Question

Explain the importance and utility of consumer management

Answer 1

Importance Customer Management. The importance ofcustomer management in today's "Age of the Customer" is something that cannot be negated. It is a successful business strategy that helps companies retain existing customers and acquire new ones. ... They build brand loyalty and help improve a company's reputation.

Answer 2

Answer:

Consumers are the main source of demand for all the goods. The producers of industrial goods or the producers of agricultural products are all producing the various items according to the demand in the market. According to Prof. Marshall, it is the demand which controls the production or market.

Explanation:

Customer management is defined as the process of managing the relationship between an organisation, its people, and its customers over time. For sustained success, it is important for companies to align their customer strategy with the company's aims and objectives.

Keeping customers satisfied and successful is beneficial in many ways. Satisfied and successful customers are more likely to bring new customers through referrals. They build brand loyalty and help improve a company's reputation.