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Relationship Marketing and Transitional Marketing

In: Business and Management

Submitted By Masake
Words 1758
Pages 8
MOI UNIVERSITY
SCHOOL OF BUSINESS AND ECONOMICS

COURSE TITLE : RELATIONSHIP MARKETING

NAME : NGOYA

TASK : ASSIGNMENT 1

PRESENTED TO : MR. BONUKE

1. DEFINE RELATIONSHIP MARKETING AND BRIEFLY EXPLAIN THE DIFFERENCE BETWEEN RELATIONSHIP MARKETING AND TRADITIONAL/TRANSACTIONAL MARKETING.
Relationship Marketing: Refers to the development, growth, and maintenance of long-term, cost-effective exchange relationships with individual customers, suppliers, employees, and other partners for mutual benefits. It broaches the scope of external marketing relationships to include suppliers, customers, and referral sources. Relationship marketing recognizes the critical importance of internal marketing to the success of external marketing plans.
Employees serve customers within an organization as well as outside it; individual employees and their departments are customers of and suppliers to one another. They must apply the same high standards of customer satisfaction to inter-departmental relationships as they do to external customer relationships. In very first days of relationship marketing it was described as an approach to attract, maintain and enhance customer relationships. But in later days Gronroos (1994) proposed the comprehensive definition of relationship marketing as, “The process to identify and establish, maintain and enhance, and, when necessary, terminate relationships with customers and other stakeholders, at a profit so that the objective of all parties involved are met. This is done by mutual exchange and fulfillment of promises”.
It was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a dominant focus on sales transactions.
Transactional marketing focuses on getting the customer to buy a certain product and walk away, whilst...

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