The Impact Of Relationship Marketing On Cognitive Dissonance, Loyalty And Satisfaction

A marketing plan can be viewed as a roadmap in which an organization navigates through a sequence of steps in order to promote a service, goods, or program (Thomas, 2015) (May, Apr 12, 2012). Therefore, in order to initiate the occurrence of any marketing activity, it is vital to have a marketing plan to follow in the event to create awareness, attract customers, and to gain business (Thomas, 2015). In having a marketing plan, the organization must delineate their marketing initiative through a sequence of designated steps by strategically organizing, marketing activities while defining who will be their targeted potential customers (Buttell, Jan/Feb 2009). In meeting the strategic objectives of a marketing plan, it should

Given such a turbulent business environment, building relationships with important stakeholders is crucial to a firm’s well-being. Both customers and employees are major concerns for firms that want to develop loyalty and competitive advantages. The challenge for long-run success in business is to continually increase the customer’s dependence on the company to provide products in an environment of mutual respect and perceived fairness. Creating mutually beneficial exchange relationship with customers mean that both parties work together to understand needs and develop trust.

3.) Transactional marketing, in the perspective of luring the customer for a one off purchase, focuses strongly on price and short term benefits and product performance, with limited service. Relationship marketing is all about generating repeated sales and customer interactions, thus focusing on bringing value to the customer, and assuring long term performance and service, all aspects of quality become major concerns. Relationship marketing brings customer centricity to the spotlight. This vision has

Many marketers agree that by reducing customer’s to competitors defection by only 5 per cent, companies can improve profits by anywhere from 25 per cent to 95 per cent. There is no question this will be a great advantage and could benefit any retailer. It is for this very reason why consumer’s relationship marketing and using tools such as loyalty scheme is

When developing a marketing plan, it is imperative to discuss its purpose. Marketing Plans provide comprehensive blueprints of overall marketing efforts, requiring research, time, and commitment, helping to develop business products and services (Kristen 2013, p. 20). Without effective marketing clients are unlikely to approach businesses and ask for services, and the marketing plan is designed to meet the needs of the target market (Stephenson 2010, p. 238). Developing good marketing practices will help give customers an understanding of how products and services are better or different from competitors

Hannen (2001: cited in Reading Pack) said that keeping existing customers is cheaper than finding the new ones. However, the retailing industry is a ‘generic market’ and a lot of effort is needed to build meaningful relationships with the consumers.

One of the most expensive and difficult tasks facing any business is acquiring new customers. Acquiring a new customer can cost five times as much as retaining an existing customer. Research has shown that 2% increase in customer retention can decrease costs by as much as 10% for a business. To retain current customers, businesses engage in relationship marketing strategies to continually attract repeat

A well-developed marketing plan is an essential blueprint for a business to attain the prime financial support and consumer base it requires in order for it to develop and grow. A marketing plan’s detailed structure allows manager’s to define the business’ marketing strategies in clear and in-depth formats that feature a precise roadmap to future growth and expansion. A first class and properly structured marketing plan will guide the entire organization’s marketing actions and keep them focused and dedicated toward achieving the company 's overall goals and strategies.

In the context of relationship marketing, customer satisfaction is often viewed as a central determinant of customer retention (Henning-Thurau, 1998).” Customer satisfaction is one piece of the puzzle to and overall well-executed advertisement and essentially product. Advertising is important to the customer, who is the one who purchases the product after they have been made aware of the product’s availability. Advertising helps find the best fit for customers via product. Advertising is important to society because it helps to educate the masses. Advertisements go beyond the products and they address social standards and current issues, as well. There are many elements that make up a successful advertisement and or campaign.

5. RELATIONSHIP MARKETING: In this competitive era, companies are always looking for ways to develop and maintain a long lasting relationship with customers, employees and even suppliers. Relationship marketing is two way traffic; it goes beyond just making ‘sales’ and companies are beginning to realize. Good relationship with customers is a strategic weapon for any company, this is because long term customers buy more, do referrals and give back valuable and truthful feedback. Keeping a customer requires an extra effort. According to the founder of Walmart: “There is only one boss, the customer, and he can fire

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.

At the present time, in order to establish a product in the market, it is considerable for the business organizations to adopt unique marketing activities and strategies. A marketing plan can be elaborated as an integrated approach or process to deal with the dynamic business environment and foresee future. In addition, a marketing plan is also important to understand the varying consumer buying behavior, to serve them in a finest way and provide them a high level of satisfaction (Kotler, et al., 2013). The idea of marketing is associated with the introducing strategies and tactics to advertise

This paper discusses why building customer relationships is a key factor in the overall success of any business. The objective of developing customer relationships is to enable a business to learn who its customers are and what value they can bring to the business. As businesses look for new ways to strategically build their customers retention, a determined customer-oriented staff is imperative. It will increase customer satisfaction and loyalty because the entire service experience will be exceptional. Managers should therefore select, train, and reward employees who have developed great relationships with customers. This paper will show that when customer relationships are effectively utilized, results will increase profitability and greater customer loyalty, two key needs for any organization.

The goal of relationship marketing is to increase customer loyalty. Research proves the premise that loyal customers are actually more profitable. Loyal customers are less costly to serve, are usually wiling to pay more for brand choices than non-loyal customers, and act as word of mouth marketers for the company (Reinartz and Kumar, 2002).

The results provide support for the model and indicate that the concepts of customer satisfaction, commitment, confidence benefits, and social benefits serve to significantly contribute to relationship marketing outcomes in services