The impact of customer relationship management (CRM) practices on customer satisfaction

Abstract

The statement “Customers are the king of the market” seems to be true in its actual sense today. Firms can survive and sustain by creating valuable customers and keeping them forever. This requires delivering value at every customer interaction. Therefore, Customer Relationship Management (CRM) is necessary for the existence of a business. CRM can be a tool to manage the customer life cycle—acquisition, satisfaction, retention and development. Managing customer life cycle by adopting the most suitable CRM practices is the key objective of CRM. This chapter analyzes the effect of a firm’s CRM practices on customer satisfaction.