IB Business And Management Standard Level (SL) Practice Exam

Customer relationship management centers on building and maintaining long-term relationships with customers and on measuring and increasing the value they bring over time. A CRM approach gathers data from across the business—sales, service, and marketing—to understand who the customers are, how they prefer to be treated, and what they’re likely to buy next. With this information, a business can tailor communications, offer personalized products or services, and implement loyalty programs, all aimed at boosting retention and the lifetime value of each relationship. That focus on ongoing relationships and lasting profitability is why this concept fits best. Market research informs decisions by gathering data about needs and trends, but it doesn’t manage ongoing interactions. Packaging deals with how a product is presented and protected, affecting appeal rather than relationship management. The marketing mix offers a planning framework for decisions on product, price, place, and promotion, without directly centering on managing customer relationships or lifetime value.