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Relationship Marketing - Essay Example

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Summary
According to Kotler (2003), relationship marketing refers to the practice of developing a long term satisfying relations with suppliers, customers and distributors in order to maintain their long-term preference to the business. The ultimate result of relationship marketing is…
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Relationship Marketing

Download file to see previous pages... The affiliates include the employees, customers, suppliers and distributors. He argues that, it is healthy for a business to establish a strong foundation that will retain its customers rather than trying to acquire new customers every time.
Relationship marketing according to Kanagal (2009) is a philosophy to change the eager customer behaviours and the implementations taking consideration of what the customers think about the company and what the employees should know about the customers. He adds that business should dwell on identification, establishment, enlargement, maintenance and modification of relationships with customers thus building both history and future.
According to the definitions, relationship marketing entails taking consideration of the channel to acquire new customers, nurturing and satisfying their needs. In satisfying customer’s needs, companies are able maintain their customers rather than trying to convince and attain new customers. It is clear that a good relationship with and knowing what they need fosters success in business.
In general, RM can be defined as a channel towards business success developed through building a strong foundation that maintains the stakeholders of the business. The channel considers engaging customer requirements, preference and tastes in an effort to deliver the best services that will retain them and create a bright future of the business.
Relationship marketing helps in building knowledge, preference and trust factor in customers. In the current world of technology, there is the luxury to know and decide on whom to trust in every purchase. Businesses need to step extra mile to create know, like and trust factor system (Morgan & Hunt, 1994). The system can be achievable through consistent activeness on social media networks, offline networks and websites. Responses and ability to interact with customers helps build a strong platform for the ...Download file to see next pagesRead More
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