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  • Relationship 3

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    The document discusses relationship marketing, which aims to identify, establish, maintain and enhance relationships with customers and other parties for mutual benefit over the long term. Relationship marketing focuses on quality of interactions and customer satisfaction rather than just transactions. It provides benefits like reduced price sensitivity, lower costs, customer insights and loyalty. Strategies include developing core services, customization, extra benefits, and internal marketing. Relationship bonds are built through financial, social, interpersonal and customized solutions. Tools include customer databases for profiles and data mining for insights.

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    The document discusses relationship marketing, which aims to identify, establish, maintain and enhance relationships with customers and other parties for mutual benefit over the long term. Relationship marketing focuses on quality of interactions and customer satisfaction rather than just transactions. It provides benefits like reduced price sensitivity, lower costs, customer insights and loyalty. Strategies include developing core services, customization, extra benefits, and internal marketing. Relationship bonds are built through financial, social, interpersonal and customized solutions. Tools include customer databases for profiles and data mining for insights.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    5 views7 pages

    Relationship 3

    Uploaded by

    anon_166672813
    The document discusses relationship marketing, which aims to identify, establish, maintain and enhance relationships with customers and other parties for mutual benefit over the long term. Relationship marketing focuses on quality of interactions and customer satisfaction rather than just transactions. It provides benefits like reduced price sensitivity, lower costs, customer insights and loyalty. Strategies include developing core services, customization, extra benefits, and internal marketing. Relationship bonds are built through financial, social, interpersonal and customized solutions. Tools include customer databases for profiles and data mining for insights.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    of 7

    RELATIONSHIP MARKETING

    RELATIONSHIP MARKETING
    To identify establish,maintain and enhance relationships with customers,suppliers,distributors and other parties,at a profit,so that the objectives of all parties are met.

    implications Time perspective Price elasticity

    Transactionals Short term focus Sensitive to price

    Relationship Long term focus Less sensitive to price

    Dominating quality dimensions


    Measurement of customer satisfaction Customer information system

    Quality of output
    Monitoring market share Ad hoc customer surveys

    Quality of interactions
    Managing customer base Real time customer feedback systems

    Benefits of Relationship Marketing


    Reduced customer price sensivity, barriers to entry, lower marketing expenditures. Helps in gaining cutomer insights. Marketers can charge premium price Customers build security and trust and ambiguity and anxiety is reduced Customers can reap the social benefit as a result of social rapport created with the sellers.

    Strategies of Relationship Marketing


    Synergy and interdependency between relationship marketing and niche marketing and top mangement commitment to relationship marketing Berrys five startegy elements:
    Develop a core service around which to build a customer relationship Customisation Augment the service with extra benefits Price services to encourage customer loyalty Market to internal customers.

    Strategies of Relationship Marketing


    Berry and Parasuramans retention strategies: LEVEL 1- Financial Bond
    Tie the customers with the firm through financial incentives- lower prices for greater volume or lower prices for long term customers Building relationships through social and interpersonal bonds Customisation LEVEL 3- Customisation Bonds Development of one-to- one solution that fit the individual customers Level 3- Structural Bonds Right service delivery systems Technology based service delivery.

    LEVEL 2 Social Bonds


    -

    Tools of Relationship Marketing


    Customer database
    customer databases, product data bases,salesperson databases Customer names,address,past transactions Demographics and psychographics

    Data mining
    Analysis of data to garner fresh insights Recent customer trends Fresh insights into neglected customer segments

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