Since it is much more costly to acquire new customers than to retain existing ones, many firms are now emphasizing the importance ofGroup of answer choicesclosing deals more quickly.customer lifetime value.focusing on bigger deals.increasing the volume of sales transactions

Since it costs about the same to acquire new customers as it does to retain existing ones, many firms are now emphasizing the importance of customer lifetime value.Group of answer choicesfalsetrue

Which of the following statements is not true?Group of answer choicesBrands remain very important in e-commerce.Information asymmetries are continually being introduced by merchants and marketers.Overall transaction costs have dropped dramatically.First-mover advantage appears to have succeeded only for a very small group of companies.

Changing value propositions in today’s economy—such as changes caused by the growth in e-commerce—have forced marketers to learn a tough lesson about customers. What is that lesson?Group of answer choicesCustomers will always seek the best quality regardless of price.Customers would rather perform service for themselves to save moneyCustomers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.Customers will always turn to the most recognized brand.Customers will always seek the best value regardless of quality.

Why is prospecting so important in sales?Group of answer choicesSalespeople must be able to sell more to their existing customers while also identifying and engaging new customers.Salespeople may lose some of their current customers because they cease operations in the category they sell in.Salespeople may lose some of their current customers because they become dissatisfied.Salespeople may lose some of their current customers because they go out of business.All of these answers are correct. PreviousNext

The costs or benefits of a market activity that affect a third party are calledGroup of answer choices