Since It Can Cost Five Times as Much to Acquire

question 68

Multiple Choice

Since it can cost five times as much to acquire a new customer than to service an existing one,it is important for salespersons to:

• A)exclusively focus on maximizing profits.
• B)generate as many leads as possible through cold calling.
• C)implement the endless chain approach.
• D)build and maintain long-term relationships.

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Definitions:

Petty Cash Fund

A small amount of cash on hand used for minor or incidental expenses of a business.

Petty Cash Account

A small amount of cash kept on hand in a business for minor expenditures.

Internal Control System

Strategies and measures put in place by a firm to maintain the honesty of its financial and accounting records, promote responsible management, and deter fraudulent activities.

Single Employee

Refers to an individual worker within an organization, focusing on aspects related to their employment status or conditions.