Abstract:
A smart marketer knows that retaining an existing consumer is much economical and more profitable than attracting a new customer. Also, a positive word of mouth from an existing consumer to a potential consumer has more impact as compared to a paid advertisement in the media. Thus, a savvy marketer would like to work out to gain consumer satisfaction and retention through any and every cost-efficient strategy. Thus, in simple terms, Customer relationship management (CRM) refers to the set of all activities that an organization undertake to reach out to its actual and potential consumers through various means with a purpose of developing a personal touch or relationship building with them. The aim of Customer Relationship Management is to increase organizational profitability in the long run by showing a personal concern with the actual customers, potential customers, suppliers, society etc.
