Question

Who are first-tier customers?

a. Outside agents that move items domestically or into foreign locations
b. The firm's most valued direct customers
c. The firm's primary goods and service suppliers
d. All of these
e. None of these

Answer 1

First-tier customers are the firm's most valued direct customers, essential to the company's revenue. They are prioritized in various markets including goods, finance, and labor, due to their significant purchasing power or consistent buying behavior.

Step-by-step explanation:

The term 'first-tier customers' refers to b. the firm's most valued direct customers. These customers are crucial to a business as they often make the largest purchases, or maintain a consistent purchasing relationship, contributing significantly to the company's revenue. Understanding the concept of first-tier customers is important for firms in a variety of markets, including the firms in the goods market, firms in the financial market, and firms in the labor market. Companies strive to satisfy and retain their first-tier customers by offering high-quality products and services, excellent customer service, and sometimes preferential pricing or customized solutions.