The paper "Roles of Marketing Relationship in Business Markets" is a great example of marketing coursework. This paper investigates the roles of marketing relationship in business markets. Relationship marketing is defined at the initial stage of the article. The overview of its development and integration into business practice and the growing significance in the field follows. The report also shows the scope of practice of marketing relationship and the best practices that would give the best outcome. The case of introducing this concept in the coca-cola and the apple companies are also discussed to show further how the strategy benefits the organizations that employ its application.
Also, a review of different pieces of academic articles on their viewpoints and any inconsistencies they show relating to the industrial use of relationship marketing. Introduction Relationship marketing is one of the series of customer relationship management that concentrates mainly of the loyalty of the customer and long-term engagement of customer rather than short-term goals such as acquisition and individual sales. It was first defined to a be a form of marketing developed from direct oracular answer marketing campaigns which emphasize retention and satisfaction of the customer in preference to a focus on sales transactions (Peppers & Rogers, 2004).
The goal of relationship marketing is to promote a stable, even emotional, connection with the customer to a brand that can result in continuous business, free word of mouth dissemination of information about a product, brand, product line, or the company from the customers that can give rise to leads. Relationship marketing is different from the other forms of marketing since it does recognize the long-term value of the relationships with the customers and extends the potential for information exchange beyond disturbing advertising and promotional messages on sales.
The enhancement in the shift toward this marketing approach that is more personal is due to the rise in demand of consumers who are interested in knowing that the brands they work with do not just offer services or products of quality but also do care about them (Mueller, 2011). Customers want to realize that there are real faces behind the business logo and that their concerns are taken care of and the company is willing to go beyond and above to satisfy them. The approach of traditional marketing is that with the focus on raising the number of individual sales.
In this traditional model, the gain coming on customer procurement cost may not be sufficient. A patron may be convinced to make a purchase of that product one time, but if the relationship marketing strategy is not robust, the customer may fail to come back to that product in the future. Customer relationship marketing is commencing to play a more significant part for many companies, even as the organizations combine both the elements of both transactional and relationship marketing (Sinkovics & Ghauri, 2009). Effective relationship marketing is a combination of various intertwined technologies and strategies that assist to foster a stronger, long-term relationship with the current customers as well as attract more customers. Best practices for relationship marketing. Carry out polls and surveys regularly to supplicate feedback from customers Respect the feedback obtained and integrated it into the organization's business practices Utilize any and all the outlets on social media to create a connection with their clients. Put in place effective customer monitoring technologies. Employ clear policies that will dictate how the company workers should interact with the clients in both negative and positive situations. Exploit the value of warm fronts that is, customers who have already shown interest in the company. Put in place strategy of customer relationship that is very comprehensive Conduct training sessions for the workers on a regular basis. Stay on the cutting edge of the offering of products. Do not let go of quality for innovativeness. Maintain the satisfaction of customers at a high rate in all the quarters of the company. Make every effort to let the customers know how much they are appreciated.
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