Evolution Of Relationship Marketing
Executive summary Relationship marketing is emerging as a new phenomenon even though it was predominant in the pre-industrial era. Now, it is suggested as one of the new market paradigm.The concept relationship marketing has emerged within the fields of service marketing and industrial marketing. The growth of relationship marketing isdue to the re-birth of direct marketing between producers and consumers. The core of relationship marketing is relations, a maintenance of relations between the firms and the actors in its micro-environment that is the suppliers, market intermediaries and the customers as the important actor. The strengthening of strategic network competition has given a remarkable development to the rise of relationship marketing. …show more content…
The development of marketing as a field of study and practice is undergoing a reconceptualization in its orientation from transactions to relationships. In this article we observe that the paradigm shift from transactions to relationships is truly associated with the return back of direct marketing both in business-to-customer (BTC) and business-to-business (BTB) markets. Direct marketing is getting popular as in the pre-industrial era which in turn leads to a relationship orientation of marketers. When producers and consumers directly deal with each other, they can understand and appreciate each other’s needs and constraints and thus they become more relationship oriented. The economics of transactions are more important for the middlemen (buyers and sellers) especially …show more content…
It offers an overview of the contributions to total relationship marketing from traditional consumer goods marketing, services marketing, business marketing, total quality management, new organization theory, and new accounting theory. It depicts about marketing as interaction within networks of relationships. Total relationship marketing is defined as “marketing based on relationships, networks and interaction, recognizing that marketing is embedded in the total management of the networks of the selling organization, the market and society. It is directed to long term win-win relationships with individual customers and other stakeholders, and value is jointly created between the parties involved in
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