A key element of customer relationship management is to:
| A. | keep the price of goods as low as possible. | |
| B. |
develop a strategy to achieve the largest possible market share. |
|
| C. |
allow customers to participate in the management decisions of the firm. |
|
| D. | learn as much as possible about the customers. |
Answer
A key element of customer relationship management is
to:
Ans: Option -D (learn as
much as possible about the customers.)
| A. | keep the price of goods as low as possible. |
| Reason | Customer relationship management (CRM) is a strategy used to improve customer interactions and customer service relationships. Charging a low price is not a key element for CRM. |
| B. |
develop a strategy to achieve the largest possible market share. |
| Reason | Achieving the Largest Market share is the goal of every business to survive in the competitive world. But a strategy for increasing the market share is not mandatory to improve customer relations. |
| C. |
allow customers to participate in the management decisions of the firm. |
| Reason | The business takes feedback from the customer for improvement in goods and services. But it is difficult for the business to allow customers to participate in the management decisions because of the large number of consumers and different opinions of each customer. |
| D. |
learn as much as possible about the customers. |
| Reason | Knowlege and information about the customer help to improve the relationship and because understanding is the base of every effective relation. Knowledge about the customer improves customer relationship management. |
All the very best, take care.
