Relationship_Marketing

RELATIONSHIP MARKETING The successful relationship marketing is to understand the cross-cultural issues between buyers and sellers. This issue is particular for buyers and suppliers marketing relationships when doing business. Robert, 2010, p146 Relationship marketing (2011) (1) Relationship marketing is the name strategy that entails forgiving long-term partnerships with customers companies build relationship with customers by offering value and providing customer satisfaction. Marketing activities that are aimed at developing and managing trusting and long term relationship with larger customers. Relationship marketing is a form direct response marketing it place emphasis on building ling relationship term with customers rather than on individual transaction. Relationship marketing involves the customers understanding of customer needs and want through their lifecycle and providing arrange of products or services accordingly. Definition of Relationship marketing (2011) (1) Building and maintaining relationship may require changing the way business is done for example: Apple computers which once relies exclusively on dealers recognized that may o its large customers needed specialised service. To satisfy this segment of the marketing and maintaining strong ties to these key customers, the computers firm now it has own sales force calling directly.(Batterly, (2003),p136 Relationship marketing that has become popular is frequency marketing. A strategy to encourage increase purchase from the firm best customers. For : Household that normally buys dress, shirt may receive free catalogues with more display of those product category. Guiltinal, Gordon (2006).p 167 (2) Advantages: The best advantage in relationship marketing is know well the regular customers if they don’t buy- can be even more important than knowing what they do buy. Providing exactly what they want. Tracking customer behaviour and sending the right message at the optimal stage of the buying cycle, the customer becomes much less price sensitive. By building relationships based on the service not price meaning your customer are no longer price sensitive, which means a happy customer base and healthy profits. Advantages of relationship marketing (2011) 1. (3) Characteristics: Relationship marketing it focuses on partners and customers rather than on the company’s product. It put more emphasis on customer retention and growth than on customer acquisition. It relies on the cross-functional teams rather than on departmental-level work it relies more listening and learning than on talking. Relationship marketing- Kotler on marketing (2011) 1 (4) Relationship market and loyalty: Relationship marketing is the process of creating, maintaining and enhancing strong, value-laden relationship with customers and other stakeholder. The goal of relationship marketing is to deliver long-term value and measure of long-term customer’s satisfaction. This involve collecting information (using loyalty card) about how often consumers visit this shop, what products they purchase and so on. By so doing the company can try to deliver the products which the consumers are likely to purchase. The loyalty cards the cornerstone of this relationship marketing, as it is the one, which hold consumer data. According to, the underpinning principal business that driver’s consumer relationship marketing in royalty scheme understands of consumer behavior. (5) Benefit of relationship marketing: Loyal customers will recommend your business to others. Loyal customers are willing to try some of your new product, because they trust your customers will be willing to pay more for your service s. loyal customers will tell you about the problems with your product .Retaining customers for a long-term often many benefit. Learning marketing (2011) 1 Customers think that the service knows their preference and have tailored services to suit their needs over a period of time and they do not want to change this arrangement they have the remaining loyal. Customers have the sense of well-being and quality of life as they have long term relationship with the service provider. Customer remains loyal and receives more value compared to the competitors. Bilton, Jones, Bonnet (2006).p. 45 (6)Factors influencing the effectiveness of relationship marketing: Relationship marketing both in the business practice and focus of academic research has experience expositive growth in the past decade: Srini and Moorman cited by Palmatier, Dant, Grewal and Evans (2006) p.136 Relationship satisfaction with the relationship and differs from the customer satisfaction with the overall exchange. The mediator are merely indicator of the global mediator. Relationship quality, which is an overall assessment of the strength of a relationship and the conceptualized as a multi-dimensional contract that captures the many different facets of an exchange relationship Wulf, Schroder, Lacobucci cited by (7)Relationship marketing with the internet: It is all about keeping customers for the long-term, the life time value the customer has to offer. Traditionally offline the firm would develop a number of strategies to try to get the customer coming back to their stores, this could range from having a customer service desk to making sure staff are skilled. Customization: Customers can customise their product online that means they give or represent them as unique e.g. Car manufactured Navara allow their customer to customise their product via to website. E-vouchers: The customers that buy repeatly the product they receive vouchers that allow them to buy on discount. The role of relationship marketing to competitive marketing strategy: In the service industry, there is always some form of the direct contact or service firm. This direct contact