Final answer:
Customer Relationship Management (CRM) is a strategy that businesses use to manage interactions and build relationships with their customers. It helps companies understand their customers and improve customer satisfaction and loyalty. CRM is essential in today's competitive business landscape.
Step-by-step explanation:
Customer Relationship Management (CRM) is a strategy that businesses use to manage interactions and build relationships with their customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and support. CRM systems help businesses understand their customers better and improve customer satisfaction and loyalty.
CRM matters in business because it helps companies develop strong relationships with their customers, which leads to increased customer retention and loyalty. By effectively managing and analyzing customer data, businesses can personalize their interactions and provide better customer service. This, in turn, can lead to increased sales and profitability.
Ultimately, CRM is essential in today's competitive business landscape because it allows companies to understand their customers' needs and preferences, tailor their offerings accordingly, and build long-lasting relationships that drive business growth.