The paper starts by explaining the meaning of relationship marketing and the main part of the paper will discuss the relevance of this concept to today’s business. Relationship marketing is perhaps one of the most important concepts of marketing during the contemporary period. Basically, “customer relationship management (CRM) or relationship marketing is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction,” (Kotler & Armstrong, 2010, p. 27). On the other hand, (Gartner, 2007, p.4) defines CRM as a “business strategy with outcomes that optimize profitability, revenue and customer satisfaction by organizing around customer segments, fostering customer-satisfying behaviours and implementing customer-centric processes.” Essentially, many organizations have realised that customer loyalty is very important since it determines the success or failure of their operations. This has prompted the marketers of different firms to forge ahead with different strategies that are meant to create long lasting relationships with the customers. In every business, it can be observed that the quality of the relationship that exists between the company and its customers has a bearing on its performance. Lamb et al (2008) posits to the effect that relationship marketing is a philosophy that emphasises on creating long term relationships with the customers so that the company can sustain its operations in the long run. Customers are compelled to buy certain products that are offered by different firms as a result of the quality of service they get when doing business with them. During the contemporary period, it can be seen that stiff competition characterises different markets and this is the main reason why efforts should be made to retain the customers that already exist in the organization (Athanasopoulou N.D). One viable strategy that can be implemented by the organization is to try to create quality relationships around services offered to the customers so that they can be in a position to identify with the organization. When this identity has been created, the customers are likely to have a predisposition towards the products that are offered by the company. The customers in any business are the main component of the relationship mix which ought to be created around value of the products offered. According to Ferrazzi (2006), the quality of the relationship that exists between the organization and the customers is determined by the attitude of the targeted audiences by the firm towards the value of the products and services offered. This point is also supported by Wang et al (2004) who state that the customers specifically purchase different products so that they can derive various values from using them. There are different values that are derived from consuming a certain product and these include the following: “emotional value,” utility derived from the affective state of goods or services; “social value,” social utility obtained from using a product “functional value” utility derived from the perceived quality of a product as well as “perceived sacrifice” which is loss that is likely to be encountered from purchasing a particular product or service. In most cases, the
Task 1 “It is argued that relationship marketing underscores a paradigm shift that has taken place in the contemporary marketing theories and practices. It broadens the border of marketing activities by advocating for long-term sustainable engagements not only with customers but also with other stakeholders.” It is also argued that internal marketing and social and ethical marketing could be significantly influenced by relationship marketing approaches…
The Windows Phone 7 is different and is more similar to ZuneHD. With its Windows 7 phone, the company plans to make the end users the top priority unlike its past where the OEM were the Microsoft’s primary customers (Cameron, 2011, p.1). Therefore this project deals with the analysis of Windows 7 phone launched by Microsoft.
The discussion part will deal with the strategic plan of Cornflower Blue with respect to macro and micro factors affecting the marketing strategy. Further, segmentation and target strategy will be looked analyzed. Finally, the buyers’ behavior towards affecting the marketing process, as well as the reposition of Cornflower Blue products will be discussed.
Now, it is also selling t-shirts, hoodies, and baseball caps with the same branding style. Our brand is more fashioned than athletics. Our core customers have been self described as hipsters but they generally shop at the mall. We sell through a 62 youth oriented stores in our sales region as well as through our own website.
Which is more important when considering marketing strategy: to satisfy customer needs or to achieve competitive advantage? This sounds like a quiz show trick question, but it is a dilemma faced by every manager, from the company’s Chairman and Chief Executive Officer to the lowest supervisory level minion.
A company must formulate relevant strategies after scanning its internal and external environment. This helps to understand the internal strengths and weaknesses, and external opportunities and threat of a company. This paper will attempt to
ent’s current cost-cutting priorities, there is a danger that the university could find itself short of funds to enable business as usual to continue. This new venture provides a new way to provide courses to those wishing to learn, initially focusing on small business
Many brands offering similar products in similar process have not only given huge bargaining power to customers, but also resulted in declining net profit margin of these retail chains.
The objective of the current report is
Marketing as a process entails a combination of four marketing strategies. Marketing is, therefore, the process of acquiring the appropriate skills that improve the marketing process. The marketing professional entails the acquisition of skills that allow the individuals to associate effectively with the target market.
The product strategy works as an important tool in strategic planning and marketing by identifying the direction of the firm’s activities. The key principles of a product strategy include keeping track of competitors, focusing on the data, identifying actual customer
In this case, marketing plan uses some tools to evaluate the performance of marketing of Apple Inc. This paper presents a market audit of the Apple Inc. that assess weakness, strengths, threats and opportunities to the company along with its
15 pages (3750 words)Assignment
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