I would like to know whether a generic CRM product is first developed and then customized according to market sectors (such as insurance, banking, sales force automation...) or individual products are developed for respective markets. Please advise
This really depends on the product. Some firms begin with a niche (Financial Services for example) and then expand. Others develop a general purpose model, and then offer enhancements for various industries. Other (lower tier) products provide a "one-size-fits-all" approach. I would decide which model best matches your capabilities, interests, competencies, and can support your financial projections. Then, start coding.
For more information on CRM in niche markets, check out searchCRM's Best Web Links on CRM in Vertical Industries.
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