Final answer:
Firms can exploit their relationships with customers by providing excellent customer service, implementing customer loyalty programs, and leveraging social media platforms.
Step-by-step explanation:
One of the ways in which a firm can exploit its relationships with its customers is by focusing on providing excellent customer service. This can be done by ensuring prompt response to customer inquiries, resolving complaints quickly and efficiently, and offering personalized support. Another way is by building strong customer loyalty programs, where firms provide incentives to customers for repeat purchases and referrals. Additionally, firms can leverage social media platforms and online communities to engage with their customers, gather feedback, and promote their products or services.