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Chapter 6. Integrating Processes to Buil... > The Basics of Customer Relationship ...

The Basics of Customer Relationship Management

Customers don't care how a company stores information or how data from various sources must be combined to give them what they want. They don't even care if they've called the wrong location. All customers know is that they want excellent service and want it now. The timely delivery of excellent service is customer relationship management.[3]

CRM, a combination of business process and technology, seeks to understand a company's customers from a multifaceted perspective: Who are they, what do they do, and what do they like? Is CRM critical to the survival of companies in the age of the never-satisfied customer? Industry leaders believe so. Increased competition, globalization, the growing cost of customer acquisition, and high customer turnover are major issues in such disparate industries as financial services, telecommunications, and retail.


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