Q. What does the term 'customer lifetime value' refer to?
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A.
The total revenue a business earns from a customer over time
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B.
The cost of acquiring a new customer
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C.
The average purchase value of a customer
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D.
The duration of a customer's relationship with a brand
Solution
Customer lifetime value refers to the total revenue a business can expect to earn from a customer throughout their relationship.
Correct Answer:
A
— The total revenue a business earns from a customer over time
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Q. What is a brand's value proposition?
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A.
The price of the product
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B.
The unique benefits offered to customers
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C.
The marketing channels used
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D.
The company's mission statement
Solution
A brand's value proposition refers to the unique benefits and value that a product offers to customers.
Correct Answer:
B
— The unique benefits offered to customers
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Q. Which of the following is NOT a type of market research?
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A.
Surveys
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B.
Focus Groups
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C.
Sales Forecasting
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D.
Observational Research
Solution
Sales forecasting is a predictive tool rather than a type of market research, which includes surveys, focus groups, and observational research.
Correct Answer:
C
— Sales Forecasting
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