Describe and compare the four types of customers classified by their potential profitability to an organization. Explain how an organization should manage each type of customer
What will be an ideal response?
The four types of customers are strangers, butterflies, true friends, and barnacles. "Strangers" have low potential profitability and loyalty. A company's offerings do not fit well with a stranger's wants and demands. Companies should not invest in building a relationship with this type of customer. Another type of customer in which a company should not invest is the "barnacle." Barnacles are highly loyal but not very profitable because there is a limited fit between their needs and the company's offerings. The company might be able to improve barnacles' profitability by selling them more, raising their fees, or reducing service to them. However, if they cannot be made profitable, they should be "fired." Like strangers, "butterflies" are not loyal. However, they are potentially profitable because there is a good fit between the company's offerings and their needs. Like real butterflies, this type of customer will come and go without becoming a permanent, loyal consumer of a company's products. Companies should use promotional blitzes to attract these customers, create satisfying and profitable transactions with them, and then cease investing in them until the next time around. The final type of customers is "true friends"; they are both profitable and loyal. There is a strong fit between their needs and the company's offerings, so the company should make continuous relationship investments in an effort to go beyond satisfying and to delight these customers. A company should try to convert true friends into customer evangelists who tell others about their good experiences with the company.
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Terry and Farah have an oral contract for the sale of 100 books at $30 per book. If Terry delivers the books and Farah accepts them, or if Farah pays for the books and Terry accepts payment, which of the following is true?
A. Neither Terry nor Farah can raise the statute of frauds defense as the agreement has been performed at least partially. B. Farah can raise the statute of frauds defense to enforce the remainder of the contract. C. Terry can raise the statute of frauds defense to enforce the remainder of the contract. D. Both Terry and Farah can raise the statute of frauds defense as it is a complete performance.
The sampling distribution is the probability of the values of a sampling statistic computed for each possible sample that could be drawn from the target population under a specified sampling plan
Indicate whether the statement is true or false
What type of relationships are regarded essential to successful diversity management?
a. personal-professional exchange b. social-leader exchange *c. leader-member exchange d. professional-professional exchange
Answer the following statement(s) true (T) or false (F)
1. Leaders high on initiating structure generally reduce the job satisfaction of their followers. 2. The meta-analysis also found that consideration had its weakest effects in the college setting; interestingly, this was also the setting where initiating structure was most important. 3. The correlation for consideration with leadership is considerably larger than is the correlation for initiating structure and leadership. 4. Margaret Thatcher (1995) entitled her autobiography, The Servant’s Path.