Which of the Following Major Objectives of Customer Relationship Management

question 16

Multiple Choice

Which of the following major objectives of customer relationship management relates to increased individual customer margins, while offering the right products at the right time?

• A) customer retention
• B) customer service
• C) customer acquisition
• D) customer profitability
• E) customer loyalty

Recognize the importance and implications of adjusting entries in financial reporting.

Distinguish between prepaid expenses and unearned revenues.

Understand how the matching principle applies to revenue and expense recognition.

Comprehend the differences between the cash basis and the accrual basis of accounting.

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Definitions:

Brick-and-mortar

Refers to physical stores or businesses that have a tangible presence in the form of buildings or other structures as opposed to online or virtual spaces.

In-store Pickup Technology

Digital solutions that allow customers to order products online and collect them at a physical retail location.

Omnichannel Consumers

Customers who interact with and purchase from a brand through multiple sales channels (online, in person, mobile, etc.) expecting a seamless experience.

Big Data Analytics

The process of examining large and varied data sets to uncover hidden patterns, unknown correlations, market trends, customer preferences, and other useful business information.