BUSINESS ADMINISTRATION
CUSTOMER RELATION MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Why do companies feel the need to build relationships with consumers?
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compulsion
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Economic Motives
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Approach
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Commitment
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Explanation:
Detailed explanation-1: -Building a working relationship with customers is key to the long-term success of a business. Having a strong connection based on trust and communication helps customers feel more secure and connected with a brand, and it can also lead to growing customer retention and your repeat purchase rate.
Detailed explanation-2: -For example, CRM can lead to higher sales volume as a result of strengthening relationships with profitable customers, selling higher margin products, increasing the firm’s share of the customer’s expenditures for the products/services sold, and/or improving the mix, that is, aligning services and the costs to serve.
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