Distinguish between functional value and emotional value, Other Management

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Question 1:

(a) Define the term "value".

(b) Distinguish between functional value and emotional value. Illustrate by using relevant examples.

Question 2:

Developing more loyal customers' increases revenue. A company has to spend to build customer loyalty. However, a company should invest in relationship building in such a way that costs do not exceed gains.

(a) Elaborate on the different levels of investment that a company can use for building customer relationships.

(b) Could companies invest in all levels of customer relationship building? Why?

(ii) Which one is more important for a CRM strategy.

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