Customer relationship management

Due to globalization, privatization and localization (LPG) of the world market the companies have been aware that, the customers are the king for their business. In present scenario the customer-facing has become a vital part to be a leader in the global market. Therefore, the customer relationship management (CRM) has become an important organizational strategy. CRM is the business strategy that aims to understand, anticipate, manage and personalize the needs of an organization's current and retain the potential customers through the combines of people, process and technology.  By research it has been found that approximate 75% of CRM failed worldwide because of lacking in understanding the organizational change, organization views CRM is the only technical project and bounded in the budget and time as short term commitment. Before going to implement the CRM projects in effective manner this is the responsibility of the companies to identify the factors which affect the success of CRM project. According to Gartner group the CRM market worldwide spending is expected to reach $76.4 billion in 2005, up from $23.26 billion achieved in 2000 (Purwar & Mathur). The CRM strategy and implementation is not an easy job for the organization because there are many authors and researchers have been written the many books for strategy of CRM implementation but they did not able to cover the holistic approach for CRM implementation. This paper discusses the CRM objective, concept, framework and CRM implementation, based on many resources including research paper, CRM literature and some experience.