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Unit 11: Relationship Marketing | Assignment 1 (P1, P2, P3, P5, M1, M2, D1)
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UNIT 11: RELATIONSHIPMARKETING
Why are they so good to me?
Dayna Tye
BTEC Level 3 Extended Diploma in Business
, Contents
Introduction...........................................................................................................................................3
Relationship marketing..........................................................................................................................3
IMPORTANCE OF THE FUNCTIONS OF CUSTOMER SERVICE AND QUALITY IN RELATIONSHIP
MARKETING.......................................................................................................................................3
DIFFERENCE BETWEEN TRANSACTIONAL MARKETING AND RELATIONSHIP MARKETING..................4
Reasons for development of relationship marketing.............................................................................4
DIFFICULTY OF ATTRACTING NEW CUSTOMERS.................................................................................4
COST OF LOST CUSTOMERS................................................................................................................5
LIFETIME VALUE OF CUSTOMERS.......................................................................................................5
SIMPLE CLV FORMULA...................................................................................................................6
COMPLETE CLV FORMULA..............................................................................................................6
LINK WITH ORGANISATIONAL MISSION AND OBJECTIVES.................................................................6
CONNECTION WITH STRATEGIC AIMS AND OBJECTIVES....................................................................6
STAKEHOLDERS’ NEEDS AND EXPECTATIONS.....................................................................................7
GROWTH OF SERVICES SECTOR..........................................................................................................7
GROWING SOPHISTICATION OF DIRECT MARKETING AND E-BUSINESS IN BUSINESS-TO-BUSINESS
(B2B) AND BUSINESS-TO-CONSUMER (B2C) MARKETS......................................................................8
ROLE OF INFORMATION AND COMMUNICATIONS TECHNOLOGIES...................................................8
Relationship marketing concepts...........................................................................................................8
EXPANDING THE MARKETING MIX TO THE 7 PS.................................................................................8
Product..........................................................................................................................................8
Price...............................................................................................................................................9
Place..............................................................................................................................................9
Promotions....................................................................................................................................9
People............................................................................................................................................9
Process...........................................................................................................................................9
Physical Evidence...........................................................................................................................9
THE LADDER OF CUSTOMER LOYALTY................................................................................................9
THE AUGMENTED PRODUCT AND TOTAL PRODUCT CONCEPT........................................................10
IMPORTANCE OF RELATIONSHIP MARKETING AND BRAND BUILDING............................................10
Customer service functions.................................................................................................................10
CUSTOMER SERVICE MISSION LINKING WITH ORGANISATION MISSION.........................................10
SETTING STANDARDS FOR SERVICE POLICIES AND COMMUNICATING THEM..................................11
1
, Customer charters.......................................................................................................................11
THE COMPONENTS OF CUSTOMER SERVICE....................................................................................11
Pre-transactional..........................................................................................................................11
Transactional................................................................................................................................11
Post-transactional elements.........................................................................................................11
IMPLICATIONS FOR TRAINING..........................................................................................................11
Customer service skills.................................................................................................................11
Attracting and keeping customers.......................................................................................................11
CUSTOMER RELATIONSHIP FEATURES, DIFFERENT LEVELS OF RELATIONSHIP.................................11
VALUE-BUILDING APPROACHES.......................................................................................................12
LOYALTY SCHEMES...........................................................................................................................12
DATABASE MARKETING AND THE 3 R’S (REWARD, RECOGONITION, RELEVANCE)...........................12
CUSTOMER SEGMENTATION............................................................................................................13
Building a customer base with reference to retail........................................................................13
Direct mail and e-business...........................................................................................................13
Methods..............................................................................................................................................13
LOYALTY SCHEMES...........................................................................................................................13
‘CLUB’ MEMBERSHIP........................................................................................................................14
DISCOUNTS......................................................................................................................................14
PROMOTIONAL OFFERS...................................................................................................................14
PAST SALE LINKS WITH ASSOCIATED PRODUCTS..............................................................................14
‘VALUED CUSTOMER’ BOOKINGS.....................................................................................................14
ADVANTAGEOUS TRADE-IN OR RENEWAL ARRANGEMENTS............................................................14
PROMOTION OF UNIQUE SELLING POINTS IN RELATION TO COMPETITION....................................14
COMPETITIONS, FREE GIFTS AND OFFERS........................................................................................14
USE OF THE INTERNET IN RELATIONSHIP MANAGEMENT................................................................14
Personalised recommendations...................................................................................................14
Emails...........................................................................................................................................14
Conclusion...........................................................................................................................................15
Bibliography.........................................................................................................................................16
BOOKS..............................................................................................................................................16
WEBSITES.........................................................................................................................................16
Appendix..............................................................................................................................................16
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