CRM is an acronym that stands for Customer Relationship Management. It describes the strategy that a company uses to handle customer interactions and helps an enterprise to manage customer relationships in an organized way. An enterprise might build a database about its customers that describes relationships in sufficient detail which products he bought, what is important for him, when is his birthday, where does he live and so on. One example of a common CRM strategy is the rewards card program offered by many supermarkets. We will come to this point later how Tesco implemented their loyality card.
CRM existes as long as people have been buying and selling. Computers have greatly enhanced the customer relationship management process because the key to a good CRM is uncovering and storing information about customers. The more a company knows about its customers, the better it can manage those relationships.
The aims of CRM are to help an enterprise to identify and target their best customers and manage marketing campaigns. The management has to provide employees with these collected information to know their customers, understand and identify customer needs. Furthermore it allows the formation of individualized relationships with customers, with the aim of improving customer satisfaction and maximizing profits.
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