MARKETING COMMUNICATION Essay Example | Topics and Well Written Essays - 6000 words

MARKETING COMMUNICATION - Essay ExampleThe cultivate of creating, maintaining and enhancing strong, value laden relationship with customers and stakeholders Kolter et al 1999, p11.The development of on-going (and, if possible, constantly deepening and improving) relationship, as hostile to one off transaction. A key principle is to extend the duration, or lifetime, of a customers purchasing relationship with the firm, and therefore to maximise their life time value that is, the future flow of sack up profit arising from the relationship.Transactions are single exchanges between an organisation and customer a single market place exchange in the form of a purchase goods exchange of information or influence (such as an offer and a response). The focus of transaction marketing(TM) is to look to each transaction or encounter as an opportunity to maximise short term gain, without necessarily considering future contacts, or the effect of this transaction on the potential for future cont acts. At its worst, transactional marketing can be seen as manipulative or exploitatory approach (Egan, 2004).it has been recognized that transaction marketing is inadequate to cope with todays business environment. A focus on single transaction fails to leverage the potential inherent in the customer base, and former(a) relationship, to add value for the organisation and for the customer. E.g., it fails to gather on-going customer feedback which could be used to refine marketing schemaRelationship marketing intentionally aims to retain customers (keep them purchasing repeatedly over time) and foster customer devotion (create a favorable attitude or bias which drives repeat purchase). Research by Fredrick Reichheld, a vigilance consultant at Brain & co, found that a high correlation between customer memory and company profitability retained customers are more profitable than new customer for several reasons.Is an synergetic approach which builds a database of all communications and