Final answer:
The ongoing effort by an organization to build long-term relationships with customers and keep them for life is known as Customer Relationship Management (D). It is a strategy to manage customer interactions and analyze data throughout their lifecycle to improve relationships, retain customers, and drive sales. This approach not only ensures customer satisfaction but also contributes to a firm's good reputation and its ability to attract repeat customers.
Step-by-step explanation:
The ongoing effort by an organization to meet customer needs and desires in an effort to build long-term relationships and keep them for life is known as Customer relationship management (D). Customer relationship management involves strategies and practices that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. The goal is to improve customer service relationships and to facilitate customer retention and drive sales growth. Customer retention is a direct result of effective customer relationship management, where the firms aim to retain their customers by ensuring their satisfaction and fostering loyalty. Customer acquisition may instigate the initial connection, while customer satisfaction involves ensuring that the products, services, and experiences meet customer expectations. However, customer relationship management is the comprehensive approach that encapsulates these aspects to build and maintain long-lasting relationships.
By focusing on customer relationship management, companies can establish a good reputation, which is essential for attracting repeat customers and garnering recommendations. A firm that is known for good customer relations and quality products can often charge higher prices, just like a well-established grocery store can charge more than a temporary stand at a local farmer's market. Additionally, viewing internal interactions, such as those with your manager, in terms of customer service can lead to job satisfaction and open up opportunities within the organization. Overall, putting the principles of customer relationship management into practice benefits both the customer and the company, creating a positive feedback loop that can lead to long-term success.The ongoing effort by an organization to meet customer needs and desires in an effort to build long-term relationships and keep them for life is known as Customer relationship management (CRM).involves strategies, technologies, and processes that organizations use to manage and analyze customer interactions and data throughout the customer lifecycle. It is focused on understanding and meeting customer expectations, improving customer satisfaction, and ultimately increasing customer loyalty.For example, a company may use CRM software to track customer preferences, communicate with customers through personalized marketing campaigns, and provide excellent customer service to enhance the overall customer experience and foster long-term relationships.