关系营销及其在企业实体中的作用 Relationship Marketing 英语作文论文Word文档格式.docx

1、 A business establishment has to ensure that it is able to attract and retain customers for achieving growth, profitability, and sustainability. The importance of retaining customers into the business is of prime importance and hence for most of the business establishments, customer retention is mor

2、e essential than customer acquisition.A business entity achieves most of its profitability from repeat customers or the brand loyal customers that are retained into the business by implementing ethical and effective customer relationship management strategies. The customers need to be made to feel s

3、pecial and respected by the business entity that will keep them attracted toward the brand and restrain them from venturing away into some other rival brands.Therefore, it is the responsibility of a business entity to ensure that there are sound relationship marketing strategies and techniques that

4、are driven toward attracting the customers and retaining them into the business. Relationship Marketing with customersThe stronger the relationship between the business and its customers, more is the chance of achieving effective customer retention. Today, the supremacy and success of a business est

5、ablishment are measured through the customer retention rate that is achieved by the business on a year-on-year basis.Therefore, relationship building with the customers is a mandate that every business organization must undertake in order to keep the majority of the target customers attracted toward

6、 the brand. A relationship can be developed with customers through the implementation of diverse strategies and techniques by a business entity.Uses of Relationship MarketingRelationship marketing is one of the most popular and widely used strategies that is deployed by most of the business entities

7、 today for ensuring that they are able to build and nurture a close bonding with the customers such that they turn into loyal customers of the business. It is evident that the major portion of business comes from the existing customers as compared to the new customers.This is because, the old custom

8、ers of the business are conscious and used to with the level of products and services being offered by the business and hence, they have developed the desired trust and confidence on the business that drives them toward undertaking repeat purchases from the business organization. Relationship market

9、ing plays a key role as a marketing technique of a brand that is intended to develop, strengthen and sustain a long-term relationship between the business organization and the target customers.What research says?According to research undertaken by Frederick Reichheld of Bain & Company, around 5% inc

10、rease in customer retention by a business has the potential to enhance the revenue of the business by around 25-90%. One of the renowned global brands, American Express also determined that it is the existing and loyal customers of a business that mainly spend more as compared to the new customers.T

11、he reason being that the existing customers have already determined the worth of the brand and they are willing to stay loyal to the brand as they are confident about the good intentions of the brand to serve them ethically and in a dedicated manner.A customer will make repeat purchases from a brand

12、 if he or she is confident that the products or services offered by the brand will offer value-for-money. Hence, relationship marketing strategies need to be prudent in order to ensure that each of the customers of the business is treated with empathy, respect, and concern and in the future products

13、 and services are offered to them as per their tastes and preferences.This will surely increase the level of customer satisfaction and customer retention. We can say that the success or failure of a modern business entity is entirely dependent on the effectiveness of relationship marketing strategie

14、s that are developed and implemented by the marketing department of the business.What is the concept of Relationship Marketing?The concept of relationship marketing can be described as a technique of marketing undertaken by a business organization that focuses on developing deeper and stronger relat

15、ionships with the target customers so that the customers can enjoy long-term satisfaction from the products and services offered by the company. This leads to the generation of brand loyalty for the business by the customers.Target of Relationship MarketingThe target of relationship marketing is not

16、 to achieve short-term goals such as some quick revenues and profitability, but the aim is to ensure customer satisfaction for a long-term that will lead to effective customer retention. Relationship marketing strategies enable a deeper understanding of the needs of each of the customers of a busine

17、ss so that effective marketing strategies can be formulated for each one of them.Today, a business needs to ensure that it is able to take proper care of each of its customers so that they can be served in the most effective manner. The ultimate objectives are to foster a warm and friendly relations

18、hip with the customers in such a way that they have the intent and the desire to continue this mutually beneficial relationship for a long period of time. We can say that the key purpose of relationship marketing is to address the needs of the target customers in the most effective manner.Customer r

19、elationship managementIn todays business entities the management focuses on strategies of customer relationship management （CRM） which has been emerging as one of the most significant areas of study in the domain of relationship marketing strategies that are undertaken by several business entities a

20、round the world. The modern techniques and strategies of relationship marketing are dependent on Information Technology （IT） to a great extent.We know that a modern business entity has to deal with a lot of information related to its customers in order to analyze and determine the likings and prefer

21、ences for types of products and services preferred by each of the customers. Managing and dealing with such voluminous data is a highly challenging task for the business organization and hence, it adopts an IT-based framework that is needed to support the modern applications of customer relationship

22、 management.Concept of customer relationship managementThe concept of customer relationship management includes processes such as analysis of sales to each of the customers, analysis of the profiles of the customers, analysis of various marketing and sales campaigns, analysis of loyalty, analysis of

23、 customer contacts and analysis of profitability. One of the other strategies of relationship marketing is the Database Marketing （DbM） technique.Database MarketingDatabase Marketing （DbM） can be defined as the process in which databases are used for analyzing customer information that will lead to

24、the formulation of effective marketing strategies for each of the customers. One of the key advantages of using DbM is that it offers individualized attention to the needs and preferences of each of the customers.The system undertakes personalized communication with each of the customers and relevan

25、t advertising and promotional strategies are shared with them based on their choice of products and services. Therefore, the modern development in IT, software and hardware technologies have made it convenient for the business organizations to handle customer data in a more effective and ethical man

26、ner. Relationship Marketing TechnologyOne of the key aspects of relationship marketing that we should consider is the development of relationship marketing technology. This technique deeper understanding of the needs and expectations of the consumers from the business based on which effective market

27、ing strategies can be deployed for each of the consumers.It can be said that within the purview of relationship marketing strategies, the role of Direct Marketing （DM） techniques and strategies is also quite significant as it plays a major role in the domain of relationship marketing for a business

28、establishment.Direct marketingDirect marketing is also referred to as One-to-one marketing strategy as it offers the solutions to the customers solely on an individualized basis which means that the products or services are offered to a customer based on his or her need entirely. It is essential for

29、 a business organization to have a direct marketing channel so that it can visit each of the prospective customers in person and try to analyze their perspectives about the product or service, their usefulness to the customers, prices they are willing to pay, future suggestions about the product or

30、service and others.This information is of high value to the marketer as it will help to develop the future products and services accordingly for that particular customer.Role of Relationship Marketing Relationship marketing plays a major role in understanding customer relationships and the ways in w

31、hich a business can develop and make them more prudent in the future so that the best possible services can be guaranteed to every customer of the business. There are several roles that are played by relationship marketing on behalf of a business entity. One such role is the Moment of Truth.It is ob

32、served mainly in the service industries that there is a willingness of the business to have direct contact with the customers that are also referred to as the social contact between the firm and its customers. This interaction between the business and the customer is referred to as the service encounter and it is a highly essential factor for determining the experience of the customers through the moment of truth.We can understand from the discussion so far that relationship marketi