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Review Report for Services and Relationship Marketing - Research Paper Example
Pages 6 (1506 words)
Services and Relationship Marketing Management: Research Review Report Name University Introduction In today’s highly competitive and fast changing global business environment, businesses are increasingly becoming responsive to market trends developing a strategy towards sustainability and enhanced profitability…
Relationship marketing refers to the process of identifying and establishing, sustaining, enhancing, and when deemed necessary, ending relationships with customers and other organizational stakeholders at a gain; in doing so, all the parties involved achieve their objectives. In the pursuit of all these, mutual giving and fulfillment of promises becomes a focal point in businesses, thus making relationship marketing a very crucial aspect in the services and relationship marketing management of firms today. Relationship marketing is beneficial to firms because it is an effective way of fostering customer loyalty and re-patronage behavior; consumers who are actively engaged in relational exchanges present with higher levels of satisfaction than those who are in discrete transactions. These higher levels of satisfaction could be attributed to the ease and psychological comfort that consumers will tend to have because of purchasing from a familiar company. In this regard, many companies consider investments in complaint handling a strategic route of increasing customer commitment to the firms and building customer loyalty that lasts as long as both parties are in business. ...
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