University:
California State University, Northridge
Course:
BUS 497B | Capstone: Small Business Planning and Growth
Academic year:

2023
Views:

6

Pages:

2
Author:

Regina G.

Relationship Marketing Orientation -"Relationship marketing orientation" refers to the establishment of an authentic and long-term relationship with the customer. -The term "interruption to interaction" alludes to the reality that marketing can no longer rely on a one-time transaction; instead, marketing must focus on taking steps to engage with the client. This point of view emphasizes involvement, which is aided by the deployment of two essential customer-based strategies: customer satisfaction and relationship marketing. Being satisfied with a business -is a customer's assessment of a product or service in terms of whether that product or service met the customer's needs and expectations -keeping current customers satisfied is just as important as attracting new customers -a study discovered that reducing customer attrition by just 5 to 10% could increase annual profits Employees across the organization are more likely to comprehend the link between how they do their job and customer satisfaction by up to 75% -management has a problem with customer satisfaction, employees across the organization are more likely to comprehend the link between how they do their job and customer satisfaction. Relationship marketing is a strategy that assumes that many consumers and business customers prefer to retain an ongoing relationship with one company rather than switching between suppliers in their pursuit for value. Disney leaders, for example, understand that their company creates products and experiences that become an important part of people's lives and memories "right by the customer," starting with front-line cast members who interact directly with the public and extending to all employees in all departments, who evaluate each decision based on how it will affect customers and their relationship with the Disney brand. CRM was born as a system for mining data to help marketers comprehend each customer on an individual level, but CRM best serves the ultimate goal of meeting customer needs and building relationships -a key aspect is trust, and to build companies must be willing to share their stories with customers and listen to and act on what customers desire.

Relationship Marketing: Fostering Customer Engagement

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