Customer Management - Relationship Foundation

Old Economiy -> New Economy

Goods -> Services

Transactions -> Relationships

Attracting Customers -> Retaining Customers

Product Focus -> Customer Focus

BRAND EQUITY -> CUSTOMER EQUITY

"... all marketing acitivities directed toward establishing, developing, and maintaining successful relational exchanges."

• The Marketing MIx is the managerial tool to shape relationships
• Relationships are an enduring concept; they go through several developmental stages
• Relationships must be (or become) successful. Lack of success requires distint action (whcih may be positive or negative)
• Relationships can be established with various kinds of partners, potentially including not only ties with customers but also with collaborating or even competing firms
• A relationship is a mutual give and take between partners

Prerequisites to relationship marketing implementation

1. Mututal recognition
2. Knowledge between parties

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