Relationship Marketing Assignment Example | Topics and Well Written Essays - 2750 words

Relationship Marketing - Assignment Example In order to get a deeper insight into the matter, various concepts of traditional marketing and relationship marketing have been compared and evaluated. The slow decline of traditional marketing is a signal that marketers need to revive their strategies and shift their focus from suppliers to customers. The research will also throw light on the critical matter of relationship establishment and its influence as well as importance in overall success of relationship marketing. The topic will also discuss the emergence of relationship marketing as well as its fundamental values. This will be followed by a discussion on a strategic alliance between traditional marketing as well as relationship marketing. Finally, various application of relationship marketing will be discussed. Table of Contents Table of Contents 3 3 Introduction 4 The Case Study 4 Conclusion 11 Reference List 13 Introduction Economic conditions as well as market environment have changed dramatically, sometimes through qua ntum leaps and discontinuities. The changes are continuous and in some situations, are quiet progressive. A simple corollary to this announcement is that the marketing scholars and marketing practitioners will also have to change. This declaration is so evident that there is no denying as it comes naturally (Moller and Halinen, 2000). Traditional concepts of marketing are becoming desolate and marketers are in dire need of new strategies and technologies. The rapid evolution of consumers’ tendencies is accompanied with increasing complexities in understanding them as well as devising the right strategies to attract them. Services and products are offering similar services and consumers are now exposed to a host of available options. The reduced loyalty towards brands has created a new sensation among marketers and they have started shifting the focus of their marketing strategies towards relationship building with the consumers. Establishing relationship with the customers no t only helps in maintaining consumer base but also reduces the cost of attracting new customers every now and then. According to Gronroos (1995, p. 252) relationship marketing can be described as a way â€Å"to identify and establish, maintain and enhance network perspective, relationship with customers and other stakeholders, at profit so that the objectives of the partners’ interest are met, and this is achieved by a mutual exchange and fulfilment of promises.† The purpose of the current research is to identify the paradigm shift from traditional marketing to relationship marketing and the reasons behind this shift. The paper will also evaluate the critical differences between the philosophies and concepts of traditional marketing and relationship marketing and how the application of these theories could contribute to the success in the present business environment. The Case Study Concepts and emergence The last half of the decade had faced barriers in case of intern ational trade and a host of firms have adapted global strategies for achieving competitive advantage. However, these benefits related to globalization are found to differ from organization to organization. To successfully create a global strategy and sustainable competitive advantage, it is very important to understand the nature and functioning of the industries in a global environment as well as the dynamics of relationship mark