New and Emergent Trends in Global Business - Annotated Bibliography Example

Name: Course: Institution: Date: New and Emergent Trends in Global Business Literature Review Introduction This literature review develops a critical focus of the an emerging trend in global business. In particular, the literature review explores on the aspect emerging concept of relationship marketing as one of the key emerging trends in global business in the modern market context. . The literature analysis evaluates the core influencing factors, as well as a list of supporting evidence to support raised arguments by the core evaluated article. Core Journal Analysis Palmatier, Robert W., et al. "Factors influencing the effectiveness of relationship marketing: a meta-analysis." Journal of marketing 70.4 (2006): 136-153. The journal article develops a special and critical focus on the concept and argument of relationship marketing. In order to understand the article arguments, it is imperative to understand and critically examine what is meant by relationship marketing. As the article authors rightly stated, this is a concept that has arisen and gained market popularity over the last decade. Gruen, Summers and Acito (36) described relationship marketing as the process by which organisations seek to market their products through the creation of a lasting relationship with the customers. This has been a major pillar for the use of the stakeholders’ management philosophy in organisations. In this case, the marketing approach is aimed at addressing the core customer needs through a pull marketing approach, rather than applying the traditional push marketing strategy. The core arguments of the study revolved around the factors affecting a relationship marketing strategy success. In this case, the study analysis pointed out that there are a number of factors both internal and external that impact on the nature and level of success of any developed relationship in the market between a seller company and the customers respectively. The first identified factor is the existing brand image and brand equity. A brand equity, as Berry (132) argued, it the conglomerate value that a firm reputation and brand has in the market. This is comprised of the intangible value that a firm develops in the market over a longer period of time of operations. The article argued that the level of brand equity had impacts on the type and level of relationships developed. On one hand, if a firm had a strong positive brand image, the emerging relationships were often strong and easy to develop. On the other hand, if a firm has low brand equity, it took a longer period of time for the marketers to develop and create substantial relationships in the market. The second pointed out the issue in the study as an influencing factor is the organisational marketing staff skills and qualities. The ability by the staff members to relate and interact with one another as well as with the entire population play a critical role. In this case, the staff cross-cultural relationship and management skills, as well as good communication, and especially listening skills are a vital relationships development component. As such, the employees and with good cross-cultural relationship and communication skills are bound to develop better and long lasting relationship marketing contacts than those with less communication and cross-cultural skills. The third identified factor in the study was the existing customer base couture. In this case, the study pointed out that the existing customer base culture, influenced the extent of relationship development and level of trust to develop. This is true because different cultures have differing levels of risk taking as well as the need for relationships. Similarly, while as some cultures are easy to trust, other take longer periods of time before they can trust and thus allow for the implementation of a relationship marketing strategy. The fourth discussed factor influencing the effectiveness of relationship marketing by the study was the organisational strategic direction and corporate culture. In this case, the analysis pointed out that an organisational culture plays a critical role in the success or failure of any applied operational strategy. As such, if the existing organisational corporate culture does not support aspects such as external stakeholders engagement as well as allow for investment and allocation of enough resources, in terms of finance and manpower to developing the relationships, such relationship marketing approach would not be effective,. On the contrary, if the existing organisational corporate culture was based on stakeholders’ engagement and inclusion, the probability for an effective relationship marketing development is exponentially increased. Supporting Journals Analysis Brand Equity Factor: Tax, Stephen S., Stephen W. Brown, and Murali Chandrashekaran. "Customer evaluations of service complaint experiences: implications for relationship marketing." The Journal of Marketing (1998): 60-76. The study evaluated the nature and extent to which customer complaints and relationships development were directly related to their perception of the brand equity. In this case, the study was based on the theoretical understanding that a brand equity and quality perception, although a perceived aspects in the market, influences on the manner and approach through which customers view a market. The study analysis indicated that there was a direct relationship between customer complaints and trust on an organisation and the existing brand equity. In this