In Order to Build Relationships with Customer Value, Firms Must

question 70

Multiple Choice

In order to build relationships with customer value, firms must do all of the following except

• A) ensure that everyone in a firm works together to provide customer value before and after each purchase.
• B) brief their advertising people to develop ads that try to convince a customer to buy once.
• C) attract customers in the first place-and keep them satisfied after they buy.
• D) try to adopt the marketing concept.
• E) try to eliminate costs that do not give value to customers.

Comprehend how segmentation in the diffusion of innovation can impact marketing strategies.

Acknowledge the role of consumer behavior and social influence in the adoption of new products.

Learn the impact of marketing actions (e.g., demonstrations, free samples) in counteracting barriers to adoption.

Understand the significance of risk, value, psychological, and usage barriers in the product adoption process.

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Definitions:

Adverse Selection

A situation in which one party in a transaction has more or better information than the other, leading to an imbalance that can result in market inefficiency or failure.

Insurance Premium

The amount of money an individual or organization pays for an insurance policy, providing coverage against specific risks over a defined period.

Expected Loss

a calculation used in finance and insurance to estimate the average financial loss or cost associated with an investment or insurance policy over a period.

Adverse Selection

A situation in which one party in a transaction has more information than the other, leading to an imbalance and potentially poor market outcomes, commonly seen in insurance markets.