Customer relationship management. Strategy and system perspectives

Abstract

Market dynamics, growing consumer awareness, new needs, and the changing lifestyle of society forces the search for new business solutions. One of them is the strategy known as Customer Relationship Management, CRM, i.e. customer relationship management interpreted as a bridge between the organization and its customers. Its goal is to establish lasting and long-term ties between the organization and buyers, which translate into benefits for both parties. The term CRM is interpreted in two ways: as a customer relationship management strategy and as an IT system. The aim of this article is to discuss the most important aspects of customer relationship management, both from the perspective of management philosophy and a technical support instrument. The article shows the sources of strategies and technical solutions, definitions, benefits resulting from the implementation of CRM in organizations, functions of CRM systems, application possibilities, and individual stages of implementation.

Measuring Online Customer Satisfaction Based on Customer Reviews: Topic Modeling Method Using Latent Dirichlet Allocation (LDA) Algorithm

“…Organizations must gauge customer satisfaction across all channels to connect with customer attitudes and behavior [77]. Key indicators include purchasing behavior, customer growth, and financial performance [78]. This holds for both online and in-person interactions.…”