T3 DQ1

docx

School

Grand Canyon University *

*We aren’t endorsed by this school

Course

MKT 607

Subject

Marketing

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by marykogut2

Relationship marketing is also referred to as customer relationship marketing and the main focus is to create customer loyalty, interactions and long term relationships ( Olenski, 2013) . They do this by providing customers with the information that meets their desired needs and interests by encouraging open communication (Olenski, 2013) . Olenski (2013) states that relationship marketing is a brands ability’s to create an emotional connection with the consumers. When organizations are writing missions statements and envisioning what they want their organization to look like, one of their first thoughts should be their customers, what target demographic they are trying to reach and how they are going to attract and maintain customer loyalty. They could do this by offering customer loyalty programs, discounts, promotions, or new customer incentives. Once companies have attracted the customers, they can deploy things like polls, surveys, and social media to interact with the customers (Rouse, 2019) . This could create a positive and lasting relationship with customers, it also shows them that their thoughts and opinions matter and it could also help the organization with improvements on their products or services (Rouse, 2019) . Customers have the potential to become the greatest advocate that a business can have (Rouse, 2019) . If the customers have a positive experience, they are more likely to recommend that product or service, potentially reducing marketing and advertising costs (Rouse, 2019) .Mixing elements of branding and advertising in relationship marketing can help with customer satisfaction (Kotler and Keller, 2016). Branding and advertising encompasses many different facets from the four P’s of marketing and this mix helps create a better opportunity to retain customers by discounts, advertisements, memberships and programs (Kotler and Keller, 2016). Kotler, P., & Keller, K. L. (2016). A framework for marketing management (6th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall. ISBN-13: 9780133871319 Olenski, S. (2013, May 30). This Is The Most Important Word When It Comes To Relationship Marketing. Retrieved May 2, 2020, from https://www.forbes.com/sites/marketshare/2013/05/09/this-is-the-most-important-word-when-it- comes-to-relationship-marketing/#7517726169e6 Rouse, M. (2019, July 17). What is Relationship Marketing? - Definition from WhatIs.com. Retrieved May 2, 2020, from https://searchcustomerexperience.techtarget.com/definition/relationship-marketing

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