Relationship Marketing in Global Context - Doc
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Added on 2020-12-29
Relationship Marketing in Global Context - Doc
Added on 2020-12-29
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RELATIONSHIPMARKETING IN GLOBALCONTEXTContents
INTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1Definition of relationship marketing...........................................................................................1Basic tenants of relationship marketing.......................................................................................2Role of relationship marketing within international business.....................................................3Relevant theories and framework of relationship marketing.......................................................4PART B...........................................................................................................................................5Market Communication Plan for building relationship...............................................................5CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONRelationship marketing is defined as a strategy which is basically designed for fostercustomer loyalty and it is done through interaction and this ultimately assists in long termengagement. Thus, main aim of relationship marketing is to create a strong customer connectionwhich can gradually provide benefits to ongoing business (Sullivan Mort, Weerawardena andLiesch, (2012). Therefore, relationship marketing is very useful in developing better relationshipwith potential customers. Present assignment will focus on basic role and responsibility ofrelationship marketing within international context. It will be further supported by a literaturereview and relevant material. Other than this, a marketing/ communication plan will bedeveloped in order to build relationship. As a result it will help in enhancing knowledge andinformation related to relationship marketing. PART ADefinition of relationship marketingIn this market area where there is tough competition between companies maintaining arelationship with customers is very important. Concept of relationship marketing is not a newphenomenon it is basically based on set of interaction and networks. In terms of definition, manyresearcher and scholars however tried to find out or explained the concept of relationshipmarketing but unable to provide a standard definition. According to Kotler, relationshipmarketing is determine as a practice which is adopted by most of the companies so that long termrelationship can be maintained with customer, suppliers, distributors etc., In his definition Kotlerfurther opines that with the help of relationship marketing company can establish goodmarketing network which may consist of stakeholders, ad agencies, suppliers, distributors etc.,Therefore, it can be said that if a company has good relationship with its consumers and otherpersonnel who play a crucial role in running business than firm can sustain in the market for alonger period of time. Therefore, according to the standard definition relationship marketing is considered as atwo way communication process which is generally between customers and company. Thus,according to seminal research done by (MacInnis, Park, and Priester, 2014) states thatrelationship marketing is based on mutual cooperation different with transactional which mainlyfocus on paying little attention to customer needs and wants. Henceforth, it is important that1
company focus on maintaining and creating a better relationship with stakeholders so thatmaximum benefits can be gained. Basic tenants of relationship marketingAccording to (Samaha, Beck, and Palmatier, 2014) states that most of the companiesincorporate relationship marketing so as to establish long term relationship with its customerswho are new as well as old. In order to do the same, relationship marketing consist of variousmarketing activities so that trust can be developed. Other than this, it is crucial for companies toexceed and work according to the expectation s of customers so that relationship can be retainedor maintained. As per the view point of (Akaka, Vargo and Lusch, 2013). in relationshipmarketing both sellers and buyers are important because they are the one who set or shape theoutcome of the goods which are offered by the firm in the market area. Relationship marketing isbased on 5 core principles and these are reciprocity: Zimmerman and Blythe, 2013) opines that,reciprocity helps in making fair exchange between company and customers. For example: if afirm accepts business risk than other organisation will also tend to do the same or if a firm investcertain amount of money in strategies and plan than other company will do the same. Thus, itcan be said thatenterprise tries to copy business activities so that they can also get benefits asother firms are having. autonomy: according to the view point of (Goddard, M, and et. al.,2012) autonomy enables a person in making his/her own decisions not influenced by thebehaviour of any other individuals. So, it is important that a company have autonomy becausewithout this factor power struggle may created in regards to one party providing them unilateralconcession but at the same time it can act as a risk for other party who are not having any kind ofautonomy. Therefore, if a company enjoys great autonomy than they can bring best problemsolving skill in order to overcome with any kind of situation. Integrity: This defines as thecapability or consistency of decision making by company so that better outcomes can beprovided to customers. As a result, it will assist firm in maintaining a better relation withconsumers. Thus, as per the view point of (Christopher, Payne and Ballantyne, 2013) integrityhelps in preserving relationship as it assist in building trust. Loyalty: Relationship marketing isbased on loyalty because company manufactures goods which are for fulfilling the needs andwants of customers as it assist firm in sustaining the customers for a longer period of timeandlastly equity: it is one of the five principles of relationship marketing because it helps inmaintaining in trust in a relationship. In addition to this, it assist company as well as customers in2
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