In order for firms to build relationships with customers, they must focus on:
A)Implementation of effective price
B)Developing new product
C)Lifetime Value of the relationship
D)Collection of information as much as possible
E)Use of social media

Question

Quizplus · Accepted Answer

Building relationships with customers requires a focus on the lifetime value of that relationship. This means thinking beyond immediate sales and considering the long-term potential of each customer to repeat purchase or refer others. Effective pricing strategies, product development, and information collection can all contribute to building relationships, but none of these on their own guarantee a sustainable and mutually beneficial relationship with customers. Using social media can also be helpful, but it is not the only or primary way to build relationships.

In Order for Firms to Build Relationships with Customers, They