Question & Answer: Discuss how customer relationship management software may assist a firm in understanding its customer needs and…..

A customer relationship management software assists a firm in understating its customer needs and preferences, both present and anticipated in following ways:

1. History: A CRM software consists of all the details about the present and prospected customer. For the present customer, it has the details when the purchase has happened and when it can be renewed.
2. Pattern: With CRM software companies can observe the pattern of customer buying and based on that they can expect what can be the prospective deal and what they need to offer to them.
3. Prospect: Even prospective customers data are filled in a CRM software, so the company can check what kind of services they are using and from which companies and what they can offer them next time to win them.