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Relationship marketing has the aim to building mutually satisfying long term
relationship with key parties in order to earn and retain their business.
Relationship marketing builds strong economic, technical and social ties among
the parties
-KOTLER
RM Vs Transactional Marketing
customer in order to retain and develop a healthy relationship with their customer
Transactional marketing is focusing all of its marketing efforts on attracting
customer for one off sale
CRM is the values and strategies of relationship marketing with particular emphasis
on customer relationship turned into practical application
Losing an existing customer means losing the entire revenue stream that customer
represents not just that single encounter or sale
Basic Marketing The salesperson sells to the final customers. This is also known
as direct sales.
Reactive Marketing The sales person sells the product and encourages the
customer to call for any comments or enquiries.
Accountable Marketing The sales person calls the customers to ensure whether
the product is working as per satisfaction and if there is any problem in the product.
Furthermore he also asks the customer for any suggestions / feedback to improve the
service / product. Thus he is taking responsibility for the sale.
Proactive marketing The company works continuously with its large customers to
help improve performance. This is especially seen in financial companies wherein the
movement in the financial market induces the company to make changes regularly.
However at the same time, these financial companies have to take care of their
customers as well. Thus they take regular feedback from their large customers
thereby developing their products accordingly.
Partnership Marketing The company works continuously with its large customers
to improve its performance.
10 Critical players in RM
1. Supplier
2. Distributors
3. End users
4. Employees
5. Financial firms
6. Government
7. Media
8. Allies
9. Competitors
10. General public
Price
The company will set a price based on the relationship with the customer and the
Distribution (Place)
RM favours more direct marketing to the customer, thus reducing the role of
middlemen.
RM favours offering alternatives to customers to choose the way they want to order,
pay for, receive, install, and even repair the product.
Communication (Promotion)
Collaboration
Commitment, Dependency
Why RM is important ?
It costs five times as much to attract a new customer as it does to keep a current
one satisfied
It is claimed that a 5% improvement in customer retention can cause an increase in
Conclusion
sRelationship Marketing is the practice of building long-term satisfying relations with
key partiescustomers, suppliers, distributorsin order to retain their long-term
preference and business.
References:
https://en.wikipedia.org/wiki/Relationship Marketing
www.business dictionary.com/definition/relationship marketing
www. Marketing.schools org..types. marketing/relationship marketing
Prepared by:
Olivia M. Sonajo
Submitted to:
Sergie Domingo U. Adlawan, Ph. D. Cand.