Relationship Marketing in Global Context
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Added on 2020-10-22
Relationship Marketing in Global Context
Added on 2020-10-22
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RELATIONSHIPMARKETING IN GLOBALCONTEXT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Definition of Marketing..........................................................................................................1Transactional and relationship marketing..............................................................................1Relationship marketing in global context...............................................................................4Development of marketing.....................................................................................................6Postmodernism.......................................................................................................................7Customer relationship management.......................................................................................7Customer value proposition....................................................................................................8Dimension of consumer relationship......................................................................................8International marketing........................................................................................................10CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................18
INTRODUCTIONRelationship marketing refers to a facet of consumer relationship management that fostertheir customer loyalty and long term customer engagement as well as with the other partiesrather than focus on sale transaction. In global context, relationship marketing builds technical,economic and social ties among the parties due to rapid changing consumers' needs and theirdependence of the market. The organisation that focuses on relationship marketing ininternational context they are able to maintain the engagement with their potential consumersand value of the company globally.The study identifies the extant literature in international relationship marketing includinga depth study with relevant theories and models by Armstrong (2015). The review evaluatescritical differences between concepts and philosophies of relationship marketing and traditionalmarketing and how these theories contribute to the success in current business environment. TASK 1Definition of MarketingSteinhoff, (2018) Marketing is a set of management function that is responsible fordeveloping, communicating, promoting and delivering value to consumers and they are alsoresponsible for create benefits for the company and its stakeholders.Relationship marketingAccording to Armstrong, (2015) Relationship marketing is a component of the customerrelationship management that focuses on the creation of long-term customer loyalty andconsumer relationship. It is a strategy that designed to develop strong connection with globalconsumers with providing them open communication. The author stated that the aim ofrelationship marketing is to generate a strong connection and commitment with a specific brandwith clients. On the other hand according to Sheth, (2017) relationship marketing provides theorganisation with direction to improve, commercialise and set relation with consumer toestablished value for its client.Transactional and relationship marketingVerma, (2016) claims that the process of relationship marketing based on long termperiod whereas transactional marketing is based on short-term period. This approach iscomplicated and become more obsolete. The major difference between them is that transactional1
marketing is based on getting new consumers and relationship marketing is based on retention ofcustomers.Morgan, (2015)analysed that there are five levels of RM; Basic, Reactive, Accountable,Proactive and Partnership marketing and ten critical major roles that plays in Relationshipmarketing; supplier, distributors, end users, employees, financial firms, government, media,allies, competitors and public. It is influenced by various area of marketing comprises salemarketing, traditional marketing and marketing mix that includes price, products, place andpromotion, service marketing, etc.2Illustration 1: Transactional Vs Relationship Marketing(Source: Relationship Marketing Vs Transactional Marketing, 2019)Illustration 2: Five levels of RM(Source: Levels of Relationship Marketing, 2018)
ExamplesThe successful examples of relationship marketing is given by Baker, (2016) such asZara; Zara is an accessories and clothing retailer that was established in 1975. In the strategy ofrelationship marketing which Zara adapts marketing mix adaption and standardization in order togain the most effective outcomes and achieve. The company always try to deliver a consistentmessage in its organisational strategy that where it believes that customer is its focal point. Thecompany has created long lasting and mutually beneficial relationship with potential customersin all around the world. They adopt many techniques to gather customer preferences andfeedbacks that made the loyal more attached and loyal to the brand. Zara utilize RM strategy tocreate stable relation between customers and company.The another example is of Starbucks who are killing in this field. Their loyalty programallow users to load money onto the card of Starbucks to purchase drinks. They reward consumerloyalty and their incentives give coffee drinkers a reason to keep coming back for more.Customer Service and Relationship MarketingCustomer service is an important aspect while providing the customers with products ofvalue and ensuring better services. It is important that organisations play important role on3Illustration 3: Customer Serviceand Relationship Marketing(Source: Relationship marketing,2018)
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