Concept explainers
To determine: CRM and is tie in using data analytics and making decisions.
Introduction: A Company maintains its relationship, connection and interaction with its present and potential customers through a technique known as Customer relationship management.
Answer to Problem 1QA
CRM is a method of retaining customers by creating a relationship, connection and interaction with them
Explanation of Solution
Given information: Customer relationship management helps in making decision and data analysis.
Retaining a customer is the most important aspect of marketing. Only a satisfied customer remains loyal with the company. To satisfy the need and wants of a customer a company maintains relationship with its customer through a technique called Customer Relationship Management. Even a single customer is also important to the company so company maintain relationship with all its customers
Company collect various data which can be managed and analyze the company’s CRM analyst to identify the assess and response to different campaign, spot latest trend. The data includes sales records, purchasing, sales and service records, types of purchase, product, and response to a promotional strategy or marketing campaigns, inquiries, complaints, and channel preferences. It also helps in determining the relationship between different types of data.
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