BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the company focuses its activities and products on consumer demands
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the company focuses its activities and products on consumer rights
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the company focuses its activities and products on consumer goods
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None of the above
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Detailed explanation-1: -What is customer focus? Customer focus means putting your customers’ needs first. Customer-focused businesses foster a company culture dedicated to enhancing customer satisfaction and building strong customer relationships.
Detailed explanation-2: -While product-centric companies rely on creating and selling the best new products, customer-centric companies aim to analyze the customers’ needs by collecting valuable customer insights and feedback to create the best solutions for them.
Detailed explanation-3: -Consumer marketing is the attempt to sell products or services to their likeliest consumers. A consumer is someone who buys things for a non-commercial purpose, either for themselves or for others. Campaign messaging focuses on both acquiring potential customers and retaining current customers.
Detailed explanation-4: -1. A customer focus culture improves customer retention. Customer retention is essential for building residual revenue. It’s also proven to be more cost-effective when compared to acquisition since it’s 6-7x more costly to attract a new customer than retain an existing one.