Define customer relationship management and explain its associated tools and levels of relationships
What will be an ideal response?
Customer relationship management is the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. A company with mostly low-margin customers is likely to seek basic relationships, using brand-building advertising, public relations, and so on. An organization with few customers and high margins, on the other hand, will work to create full partnerships with key customers. To create stronger bonds with customers, some companies offer frequency marketing programs that reward customers who buy frequently or in large amounts. Other companies sponsor club marketing programs that offer members special benefits and create member communities.
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Grapes Of Wrath has a book value of $750 million. The delicatessen chain is a public company, with a market value equal to 3 times book. If its ROE was 20%, total earnings equaled:
a) $50 million b) $150 million c) $450 million
Cellphones with unique new technology are usually released in the market at a high price since there is no immediate competition for the product. Gradually, the prices are reduced to capture more customers and to compete with competitors who copy the new technology. This type of pricing strategy is known as _____.
A) value-based price policy B) temporary price cut policy C) skimming price policy D) penetration price policy E) one-price policy