Discuss the Concept of Customer Relationship Management (CRM), Including the Ways

question 26

Essay

Discuss the concept of customer relationship management (CRM), including the ways in which companies can develop CRM while maintaining competitive advantage.

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Definitions:

Oligopoly

Market in which only a few firms compete with one another, and entry by new firms is impeded.

Market Structure

The organizational and other characteristics of a market, influencing the nature of competition and pricing.

Marginal Revenue Curve

The Marginal Revenue Curve shows how additional income varies as a result of changes in the quantity of a good or service sold, highlighting the incremental earnings generated by selling one more unit.

Monopolistic Competition

Monopolistic competition is a market structure where many firms sell products that are similar but not identical, allowing for significant differentiation and some price control.