Mastering Customer Relationship Management
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Questions and Answers

CRM is a powerful management tool that can be used to exploit ______ potential and maximize the value of the customer to the hospitality industry.

sales

In the long term, CRM produces continuous scrutiny of the hospitality business with the ______, thereby increasing the value of the customer's business.

customer

Hospitality sector's greatest assets are their knowledge of their ______.

customers

They can use this asset and turn it into key competitive advantage by retaining those customers who represent the highest ______ value and profitability.

<p>lifetime</p> Signup and view all the answers

They can develop ______ to enhance customer relationships and improve overall performance.

<p>strategies</p> Signup and view all the answers

What are some factors that have made the business environment very competitive?

<p>increase in population, the emergence of businesses, and the arrival of the internet</p> Signup and view all the answers

Why is CRM crucial to organizational performance in public, private, and nonprofit sectors?

<p>Because of the current economic climate and the competitive business environment</p> Signup and view all the answers

What is the main purpose of CRM in the hospitality industry?

<p>To exploit sales potential and maximize the value of the customer</p> Signup and view all the answers

How can CRM be used to increase the value of the customer's business in the long term?

<p>By continuously scrutinizing the hospitality business with the customer</p> Signup and view all the answers

What is the key competitive advantage that can be obtained by using CRM in the hospitality industry?

<p>Retaining customers who represent the highest lifetime value and profitability</p> Signup and view all the answers

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