GCIC is an insurance company that believes customers form relationships with companies as opposed to companies merely conducting individual transactions with customers. For this reason, GCIC is considering a program of rewarding loyal customers in the form of dividends at the end of each year. The longer a customer has been with the company, the greater the dividend received would be. Which of the following is GCIC considering implementing?
A) consumer value management (CVM)
B) marketing relationship management (MRM)
C) customer relationship management (CRM)
D) relationship quality management (RQM)

Question

Quizplus · Accepted Answer

GCIC is considering implementing a program of rewarding loyal customers in the form of dividends at the end of each year to build and maintain long-term relationships with their customers. This aligns with the goals of customer relationship management (CRM) which aims to build and maintain strong relationships with customers to increase customer loyalty, retention, and long-term profitability. Consumer value management (CVM) focuses on maximizing the perceived value of a product or service to customers, while marketing relationship management (MRM) refers to managing relationships with key industry partners and stakeholders. Relationship quality management (RQM) focuses on managing and improving the quality of interactions between a company and its customers. None of these options fully capture the approach that GCIC is considering.

GCIC Is an Insurance Company That Believes Customers Form Relationships