The 80/20 rule is a concept suggesting that
a. 80 percent of the time a customer buys what he or she did last time, and 20 percent of the time he or she switches brands.
b. 80 percent of a firm's sales are obtained from 20 percent of its customers.
c. 80 percent of a target market will respond to a marketing actions, while 20 percent will not.
d. 80 percent of new products will be successful while 20 percent will fail.
Answer: b. 80 percent of a firm's sales are obtained from 20 percent of its customers.