CRM is the process through which businesses keep records or information pertaining to their customer. However contrary to popular opinion CRM, Customer Relationship Management, is not just employed through the use of technology. Instead, it is possible for a business to employ CRM without even acknowledging or knowing that CRM based activities are being undertaken. At the very basic form, CRM pertains to gathering information about customers which can aid the business in establishing and developing a relationship with the clients and customers in order to attract new customers as well as retain old ones.
Over the years the CRM process has evolved, initially it was a simple register with the clients’ information stored on it. However now it is more technologically advanced and makes use of extensive data warehouses, data bases, point of sale interfaces as well as we portals and enterprise management systems to perform the same activities in amore focused, accurate and efficient manner.
Through this paper we have been able to provide that the concept of CRM is basically strategic in nature and now despite the initial utilization of the CRM technology as a tactical tool for attaining information about the customers and recording their preferences, the CRM technology is being used by the business to take action before a trend is established in the market. Moreover the CRM technology is also allowing the businesses to be more in tune with the operations of their partners and suppliers, leading wy to supply chain management activities. Moreover the CRM technology has allowed the businesses to make use of internet and related fields for accessing the customers and better understanding their needs in the long run.
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