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Relationship Marketing Is A Separate Branch Of Marketing Thought And It Is Indispensable To A Successful Performance Of A Firm.

2452 words - 10 pages

Relationship Marketing is a separate branch of marketing thought and it is indispensable to the successful performance of a firm.Marketing and business development professionals are confronting a rapidly different and changing business landscape, and the traditional business model that was once the norm is now being transformed due to technology drivers that make advanced marketing and sales capabilities possible. The new objective for marketers and business developers involves understanding the markets that they serve and, most importantly, the needs of the customer. This new focus on providing customer value is redefining business processors and those firms who understand and anticipate this shift are positioning themselves ahead of the competition.This essay will discuss relationship marketing and its contribution to the successful performance of a firm. Firstly, it will discuss the definition of this type of marketing and, secondly, the issues and their importance in terms of success for a firm. The conclusion will summarise the points arising from this essay.There are many definitions for Relationship Marketing (RM). Stewart and Durkin (1999) stated that ?at a micro level, RM is concerned with the nature of the relationships between the firm and customer that emphasises a long-term relationship that takes account of the customer?s needs and values. At a macro level, RM is used as a term to describe the relationship within which the organisation engages with all stakeholders, thus the strategic issue is to establish the mix or portfolio of the relationships that is essential for the firm?.Gronroos (1994) says ?Relationship Marketing is to identify and establish, maintain and enhance and when necessary also to terminate relationships with customers and other stakeholders, at a profit, so that the objectives of all parties are met, and that this is done by mutual exchange and fulfilment of promises?. The promise concept is an integral element of RM - giving promises and persuading customers to participate in the marketplace in order to attract new customers and build relationships. Gronroos (1997) cited that fulfilling promises is an important means of achieving customer satisfaction, retention of the customer base, and long-term profitability ? ?the globalisation of the business and the evolving recognition of the importance of customer retention and market economic and customer relationship economics, among other trends, reinforce the change in mainstream marketing?. Relationship marketing provides an approach that will help firms to form relationships with customers and other parties involved in the business process, to effect a profit and meet the objectives of all involved parties.Though many of today?s marketing practices have evolved due to increased technology, the marketing environment still centres round the 4 P?s of marketing. However, in order to remain competitive, companies must create a unique set of those 4 P?s which appeal to...

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