Description
Define relationship marketing and how it might fit into the mission or vision for any given product in the overall organizational plan. How can the promotional mix elements use relationship marketing to increase customer satisfaction with a brand? How will the consumer buying process differ in a business-to-business (B2B) vs. business-to-consumer (B2C) environment?
Beena Shaji
Jan 11, 2024, 7:01 PM
Submitted
Define relationship marketing and how it might fit into the mission or vision for any given product in the overall organizational plan.
Relationship marketing can increase a business’s chances of achieving its vision and mission for a given product by providing helpful information about customer needs and changing market trends. Firms mainly use relationship marketing to understand the needs of their customers better and provide tailor-made services that can address them. By building solid relationships with customers, a business can retain them in the long term and, as a result, continuously evaluate the value they get from a product or service they purchase (Khan et al., 2022). Most firms have a vision of providing the best possible goods or services to their customers and keeping up with changes in their industry. Relationship marketing can make it easier to achieve these goals by providing a company with detailed information that can be used to align its operations with customer needs.
How can the promotional mix elements use relationship marketing to increase customer satisfaction with a brand?
Aspects of the promotional mix, such as advertising, can use relationship marketing to ensure customers have a better understanding of the features of a product and the value they stand to gain from using it. Customers may not be fully aware of the different ways a product can be beneficial to them. Advertising and other aspects of the promotional mix can make them aware of this, leading to improved brand satisfaction. The buying process in B2B markets requires more information when compared to B2C markets.
How will the consumer buying process differ in a business-to-business (B2B) vs. business-to-consumer (B2C) environment?
In B2B markets, firms often conduct more detailed research and evaluate all aspects of the product they intend to buy before making a decision (Hall, 2022). In such cases, relationship marketing will be effective in ensuring all needed information is available. In B2C markets, buyers take less time to decide and may only evaluate one or two aspects of the product they intend to buy. Relationship marketing is, therefore, crucial in both markets and speeds up the purchase process.
Beena Shaji.
John Troutmanreplied toJohn TroutmanJan 11, 2024, 9:30 PMRead
RE: DQ 1 Relationship MarketingHey Beena and Class:
Beena: Appreciate your input with Bible verses related to our Relationship Marketing topics. Even if a company has competitive sales reps, they must help each other at some point to achieve team goals.Hey Class,In searching for some video on relationship marketing, there’s a lot of junk (as expected on Google / YouTube). We have to be careful with certain phrases in marketing that are abused. Relationship marketing is one of them. Example: Relationship marketing is NOT where you promote other people’s/company’s products and services online – this is affiliate marketing.This video gives us a brief snapshot (2 min, 35 sec) of Relationship Marketing: https://www.youtube.com/watch?v=wl6YCDZt07o
When you think of Relationship Marketing in this sense, what products / services do you first think of ?Thanks,
Professor John TroutmanReferenceMorin, M. (2018) Relationship marketing. [Video}. YouTube.
