The Ultimate Goal of a Customer Relationship Management Is to Build

question 35

True/False

The ultimate goal of a customer relationship management is to build one-on-one customized relationships between a business and individual customers.

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Definitions:

Lockbox System

A service offered by banks to companies for the receipt of payment from customers, directly into a bank's post office box, to minimize the time it takes to deposit checks and access funds.

Collection Time

The average period it takes for a business to collect payments owed by its customers.

Check Clearing

The process of transferring funds from the bank on which a check is drawn to the bank where it was deposited.

Transaction Motive

The need to hold cash for the purpose of conducting day-to-day business transactions.