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CRM has evolved from being a mere buzzword in the early 1990s to an inherent element of business strategy in the new millennium. Firms in services, goods and consumer industries as well as business markets are undertaking initiatives to build relationships with their customers and improve marketing productivity as well as organizational profitability. We have adopted a strategic perspective and a managerial orientation to explore the concepts and applications of CRM across industries. Rapid changes in the business environment involving customers, competition and technology have created new challenges for firms. These challenges will increase the importance of customer relationships for businesses in almost every market.