“Customer relationship management (CRM) is a combination of people, processes and technology that seeks to understand a company’s customers. It is an integrated approach to managing relationships by focusing on customer retention and relationship development.” (Popovich and Chen, 2003) The people and processes are the main components of the CRM and the technology aspect is utilized to make the CRM responsive to the changes in the environments and in the people and process based factors in a much more efficient manner.
The CRM technology is mostly based on three parts. One part concerned with collecting and gathering information from the customers and clients. The second part deals with storing the information in data repository, while the third part conducts analysis and data mining on the stored information in order to highlight trends as well as depict the latent progressions in the purchase behavior and lifestyle linkages etc., of the customers and clients.
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