CRM A KEY BUSINESS STRATEGY: SIGNIFICANCE OF CUSTOMER RELATIONSHIP MANAGEMENT IN THE 21 ST CENTURY

Customer relationship management has been viewed as business strategy that enables seamless integration of every area of business that touches the customer - namely marketing, sales, customer service and field support – through integrated management of people, process, and technology. It has received considerable attention from businesses and vendors alike as a tool that could provide competitive advantage to businesses through management of the crucial customer relationship function. Customer service and specifically relationship management, in particular, are crucial to attaining a sustainable competitive advantage in the marketplace. Changes in customer expectations can be identified throughout the world. Customer relationship management (CRM) strategies have become increasingly important worldwide due to these changes in expectations from customers as well as changes in the nature of markets. Changes have been noted across the world, but opportunities present themselves in developing countries for CRM strategies. Customer retention has always been crucial to success in the business market, and it now provides the centerpiece of strategy discussions as firms embrace customer relationship management.