A Commonly Used Rule of Thumb Is That It Costs

question 6

Multiple Choice

A commonly used rule of thumb is that it costs approximately ___________ times as much to get a new customer as it does to keep an existing customer.

• A)three
• B)four
• C)five
• D)six

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Definitions:

System Costs

The total expenditure required to develop, install, and maintain a system, encompassing both initial and ongoing expenses.

IT Project Feasibility

IT project feasibility involves evaluating the likelihood of a proposed technology project's success in terms of technical capability, financial resources, and alignment with organizational goals and strategies.

SaaS Customers

Clients or users who utilize Software as a Service, a cloud-based service where they access software over the internet rather than installing it on local devices.

Outsourcing Benefits

The advantages gained by a company when it hires external firms to perform tasks, handle operations or provide services that are either difficult to manage or are outside the company's core competencies.