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What is CRM (Customer Relationship Management)

Handbook of Research on Smart Management for Digital Transformation
Using digital technology to measure relationships and interactions with customers, thereby allowing firms to better understand purchasing behaviour of their customers, ultimately enhancing profitability.
Published in Chapter:
Designing a Digital Marketing Strategy for Start-Up Luxury Brands: The Case of Vidda Royalle
Gitte Rosenbaum (University of Southern Denmark, Denmark), Marta Isabel Coutinho Carneiro (University of Porto, Portugal), Cristina Maria Norte Gomes (University of Porto, Portugal), and Laura Andrade Marques (University of Porto, Portugal)
DOI: 10.4018/978-1-7998-9008-9.ch021
This study investigates how a luxury start-up can use a digitalization strategy to overcome the liabilities of smallness and newness and compete with well-established incumbents. Given that many luxury firms have been relatively slow in adopting digital technologies out of brand-dilution concerns, start-ups can compete if they can successfully manage the “internet dilemma” of marketing high-value brands online, and especially if these competences can be leveraged across geographical markets. This study examines the case of Vidda Royalle, a Portuguese luxury start-up already operating in international markets. Based on case data, the authors find that Vidda Royalle´s digital strategy is based on the brand´s ability to leverage its unique collaboration with renowned artists in the production of its luxury bedlinen. The study presents a series of strategic recommendations based on the RACE framework (reach, act, convert, engage) for further enriching the online customer journey, and enhancing its competitive advantage.
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Human Resources Management and Its Contribution to Colombian SME Sustainability
It is an approach to manage a company's interaction with current and potential customers. It uses data analysis about customers' history with a company to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.
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LRFM Analysis as a Customer Segmentation Tool in the Tourism Sector
A comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer.
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E-Libraries and Distance Learning
This term refers to how a company interacts with its customers, gathers information about them (needs, preferences, past transactions), and shares this data within marketing, sales, and service functions.
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Crisis Response and Management
A set of practices, strategies and technologies that companies use to manage and analyse customer interactions and data throughout the customer lifecycle, with the goal of improving business relationships with customers.
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