The 80/20 rule states that 80% of a company’s profits come from 20% of its customers, which is why it is important for marketers to maximize customer lifetime value.
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Organizations should attempt to match their product or service attributes closely to the consumers’ attitudes, rather than trying to change the consumers’ attitudes.
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A company’s image in the U.S. is not important when expanding internationally because customers in other countries have not yet been exposed to the company.
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The term “prospecting” when applied to personal selling means to establish and maintain relationships with key customers. 41
Although B2B marketers are increasingly using other advertising media, trade journals and business magazines still remain an effective method of reaching specific target markets.
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Internet service providers, commerce sites like eBay and Amazon, and search engines like Google are all examples of brick-and-click companies. 43
Reinforcing or rejuvenating a current image that is consistent with the view of consumers is easier to accomplish than changing a well-established image.
44
Two steps in the process of personal selling are determining which products the company should sell and overcoming the objections of prospective buyers.
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Advertising via direct mail provides opportunities for marketers to measure the lifetime value of a customer and answer customers’ product-related questions.
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When firms sell virtually the same goods or services to both consumers (B2C) and businesses (B2B), they are practicing what is called co-branding. 47
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Negotiation is the preferred strategy in personal selling whenever a “zone of disagreement” exists.
When appraising promotional opportunities in global markets, marketing managers should examine the same criteria that they use to analyze promotional opportunities in domestic market segments. The idea of “mass market” advertising may be outdated due to the many types of new media people utilize today. When using e-marketing, it is preferable to make it difficult for consumers to unsubscribe so that you can continue to have opportunities to build a relationship with those consumers.4
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MKT 498 Only for Craig final help
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