Final answer:
Customer relationship management (CRM) is the practice of managing detailed customer information and touch points to enhance loyalty, using techniques such as gathering information and analyzing quantitative data.
Step-by-step explanation:
Customer relationship management (CRM) is the management of detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty. This involves gathering information from customers and other stakeholders,
which may include conducting in-depth interviews, focus groups, and/or analysis of content sources to collect quantitative data. Techniques like CRM are crucial in understanding customer demographics, preferences, and behaviors, enabling businesses to tailor their strategies and interactions to enhance customer satisfaction and retention.
For instance, the electronics chain store utilizing questionnaires to gather age data is embarking on a basic CRM activity by collecting demographic information. Similarly, the public library tracking checkouts by adults versus children is also conducting an informal form of CRM by analyzing the user base.