In the context of technology in value chains, customer relationship management (CRM):
A) enables small firms to make counterfeit knock-offs of genuine products.
B) prohibits firms from bundling goods and services together.
C) encourages firms to produce standardized goods for all consumers to reduce manufacturing costs.
D) exploits the vast amount of data that can be collected from consumers.

Question

Quizplus · Accepted Answer

CRM allows firms to collect and analyze data on consumer behavior and preferences, which can be used to tailor marketing efforts, improve customer satisfaction, and increase sales. This can be seen as a form of data exploitation, but when done ethically and with customer consent, it can be a valuable tool for both firms and consumers. The other options are incorrect and do not accurately describe the role of CRM in value chains.

In the Context of Technology in Value Chains, Customer Relationship