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Strategic Role of Relationship Marketing in Building Customer Loyalty

   

Added on  2019-09-23

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Running head: blog writingBLOG WRITING
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Running head: blog writingROLE OF RELATIONSHIP MARKETINGAugust 9th, 2019ABOUT RELATIONSHIP MARKETINGRelationship marketing is being regarded as the systematic process of forming longterm relationship with the firm’s buyers. In other words, it can be defined as Relationshipmarketing is being considered as the activity that fosters the loyalty of customers by providingthem a high quality of goods and services. Herein, it can be said that in today’s highly competitive business environmentrelationship marketing has significant importance. With the help of the given approach,manager of the firm is able to make improvement in its internal operation. In addition to this, italso helps in the task of improving the services given by the firm to its respective buyers. It hasbeen examined that there are many customers who make a decision to leave the firm not becauseof the fact that they do not like the product of company but due to the type of services which isbeing offered by the firm to them. In this context, nowadays buyers always needed quick response in relation to any type ofservices which they are getting. The buyers of today have become so impatient that they cannotwait for 1day with an aim to get the response for the asked query. Thus, it is because of thepresence of the given aspect only there is a need for relationship marketing is being arisen infront of the manager of the organization. In this section, we will get more detail about the role ofrelationship marketing. In addition to this, the discussion will also be carried out upon thelimitations that are related to the concept such as relationship marketing in an effectual way.ROLE OF RELATIONSHIP MARKETINGWe know very well that relationship marketing has a very important role in thecorporation. Hence, in the respective section, we will go in the very much detail of the same.Here, we will make a discussion that why relationship marketing is considered as very muchimportant aspect for the manager of an organization in an effectual way. The detail description inrelation to the role of relationship marketing is depicted below:It helps in guiding the firm towards the movement of truth1
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Running head: blog writingThe movement of truth basically happens in the service industry. This is because; hereboth service providers, as well as customers, are in direct contact with each other. It is throughthis way only a firm is able to assess the specific need and demands of its respective buyers. Onthe other hand, with the help of the concept such as relationship marketing, serviceorganization can virtually turn the movement of truth in its favor. This is due to the reason that itis with the help of the given concept only, a firm is able to get detail idea about the need anddemand of its respective buyers. Thus, by providing the product to the customers as per theirdesire, the firm can make improvement in its sales and profitability related condition. It helps in improving the profitability of the company It is being regarded as very much significant role which is being played by relationshipmarketing. In accordance with the given context, it can be said that the relationship marketingmodel states that goods relationship type of approach leads an organization towards goodcustomer satisfaction and good quality of the product. The firm is able to produce high quality ofgoods and services if the employer has developed an effective relationship with the employees.Similarly, good customer satisfaction goal can be accomplished if the firm has effectivelyunderstood the needs and demands of its respective buyers. These both given thing will help in retaining the customers of the company for a longerperiod of time. Thus, it is through this way only significant improvement can be made in theprofitability related condition of the company in an effectual way. Overall, it is very right to saythat relationship marketing tends to help in the process of attaining the goals of the enterprise.This is due to the reason that by using the given concept, the firm can be able to get a better ideaabout the things that are happening in the internal environment. Thus, by taking significantactions in relation to the same, the firm improves its profit and sale.Relationship marketing helpsin building partneringIn order to achieve success in the highly competitive business environment, the managerof the organization has to develop a good relationship with the external stakeholders of thecompany also. The company’s external stakeholders include suppliers, government andinvestors, etc. Here, with the help of relationship marketing, a firm is also able to understandthe needs of its suppliers as well as other stakeholders in an effectual manner. Further, the givenmarketing will also help the company in terms of molding the decision of these stakeholders as2
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