Nurturing Customer Loyalty by Gathering Knowledge of Customer Needs and Preferences

question 120

Multiple Choice

Nurturing customer loyalty by gathering knowledge of customer needs and preferences is an approach known as ______.

• A) relationship management
• B) transaction management
• C) a strategic alliance
• D) marketing management

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Definitions:

Equivalent Unit

A computation used in process costing that converts partially completed units of production into a number of fully completed units.

Process Costing

A costing method used for homogenous products, which assigns costs to units of product based on the process they go through.

Equivalent Unit

A measure used in accounting to express the amount of work done by employees or the amount of goods produced in terms of fully completed units.

Process Costing

is a costing method used where production is continuous, assigning costs to units of product based on the processes they go through.