International Research journal of Management Science and Technology

  ISSN 2250 - 1959 (online) ISSN 2348 - 9367 (Print) New DOI : 10.32804/IRJMST

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THE EVOLUTION OF CUSTOMER RELATIONSHIP MANAGEMENT (CRM) - OPPORTUNITIES AND CHALLENGES.

    1 Author(s):  DR. G. CHINA BABU

Vol -  7, Issue- 8 ,         Page(s) : 43 - 58  (2016 ) DOI : https://doi.org/10.32804/IRJMST

Abstract

This paper brings an overview of relationship marketing (RM) and how it changes to customer relationship management (CRM) from relationship marketing (RM). Customer relationship management is a combination of people, processes and technology that pursues to understand a company's customers. Customer Relationship Management is an established concept which is used to manage customer lifecycle management through various technologies and process-oriented tools. It is an integrated approach to managing relationships by focusing on customer retention and relationship development. CRM create a competitive advantage by being the best at understanding, communicating, delivering, and developing existing customer relationships, in addition to creating and keeping new customers. The term CRM is used to describe either the software or the whole business strategy oriented on customer needs. This paper analyses the benefits and challenges of CRM practices of any organization.

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