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Answer :
Final answer:
Investing in retention and loyalty initiatives to maintain profitable customers falls under customer relationship management. CRM is essential for driving sales growth, customer retention, and market power through loyalty programs and brand engagement strategies.
Explanation:
Investing in retention and loyalty initiatives to retain the most profitable customers is an example of customer relationship management (CRM). CRM involves strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle. This includes a focus on customer retention and ultimately driving sales growth through various methods such as loyalty programs, customer service improvements, and personalized communications.
Firms spend substantial amounts on brand image and brand awareness to create market power and customer loyalty. Loyalty programs like Tim Hortons' coffee cards or hotel chain loyalty cards incentivize customers to repeat purchases, thus ensuring a steady revenue stream. In industries like cell-phone plans and coffee chains, transition costs, such as contract-termination fees and loyalty card benefits, are strategies companies use to discourage customers from switching to competitors, thereby maintaining customer loyalty.
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