Customer relationship management is a strategy used by companies to attract and retain customers. It involves developing relationships with customers through various tools like advertisements, customer service, and surveys to better understand customer needs and provide a positive customer experience. The goals of CRM include gaining new customers, increasing customer satisfaction and sales, and improving customer service. If implemented successfully, it can boost brand loyalty and reduce costs while giving the company a competitive advantage. However, CRM also requires a significant initial investment with no guarantee of financial returns.