Discuss the Concept of Customer Relationship Management (CRM), Including the Ways

question 26

Essay

Discuss the concept of customer relationship management (CRM), including the ways in which companies can develop CRM while maintaining competitive advantage.

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Definitions:

Normal Good

A normal good is a type of good for which demand increases when income increases, and decreases when income decreases, showing a direct relationship between income and demand.

Consumer Income

The total income received by consumers, including wages, salaries, benefits, and income from investments, which can be spent or saved.

Ice Cream

A frozen dessert made from dairy products, such as milk and cream, combined with flavors and sweeteners, often consumed as a treat or snack.

Normal Good

A type of good for which demand increases as the income of an individual increases.