what is crm

The letters CRM stands for Customer Relationship Management. Over the last three or four years, customer relationship management has become a popular catchphrase. Although CRM in one form or another has been around for some time, the current interest in CRM has developed with a combination of new technologies that enable companies to ensure better customer relationships. A good CRM strategy is vital in the Supermarket retail sector. This is because there is increasing competition for customers, as well as the widespread realisation that customer retention and loyalty is just as important as customer acquisition. Another reason driving this renewed interest in CRM within the retail sector is the shift in the balance of power to customers. Better-informed customers are more aware of alternatives, and as customers become more informed consumers of services and products, customer expectations rise and change, and their sophistication increases, too. This essay will therefore explore...