Relationship Marketing:
It is the process of building long-term, trusting, win-win relationship with customers, distributors, dealers & suppliers.
Peter Drucker has rightly said that, “the basic purpose of an organization is to create customers & retain them.”
Features of Relationship Marketing
- The interaction between suppliers & customers is moving from a transaction one to a relationship focused one.
- It emphasizes on maximizing the lifetime value of customer segments & enhancing customer satisfaction.
- Relationship Marketing is concerned with the working, developing & enhancing relationships within the organization & building substantial external relationship with customers, suppliers, referrals, source, influence markets & recruitment markets.
- Quality, customer service & marketing are closely related in relationship marketing.
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