Collaborative CRM involves:

Collaborative Customer Relationship Management (CRM) focuses on fostering interactions and relationships with both customers and vendors. This approach emphasizes the importance of communication and collaboration across different stakeholders to improve customer experiences and enhance business processes.

By facilitating interactions with customers, collaborative CRM aims to understand their needs better and incorporate their feedback into product development, service enhancement, and overall company strategies. Engaging with vendors also plays a crucial role, as it ensures that the supply chain and service delivery are aligned with customer expectations. This dynamic two-way communication helps create a holistic view of customer interactions, leading to more effective relationship management.

The other choices pertain to narrower aspects of CRM that do not encompass the collaborative spirit. For instance, focusing solely on internal departments limits collaboration and can create silos, while private customer data analysis emphasizes individual data rather than shared insights with partners. Traditional marketing efforts focus on promotional activities rather than on building relationships through collaboration. Thus, the correct answer accurately reflects the essence of collaborative CRM by highlighting its broader scope of interactions.