$2$:$17$:$39$

Question $11$

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According to Bird and Duckles $($nd$),$ why do businesses need to retain customers? Choose the INCORRECT statement.

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It is five times cheaper to keep an existing customer than to attract a new one.

In banking, it has been found that a customer who uses a number of services $($e$.$g$.,$ cheque accounts, credit cards, investments$)$ is more likely to switch banks than a customer who uses only one service.

An existing customer is five times more likely to purchase again than a prospect is to purchase for the first time.

Two$-$thirds of customers who switch to a competitor do so because of a lack of contact with the company $($i$.$e$.,$ no communication from the company$).$

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Question $12$

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Which of the following statements best defines a want?

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It$$s a want for specific products, backed by ability and willingness to buy them

It$$s a state of felt deprivation of a basic need shaped by culture and personality

It$$s a state of felt deprivation of some basic satisfaction

It$$s a state of felt deprivation shaped by culture

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Question $13$

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In the marketing process, what is the final step after creating customer value?

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Capturing value from customers

Understanding customers

Designing marketing programmes

Building customer relationships