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Market and Customers

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Questions and Answers

What is the main benefit of providing a worthwhile shopping experience?

To attract new customers
To create loyal customers (correct)
To reduce competition
To increase sales

What is the primary reason why customers may be compelled to spend outside their limitations?

Because of the product's functionality
Because of the design of the product
Because of the exceptional product and/or service (correct)
Because of the convenience of the product and/or service

What is the most important aspect of a product's functionality?

Its availability in the market
Its design
Its ability to serve its purpose (correct)
Its compatibility with other products

Why is it essential to make a product and/or service readily available?

To prevent customers from looking for alternatives (B) Signup and view all the answers

What is the main goal of a business in terms of customer retention?

To retain old customers and make new ones (C) Signup and view all the answers

What is the primary characteristic of a Potential Pandoy customer?

They show interest in a product and/or service but need convincing (D) Signup and view all the answers

What is a market?

A place where consumers buy and manufacturers, distributors, and retailers sell (D) Signup and view all the answers

What determines the prices of products and/or services in a market?

Demands and competition (D) Signup and view all the answers

What is essential for a company to understand about its customers?

Their needs, personality, attitudes, and budgets (B) Signup and view all the answers

What is a major factor that influences changes in the marketplace?

Economic situations, innovations, lifestyles, and new fashions (A) Signup and view all the answers

Why is it important for a company to understand the market?

To understand the customers, their needs, and how to reach them (D) Signup and view all the answers

What do majority of customers consider when buying a product or availing of a service?

The price (B) Signup and view all the answers

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