Every human interaction and transaction is built around relationships. Relationship Marketing has evolved as a marketing strategy as well as the foundation on which the companies build their core values.
Articles on Relationship Marketing
This articles describes the background, theory and scope of relationship marketing.
Though the industry experts talk about Relationship Marketing being a new age phenomenon, we can see that ever since man began to engage in trading and commerce, he has based his business activity on relationships.
An organization has to maintain healthy and fruitful relationships with not just with customers but also with external and internal stakeholders. These relationships are intervened over various networks, association, and information management.
Relationship Management holds the centre stage to designing Marketing as well as communication strategies of the organization. Lets understand the importance of Relationship Marketing in detail.
This articls explains how relationship marketing can be utilized to the fullest in certain types of market and develop customer relationship to business advantage.
CRM is the enabler of Relationship Marketing in any Organization. While Relationship Marketing (RM) works at a strategy level, CRM helps in implementation of the Strategy.
Organizations need to properly manage the relationship between the stockholders, employees and the customers who provide the reason as well as the resources for the Organization to exist and grow.
In this section we shall examine a few of the aspects of relationship dynamics that the Organizations have got to invest into.
Relationship Marketing is a strategic approach that the Company adapts as its core philosophy of business relations with its Customers as well as Suppliers, Internal Customers as well as all other intermediaries.
For many Organisations the customer is God. Academicians have defined Marketing as the art of - Creating and Sustaining Network of Relationships.
The rise of the internet and electronic commerce has changed the way in which customer and company interact with each other.
An organization has to manage relationships across a broad spectrum of stakeholders. One of such stakeholders is the employees of the company. This is referred to as internal market.
An organization is concerned with maintaining a healthy relationship with suppliers and customer, with whom they interact daily. However, for an organization to be successful, it has to maintain healthy and fruitful relation with all the stakeholders.
The concept of relationship marketing is embraced at the Corporate level and implemented through all departments covering both internal as well as external customers, suppliers and other agencies that the Organization engages with.
Supplier relationship plays important role in determining success of the organization. Many marketing theories have been developed around the downstream component of supply chain i.e. distribution networks.
The need for keeping the cost low and make the business viable has thrown open several options for the companies as far as the product development and production goes. Lets understand the importance of relationship with the suppliers.
Depending upon the product, market and the business model, an organization would be engaging with franchisees, whole dealers, stockists, booking agents, warehousing partners, distribution partners etc.
Organizations are today faced with many challenges due to which they are constantly reviewing and building new strategies. Lets understand the link between Relationship Marketing and the Organizations Business Strategies.
Organizations who have adapted policies to participate in the process of reduction of waste and pollutants as well as reducing carbon footprint have realised the benefit of talking about their green initiatives.
Many of us confuse Relationship Marketing with CRM, but in reality CRM is the tool used by relationship marketing practitioners. The article discusses in detail about CRM as a relationship marketing tool.
Organizations employ methods to manage relationships within as well as with all other stake holders related to its business notwithstanding the external bodies like Government authorities, media as well as the society at large.
As the world has moves towards globalization, organisations have had to keep pace with the external environment. Total Quality Management concept has been the most popular tool to build bridge between internal customers as well as external customers.
Marketing Managers are increasingly depending upon Relationship Marketing strategies to build and extend relationships with their customers.
Organizations that have understood the value of investing into Customer Relationship have been able to evolve strategies to increase the Customers dependence on their products and services.
The starting point of any Marketing Strategy will ideally be, to describe the Relationship that the Organisation proposes to build with its Customers.
The legal costs of Companies have increased dramatically for they have now to maintain legal cell in house as well as seek legal advice from the experts in all cases concerning their business.
Relationship marketing is a modern concept. This concept focuses on developing, maintaining and retaining long term relationship with customers for the benefit of the organization.
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