case, there were reported fewer complaints and negative reviews on organisations that had a positive brand equity in the market. These findings can be analysed to imply that through the development and existence of positive brand equity in the market, organisations increase their ability to develop positive relationships with the customer base. As such, this leads to the conclusion that through such positive brand equity, it is easy to develop and apply relationship marketing strategy. Thus, the study finding serves as a template to verify the other arguments developed by Marketing Staff skills and Abilities: Durkin, Mark G., and Barry Howcroft. "Relationship marketing in the banking sector: the impact of new technologies." Marketing Intelligence & Planning21.1 (2003): 61-71. The study offers a social focus on the role of staff skills and abilities in the development of relationships in relationship marketing strategies. In this context, the study evaluates a key arising and core skill for marketing staff; technology skills. In its evaluation, the study is based on the theoretical argument that the possession of the right skills by the staff enables the development and the implementation of successful relationship marketing strategies across the markets. In addition, although recognising the roles played by other skills, the study points out on the rising use of technology, both by business venture and the customers respectively. S such, it notes that besides the physical relationships, organisations can use and apply the available technology systems to develop functional, effective, and long-lasting virtual relationships with their customers in both the domestic and foreign markets. The study developed an empirical analysis if the banking sector. In essence, it evaluated the role played by employee technology skills and understanding. The study had an alternative hypothesis that the availability of key technology skills in technology management among the banking staff increased their probability for effective customer relationships development and marketing respectively. The study a focused on an evaluation of the opinion of the key executive bank managers. The Bankers developed a consensus agreement that one of the key technological tools that could be applied in the development of relationships was the internet, through internet marketing and social media communication. As such, there was an overall agreement on the need to develop employee technology skills. This could be further cited in the study developed by Tsitsi Chikandiwa, Contogiannis and Jembere (369). In this context, these supporting study arguments revealed that the banking sector had increased its investments and funding towards social media marketing and staff training on social media use and communication. The above findings serve as a confirmation basis for the earlier Robert et al (138) arguments. On its part, Robert et al (138) had argued that employee skills and understanding of relationships was vital in relationship marketing. However, the current study goes a step further to demonstrates through examples that the development of employee social media communication and management skills has been a major pillar in the banking industry relationship marketing strategy adoption. Thus, this leads to the informed literature conclusion that the level and nature of existing employee skills plays a key role in determining the level of success in relationship marketing adoption. Consumer market culture: Zhang, Sha Sandy, Jenny van Doorn, and Peter SH Leeflang. "Does the importance of value, brand and relationship equity for customer loyalty differ between Eastern and Western cultures?." International Business Review23.1 (2014): 284-292. The study offers an analysis of the differences between customer perception and regard for relationships and brand equity across cultures. The development of this study analysis is hedged on the argument developed that different customer segments and cultures would have differing implications. The study analysis was guided by the Hofstede cultural dimensions model. The model depicted the Eastern and the Western market cultures as different from one another. Ss such, the overall alternative hypothesis were that there would be the difference in the two cultures perception of on relationships. On one hand, the study established that the Western culture had a high regard for brand equity. In this case the culture considered and based their relationships on the reputation. As such, this made the culture easy to trust new brands in the market. This was a contrary finding to the Eastern culture. In this case, the culture was more oriented towards physical relationships in the market. This means that the culture was more loyal to already developed relationships. Consequently, this indicated that the culture was hard to gain and acquire trust form. In this case the study evidenced the earlier argument that indeed, different cultures have differing perceptions on relationships development. A critical analysis of the above-developed findings on the Eastern and western culture reveals a number of issues. On one hand, an evaluation of the findings of the Western culture indicates that a market reputation and a few positive references and incidences could be enough to create and establish a strong relationship with the customers; this makes relationship marketing in such a market an easy task. On the contrary, an evaluation of the Eastern culture indicates that in order to develop relationship marketing strategy success, an organisation