or service delivery that is frequently called the moment of truth (John, 2007).p 115 Marketers spend their limited budget on building strong customer relationships, and firm often make costly acquisations by building new relationships Crosby, Evans,Morgan, Hunt, Cowles (2008).p.76 Many relationship of the marketing team and members of the buying team firm team were largely informal and unmanaged even though they in the development of the relationship marketing model. Relationship marketing came in the development of the internal marketing concept as management realised it was necessary to have correct internal marketing culture. Relationship marketing makes it clear that it is better and cheap to keep existing customers than to expand an effort on recruiting new customers. In the past most companies have operate in a leak bucket basis seeking to refill the bucket with new customers while ignoring one leaking away through the bottom of the bucket. Key concepts in Marketing (2000), p. 15-16 The loyal customers they are always willing to try your product because they try your product and they will pay even more for your product if they are adjustments in the pricing because they are loyal to your service. The customers that are loyal will recommend your business or service. Loyal customer will tell you about the problem with your product or service enable to improve your product. Relationship marketing it focuses on the customers rather than to the company’s product because they want to build him strong relationship. Relationship marketing it put more emphasis on the customer retention and growth than on customer acquisition. Companies cannot succeed or grow unless they can serve their customers with a better value proposition than the competition. In other words to measure customer satisfaction and factorising research information on satisfaction studies into future marketing strategy. Lancaste , Rexnoids (2000),p. 139 By providing customer with on going value satisfaction to their individual needs and ensure that they get what they want where and when they want. If one company fails its customer there is any number of competitors waiting to take over. Long term relationships are often established through membership arrangement with customers or distribution. These arrangements are only successful because of some discount or an economic incentive associated with the cost of purchasing. Relationship marketing it has become popular is frequency marketing. A strategy to encourage increased purchase from a firm’s best customers. Customers that normally buys dress, shirt may receive free catalogues with more display of those product or even special catalogues devoted to the product category. In the industrial marketing long-term protection against price increases so desirable buyers or to distributors that they will commit themselves to use one supplier as their sole source of supply for a period of time. Joseph, Gordon ,Thomas (2006) p.64 (8)Conclusion: Relationship marketing has evolved from the age-old paradigm practised by the corner shops. The changing consumer behaviour made it imperative that the companies align their processes and practices with the consumer at the centre and not their products. For successful the whole organisation culture – the way people think and behave – needs to be made consumer friendly. Any marketing paradigm, be it relationship based, can prove effective only if marketing is seen as a philosophy cutting across the organisation and not as a functional silo performed by marketing department. Relationship marketing is one of the most time-consuming but effective strategies for marketing Extension programs. Relationship marketing is a process, not a one-time event; clientele must understand that you are committed long-term and that they can depend on you to provide education. To be effective, you must establish a relationship with the audience you are targeting by making a connection with them over time. In order to build a relationship, as with any other relationship in life, Extension needs to be constantly in touch with its audiences. By making a connection with diverse audiences, Extension can build strong community networks that promote the programs we market beyond the limited scope of small workshops and community meetings. Relationship marketing delivers many benefits to a design firm, big or small. Slowly but surely, as you build your client and prospect list, you’ll be able to reduce marketing expenses, build referrals, and grow your business in step with your clients’ needs. Conclusion of relationship marketing (2011) 1 References Robert W.Palmatier (2008), Interfirm relationship drivers of customer value, Journal of marketing,72 (4).76 Rajiv P, Kennet R,Evans (2006), Factors influencing the effectiveness of Relationship marketing: A meta-analysis, Journal of marketing,70 (4).136 Gordon W. Thomas J. (2008). Marketing management, 3rd Edition. Oxford. Heinemann Relationship marketing- (online), 2011. available (http://www.aabri.com/manuscripts)access on 28 august Benefit of relationship marketing –(online),2011.available (http://www.learn marketing.net) access on 28 august Definition of relationship marketing-(online), 2011.(http://iclployalty.com)access on 29 August Customer and relationship marketing-(online).2011 Available (http://dspace.iink.ac.za)access on 25 August Benefit of relationship marketing-(online).2011 Available (http://EzineArticles.com/expert)access on 30 August Advantages of relationship marketing-(online).2011.available.(http://dallasmatthews.co.uk)access on 20 August Definition of relationship marketing-(online).2011.available.(http://www.wiley.com)access on 24 August Conclusion of relationship markrting-online.2011.avaliable.(http://www.megaessays.com/viewpapers)access on 25 August