Relationship Marketing
There are many definitions of marketing, but two commonly accepted definitions can be distinguished as social marketing and managerial marketing. Social marketing is described as society’s need to exchange products and services of value with others. ... Managerial marketing is the process and efforts an organization or individual puts forth to best attract and satisfy those it intends to trade with (customers). ... Relationship marketing is the desired outcome of a marketer’s effort to make suspected customers repeat customers, clients, members, advocates, and ultimately partners. ... Relationship marketing can be obtained through discounts, high customer satisfaction, ease of transactions, or even just familiarity with a given product or service and the organization providing it. This should be the marketer’s ultimate goal as far as building a customer base, for relationship marketing promotes higher profitability through increased sales and reduced transaction costs and time. Furthermore, relationship marketing can increase customer satisfaction because of the cheaper prices, ease of transactions, and better customer service which often comes with customer familiarity through multiple transactions. A good example of this is an auto parts dealer’s relationship with an auto repair shop. They can both profit from the relationship. ... The marketing process is a model used by an organization of any size to develop and implement a new marketing effort. It consists of analyzing marketing opportunities, researching and selecting target markets, designing marketing strategies, planning marketing programs, and organizing, implementing, and controlling the marketing effort. To be successful in the new marketing effort, it’s important that the marketer consider added value to its product or service. Since the customer defines value, the organization must start considering added value right from the start of the marketing process. This consideration must continue throughout the marketing process in order to develop a product or service that will bring satisfaction to the customer. For example, the first step in the marketing process is to analyze marketing opportunities. ... If the marketer decides to continue with a given market, it must focus on value throughout the rest of the marketing process. ... The marketing mix is a title given to the tools used by marketers to pursue their marketing objectives. ... The following is how the marketing mix could be applied to a particular brand of beer: Product- First the marketer must determine what consumers of beer within their market segment look for in a product. ... It sounds silly, but status symbols play a big part in today’s marketing environment. ... With beer, large marketing contracts are often signed with sports related organizations such as NASCAR related organizations.