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gvtrezx47

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Business Finance

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Saint Leo University

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Should be between 300-500 words. Use at least 3 in text citations from the book. Should also be in text citations. Any other references should be websites that are based in the United States.

Relationship Marketing (RM) represents a paradigm shift from traditional marketing strategies to a more long-term relationship-oriented marketing strategy. It concentrates efforts on massaging and enhancing customer and employee relationships. It requires buy-in from everyone in the company to “know the customer” and to ensure that customers trust the company’s intentions and feel a part of the “family”. This strategy can be costly to implement since it does require that systems within an organization are integrated so that customer value is clearly understood (i.e., the number of relationships or the number of products/services of yours a customer may have). Data mining is a key component of RM strategy. In today’s competitive environment, it is important that companies concentrate on retaining existing customers and growing their loyalty base for greater profitability. Read the suggested articles in this module to acquire a foundation in the tenets of Relationship Marketing before answering the following questions.

Answer all of the following questions:

Why is it more important to keep existing customers happy (satisfied) and loyal (returning) than it is to generate new customers?

As a marketing manager introducing a new product to your ta rget market, talk to at least two tenets of Relationship Marketing that you would employ and why they are so important to the success of your implementation.

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Discussion Post: Relationship Management

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Course Name/ Code
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Relationship Management
Q1
Why is it more important to keep existing customers happy and loyal than to generate new
ones?
In the past, there has been a predominating belief, particularly among marketers, that
customer happiness eventually results in customer loyalty, and that customers who are loyal are
lucrative customers. Companies strive to establish long-term customer relationships based ...