customer relationship management (CRM) in consumer markets

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To receive credit for this exercise, create a new journal entry and answer the following questions.

  1. One
    of the common uses of customer relationship management (CRM) in
    consumer markets is to rank customers on profitability or lifetime value
    measures. Highly profitable customers get special attention, while
    unprofitable customers get poor service or are often “fired.” What are
    the ethical and social issues involved in these practices? Could CRM be
    misused? How and why?
  2. Think about all of the organizations with
    which you maintain an ongoing relationship (banks, doctors, schools,
    accountants, mechanics, etc.). Would you consider yourself to be
    unprofitable for any of these organizations? Why? How might each of
    these organizations fire you as a customer? What would you do if they
    did?
  3. Given the commoditized nature of many markets today, does
    customer relationship management—and its associated focus on quality,
    value, and satisfaction—make sense? If price is the only true means of
    differentiation in a commoditized market, why should a firm care about
    quality? Explain.

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