Identify Five Benefits of Customer Relationship Management Systems

question 66

Essay

Identify five benefits of customer relationship management systems.

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Definitions:

Productivity

An indicator of how effectively resources are used in production, typically expressed as the proportion of produced goods to the resources consumed.

Competitive Industry

A competitive industry is one where numerous firms compete against each other to sell similar goods or services, often leading to innovation and lower prices for consumers.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies as the production quantity changes.

Profit-maximizing

The process or goal of increasing a firm's profits to the highest possible level by adjusting output and pricing strategies.