The Business Cycle Consists of Four Phases: Expansion, Peak, Contraction

question 43

True/False

The business cycle consists of four phases: expansion, peak, contraction, and trough.

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Definitions:

Customer-Driven

A business strategy that focuses on creating products and services based on the desires, needs, and feedback of customers, rather than on the company's preference.

Analyzing Customer Behavior

The process of examining and understanding how customers interact with products or services to improve business strategies and consumer experiences.

Business Intelligence

A broad category of applications, technologies, and processes for gathering, storing, accessing, and analyzing data to help business users make more informed decisions.

CRM Systems

Software applications designed to help organizations manage their customer data, support sales management, and facilitate customer interaction, enhancing customer satisfaction and retention.