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Relationship marketing is a form of marketing developed from direct response marketing campaigns that emphasizes customer retention and satisfaction rather than sales transactions. [ 1 ] [ 2 ] It differentiates from other forms of marketing in that it recognises the long-term value of customer relationships and extends communication beyond ...
The concept of relationship marketing (RM) was established by marketing professor Leonard Berry in 1983. He considered it to consist of attracting, maintaining and enhancing customer relationships within organizations. [2] In the years that followed, companies were engaging more and more in a meaningful dialogue with individual customers.
The concept of customer relationship management started in the early 1970s, when customer satisfaction was evaluated using annual surveys or by front-line asking. [6] At that time, businesses had to rely on standalone mainframe systems to automate sales, but the extent of technology allowed them to categorize customers in spreadsheets and lists.
Social exchange theory has served as a theoretical foundation to explain different situations in business practices. It has contributed to the study of organization-stakeholder relationships, supply network relationships, [59] and relationship marketing. The investment model proposed by Caryl Rusbult is a useful version of social exchange ...
Marketing concept: This is the most common concept used in contemporary marketing, and is a customer-centric approach based on products that suit new consumer tastes. These firms engage in extensive market research, use R&D (Research & Development), and then use promotion techniques. [46] [47] The marketing orientation includes:
Loyalty marketing – Marketing strategy; Business model – Description of how businesses operate; Strategic management – Planning for a company's responses to external issues; Brand engagement – Process of forming an attachment between a consumer and a brand; Relationship marketing – Form of marketing focused on customer retention
One of the most prominent reasons for relationship marketing comes from Kotler's idea that it costs about five times more to obtain a new customer than to maintain the relationship with an existing customer. [74] A relationship marketing approach seeks to maximise the value of all the potential exchanges an organisation could have into the future.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. [1] In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.