GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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3
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6
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9
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12
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Detailed explanation-1: -As a general rule of thumb, it’s up to 5 times more expensive to acquire a new customer than it is to retain an existing one.
Detailed explanation-2: -The first stage of the Consumer Decision Making Process, need recognition takes place when a consumer identifies an unmet need.
Detailed explanation-3: -The above statement is True. Therefore, determining whether the purchaser is a consumer or a business-to-business user is a mode of segmentation in a market used to identify the characteristics of consumers in a particular market.
Detailed explanation-4: -Did you know that it costs five times as much to attract a new customer, than to keep an existing one? The first rule of any business is to retain customers and build a loyal relationship with them, and thereby avoid customer acquisition costs.
Detailed explanation-5: -Customer segmentation is the process of classifying customers into specific groups based on shared characteristics. This allows companies to refine their messaging, sales strategies, and products to target, advertise, and sell to those audiences more effectively.