Why Is CRM One of the Most Valuable Assets a Company

question 76

Multiple Choice

Why is CRM one of the most valuable assets a company can acquire?

• A)Since organisations have not been successful in implementing SCM systems, they have turned their resources towards CRM
• B)CRM has the ability to increase customer loyalty and retention and an organisation's profitability
• C)It is easy for a company to steal their competitors loyal and devoted customers; therefore, companies need a viable process for targeting competitors' customers
• D)Without CRM, it is impossible to effectively manage or cross-sell products to customers

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Definitions:

Price-Taker Firms

Companies that accept the market price as given and have no influence to change the price of the goods or services they sell.

Expand

Refers to the process of growth or increase in size, volume, number, or scope.

Contract

A legally binding agreement between two or more parties that outlines obligations, rights, and conditions under which a transaction or exchange will occur.

Market Entry

The act of bringing a new product or service to market, including the challenges and strategies involved in successfully engaging with a new or existing market.