Customer Relationship Management (CRM) is a strategic approach and a set of technologies and practices used by organizations to manage and enhance their interactions and relationships with customers. It involves the systematic management of customer data, communication channels, and customer-oriented processes to improve customer satisfaction, loyalty, and overall business performance.

Example
CRM implementation is a retail company that utilizes a CRM system to manage customer relationships. The company collects customer data through various channels, such as online purchases, in-store transactions, and customer support interactions. This data is stored in the CRM system, which allows the company to track customer preferences, purchase history, and communication history.