Customer relationship software allows bank service representatives to determine quickly which types of accounts, loans, and credit cards a customer currently has. With this information, the service representative can determine what other bank services that same customer could potentially enroll in or purchase. This growth strategy is known as?

Question

Business

Kinley Eaton

19 April, 15:54

Customer relationship software allows bank service representatives to determine quickly which types of accounts, loans, and credit cards a customer currently has. With this information, the service representative can determine what other bank services that same customer could potentially enroll in or purchase. This growth strategy is known as?

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Answers (1)

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Gauge Cohen · Answer 1

The answer is: Product development strategy

Explanation:

A product development strategy takes place when a company decides to produce new product lines or expand existing lines, and then offer those "new products" to current or new markets.

In this case the bank uses the clients' information to determine what other "new products" they can offer them. The bank is expanding its product lines and offering them to their existing customers.