customers Is Much More Expensive

question 17

Multiple Choice

The realization that attracting new customers is much more expensive than retaining old customers led organizations to pursue what strategy?

• A)Total quality management
• B)Loyalty oaths
• C)Retention bonuses
• D)Relationship marketing

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Definitions:

Decision Making

The cognitive process of selecting a course of action among multiple alternatives.

Intuitively

Refers to understanding or knowing something without conscious reasoning, based on gut feeling or instinct.

Decision Making Process

A methodical approach involving identification of a problem, gathering information, and selecting among alternative solutions or actions.

Convergent Thinking

A problem-solving approach involving bringing multiple pieces of information together to find a single, correct solution.