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Marketing Services

QuestionAnswer
Relationship Marketing is a philosophy of doing business, a strategic orientation, that focuses on keeping current customers and improving relationships with them does not necessarily emphasize acquiring new customers
Customers as Strangers Customer who have not had any transactions, i.e. Customers of Competitors
Customer as Acquaintances Customer awareness & trial achieved. Work toward loyality/satisfying the customer.
Customers as Friends Once the customer is a customer, go above and beyond to offering additional value transforming the relationship to friendship.
Customers as Partners Relationship deepens and firm offers more customized products. Benefit – The firm’s ability to organize & use information about individual customers more effectively than competitors.
Benefits of Relationship Marketing - customer Receipt of greater value Confidence benefits: trust confidence in provider reduced anxiety Social benefits: familiarity social support personal relationships Special treatment benefits: special deals price breaks
Benefits of Relationship Marketing - firms increased revenues reduced marketing and administrative costs regular revenue stream strong word-of-mouth endorsements customer voluntary performance social benefits to other customers mentors to other customers easier jobs for employers
Relationship Value of Customers Concept/calculation that looks at customers from the point of view of their lifetime revenue to the company
Factors that influence Relationship Value length of time “life time”. Referrals by the customer Quicken offers a calculating software
Relationship Value of Customers Linking Customer Relationship Value to Firm Value – Economic Benefit – Firms market value can be roughly determined by carefully calculating customer lifetime value Estimate the relationship value of a customer, Forcast the future growth of the number of customer Use the figures to determine the value of a company’s current & future base
Created by: 619143133
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