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Relationship marketing is an approach to the market which emphasis a relationship rather than a transaction approach to business Tap 1998 Recently there has been a shift from the more short-term traditional transaction approach to marketing to long-term relationship between suppliers and customers especially within the service sector Buttle 1996The significance of relationship marketing is that it is more about customer value and satisfaction than making a fast buck Kotler 2000Refer to appendix 1 for models for relationship marketingThe fundamental principle upon which relationship marketing is founded is that the greater the level of customer satisfaction with the relationship - not just the product or service - then the greater the likelihood that the customer will stay with usRelationship marketing concentrates on structuring relationships with customers and then having the advantage to target them with relevant parts of the marketing mix ie promotion httpwwweccsukcom 1999 Refer to appendix 2 for articles on relationship marketing Financial Times article on relationship marketing by Barbara Kahn Defining customer relationship marketing and management ECCS- The European Centre for Customer Strategies The transaction approach is more likely to be a one off or short term approach where it finishes with point of sale The relationship approach is much more likely to be long term where the company establishes potential and efficient relationships with a customer so that they can cater to the customers demands and needs Kotler2000 Marketing transaction approach Marketing relationship approachDirected at individual sales Directed at customer retentionNo customer contact Constant customer contactMore attention to productservice More attention to customer benefitsNot much regard for customer serviceHigh level of customer serviceNo responsibility for meeting customersVery responsive to meetingProduction staff are only concerned All staff are concerned with quality ofabout quality of productservice productserviceTransactional approach is to make profits by just selling and having little customer contact Relationship marketing is much more
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