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Marketing Management and Strategy
Pages 9 (2259 words)
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 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. ...
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