10 Questions
What is the primary concern with offering price discounts to achieve customer loyalty?
It can be copied by competitors
What is the purpose of the CRM process mentioned in the text?
To collect customer data and identify target customers
What is an example of identifying information that store-based retailers may collect from customers?
Fingerprints and iris measurements
How can retailers protect customer privacy according to the text?
By shifting responsibility for privacy from consumers to retailers
What does the FTC guideline for Fair Information Practices emphasize?
Comprehensive statement about information storage, manipulation, and dissemination
What is customer relationship management (CRM)?
A system that focuses on identifying and building loyalty with a retailer’s most valuable customers
Why do retailers want to treat customers differently?
To build loyalty with the retailer’s most valuable customers
What is customer lifetime value (CLV)?
The total revenue a retailer generates from a customer over their lifetime
How do retailers determine who their best customers are?
By identifying and building loyalty with their most valuable customers
What can retailers do to increase their share of wallet?
Provide more value to their best customers to increase the percentage of their purchases made from the retailer
Test your knowledge of customer relationship management with this quiz. Explore topics such as customer lifetime value, customer differentiation, building customer loyalty, and increasing share of wallet in retail.
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