Every New Customer at Five Elements Spa Is Asked to Register

question 204

Multiple Choice

Every new customer at Five Elements Spa is asked to register his or her personal details,which includes the customer's age,purpose of visit,and contact information.With this information,the company regularly keeps in touch with its customers,reminding them of their next appointments,new spa offers,and any other promotions.The database is used to predict a customer's next visit to the spa based on his or her previous visits.It also helps the company design service packages to suit the customer's individual needs.In this scenario,Five Elements Spa is using

• A)corporate governance.
• B)social audit.
• C)customer relationship management.
• D)supply chain management.
• E)service design prototyping.

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Definitions:

Private Ownership

The legal rights of individuals or corporations to own property and assets, excluding governmental entities.

Economic Growth

(1) An outward shift in the production possibilities curve that results from an increase in resource supplies or quality or an improvement in technology; (2) an increase of real output (gross domestic product) or real output per capita.

Self-Interest

is the motivation by individual personal gain as the driving force behind economic decisions and actions.

Market System

In this economic framework, decisions related to investment, production, and distribution are governed by supply and demand forces, and the cost of goods and services is dictated by an unrestricted pricing mechanism.