Which of the Following Best Describes Customer Relationship Management

question 91

Multiple Choice

Which of the following best describes 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 customers 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:

Income Elasticity

Measures how the demand for a product or service changes in response to changes in consumer income.

Positive Elasticity

Occurs when the demand for a product increases as the price increases, indicating a direct relationship between price and demand.

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in the price of that product.