Relationship Marketing Assignment (DOC)
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Added on 2020-04-15
Relationship Marketing Assignment (DOC)
Added on 2020-04-15
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Relationship Marketing in a global context.Student Name:
Table of ContentsIntroduction................................................................................................................................2Marketing...................................................................................................................................2Transactional and Relationship Marketing................................................................................2Five stages of relationship marketing........................................................................................3Trust theory of Relationship Marketing.....................................................................................4International Marketing..............................................................................................................5Strategies of International Marketing.........................................................................................6Social culture aspects of international marketing......................................................................6International marketing communication....................................................................................7Marketing communications plans to build relationships...........................................................7Formal communication plan....................................................................................................10
IntroductionRelationship marketing can be defined as the facet of customer relationship management(CRM) that aims at loyalty of the customers and engaging customers for a long period insteadof short period such as gaining new customers and individual sales. The main objective ofrelationship marketing is to make hard core customers for their brand and they want to createan emotional connection with the customer which can ultimately lead them towards growthof the business (Berry, 1995). As the new era of marketing consist of rapid changes in theneeds of customers and high dependency of customers on the market products, therelationship management plays very important role to cover these requirements of thecustomers. According to porter, (2008) to increase the corporate competitive advantage inany field, maintaining the good relationship with the customers is very significant. Thisreport aims at critically analysing the development of relationship marketing with in aninternational context using key theories and framework.MarketingMarketing can be explained as the promoting and selling goods and services which alsoinclude market research and advertising. According to Kotler and Armstrong (2010),marketing is the process by which companies create value for customers and build strongcustomer relationships in order to capture value from customers in return. According toAmerican Marketing Association (2004) Marketing is the activity, set of institutions, andprocesses for creating, communicating, delivering, and exchanging offerings that have valuefor customers, clients, partners, and society at large (Armstrong, Kotler, Harker & Brennan,2015).Transactional and Relationship MarketingBerry in (1983) claims that relationship management focuses on attracting customers andmaintaining the relationship with the customers. According to Buttle (1996), the transactionalmarketing can be defined as the marketing which focuses on getting one over without anyconsent of the consumer and he also establish the new relationship marketing paradigm. Fromthe point of view of Palmer (1996) relationship marketing is being used for traditionaltransactional strategies as a smokescreen. Doyle (1995) argued that the goal of the corporatesis to maintain good relationship with customers that will further increase the growth and
profits. Distinguish between the relationship marketing and transactional marketing on thebasis of customer retention and gaining new customers well defined by the write Payne in1994.Five stages of relationship marketingThere are five stages of relationship marketing as shown in the above diagram. These stageshelp to build a good and long-term relationship with the customers. It can be explained asfollows:Share: Under this stage the seller have to share the information about its brand to promote theproducts. The sellers make sure that the right information is to be exchanged with thecustomers (Bush, 2014).Attract: This stage includes the strategies to attract the customers. Under this stage sellerspersuade and attract the customers by providing them benefits of purchase.
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