MANAGEMENT

Detailed explanation-1: -A customer is an individual or business that purchases another company’s goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist.

Detailed explanation-2: -Word-of-mouth marketing is important as it is an effective way to increase sales, promote products and services, increase brand recognition, and build customer loyalty. Many companies employ strategies that prompt customers to recommend their services and/or products and share positive experiences.

Detailed explanation-3: -Examples include Diet Coke and Mentos videos, the “Crush on Obama” video, and Star Wars fan films. Companies that have employed consumer-generated ads include Subaru North America, McDonald’s, Rose Parade, and Toyota North America.