Some of the Most Successful Companies Interact with Their Customers

question 32

Multiple Choice

Some of the most successful companies interact with their customers regularly, intentionally, and purposefully to create meaningful and lasting ________.

• A)relationships
• B)sales
• C)obligations
• D)memories

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Definitions:

Nash Equilibrium

The situation that occurs in some simultaneous games wherein every player is playing his or her dominant strategy at the same time and thus no player has any reason to change behavior.

First-Mover Advantage

In game theory, the benefit obtained by the party that moves first in a sequential game. A situation that occurs in a sequential game if the player who gets to move first has an advantage in terms of final outcomes over the player(s) who move subsequently.

Simultaneous Game

A strategic interaction (game) between two or more parties (players) in which every player moves (makes a decision) at the same time.

Collusive Oligopoly

A market condition where a small number of firms illegally agree to set prices or output levels to maximize collective profits.