CRM (Customer Relationship Management)
This is a customer-oriented management philosophy that allows, first and foremost, active creation, development and sustenance of long-term beneficial relationships with customers and thus contributes to a company’s long-term revenue growth.
CRM systems are programmable solutions that use databases and efficient processes to collect, process and use information about customers of the company. With such systems, companies can manage the entire customer relationship cycle. They are able to identify, understand and anticipate needs, desires and buying habits of customers and to distinguish between different customer groups (segments). This also supports two-way communication between them and the company. The CRM systems are invaluable also as a databank of sales, marketing and service data, which are easily transferrable and can be instantly shared across the company.