Which of the Following Statements Best Describes CRM

question 106

Multiple Choice

Which of the following statements best describes CRM?

• A)The letters CRM stand for consumer relationship marketing.
• B)CRM collects too little data on customers.
• C)CRM provides a process to interact with a customer over the long term.
• D)CRM takes a simplistic perspective on customers.

---

Definitions:

Unitary

In the context of price elasticity, a situation where a change in price leads to a proportional change in quantity demanded, meaning the elasticity is equal to one.

Quantity Supplied

The volume of goods or services that manufacturers are ready and capable of selling at a certain price during a particular period.

Perfectly Inelastic

A situation in demand where the quantity demanded does not change regardless of the price level.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, clearing the market.