Which of the Following Statements Is True of Customer Relationship

question 8

Multiple Choice

Which of the following statements is true of customer relationship management?

• A)It involves targeting the average customer or everybody.
• B)It involves establishing and tracking customer interactions with the company.
• C)It considers all the customers of the firm as one large group that should be targeted with a single promotional strategy.
• D)It is used by sales-oriented firms to convince customers to buy their products.

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Definitions:

Monopolistically Competitive

Refers to a market setup where multiple companies offer products that are closely related but not the same, granting them limited market influence.

Purely Competitive

A market structure characterized by many buyers and sellers, with no single participant able to influence the market price, leading to products that are very similar.

Maximize Profits

The aim of businesses to increase their net earnings and shareholder value to the highest possible level through strategic planning and efficient operations.

Four-Firm Concentration Ratio

A measure of market concentration, indicating the total market share held by the four largest firms within a specific industry.