Which of the Following BEST Describes Customer Relationship Management

question 109

Multiple Choice

Which of the following BEST describes customer relationship management?

• A) It organizes the company around functional departments.
• B) It is often described as a closed-loop system.
• C) It is a very simplistic method of encouraging customer satisfaction.
• D) It involves only personnel in marketing and management departments.

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Definitions:

Market Price

The prevailing rate at which a good or service is available for purchase or sale in the public market.

Inelastic

A characteristic of demand or supply that signifies a limited response to changes in prices or other economic factors.

Unit Elastic

A situation where a percentage change in the price of a good results in an equal percentage change in the quantity demanded.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price changes.