In a Customer Relationship Management (CRM)system, Marketing Strategies Focus On

question 22

Multiple Choice

In a customer relationship management (CRM) system, marketing strategies focus on:

• A)long-term relationships with customers.
• B)transactions with customers.
• C)organizing contacts with business partners.
• D)abiding government regulations.

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Definitions:

Monopolistic Competition

A market structure in which many firms sell products or services that are similar but not identical, allowing for some degree of market power and product differentiation.

Non-price Competition

A strategy where businesses compete on factors not related to price, such as product quality, service, or brand reputation.

Horizontal Demand Curve

A horizontal demand curve represents a situation in economics where the demand for a product is perfectly elastic, meaning consumers would buy an infinite quantity at a certain price but none if the price increases.

Long-run Equilibrium

A state in economics where all factors of production and economic inputs are fully utilized, leading to a steady-state economy with no tendency for change in the absence of external shocks.