customer relationship management

Also found in: Dictionary, Medical, Acronyms, Encyclopedia, Wikipedia.

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.
References in periodicals archive ?
But the growth of customer relationship management in other industries is in analytical customer relationship management for mission-critical intelligence.
To successfully implement a customer relationship management system, an insurer needs a well-designed strategy from an organizational perspective as well as an integrated technological approach and aligned business processes.

Full browser ?