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Ch 3 Business

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Questions and Answers

What is the primary goal of affinity programs?

To improve distribution channels

To increase customer acquisition

To foster long-term relationships between customers and a business (correct)

To reduce production costs

What is the focus of one-to-one marketing?

Targeting a specific geographic region

Customizing products and marketing to individual customers (correct)

Offering discounts to loyal customers

Mass production and standardized marketing

What is the primary function of customer relationship management (CRM) software?

To develop marketing campaigns

To manage inventory levels

To analyze market trends

To gather, sort, and interpret customer data (correct)

Which element of the marketing mix is not mentioned in the text?

Product development Signup and view all the answers

What type of data is Statistics Canada a major source of?

Secondary data Signup and view all the answers

What is the most common form of consumer market segmentation?

Demographic Signup and view all the answers

What is the primary benefit of using CRM software?

Customizing marketing to individual customers Signup and view all the answers

What is the main objective of a loyalty program?

To encourage repeat business Signup and view all the answers

What is the primary focus of target marketing?

Identifying and targeting specific customer groups Signup and view all the answers

What is the primary benefit of using affinity programs?

Building long-term relationships with customers Signup and view all the answers