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The Idea of Relationship Marketing - Essay Example

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The Idea of Relationship Marketing

In this new method it was looked after that the individual transactions are important but it is more important to maintain long termed relationships with the customers. The basic fundamental of this format is to develop an understanding of the customer's views and needs thus it would enable the seller to provide a wide range of articles or service for a longer term. There are six fundamental principals or fundamental markets that are identified by Adrian Payne of Cranfield University in 1991. These are customer markets, influence markets, referral markets, recruitment markets, supplier markets and internal markets. (Fletcher, 2003)
But there are specified criticisms to the approach of relationship marketing. According the critics this approach could hardly be evaluated as marketing. This is because this form defies the basic notion of marketing principal which states that the duty of market is to understand the need of the customer in the first place and provide the solution. On the contrary relationship marketing could be enumerated as an extended variation of management, persuasion and public relation. (Lamb, 2004)
However, it could be stated in this context that t ...Show more

Summary

The focal point of this paper is to explain the concept of relationship marketing that has become prominent in mainstream marketing since the mid 1980s. This work will look into the explanation and significance of the subject along with its context. Assessment would also be made over the significance of business, professional, and personal relationships, and interactions, in social networks…
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The Idea of Relationship Marketing essay example
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