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Firms such as GM and Frito-Lay have learned which of the following marketing lessons?
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 and retain existing ones.
C) Existing customers do not spend as much as new customers since the former like the old products rather than the new ones new customers like.
D) The buying experience, customer satisfaction, and customer 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.
Customer Retention
The strategies and actions companies take to prevent customers from switching to a competitor and to encourage repeated business.
Buying Experience
The overall experience and satisfaction a customer undergoes while purchasing a product or service, impacting loyalty and repeat purchases.
Firm's Profits
The net income that remains after a company subtracts its expenses from its revenues, indicating its financial success.
- Acknowledge the essentiality of ensuring customer contentment and loyalty.
Verified Answer
Learning Objectives
- Acknowledge the essentiality of ensuring customer contentment and loyalty.
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