As a result, marketers started seeking for ways to engage the customer toward their product based on strong relationships with a perspective on the long-term preference for the business. The main purpose of these relationships, also known as Relationship Marketing, is to build a marketing network, that consists of the company and its’ shareholders: custоmers, emplоyees, suppliеrs, distributоrs, retаilers, аd аgencies etc. or anyone of mutual profitable interest. (Kotler, 2009)
In other words, Relationship Marketing (RM) aims to unite client relationships, customer loyalty and brand value intro a successful strategy through two key tools: web technology and focus on customer. Based on this the businesses have the opportunity to build gradually trust and loyalty and achieve repeat purchases on their products. It has been proven that the customers who have already used the services of a company, tend to spend 33% more than the new ones and it’s six times less expensive to sell them a product. Furthermore, the chance for a repeat customer to recommend the purchased product or service to another consumer is a 107% greater. (Lake, 2014)
As it can be seen, this strategy is easy to implement, with greater chances of achieving higher rev...
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...osing customer value: integrating the value process and relationship marketing. British Journal of management, 12(2), pp.159--182.
Schultz, H. and Yang, D. (1997) Pour Your Heart Into It, Hyperion, New York.
Schultz, M. (2013). Starbucks Marketing Strategy … Making Social Media a Difference Maker. [online] Digital Spark Marketing. Available at: http://www.digitalsparkmarketing.com/creative-marketing/social-media/starbucks-marketing/ [Accessed 29 Apr. 2014].
Bedbury, S., and Fenichell, S. (2002) A New Brand World: Eight Principles for Achieving Brand Leadership in the 21st Century, Penguin Group.
Starbucks Coffee Company, (2014). About Us. [online] Available at: http://www.starbucks.com/aboutus/default.asp. [Accessed 29 Apr. 2014].
O'Malley L. and Tynan, C. (2001) "Reframing relationship marketing for consumer markets", Interactive Marketing Vol 2 No 3 pp 240 – 246.
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