The Importance Of Customer Relationship Marketing

2849 Words12 Pages
Customer is the single most important stakeholder in any organisation because without him, organisations are not likely to succeed. Contemporary business organizations are increasingly becoming customer-oriented by embracing marketing initiatives that seek to understand, attract, retain and build intimate long term relationships with profitable customers (Kotler & Keller, 2006). In many service contexts, intense competition has forced firms to move beyond competing based on cost, to competing based on superior quality that satisfies and exceeds customer expectations (Lovelock and Witz, 2007). The challenge lies in developing effective marketing strategies towards meeting customer perceived service quality and achieving customer satisfaction…show more content…
The cornerstone of a well-conceived marketing orientation is strong customer relationships. Relationship marketing has attracted the attention of both researchers and marketing managers (Brito, 2008). The goal of customer relationship marketing is to provide increased value to the customer and results in a lifetime value for an organization. Customer value will raise customer satisfaction, thereby customer loyalty will be instilled; which, in turn creates higher profit due to increased volume resulting from positive word-of mouth and repeat purchases (Liu et al., 2000). Scholars have focused their attention on the scope of relationship marketing and developed a conceptual frameworks aimed at understanding the nature and value of the relationships not only with customers but also with a number of other stakeholders (Brito, 2008). Many researchers with varied interests in the field of marketing have studied and explored the conceptual fundamentals of relationship marketing and its application in the business world (Palmer, Lindgreen and Vanhamme,…show more content…
A lot of extant literature suggests that studies have been conducted on the relationship between relationship marketing constructs and customer behaviour (especially customer loyalty), both within international and local contexts. However, there has been less work examining the quality and impact of relationship marketing, its organizational antecedents and consequences for consumer behavioural intentions in the context of both consumer and business to business market segments. To more fully understand the role of relationship quality in shaping customer behavioural intentions in both consumer and business to business contexts, this study investigates a wider nomological network with service orientation as an antecedent to relationship quality and customer behavioural

More about The Importance Of Customer Relationship Marketing

Open Document