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Marketing Management - Essay Example

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These relationships are aimed at ensuring that a business attracts and retains the customers that it desires. Exchange relationships are created in marketing through continuously…
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Marketing Management
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Download file to see previous pages Exchange relationships are commonly utilised as marketing strategies with the aim of ensuring that a business establishes viable links and contacts with customers, rather than focusing on making on-the-spot sale.
The use of this form of relations in marketing commonly results in relationship marketing as a business strategy, whose success is based on the fulfilment of the promises made to customers. A business must maintain commitment to the promises made to customers as a way of satisfying their needs, while still keeping their promises. The role of customer service representatives in this marketing strategy is critical to its successful application. A business must maintain a continuous relationship with the client as a way of retaining the customers by gaining their trust. Organisations commonly focus on delivering value to customers as a way of nurturing the existing relationship between them and the business. This approach of marketing is basically focused on attracting retaining and extending good and services to the desired customers.
Marketing metrics refer to elements that can be used to measure the effectiveness of the marketing strategies employed by an organization in achieving desired marketing objectives. A sales manager might consider reporting the following two metrics to ABC Services;
This can be defined as the cost incurred in convincing a customer to purchase services and products from a company. The costs considered include the product costs and the various costs involved in research and marketing before reaching the customer. This metric could be relevant to the company as it can be able to determine the markets in which to venture. While the market analysis might be critical, other factors like the value of customers to the company can also be established. This is essential in determining the amount of resources that a business can use to gain customers.
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