Review Questions –(1) Define CRM. why it is important for an organization? -(2) What do you mean by customer life cycle? How we can -(3) Cost of retaining old customer is always less than generating – (4) Explain customer interaction. analyze Customer Lifetime Value (CLV)? new one. Justify the statement with proper example.
Expert Answer
1) CRM (Customer Relationship Management) is an integrated business process which includes improving the relationship with client based on building products and services catering to their requirements, increasing the share of wallet of the customer and improvement in overall brand value through marketing strategies.
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