Relationship marketing is a business philosophy, which aims to develop strong relationships with a range of stakeholders, such as suppliers, media, intermediaries and public organisations, as well as with customers.
The goal of relationship marketing is to align all of the aspects of a company within its chosen customers and stakeholders. This can only be achieved by applying the Eight Concepts of Relationship Marketing on an ongoing basis. The company must ensure it has Market Strategies in place to help it achieve its objectives. Customer Bonding & Positioning allows a company to provide what the customer wants; thereby ensuring they have a better position in the market place than their competitors. By introducing the concept of Total Quality Management into the company, the benefit thereof will be a better commitment by the organisation to manage quality, thereby improving customer satisfaction.
Benchmarking will encourages management to focus externally on the customer and the competition, as it highlights the gap between where the company is and where it wants to be. Relationship Marketing ensures that technology is used to facilitate a relevant, timely, personalised and customised communication process and identifies individual preferences. Communication with individual customers via the
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