Unit 1 - CRM: Definition, Evolution, Importance, Strategic Framework
Definitions of CRM Gartner has defined CRM as a business strategy designed to optimise profitability, revenue and customer satisfaction. PWC : CRM is a business strategy that aims to understand, appreciate manage and personalize the needs of an organisation’s current and potential customers. Different definitions of CRM (Customer Relationship Management) reflect its various dimensions—from strategy to software Strategic Definitions 1. CRM as a Business Strategy A holistic approach to managing customer relationships by understanding, anticipating, and responding to customer needs to improve satisfaction and loyalty. 2. CRM for Customer- Centric Growth CRM is a framework that places the customer at the center of business operations, aligning marketing, sales, and service efforts to enhance lifetime value. Software-Based Definitions 3. ...