It Is Imperative That Any Forward-Thinking Marketing Organization Institute Metrics

question 64

Multiple Choice

It is imperative that any forward-thinking marketing organization institute metrics to demonstrate

• A) customer value ROI.
• B) marketing ROI.
• C) sales ROI.
• D) research and development ROI.
• E) public relations ROI.

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Definitions:

Implicit Costs

The opportunity costs that arise from using resources owned by the firm for its own production instead of earning revenue from these resources elsewhere.

Normal Profit

The lowest amount of profit a company must earn to stay competitive and cover its opportunity costs.

Implicit Costs

Implicit costs, also known as imputed or opportunity costs, are the costs of resources owned by the firm that are used in its own production process.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs in the production process.