Customer Relationship Management (CRM) is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value and strong relationship with customers.
A commonly cited definition of CRM is that of CRM (UK) Ltd (2002), as follows:
“Customer Relationship Management is the establishment, development, maintenance and optimisation of long-term mutually valuable relationships between consumers and organizations”.
CRM is neither a product, nor service but a business strategy to learn more about customer behaviour and requirements in order to create long term relationship with them. CRM involves use of technology in attracting new and profitable customers while forming tighter bonds with existing one.
