The First Step in Customer Relationship Management (CRM)for a Company

question 114

Multiple Choice

The first step in customer relationship management (CRM) for a company is to .

• A)rank its customers in terms of sales volume
• B)identify customers and get to know them in as much detail as possible
• C)identify types of transactions and determine which will be abandoned
• D)determine which aspect of the product will be customized to meet the individual needs of its customers
• E)train its employees in CRM methodology

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to invest in one option over another.

Reducing Unemployment

The act of implementing policies or actions by governments or businesses to decrease the number of unemployed individuals in the economy.

Phillips Curve

An economic theory suggesting an inverse relationship between the rate of inflation and the rate of unemployment in an economy.

Unemployment Rate

The quantum of the working population that is job-free and in active search of employment.