requires developing direct relationships with the customers in the market. However, the major merit in this culture is that once the ventures develop a sustainable competitive market edge and relationships in the market, the risk of the customers breaking their relationships for new market brands is essentially reduced, making it an ideal approach on the market. Based on the above analysis is evident that diversity in culture determines the speed, entire and extent of developed relationship strategies across the globe. Organisational Corporate culture: Morgan, Robert M., and Shelby D. Hunt. "The commitment-trust theory of relationship marketing." The journal of marketing (1994): 20-38. The article is developed as an empirical analysis on relationship marketing strategies adoption success. On its theoretical analysis, the study argued that in order to enhance successful implementation of a relationship marketing strategy, organisations were bound to create a major theoretical and operational systems shift. In this context, the study argued that one of the core areas that required change was in the existing corporate culture, especially with regard to the organisational commitment and trust values. It hypothetically argued that in order to create a successful relationships marketing strategy, such practising organisations required a major corporate culture shift to encompass the elements of commitment and trust as their core values and pillars in all market operations. In order to actualise and validate the developed theoretical arguments, the study developed an empirical review on the differences between organisations that inculcated a culture of commitment and trust in their operations and those that do not; the overall alternative hypothesis for this study was that those with a commitment and trust culture would have more effective relationship marketing strategies. The study analysis evidenced that through the development and adoption of a commitment and trust corporate culture, organisations were able to develop and retain an effective relationship marketing strategy both in the short and long term periods. As such, a critical examination of the above article findings, illustrates that the study findings support the earlier argument by Robert et al (142) that the existing nature and type of an organisational culture plays a critical role in determining the level ad extent of a relationship a marketing strategy success. Thus, this leads to the literature analysis conclusion and recommendation that ventures aired applying and willing to apply relationship marketing as their main marketing strategy, should consider a corporate culture change. The corporate culture change should be geared towards creating an environment for cooperation and trust between the venture and the targeted customers in the market. Summary This literature review analysis has evaluated the different factors that affect relationship marketing strategy effectiveness in the global market. The analysis established that although there are many influencing factors, customer culture, brand equity, employee skills, and organisational corporate cultures are the key and major influencing factors. As such, the study develops the conclusion that organisations willing to develop long lasting relationships should ensure that the above mentioned four aspects are considered and catered for accordingly. Works Cited Robert W., et al. "Factors influencing the effectiveness of relationship marketing: a meta-analysis." Journal of marketing 70.4 (2006): 136-153 Tax, Stephen S., Stephen W. Brown, and Murali Chandrashekaran. "Customer evaluations of service complaint experiences: implications for relationship marketing." The Journal of Marketing (1998): 60-76. Durkin, Mark G., and Barry Howcroft. "Relationship marketing in the banking sector: the impact of new technologies." Marketing Intelligence & Planning21.1 (2003): 61-71. Consumer market culture: Zhang, Sha Sandy, Jenny van Doorn, and Peter SH Leeflang. "Does the importance of value, brand and relationship equity for customer loyalty differ between Eastern and Western cultures?." International Business Review23.1 (2014): 284-292. Morgan, Robert M., and Shelby D. Hunt. "The commitment-trust theory of relationship marketing." The journal of marketing (1994): 20-38. Gruen, Thomas W., John O. Summers, and Frank Acito. "Relationship marketing activities, commitment, and membership behaviors in professional associations." Journal of marketing 64.3 (2000): 34-49. Berry, Leonard L. "Cultivating service brand equity." Journal of the Academy of marketing Science 28.1 (2000): 128-137. Tsitsi Chikandiwa, Sarah, Eleftherios Contogiannis, and Edgar Jembere. "The adoption of social media marketing in South African banks." European Business Review 25.4 (2013): 365-381. Bibliography Berry, Leonard L. "Relationship marketing of services—growing interest, emerging perspectives." Journal of the Academy of marketing science 23.4 (1995): 236-245. Murdy, Samantha, and Steven Pike. "Perceptions of visitor relationship marketing opportunities by destination marketers: An importance-performance analysis." Tourism Management 33.5 (2012): 1281-1285. Pike, Steven, and Stephen J. Page. "Destination Marketing Organizations and destination marketing: A narrative analysis of the literature." Tourism Management 41 (2014): 202-227. Brettel, Malte, Steffen Strese, and Tessa C. Flatten. "Improving the performance of business models with relationship marketing efforts–An entrepreneurial perspective." European Management Journal 30.2 (2012): 85-98. Read More