Relationship Marketing Essay

This essay comprehensively examines relationship marketing, defining it as a systematic process for building long-term customer relationships by providing high-quality goods and services. It highlights the crucial role of relationship marketing in today's competitive business environment, emphasizing its contribution to improved internal operations and enhanced customer service. The essay details several key roles of relationship marketing: guiding the firm towards a favorable 'movement of truth,' improving profitability through customer satisfaction and employee relations, building partnerships with external stakeholders, protecting customer emotional well-being, building trust, facilitating word-of-mouth referrals, and creating new business opportunities. The essay also outlines the process of relationship marketing, including focusing on customer needs, active listening, readily available customer service, providing free information, and personalized greetings. Finally, it acknowledges limitations of relationship marketing, such as potential neglect of new customers, the risk of negative information ruining campaigns, and the possibility of relationships becoming overly close, hindering operational efficiency. The conclusion underscores the significant importance of relationship marketing in achieving business success through improved customer satisfaction, sales, and profits.

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ROLE OF RELATIONSHIP MARKETING
August 9th, 2019
ABOUT RELATIONSHIP MARKETING
Relationship marketing is being regarded as the systematic process of forming long
term relationship with the firm’s buyers. In other words, it can be defined as Relationship
marketing is being considered as the activity that fosters the loyalty of customers by providing
them a high quality of goods and services.
Herein, it can be said that in today’s highly competitive business environment
relationship 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, it
also helps in the task of improving the services given by the firm to its respective buyers. It has
been examined that there are many customers who make a decision to leave the firm not because
of the fact that they do not like the product of company but due to the type of services which is
being offered by the firm to them.
In this context, nowadays buyers always needed quick response in relation to any type of
services which they are getting. The buyers of today have become so impatient that they cannot
wait for 1day with an aim to get the response for the asked query. Thus, it is because of the
presence of the given aspect only there is a need for relationship marketing is being arisen in
front of the manager of the organization. In this section, we will get more detail about the role of
relationship marketing. In addition to this, the discussion will also be carried out upon the
limitations that are related to the concept such as relationship marketing in an effectual way.
ROLE OF RELATIONSHIP MARKETING
We know very well that relationship marketing has a very important role in the
corporation. 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 much
important aspect for the manager of an organization in an effectual way. The detail description in
relation to the role of relationship marketing is depicted below:
It helps in guiding the firm towards the movement of truth
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The movement of truth basically happens in the service industry. This is because; here
both service providers, as well as customers, are in direct contact with each other. It is through
this way only a firm is able to assess the specific need and demands of its respective buyers. On
the other hand, with the help of the concept such as relationship marketing, service
organization can virtually turn the movement of truth in its favor. This is due to the reason that it
is with the help of the given concept only, a firm is able to get detail idea about the need and
demand of its respective buyers. Thus, by providing the product to the customers as per their
desire, 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 relationship
marketing. In accordance with the given context, it can be said that the relationship marketing
model states that goods relationship type of approach leads an organization towards good
customer satisfaction and good quality of the product. The firm is able to produce high quality of
goods 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 effectively
understood the needs and demands of its respective buyers.
These both given thing will help in retaining the customers of the company for a longer
period of time. Thus, it is through this way only significant improvement can be made in the
profitability related condition of the company in an effectual way. Overall, it is very right to say
that 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 idea
about the things that are happening in the internal environment. Thus, by taking significant
actions in relation to the same, the firm improves its profit and sale.
Relationship marketing helps in building partnering
In order to achieve success in the highly competitive business environment, the manager
of the organization has to develop a good relationship with the external stakeholders of the
company also. The company’s external stakeholders include suppliers, government and
investors, etc. Here, with the help of relationship marketing, a firm is also able to understand
the needs of its suppliers as well as other stakeholders in an effectual manner. Further, the given
marketing will also help the company in terms of molding the decision of these stakeholders as
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per the tactical plans of the company. For example, the company has developed some product
and for this, it requires some special raw material within a limited time frame. Hence, with the
help of a good relationship with the supplier, manager of the firm is able to resolve its problem
within a limited period of time. Hence, the given thing will also have a positive impact on the
sales and profitability related condition of the organization in an effectual manner.
It helps in protecting the emotional well being of customers
It has been examined that relationship marketing, tends to play a very vital role in the
task of protecting the emotional well being of the customers. This is because; here efforts are
being made in terms of avoiding the deep dissatisfaction, efforts are also made in terms of
making a customer feel like important and here the private information of the buyers are also
handled in a very fair and effective manner. In addition to this, efforts are also made in terms of
maximizing customer care and sudden spikes in the demand are also managed in a good manner.
Additionally, the firm that practices relationship marketing also makes sure that it
should not give harm to the prestige and well being of its respective buyers. Thus, it is because of
the all given type of efforts from the side of firm only, the customer will also fulfill their
responsibility towards seller that is to give honest feedback in relation to the type of services
given by the firm. It is through this way only a firm is also able to develop the huge base of loyal
customers in an effectual way.
It also helps in the task of building the trust of customers
It can be said that trust is being regarded as the major foundation of relationship
marketing. The concept such as trust will make sure that the relational exchange should be
mutually beneficial, as the good intentions of the partners should not be in doubt. The buyers
who tend to buy the black-boxing type of services are being benefited by the development of
trust and existence in an effectual way. In addition to this, trust is also build up because here
whatever thing which firm promises to its respective buyers will be given to them. The given
thing will also help in the task of creating a loyal base of buyers.
