Sophisticated Firms Have Learned the Following Marketing Lesson

question 91

Multiple Choice

Sophisticated firms have learned the following marketing lesson:

• A)It is a lot easier to find new customers than to retain existing ones.
• B)According to research,it is equally costly to acquire new customers as it is to retain existing ones.
• C)Existing customers do not spend as much as new customers since that former like the old products rather than the new ones new customers like.
• D)The buying experience,customer satisfaction,and retention can increase a firm's profits.
• E)Unless a marketing promotion to retain customer loyalty can increase market share by at least 5 percent,it is not worth the expenditure.

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Definitions:

Resource Shortages

Situations where the demand for resources exceeds the supply, leading to operational or strategic challenges in an organization.

Operating Objectives

Specific, short-term goals set by a business to guide daily operations, geared towards efficiency and effectiveness in achieving the organization's strategy.

Adaptive Organisation

An organization capable of adjusting its strategies, structures, and processes in response to changing internal and external environments to remain viable and competitive.

High-quality Goods

Products that meet or exceed customer expectations in terms of performance, durability, and reliability, often as a result of superior materials, craftsmanship, and quality control processes.