Relationship Marketing

Relationship Marketing

Relationship marketing is an approach to marketing that focuses on building customer loyalty and establishing long-term customer engagement. While other traditional marketing methods focus on boosting sales, relationship marketing’s main goal is to maintain customers (Kotler & Keller, 2016). Relationship marketing recognizes that attracting a customer to buy a product is easier than retaining the same customers for a long time. Thus, this marketing method creates a strong, emotional customer connection to the brand; therefore, a firm spends less on advertising and marketing. Need help with your assignment ? Get in touch with us.

The mission of many business firms is to offer customers high-quality products at an affordable price. Firms strive to provide quality products at a fair price to appeal to many customers and retain them (Durmaz, Guvenc, & Kaymaz, 2020). Relationship marketing could be an effective tool in accomplishing the firm’s mission. Acquiring new customers can be challenging and costly; however, adopting relationship marketing could help retain a good percentage of customers in the long run (Kotler & Keller, 2016). Also, relationship marketing is important because it allows a business organization to maintain close contact with customers. Close contact with customers will enable an organization to learn how customers use the products, observe additional unmet needs, and even review customers’ feedback, which helps improve the product.

The marketing mix elements of branding and advertisement can employ relationship marketing to boost customer satisfaction through detailed descriptions of the products. When an ad adopts relationship marketing, the advertisers try to explain the products’ contents, ingredients, or specifications to the customers; thus, customers make more informed purchase decisions (Durmaz, Guvenc, & Kaymaz, 2020). This means that customers are satisfied with the products they buy because they get full information about the products before buying them. Secondly, advertisement as a marketing mix element can use relationship marketing to achieve customer loyalty (Kotler & Keller, 2016). When customer loyalty is met, a business organization can cut advertising and marketing costs, translating to lower product prices since a firm can sell them at discounted rates. Thus, customers can get their preferred products at a price lower than those of the competitors, leading to their satisfaction.

References

Kotler, P., & Keller, K. L. (2016). A framework for marketing management (6th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall

Durmaz, y., Guvenc, H & Kaymaz, S. (2020). The Importance and Benefits of Relationship Marketing Concept. European Journal of Business and Management Research. Vol. 5; No.4

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Relationship Marketing

Assessment Description
Define relationship marketing and how it might fit into the mission or vision for any given product in the overall organizational plan. How can the marketing mix elements of branding and advertising use relationship marketing to increase customer satisfaction with a brand?