It helps in giving assistance to the concept such as word of mouth referrals
Word of mouth is being regarded as a type of promotional policy in which the customer
of the firm themselves perform the advertisement for the firm’s product. Here, with the help of
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relationship marketing, the given form of marketing will become more effective. This is due to
the fact that with the help of relationship marketing, the customer will find themselves more
connected towards the company. As a result of this, they will always try to perform the
promotion of the firm’s goods and services whenever they tend to get the platform for the same.
In addition to this, it is because of a good relationship with the firm only they will always try to
avoid the negative publicity of the organization. Thus, it is very correct to say that relationship
marketing helps in the process of attaining marketing goals and objectives of the corporation in
an effectual manner.
It helps in creating more business opportunity
By using the concept such as relationship marketing, manager of the firm is able to
develop the skill of building a relationship with others. However, in the task of expanding the
operation of a firm good relationship tends to play a vital role. Here, it is through this way only a
manager of the firm is able to get the proper idea about the market where it can expand its
operation. On the other hand, a good relationship with the stakeholders also assists the firm in the
process of avoiding all the problems that tend to occur in the way of enterprise in an effectual
way.
PROCESS OF RELATIONSHIP MARKETING
Now we will discuss the process which is being used by the company with an aim to
implement the concept of relationship marketing in the firm. Here, detail description will be
given about the steps which are being followed by the company.
 Focusing on customer needs: The process of relationship marketing begins with
focusing on the needs of the firm’s buyers. In this regard, with an aim to form an
effective relationship with customers, it is very important for a firm that it should make
them feel that it is making effort in terms of assessing needs of its respective buyers.
 Listening to the prospect: The concept such as listening is being considered as an
effective approach with an aim to form the relationship between buyers and sellers of the
company. In accordance with the given aspect, here in the respective phase, the manager
of the firm has to give assurity to its respective buyers that it is listening to each and
every aspect that buyers are communicating to them. The company needs to give proof
of the same. However, this can be done by making changes in the company’s products
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and services as per the needs of the buyers. Hence, it can be said that it is through this
way only a firm is able to build up trust between buyers and sellers. Thus, trust is being
regarded as the major key for the purpose to build the long term relationship between
two individuals such as buyers and sellers in an effectual way.
 Always available: It is being regarded as the major responsibility of the company that it
should always available to the customers whenever they are facing any kind of problem.
In this regard, it has also been seen that a firm that does not give an active response in
relation to the query which is being put up by its customers, tends to lose its customers.
The quick response from the side of the firm will give buyers a feeling that an
organization will always keep them up against all kinds of issues and problems. This will
lead to form an effective relationship between buyers and companies.
 Offer free information: In the respective step, the manager of the firm needs to show
some efforts. Herein, an organization will have to make efforts that it should always
keep its respective buyers informed about all kind of information in an effectual way. In
this regard, an organization should give weekly information about the type of changes
that it is performing in its operation and varieties of products that it is launching in the
market, etc. This will also assist in the process of building an effective relationship
between buyers and sellers in an effectual way.
 Personalized greeting: The given step is used with an aim to make the customers of the
company very much special. It is the responsibility of the firm that it should always give
a personalized greeting to its buyers. For example, on a birthday a firm should given
birthday wishes to its buyers. Similarly, if some festival is there then in this situation also
a firm should give a greeting to its respective customers. Overall, it is by complying with
the given type of efforts only long term relationship between buyers and sellers can be
accomplished. The given thing will also assist the corporation in terms of fulfilling the
purpose of relationship marketing.
LIMITATION OF RELATIONSHIP MARKETING
Apart from different advantages, there are some limitations also that tends to entail about
the negative side of the concept such as relationship marketing. The details about the assessed
limitation of relationship marketing are given below:
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 New customers are not treated very well: In relationship marketing, the main goal of
the company is to retain its old and loyal customers at any cost. Thus, it is due to the
presence of the given aspect, sometimes firm ignores the new customers of the company.
On the other hand, in order to give a special feeling to the old buyers of the company, the
manager ignores the needs and demands of its new customers. The given thing will tend
to affect the company in the future when it will face difficulty in raising new customers
for the firm in an effectual way.
 Negative information can completely ruin the campaign of relationship marketing: In the
process of building long term relationship with the customers, sometimes firm tends to
share sensitive information with its respective buyers. Thus, the given type of thing will
have a significant impact on the relationship that exists between buyers and sellers. This
will also affect the profitability related condition of the company.
 Sometimes relationship becomes too close: A strong relationship with the buyers of a
company is a good thing however; if the relationship becomes too close then it is being
considered as a very bad thing for the company. For example, if the manager of the
company will give much attention to the needs of its respective buyers then in this
situation it cannot be able to put much concentration on the work or the task assigned.
The given thing will influence the overall operation of the company. This will also affect
the firm’s ability to give the best services to its buyers. Hence, these are some major
negative aspects that are related to relationship marketing.
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CONCLUSION
From the whole study, it can be concluded that relationship marketing has significant
importance in today’s scenario. This is due to the reason that with an aim to work in today’s
competitive business environment, the organization needs to gain a good idea about the business
environment. However, the given aim can be accomplished if the firm has the skill to develop a
relationship with the other. This will not only help in improving the satisfaction of the firm’s
customers but it will also assist in the task of improving the sales and profits of the company in
an effectual way.
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