Customer Relationship Management(CRM)
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What is the purpose of customer relationship management (CRM)? Give two examples of how long term relationships are developed and managed by information provided by CRM methods.
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Solution Summary
The answer contains the meaning of Customer Relationship Management and how the long term relatioship are developed by Customer Relatioship Management.
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What is the purpose of customer relationship management (CRM)? Give two examples of how long term relationships are developed and managed by information provided by CRM methods.
Meaning:
CRM is the broad category of concepts, tools, and processes that allows an organization to understand and serve everyone with whom it comes into contact.
CRM is about gathering information that is used to serve customers-basic information, such as name, address, meeting and purchase history, and service and support contacts. In a supplier relationship it might be procurement history, terms and conditions, or contact information. This information is used to serve the client in effective way to improve the profitability.
Here customers include the consumers of the products, suppliers, partners, investors, employees and others. Customers should be able to find out the products and services of the company and the company should keep record of customers' activities for the purpose of introduction of new ...
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