Building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is called ________.
A) customer lifetime value
B) customer-perceived value
C) customer relationship management
D) partner relationship management
E) customer equity

Question

Quizplus · Accepted Answer

Customer relationship management (CRM) refers to the process of building and maintaining long-term profitable relationships with customers by delivering superior customer value and satisfaction. This involves understanding customer needs and preferences, and using that information to develop and implement strategies to meet those needs and exceed customer expectations. CRM helps businesses to acquire new customers, retain existing ones, and increase customer loyalty and advocacy, all of which contribute to improved customer lifetime value and customer equity. Customer-perceived value, customer lifetime value, and customer equity are all related concepts that are important in the context of CRM, but CRM is the overarching strategy that encompasses all of these concepts. Partner relationship management, on the other hand, refers to the process of building and maintaining relationships with business partners and suppliers, and is not directly related to CRM.

Building and Maintaining Profitable Customer Relationships by Delivering Superior Customer