The often-told story that finding a new customer costs five times as much as keeping and old

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Question:

The often-told story that “finding a new customer costs five times as much as keeping and old customer” is one of the motivations behind customer relationship management. Customer relationship management (CRM) becomes necessary as soon as an organisation finds a market and customers for its products or services.
Elaborate on how your organisation manages CRM and what CRM tools are used in your supply chain.