This facilitated the organisation to build greater portion of loyal customers in domestic along with international business markets.
Relationship marketing is the association prevailing between the sellers and the buyers in the context of marketing any product and/or service. It is also regarded as the trust and belief persisting amid the customers and the employees of an organisation, which eventually grows a long-term relationship between them (Süphan, 2015). It has been argued that relationship marketing is not only limited between the customers and the employees of an organisation, but also amid every stakeholder of an organisation. Relationship marketing is of extreme value from the perspective of an organisation, as it is long lasting and difficult to be imitated as well as destroyed by the competitors (Angeles & Nath, 2003).
Relationship marketing is reckoned to be a Customer Relationship Management (CRM) Strategy, which tends to encourage long lasting and strong connection between a brand and a customer. This results into generating repetitive sales by collecting relevant information from the potential customers and encouraging word-of-mouth promotion (Brink & Berndt, 2008). On a further note, the other purposes of relationship marketing are to create repeated sales and most importantly endorsing word-of-mouth promotion among others. In relationship marketing, buying patterns, customer profile and history of contacts are maintained in a sales database (Rai, 2012). Moreover, account executives are also recruited in order to fulfil the needs and demands of the High Net worth Individual (HNI) clients and maintain effective relationship with them in order to derive maximum profits. Such clients or the executives also have the opportunity to cross sell different products of the organisations (Bidgoli, 2010). Moreover, maintaining ...Show more