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Lloyds Banking Group Entering Bangladesh - Case Study Example

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The author of the paper states that in light of the pedigrees tied to relationship marketing, it is essential that Lloyds Banking Group establish a formidable relationship with its customers, suppliers as well partners in a bid to espouse customer valuation…
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Lloyds Banking Group Entering Bangladesh
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Download file to see previous pages Gordon (1999) defines relationship marketing as an integrative approach that encourages contact with customers and meeting their needs in order to develop a good business relationship with them. However, Hunt et al (2006) suggest that relationship marketing includes all the marketing activities that enhance, develop and maintain successful relational exchanges in the market. As opposed to traditional marketing or transactional marketing, relationship marketing values long-term relationships with customers. It extends beyond the transactional mechanisms of marketing such as advertising and sales promotion. However, Hollensen (2011) suggests that transactional marketing perspectives and relationship marketing perspectives coexist separately. They can both coexist within the same marketing paradigm to improve the competitive position of a multinational corporation. Hollensen (2011) argues that relationship marketing should not be viewed as a replacement of traditional approaches by companies operating in a global environment; but rather as an integral part of the overall marketing management process of the company. There are certain differences between transactional marketing and relationship marketing as identified by different theories and researchers. First, transaction marketing is oriented to single sales while relationship marketing is oriented to customer retention (Hollensen, 2010). In this regard, relationship marketing is suitable for companies operating in international markets where competition is high because it gives them a competitive advantage. Secondly, customer contact in traditional marketing is discontinuous while customer contact in relationship marketing is continuous (Muhlbacher et al, 2006). This indicates that relationship marketing enables companies to retain customers for a long time and enhance constant demand for their products. Thirdly, transactional marketing focuses on product features while relationship marketing is concerned with customer value. This ensures that an international company can satisfy and retain customers by using relationship marketing as opposed to a company that relies purely on traditional marketing. ...Download file to see next pagesRead More
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