In a case study, a company successfully increased its market share by focusing on which of the following?
Practice Questions
1 question
Q1
In a case study, a company successfully increased its market share by focusing on which of the following?
Product diversification
Customer relationship management
Cost leadership
Global expansion
Focusing on customer relationship management can lead to increased customer loyalty and market share.
Questions & Step-by-step Solutions
1 item
Q
Q: In a case study, a company successfully increased its market share by focusing on which of the following?
Solution: Focusing on customer relationship management can lead to increased customer loyalty and market share.
Steps: 5
Step 1: Understand what market share means. Market share is the percentage of an industry or market's total sales that is earned by a particular company over a specified time period.
Step 2: Learn about customer relationship management (CRM). CRM is a strategy for managing a company's interactions with current and potential customers.
Step 3: Recognize the importance of customer loyalty. When customers feel valued and have good relationships with a company, they are more likely to return and make repeat purchases.
Step 4: Connect CRM to market share. By focusing on CRM, a company can improve customer satisfaction and loyalty, which can lead to more sales and a larger market share.
Step 5: Conclude that the company increased its market share by effectively managing its relationships with customers.
