Explain in detail the functions of the customer relationship management process
What will be an ideal response?
ANSWER: The customer relationship management (CRM) process enables companies to prioritize their marketing focus on different customer groups according to each group's long-term value to the company or supply chain. Once higher-value customers are identified, firms should focus more on providing customized products and better service to this group than others. The CRM process includes customer segmentation by value and subsequent generation of customer loyalty for the most attractive segments. This process provides a set of comprehensive principles for the initiation and maintenance of customer relationships and is often carried out with the help of specialized CRM computer software.
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Indicate whether the statement is true or false
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