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Answer :
Final answer:
Thus the correct answer is option
B) Customer loyalty.
Explanation:
Customer loyalty is one of the three major objectives of customer relationship management. It involves fostering long-term relationships with customers to ensure repeat business and advocacy. By prioritizing customer loyalty, businesses can benefit from increased customer retention, higher lifetime value, and positive word-of-mouth referrals, ultimately leading to sustained profitability.
Customer loyalty is quantifiable through metrics such as customer retention rate and Net Promoter Score (NPS). The customer retention rate calculates the percentage of customers who continue to purchase from a company over a specified period. A higher retention rate indicates stronger loyalty and reflects positively on the effectiveness of CRM strategies. Similarly, NPS measures customer satisfaction and likelihood to recommend the company to others, providing valuable insights into customer loyalty and advocacy levels. By focusing on initiatives that enhance customer loyalty, businesses can drive sustainable growth and competitive advantage in the marketplace. B) Customer loyalty.
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Final answer:
Customer loyalty is a major objective of customer relationship management, emphasizing the vital connection between fulfilling customer needs and achieving lasting business success. It is achieved through customer satisfaction (option B).
Explanation:
One of the three major objectives of customer relationship management is B) Customer loyalty. This objective is important because securing customer loyalty can lead to repeat business and referrals, which contribute significantly to a company's success.
Customer loyalty is achieved when there is a connection between what a customer wants and what a company provides, and is essential for sustainable business success.
Moreover, increased customer loyalty can be seen as an indicator of customer satisfaction, which is another crucial aspect of customer relationship management.
Hence, the answer is option B.
