Question

The goal of customer relationship management is to:

1.manage every customer relationship differently.
2.manage every customer relationship to maximum potential profitability.
3.reduce inefficient relationships through customer care.
4.identify and build loyalty among a firm's customers.
5. generate relationships with all of a firm's customers.

Answer 1

The main objective of customer relationship management is to optimize customer relationships to their highest potential profitability, by identifying and fostering loyalty in key customer segments, thereby maximizing long-term revenue.

Step-by-step explanation:

The goal of customer relationship management (CRM) is multifaceted, but primarily, it aims to manage customer relationships to their maximum potential profitability. This involves identifying and nurturing valuable customer segments to build loyalty and maximize long-term revenue. While it is beneficial to offer exceptional customer service to all customers, CRM focuses on using strategic methods to enhance the value of specific customer relationships through personalized interactions and understanding customer needs deeply. In the workplace, translating this concept to internal interactions, such as with a manager, can also lead to positive outcomes such as increased job satisfaction, opportunities for professional growth, and favorable feedback.