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:

Gross Margin

A company's total sales revenue minus its cost of goods sold, indicating the financial health and profitability of a product or business.

Direct Labor

Workers or employees who are directly involved in the production of goods or services.

Percentage Markup

The increase in cost price expressed as a percentage of the cost.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor.