CRM (Customer Relationship Management)
A system for managing a company's interactions with current and potential customers, often involving the use of technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.
Implications
A strategy and set of practices for managing a company�s interactions with current and potential customers, often involving the use of technology to organize, automate, and synchronize sales, marketing, customer service, and support, critical for building customer loyalty and driving growth.
Example
Example: A retail company uses CRM software to track customer interactions, manage marketing campaigns, and analyze customer data, enabling personalized communication and improving customer retention.
Related Terms
Different from customer service, which focuses on addressing customer needs and resolving issues, CRM encompasses the broader strategy of managing all aspects of the customer relationship.
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