Module : Relationship Marketing ( Bmkt311 )

Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).

The second responsibility of marketing is to keep the customers the company acquires and grows the value of these customers. Customers who are not buyers are an expensive and ultimately disastrous liability. Such a situation indicates serious problems and hinders the ability of the firm to create leverage. Key performance indicators related to this include: Frequency and Recency of Purchase; Share Of Wallet: Purchase Value Growth Rate; Customer Tenure and Customer Loyalty and Advocacy.

1. How can companies deliver customer value, satisfaction, and loyalty? 2. What is the lifetime value of a customer, and why is it important to marketers? 3. How can companies cultivate strong customer relationships? 4. What is the role of database marketing in customer relationship management?

Building a loyal customer base is a primary goal for companies of all sizes around the world. The benefits of having a customer retention department were assessed during this research. To achieve this goal, companies need a systems infrastructure that provides detailed information on each customer’s activities and allows them to proactively analyze and anticipate customer dissatisfaction. Well-trained and empowered agents can retain the vast majority of their customers. The challenge is to give agents the support, information and flexibility they need to get the job done, while having a management team in place to

It is imperative to satisfy customers and give them an amazing experience at the company. While it cost less to sell to existing customers and companies can increase profit by selling to the same customers; if customers are satisfied, there is more chance they will come back for more services or products. Satisfied customers are a free marketing for the company. However, it is the opposite if customers are dissatisfied. Dissatisfied customer will tell 8 to 10 people about his or her experience (O’Brien, A & Marakas, G. 2004). If by any reason, representatives see that the customer is not satisfy, they should act fast and fix the problem. Furthermore, there is more chance for sale representatives to sell to an existing customer that to a new customer. A good strategy for customer retention is to reward good customers. Companies can easily do

In a narrower business contexts ,marketing involves building profitable ,value landed exchange relationship with customer .Hence we define marketing as a process by which companies create value of customers are build strong customer relationship in order to capture values from customers in return .

In order to survive in the competitive business environment organisations have to concentrate upon strengthening their consumer’s satisfaction strategies for ensuring consumer loyalty in the long run of business. In order to incorporate a long term customer retention strategy, organisations are in immediate need for assessing and unveiling the reasons and elements prior to the designing and implementation process of the consumer retention programmes. The importance of consumer loyalty could be

Customer Satisfaction and Loyalty has become, throughout years, not only an important marketing tool but also an integrated part of a company structure. Competition has become fierce and competitors in a market are trying constantly to prove that their products and services are better than others. Therefore, being able to satisfy and retain customers will definitely create a competitive edge over competitors but will also reduce cost while creating long term relationship with customers.

Content marketing is the art of communicating with your customers without selling. It is known as non-interruption marketing. Businesses believe that by delivering consistent and valuable information to its customers that they will be awarded with the buyers loyalty. This must be true as some of the greatest organizations in the world use content marketing such as Microsoft, P & G and Cisco

When customers are feeling satisfied with what a company is doing, then they will be the loyal customers for the company and helps to build good image and reputation of the company when people see that particular company has a lots of customers and its products sales so good. Marketing and public relations are also required to do survey to more understand the needs and wants of the public. (http://www.amazon.com/Public-Relations-Principles-Philip-Kitchen/dp/1861520913/ref=sr_1_1?s=books&ie=UTF8&qid=1448569626&sr=1-1&keywords=public+relations+philip+j.kitchen) Coca-Cola company shows that customers are at the heart of everything they do. Coca Cola also means that customer preference is a core value of their business. For the company, building true partnerships that create value and profitable growth for Coca cola’s business and customers are important. They aim to be the preferred supplier to all of the customers by finding new ways to get win-win situation in the

Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.

Modern marketing revolves around the Customer. It is an old and by-now universally accepted concept that the Customer is the King.

© 2010 Macmillan Publishers Ltd. 1741-2439 Database Marketing & Customer Strategy Management Vol. 17, 3 / 4, 247–256

Marketing plays an important part in successful business undertakings role. The way one markets one’s business will determine one’s level of success or failure process. The major factor to successful marketing is to know the customers’ demands, supplies, and mindset. They are the ones to determine whether one stays in business. Look for ways to gather as much insight and suggestions from customers in positive situations as much as possible. Ask for their advice, problems, and insights in every opportunity you have.

“Marketing is the management process for identifying, anticipating and satisfying customer requirements profitably” (Chartered Institute of Marketing). Marketing is the process of planning and executing the conception, goods and services that create exchanges that satisfy individual and organisational objectives. The customer is the most important person to any business, this Assignment will allow me to analyse the important strategies that a Business uses to ensure Survival Growth.