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 ?
The overview of the Customer Relationship Management (CRM) Outsourcing market comprises its definition, its key applications, and manufacturing technologies that are used.
The paper focuses on strategic role of customer relationship management (CRM) in Pakistani business environment, and its influence on the re-purchase customer's intentions and also to determine the general understanding of CRM and Service quality of people visiting restaurants in Pakistan.
Customer Relationship Management is a management assessment corporation to his success in delivering satisfaction to customers.
Customer relationship management is an issue that involves the entire organization (Rigby et al., 2002): "The front office staff and other human resources are required to meet the needs of customers and co-ordinate their efforts to fully satisfy them".
Kat Shenoy, president and CEO of E-SoftSys, said that Version 2.0 builds upon the functionality of e-CRM, making it an even more effective customer relationship management tool.
The Customer Relationship Management or CRM is a number of strategies and technologies which are used to build stronger relationships between enterprises and their customers.
& Moorman, (2005) discuss the importance of good customer relationship management in terms of increasing firm profitable.
Worldwide customer relationship management software revenue is projected to surpass $8.9 billion in 2008, a 14.2 per cent increase from preliminary 2007 revenue estimates of $7.8 billion, according to research mavens Gartner, Inc.
As the increasing number or organizations understand the importance of positive customer experiences and strong customer relationships, the market for customer relationship management (CRM) applications continues to expand.
(NASDAQ:PACT, a leading provider of Customer Relationship Management (CRM), mobile Internet, e-commerce and gaming technology in China, today announced that its WAP portal MOABC (http://www.moabc.com) was ranked among the "2006 Top Ten Most Promising Internet Companies" in an industry peer ranking organized by Sohu.com Inc., Communications World Web (www.cww.net.cn) which is affiliated with China's Ministry of Information Industry (www.mii.gov.cn), among others.

Full browser ?