Ritz-Carlton is known for its customer service--so much so that it allows employees to spend $2,000 to meet customer needs per incident. Customer service at the Ritz-Carlton is an example of a(n)
A. core product.
B. symbolic feature.
C. experiential feature.
D. personalized product.
E. supplemental feature.
Answer: E
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The revenue that producers receive over and above the minimum necessary for production is called
a. deadweight loss. b. deadweight gain. c. producer surplus. d. consumer surplus.
When planning a marketing or sales message, which is the first step of the process?
A) Identifying the product or service to sell B) Analyzing the competition C) Identifying key selling points D) Assessing audience needs E) Anticipating objections
A company selling diapers knows the market is for people with infants and toddlers. However, within that segment, it can further divide the market by a demographic factor like:
A. culture. B. lifestyle. C. consumption pattern. D. income.
This statistic is calculated by taking the square root of the average squared forecast errors
A) the mean absolute error B) the standard deviation C) the mode D) the root mean squared error