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What Is Customer Relationship Management (CRM)? What Are the Functions

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Essay

What is customer relationship management (CRM)? What are the functions of CRM? How do firms benefit from CRM systems?


Definitions:

Performance Appraisal System

A structured process for evaluating the job performance of employees and providing them with feedback.

Industry

The collective organizations and activities involved in the production, processing, and distribution of goods and services within a particular sector.

Skill-Based Pay Plans

Compensation systems that reward employees for acquiring and applying specific skills or knowledge.

Job Assignment

The process of allocating specific tasks, duties, and responsibilities to employees as part of their roles within an organization.

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