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I need some assistance with these assignment. the idea of relationship marketing Thank you in advance for the help!
I need some assistance with these assignment. the idea of relationship marketing Thank you in advance for the help! THE IDEA OF RELATIONSHIP MARKETING 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. Furthermore, there would be a formulation of a coherent framework of fundamental principles of Relationship Marketing and a comparison and contrast would be presented in relation to traditional marketing and relational marketing.
Relationship marketing could be enumerated as a method of marketing which has its base in the development of marketing strategies of 1960s and it evolved as a distinct from in the 1980s. 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 the approach of relationship marketing is basically and theoretically on the opposite end of the traditional form of marketing. It could be mentioned that in the case of traditional marketing there are low or no customer service preference. Under the framework of traditional marketing all the concentrations are focused on the aspects of product features whereas the approach of relationship marketing shows us the importance of product but without too much emphasis on it. The approach of relationship marketing looks into the matter of long termed contact with the customer but under the traditional framework the concept of customer contract is very limited. (Kar, 2006)
In the conclusion it should be mentioned that the approach of relationship marketing is a whole new concept in contrast with the traditional form of marketing but it is a fact that the approach of relationship marketing is here to stay in the 21st century. This is an approach of the future and with sustaining markets all over the globe it is obvious that this concept of relationship marketing would be evolving into a successful format or approach of marketing. (King, 2001)
Fletcher, R. (2003). Beliefs and Knowledge: Believing and Knowing. Howard & Price.
Kar, P. (2006). History of Market and related application of Marketing. Dasgupta & Chatterjee.
King, H. (2001). Market Today. HBT & Brooks Ltd.
Lamb, Davis. (2004). Cult to Culture: The Development of Civilization on the Strategic Strata. National Book Trust.