customer relationship management meaning

[Business]
noun [U]

(IT ; Marketing )
a system in which a business aims to develop a good relationship with customers, for example by keeping information about their needs, in order to sell as many goods or services as possible and keep customers satisfied; software that helps businesses do this:
Customer relationship management has become a top priority for companies seeking a competitive advantage in today's economy.
The software company is the market leader in CRM.
CRM solutions/software

customer relationship manager noun [C]
[Computer]
<business> (CRM, CIS, Customer Information Systems, Customer Interaction Software, TERM, Technology Enabled Relationship Manager) Enterprise-wide software applications that allow companies to manage every aspect of their relationship with a customer. The aim of these systems is to assist in building lasting customer relationships - to turn customer satisfaction into customer loyalty.

Customer information acquired from sales, marketing, customer service, and support is captured and stored in a centralised database. The system may provide data-mining facilities that support an opportunity management system. It may also be integrated with other systems such as accounting and manufacturing for a truly enterprise-wide system with thousands of users.

More: Next