In a general sense, the harmony of love and affection is known as a relationship. It can be a common platform that is created among all.
Different types of beliefs are included in a wide range of synonyms, and there can be a lot of variations.
Being able to trust and believe a person with whom an individual has a relationship is the most important element of the bonding, and thus a need for a uniform framework is identified.
Having a constant interaction for a fairly long time is fundamental to a relationship.
The incidents in which there is only a one-time association, like buying a car from a dealer, will not be considered as a relationship.
Frequent interactions between dyadic parties constitute to form a relationship.
Identifying and retaining potential customers, making networks with them, and strengthening these networks through individualized, interactive sessions over a long period is known as Relationship Marketing.
According to Professor Philip Kotler, “Relationship marketing is the process of building long term, trusting, and win-win relationship with customers, distributors; dealers and suppliers.
Over time, relationship marketing promises and delivers high quality, efficient service, and fair prices to the other party.
It is accomplished by strengthening economic, technical, and social ties between members of two organizations or between the marketer and the individual customer”’.
According to Peter Drucker, “The basic purpose of an organization is to create customers and retain them.” And marketing is the broad functional discipline, which can do this.
In response to the general view of the transactional model of marketing, there has resulted in a growing concern for customer retention, or to say the new focus on the newly emerging concept of relationship marketing.
According to Morgan and Hunt, “All marketing efforts directed towards establishing, developing, and maintaining successful relational exchanges’.
According to Moller and Wilson, “Relationship marketing is about understanding, creating, and managing exchange relationships between economic partners; manufacturers, service providers, various channel members, and final consumers.”
The various important aspects of relationship marketing are stated below:
- There is a shift in the interaction between suppliers and customers from a transactional contact to a more relationship-focused bonding.
- Along with providing better customer satisfaction, relationship marketing also targets to improve the lifetime value of certain customer segments.
- Along with working in the internal market and building and strengthening relations with it, relationship marketing also focuses on maintaining relations with the external market, i.e., with suppliers, customers, recruitment agencies, etc.