2. Definition of Holistic Marketing
3. Relationship of Marketing
3. Marketing Partners
4. Members of Marketing Community
4. Integrated Marketing
1. Marketing Mix
2. Buyer’s Point of View
5. Internal Marketing
1. Marketing Functions
2. Other Departments
6. Social Responsibility in Marketing
1. Profit Responsibility
2. Stakeholder Responsibility
3. Societal Responsibility
The aim of ...view middle of the document...
“Relationship marketing is to identify and establish, maintain and enhance and when necessary also to terminate relationships with customers and other stakeholders, at a profit, so that the objectives of all parties are met, and that this is done by a mutual exchange and fulfillment of promises”. (Grönroos, in Harker, 1999, p.16.). This is completely different from traditional direct marketing which focuses on immediate sales instead of seek on relationship endurance (Copulsky and Wolf, 1990).
In addition, it intends at building the long-term relationships with both the Customer Relationship Management (CRM) and Partner Relationship Management (PRM) in order to gain and maintain the business. There are four key elements as follow:
3.1 Customers: Customers should be considered at the most priority in relationship marketing. According to Galbreath (2002), the attracting new customers expense is higher than seven times retaining them. In order to boost up the purchasing times and company revenue; the company ought to invest in locating and acquiring the potential customers by creating the comfortable and convenient sensation for their loyalty customers.
Example: The staff at eyewear store gives the Member Card to customers after asking some personal information. After a while, they may make a phone call to ask whether he or she may interest in some special deal in their store. Thereby, in some special occasions such as birthday, New Year, they would send the voucher or gift cards to customers. It shows that the company cares about the existing customers and wants to build the long relationship with them.
Nevertheless, it also depends on what type of products such as convenient or exclusive products. This is because if the company sells the exclusive products in some selected stores, it should be easier to keep in touch with their customers than the convenient products that could be found anywhere. Hence, cost is also the big issue for the company to keep in touch with their customers. Moreover, the company has to invest in finding and obtaining the potential customers by forming the comfortable, convenient and valuable for them.
3.2 Employees: Nowadays, even the rapidly advance in technology all over the world, the human resources is vastly affect to all the company activities and are considered as the key element in an organization’s success. Therefore, most companies acknowledge the importance of their human resources in creating a successful business so that they have to establish special policies in attracting and keeping qualified staff as long with the company’s performance. If the workforces are more linked to the market, the organization may have more chance to fulfill their customers as well. Briefly, satisfied employees make for pleased customers.
3.3 Marketing Partners: Nowadays, supply chains have become the competitive edge of many companies in the 21st century (Newton,...