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IMPORTANCE OF RELATIONSHIP MARKETING - Essay Example

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Relationship marketing has become a critical part of business marketing for the last two decades. Comprehensive definition of relationship marketing refers to exploiting long term positive impact on the business with optimum utilisation of resources. …
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IMPORTANCE OF RELATIONSHIP MARKETING
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IMPORTANCE OF RELATIONSHIP MARKETING

Discussed below is the critical assessment of selected variables: 2.1. Commitment Relationship marketing stands on two foundation pillars; with one being commitment while the other is trust (Finne & Gronroos, 2009). Commitment in general as well as in relationship marketing is intention of parties sharing commitment to continue relationship. Level of commitment varies with motivation level to continue the relation that is influenced by many factors (Dwyer, Schurr, & Oh, 1987). It encourages marketers to invest for preserved long term relationships in contrast to short-term attractive alternatives and undertake high risks based on the confidence (commitment) support from partners (Morgan & Hunt, 1994). Importance and strength in relationship from commitment can be gauged from the fact that variable performance has been the metaphor from marriage literature (Das, 2009). Moreover, with maturity of consumer behaviour domain, the identification of brand loyalty has moved from increased repetitive and continuous buying to commitment to buy same brand on every purchase along with controlling the potential customer (Chegini, 2010). Commitment variations are critical to be differentiated such as effective and calculative commitment both being important contributor are not influenced by each other; hence, they must be addressed in distinction according to the need instead of relying on single attribute to support entire commitment paradigm (Lehtinen, 2011). 2.2. Trust Trust is among the two key variables that form the core of relationship marketing and leads to the success of relationship marketing in association with large number of other factors (Ratnasingam & Pavlou, 2003). Dwyer...
Apart from trust and commitment that are given focal importance in relationship marketing, there are other factors such as communication, loyalty and satisfaction that play key role in relationship marketing. Moreover, each factor lends support to other factor finally leading to success of relationship marketing. Therefore, based on the stated role of these factors relationship marketing literature asserted due importance; hence, guiding marketers to address in large to gain the successful relationship marketing (Østergaard & Fitchett, 2012).
Variables of relationship marketing if employed in correct plan can lead business entitled to winning awards (Corsaro & Snehota, 2010). The notion provide accurate for defining the status of Singapore Airlines that has frequently managed to win the quality service awards. Singapore Airlines with consistency applied the relation marketing mechanism across board and developed bonding with customers as well as employees. Singapore Airlines won the trust, loyalty, commitment and satisfaction of customers as well as employees by oral and actions communicating bottom line of its business vision of delivering high-quality service. ... Read More
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