PM_3_relationship-mktg.pptxmarketingbusi

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1. Basics of Relationship Marketing

2. What is Relationship Marketing? A relatively new marketing approach (last ~20 years) Focuses on building long-term relationships with customers Aims to develop trust and customer retention Different from traditional transactional marketing

3. Three Schools of Thought 1. Anglo-Australian Model 2. Nordic Approach 3. North American Approach What do you think these different approaches might emphasize?

4. Anglo-Australian Model Focuses on internal staff and services Aims to produce good internal staff services Goal: Provide excellent customer service Enhances relationships with customers

5. Key Definitions "Marketing activities aimed at developing and managing trust and long-term relationships with larger customers" "A type of marketing intended to foster a long-term business relationship with a customer, especially by offering personalized service" How do these definitions differ from traditional marketing approaches?

6. Related Concepts Customer Relationship Management (CRM) Database Marketing Direct Marketing Internal Marketing Extended Marketing Mix

7. Database Marketing Connection Involves creating customer databases Stores information like: Customer names Ages Interests Previous purchases Used to develop personalized marketing approaches

8. Internal Marketing Focuses on training staff Ensures employees understand the company's goals Improves customer service delivery Supports the overall relationship marketing strategy Why do you think internal marketing is important for relationship marketing?

9. Extended Marketing Mix Includes additional P's beyond the traditional 4 P’s People: Crucial for relationship marketing Physical Evidence: Tangible elements of service Process: How services are delivered How might these elements impact customer relationships?

10. Benefits of Relationship Marketing Improves customer retention Often cheaper than acquiring new customers Increases customer satisfaction Builds long-term loyalty Can you think of a business that has successfully used relationship marketing?

11. Focus on Customer Retention More cost-effective than acquiring new customers Saves money in the long run Doesn't replace efforts to gain new customers Requires a dynamic approach to balance retention and acquisition

12. Impact on Business Builds internal relationships with staff Improves overall customer service Increases customer satisfaction Enhances customer retention

13. Where to Implement Primarily in the service sector Examples: Hotels Airlines Train companies Taxi firms Holiday companies Less applicable for fast-moving consumer goods (FMCG)

14. Key Takeaways Relationship marketing focuses on long-term customer relationships It emphasizes trust, personalization, and customer retention Involves multiple aspects of business operations Most effective in service-oriented industries How might you apply relationship marketing principles in your future career?

15. CUSTOMER LIFETIME VALUE (CLV) Is the forecasted sales or profits that a company can derive from the entire span of its future relationship with a particular customer.

16. CASE 1

17. CASE 2

18. Key Takeaways

19. ACTIVITY