Briefly explain why relationship marketing is becoming more important in today's market
What will be an ideal response?
Relationship marketing is the organizational commitment to developing and enhancing long-term, mutually beneficial relationships with profitable or potentially profitable customers. Marketers know that it is much more expensive to recruit new customers than to retain existing customers, so it is worth their efforts to strengthen relationships with those existing customers. Also, small increases in customer retention rates can lead to substantial increases in profitability. Finally, the total relationship a company offers its customers is one of the main ways it can differentiate itself from competitors.
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The Park Company is affected by the following contingencies at the end of 2016: 1. Expropriation of Park's foreign assets, valued at $3,000,000, appears reasonably possible. 2. Parks' legal counsel has concluded that it is probable that the company will be required to pay damages of $500,000 in a lawsuit. 3. It appears remotely possible that a major customer will be unable to repay Parks on a
note receivable for $100,000. 4. Parks' controller estimates that $250,000 of the company's pledged receivables are likely to be uncollectible, and the lender will require Parks to honor the amounts. What total amount should Parks accrue for loss contingencies in 2016? A) $750,000 B) $850,000 C) $3,500,000 D) $3,850,000
________ refers to gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses
A) Experimental research B) Constructive research C) Observational research D) Survey research E) Descriptive research
Variable cost per unit = $5.00 Average Fixed Cost per unit = $7.00 Units sold and produced in July 25,000 What is total estimate cost for August if 30,000 units are projected to be produced and sold?
A) $360,000 B) $325,000 C) $175,000 D) $300,000
Vertical integration:
A) is achieved when a company acquires many of its competitors. B) is accomplished when a company is involved in multiple steps in the value chain. C) is rarely attempted due to the risks involved. D) ensures that the highest quality products are produced at the lowest possible price.