Customer Relationship Management (CRM)


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Customer Relationship Management (CRM) - short version

(1) A strategy for learning more about customers' needs and behaviors to develop stronger relationships with them. It brings together information about customers, sales, marketing effectiveness, responsiveness and market trends. It helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers.

(2) A view of the customer that asserts that the customer is a valued asset that should be managed.



Customer Relationship Management (CRM) - long version

Customer relationship management (CRM) is a widely implemented strategy for managing a company's interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processes—principally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a company-wide business strategy including customer-interface departments as well as other departments. Measuring and valuing customer relationships is critical to implementing this strategy.

A CRM system may be chosen because it is thought to provide the following advantages. * Quality and efficiency * Decrease in overall costs * Decision support * Enterprise agility * Customer Attention.



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