Explain the concept of customer relationship management. Also discuss the role and benefit of CRM in modern retail business

Retail marketing is a dynamic and multifaceted field that involves the activities retailers undertake to promote and sell products or services directly to consumers. One crucial aspect of retail marketing is pricing strategy, which plays a pivotal role in influencing consumer behavior and shaping the competitive landscape. In the retail sector, various pricing strategies are employed by businesses to achieve different objectives and cater to diverse customer segments.

1. Everyday Low Pricing (EDLP):
   - Description: EDLP is a pricing strategy where retailers offer consistently low prices on products. The emphasis is on providing value to customers through stability and predictability in pricing.
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