When companies serve customers who are willing to pay a premium to get precisely what they want and the company responds quickly to satisfy these customers' needs, the company has achieved ________.
A) customer intimacy
B) product differentiation
C) operational excellence
D) product leadership
E) focus

Question

Quizplus · Accepted Answer

Customer intimacy refers to the ability of a company to understand and serve the specific needs and preferences of individual customers. This involves building close relationships with customers, collecting data on their buying habits and preferences, and using this information to tailor products and services to meet their needs. When a company is able to provide this level of personalized service to customers who are willing to pay a premium, it has achieved customer intimacy. Product differentiation refers to the ability of a company to offer products or services that are distinct from those of its competitors, while operational excellence refers to the ability to deliver products or services in a reliable and efficient manner. Product leadership refers to the ability to develop innovative products that set new standards of performance or features, while focus refers to the ability to concentrate resources and attention on a specific market segment or product category. While these concepts are related, customer intimacy is the best choice in this scenario as it specifically relates to serving customers who are willing to pay a premium for personalized service.

When Companies Serve Customers Who Are Willing to Pay a Premium