The Idea of Relationship Marketing - Essay Example

The basic fundamental of this format is to develop an understanding of the customer's views and needs thus it would enable the seller to provide a wide range of articles or service for a longer-term. There are six fundamental principals of fundamental markets that are identified by Adrian Payne of Cranfield University in 1991. These are customer markets, influence markets, referral markets, recruitment markets, supplier markets, and internal markets. (Fletcher, 2003)But there are specified criticisms to the approach of relationship marketing.

According to this approach could hardly be evaluated as marketing. This is because this form defies the basic notion of marketing principle which states that the duty of the market is to understand the need of the customer in the first place and provide the solution. On the contrary relationship, marketing could be enumerated as an extended variation of management, persuasion, and public relation. (Lamb, 2004)However, it could be stated in this context that the approach of relationship marketing is basically and theoretically on the opposite end of the traditional form of marketing.

It could be mentioned that in the case of traditional marketing there are low or no customer service preferences. Under the framework of traditional marketing, all the concentrations are focused on the aspects of product features whereas the approach of relationship marketing shows us the importance of product but without too much emphasis on it. The approach of relationship marketing looks into the matter of long-termed contact with the customer but under the traditional framework, the concept of customer contract is very limited.

(Kar, 2006)In the conclusion, it should be mentioned that the approach of relationship marketing is a whole new concept in contrast with the traditional form of marketing but it is a fact that the approach of relationship marketing is here to stay in the 21st century. This is an approach of the future and with sustaining markets all over the globe it is obvious that this concept of relationship marketing would be evolving into a successful format or approach of marketing. (King, 2001)