Getting new customers by market development or market penetration by capturing competitors' customers is BEST known as
A) Customer expansion
B) Customer acquisition
C) Customer retention
D) Customer deletion
E) Customer creation

Question

Quizplus · Accepted Answer

Customer acquisition is the process of bringing new customers or clients to your business. The goal of this process is to create a systematic, sustainable acquisition strategy that can evolve with new trends and changes. Market development and market penetration strategies, including capturing competitors' customers, are primarily focused on acquiring new customers rather than retaining existing ones or deleting customer information.

Getting New Customers by Market Development or Market Penetration by Capturing