Relationship Marketing

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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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