customer relationship management

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Related to Collaborative CRM: Customer relationship management, analytical CRM

customer relationship management (CRM)

a strategic concept which focuses on business competencies, processes and technologies required to effectively service the needs and requirements of a firm's customers. As such CRM embraces key MARKETING activities and related INFORMATION MANAGEMENT in order to keep existing customers and attract new ones. The issue of customer retention has taken on a new imperative in the digital age, with the INTERNET and E-COMMERCE providing customers with greater opportunities to compare prices, switch suppliers etc. CRM recognises that businesses need to use these new technologies more proactively to their own advantage, either by developing IT capabilities in-house or relying on outside IT specialists, to provide call centres, sales force automation, marketing and data analysis and website management.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
Collaborative CRM provides and includes a number of channels of contacts with the client.
A collaborative CRM system also improves customer service and support.
Meta Group argues that operational and collaborative CRM issues have monopolized mind share, while analytical story has been overlooked, but expects that to change quickly as the success stories (recent IPOs include Broadvision and Epiphany) pile up.
In terms of processes & functions, CRM can be broadly categorized into four segments - Operational CRM, Analytical CRM, Sales Intelligence CRM and Collaborative CRM. CRM modules cater to three essential areas of customer relationship leading to customer retention and acquisition.
In terms of process & function CRM can be broadly categorized in four segments - Operation CRM, Analytical CRM, Sales Intelligence CRM and Collaborative CRM. CRM modules cater to three essential areas of customer relationship leading to customer retention and acquisition.

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