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Relationship Marketing - Term Paper Example

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Relationship Marketing

In relationship marketing organizations emphasize on developing strong associations with customers through providing information which match their requirements and desires. In the business viewpoint, relationship marketing is concerned with appealing, developing and retaining customers’ relations. Relationship marketing is based on developing a mutually advantageous exchange between industry associates (Sheth, n.d.). Nature of Relationship Marketing The growth of relationship marketing was accelerated by the literatures of management advisors. The present concept of relationship marketing drifted from ‘organizational behavior’ and ‘industrial marketing’ where reliance among organizations has been the basis for successful business to business coalitions. According to Iacobucci and Hibbard (1999), relationship in commerce can be of three kinds, which are: “Business Marketing Relationships” (BMR), “Interpersonal Commercial Relationships” (ICR), and “Business to Customer Relationships” (B-to-C). In BMR the business associations are characterized by long-standing, close and deep connections between fairly symmetric associates. BMR requires assurance, faith and reliance in understanding business relations. ICR is characterized by the relationships between service organizations and end users. ICR can occur between two relatively balanced associates and it is long-term in nature. The consequences of effective ICR include increased satisfaction and productivity. Finally, B-to-C is demarcated by technology oriented relations among business and individual consumers (Sorce, 2002). Why Organizations use Relationship Marketing? Customer relationship is the life force of any organization to sustain. Positive relationships within organization with the customers, suppliers, workers, are significant for sustainable development and constancy. Loyal relationships with those worthy individuals can help to develop a competitive advantage for any company. Several business proprietors concentrate less on fostering relationships with the existing customers and attempt to acquire newer customers, but the reality is, obtaining new customers can cost five to ten times more compared to holding present customers. Several customer relationship management experts stated that organizations can boost their ultimate revenue by 84% if they increase 5% customer retention rate. Making existing customers feel acknowledged, celebrated and valued can help them to be loyal to the company and also they can talk about the company’s products or services to others, which in turn increase the customer base of that organization. Therefore, through relationship marketing organizations can gain several benefits such as high perceived worth for both company and customers as a whole, increased attractiveness of the organization, reduced operation expenses, enhanced financial performance, and better marketing efficiency (Ramkumar & Saravanan, n.d.). 6 i's of Relationship Marketing Relationship marketing has become a crucial part of successful business and in present days the traditional thought of generating sales has been swapped by long term relationships with customers. Relationship marketing is evolving as essential marketing activity for organizations that operate in aggressively competitive business environments. There are six principles of relationship mark ...Show more

Summary

Relationship Marketing Table of Contents Relationship Marketing 1 Table of Contents 2 Introduction 3 Nature of Relationship Marketing 4 Why Organizations use Relationship Marketing? 4 6 i's of Relationship Marketing 6 Factors that Manipulate Success of Relationship Marketing 7 Conclusion 9 References 10 Bibliography 12 Introduction Relationship marketing is an evolving trend in modern marketing practices…
Author : kozeymartin
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