What does the acronym CRM stand for?

The acronym CRM stands for Customer Relationship Management. This term refers to a strategy and technology used by organizations to manage their interactions with current and potential customers. It involves collecting, analyzing, and utilizing customer data to improve business relationships, enhance customer satisfaction, and streamline processes. Through CRM systems, businesses can track customer interactions, identify sales opportunities, manage marketing campaigns, and analyze consumer behavior, all aimed at fostering better relationships and enhancing customer loyalty.

The other options present variations on customer management concepts, but they do not accurately capture the full scope and purpose of CRM. For example, while customer retention is an important aspect of managing relationships, CRM encompasses a broader spectrum that includes not only retention strategies but also acquiring new customers and maintaining ongoing relationships.