As Evert Gummesson (1999) advocates total relationship marketing as " Marketing based on relationships, networks and interaction, recognizing that marketing is embedded in the total management of the networks of the selling organization, the market and society". It is directed to long term, win-win relationships with individual customers, the value is jointly created between the parties involved". In the above context if we look at affinity cards networks of relationship we can easily see three parties which are involved in the relationship network are; affinity credit card issuing bank, charity or political parties or universities or other types of such organizations and the customer who held and actually using the affinity credit cards and also members of above mentioned organizations. Basically affinity cardholders are members of a particular organization or somewhat related to organizations in the form of any relationship. It may be direct or indirect like supporters of any club or political parties. Basic relationship exists between actual affinity card users and the organization to which they belongs or affiliate directly or indirectly. On the basis of such relationships organizations develop or forge a networked relationship with the bank. The second type of relationship exists between organization and the affinity card issuing branch/bank. The relationship between bank and organization depend on mutual benefits. Bank gets the loyal customers from the memberships of the organization who use their affinity credit cards and in exchange, organization gets some monetary benefits as agreed upon by the organization and the bank. This type of business-to-business relationship depends on mutual benefits for both the parties. Bank gets the whole memberships of the organization as their customer without much of investment in customer enhancement activities and the organization benefited by getting some initial signup fee and recurring money for every buying through credit cards. Finally the relationship between customer and organization depends on some intangible aspects such as loyalty, pride, brand using status etc. and a distinct identity.
2. As Cardweb.com (www.cardweb.com) estimated that 250 million affinity credit cards were in circulation worldwide and it is almost one-third of all credit cards. So affinity credit cards have larger share in the credit card market. If we see the reason behind the growth of affinity card market up to such level, the main reason behind this type of business is mutual benefits and trust. As we have discussed the three parties or stake holders involved in business get mutually benefited. The banks, which issue credit card, get a larger number of customers at one go. Services involving discrete transactions can be transformed into membership relationships by providing services in bulk. The advantage for the banks to provide services to the organizations of having membership relationships is that it knows who its current customers are and, usually, what use they make of the services offered. This customer information can be valuable for segmentation purposes if good records are kept and the data are readily accessible for analysis. Banks after knowing the identities and addresses of
1. It is often said that someone is a "good net worker" because he or she is able to put individuals in touch with others who have a mutual interest. This type of marketing occurs primarily in a business to business context, where firms commit resources to develop positions in a network of relationships with customers, distributors, suppliers, the media, consultants, trade associations, government agencies, competitors and even the customers of their customers…
The conclusion from this review states that Morgan Stanley is a well known in the financial sector and is based in the United States but has offices all over the world. The biggest strength of the company is its brand image and a large base of employees. The company also has experience of many years in the financial sector.
This is true even in a service-oriented company. The front-stage is where the front liners or employees deal with the customers, while the back-stage is where the company “cooks” up the services they provide to customers (Teboul, 2007, p.19). For example, “CVG,” a company that provides customer service that has representatives answer every customer queries and concerns has a front-stage that is called “production floor” where calls from customers come in.
Classical economists argue that goods are value objects, which rights of ownership could be well-known and or exchanged. Services are within and around people while the people are the consumers to the services.
Relationship Marketing has gained a dominant position in marketing and business literature. Its importance can be gauged from fact that form of relationship marketing as Customer Relationship Marketing (CRM) is now being identified as strategic goal in business (Jang, 2010).
In the intensive tendency to globalization and technological innovation, the products now are viewed as a base for delivery of complete service solutions rather then the final tangible good. The matter is complicated with the fact that the service solutions intending to satisfy customer needs on a global level represent a combination of characteristics of both goods and services, whereas a separate marketing solution for successful marketing campaign is required for goods and services separately.
Traditional Marketing: Traditional marketing is centred on getting the message out. The more people you expose your message to the more people that will buy your product. It is a number game that tells something like 1% of all visitors will buy your product.
Prior to Berry's (1983) paper popular literature in regards to marketing almost exclusively covered the attraction of new customers to an organisation.
Harker (1999) found that the definition presented by Gronroos (1994) is the best in terms of its coverage of the underlying conceptualisations of RM and also gains the most acceptances throughout the RM "community".
Services (MLIS) primarily deals with the planning, pricing, promoting and distribution of resources that merge together to provide customer satisfaction and serves in the best interests of both the library and the customer. In MLIS, marketing is targeted to recognize potential
A unique network comprising of a company, and its stakeholders with whom it has developed mutual profitable business relationship.
Morgan & Hunt (1994) defines relationship marketing as the process of establishing, developing and maintaining
mers to shop more reliably, use a more prominent offer of wallet, and feel good when having an experience of shopping, helping pull in purchasers to recognizable brands notwithstanding an aggressive environment. To comprehend client loyalty one must understand that there are
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