Match the term with its definition
-A principle that maintains that 80 percent of a company's sales will come from 20 percent of its customers
A)80/20 principle
B)customer database
C)customer segmentation strategy
D)evaluative criteria
E)evoked set
F)post-purchase dissonance
G)recency-frequency-monetary analysis
H)social classes
I)touch point
J)transactional relationship

Question

Quizplus · Accepted Answer

The 80/20 principle is the idea that 80% of a company's sales come from 20% of its customers. This principle is also known as the Pareto principle.

B) Customer database is a collection of information about a company's customers that can be used for marketing and sales efforts.

C) Customer segmentation strategy is a way of dividing customers into groups based on characteristics such as demographics or buying habits.

D) Evaluative criteria are the criteria that consumers use to evaluate products and make purchase decisions.

E) The evoked set is the group of brands or products that a consumer considers when making a purchase decision.

F) Post-purchase dissonance is the feeling of regret or uncertainty that a consumer may experience after making a purchase.

G) Recency-frequency-monetary analysis is a method of analyzing customer behavior based on how recently they made a purchase, how often they make purchases, and how much they spend.

H) Social classes are groups of people in a society who share similar levels of wealth and status.

I) Touch points are the points at which a customer interacts with a company or brand, such as through advertising or customer service.

J) Transactional relationship is a type of business relationship in which the focus is on completing a single transaction, rather than building a long-term relationship with the customer.

Match the Term with Its Definition