Essay
UNIT 11 ASSIGNMENT 1 - Relationship Marketing
- Institution
- PEARSON (PEARSON)
This is an essay for unit 11 relationship marketing, which includes P1,P2,P3,P5,M1,M2,D1.
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Assignment 1Contents
Describe the development of relationship marketing...........................................................................2
Explain how relationship marketing can be applied to a selected business..........................................3
Analyse the ways in which relationship marketing activities can be used to support achievement of
the strategic aims and objectives of a given organisation.....................................................................6
Evaluate the contribution of relationship marketing actives to the effectiveness of the marketing
function in a selected organisation........................................................................................................7
Describe different methods used to attract and retain customers for a selected product/service.......8
Analyse the effectiveness of methods used to retain customers in a selected organisation...............10
Explain how a customer relationship management system is used in a selected organisation...........11
Introduction:
This assignment will consist of Describing the development of relationship marketing, explaining
how relationship marking can be applied to a business; Analysing the ways in which business use
relationship marketing to achieve aims and objectives and Evaluate the contribution of relationships
marketing activities and their effectiveness. Then will begin describing methods used to attract
customers and retain them and analyse the effectiveness of it. Lastly will explain how a customer
relationship management system is used in a selected organisation.
, Describe the development of relationship marketing P1
The Definition of Relationship marketing is to build a long term relationship with mutual advantages
for customers and the business. Relationship marketing relies heavily on functions of customer’s
service and the quality of which the business uses relationship marketing.
Relationship marketing is different than transactional marketing, transactional marketing is a “one
off” marketing schemes which is used to maximize sales at a point in time. Whereas Relationships
marketing is aimed to build and ongoing relationships with the customers, and aimed to have a
developing and trusting relationships with them, However to do so a company must ensure they
maintain high standers and use customers profile, buying pattern and history of contacts to their
advantage to ensure they for fill the relationship and maintain it.
There are many reasons for development of relationship marketing. One of which is difficulty of
attracting new customers; this is key for a business as every business strives to attract new
customers and retain a long term relationships. Methods which are used to attract customers are
marketing campaigns, as they promote the brand, offers of the business to intrigue the customers
into using/ buying their product. Another Reason for development of relationship marketing is Cost
of lost customers, this is key as if a company loses a customers it is valued much more than loss of
revenue. Many customers defect because of the businesses poor services. When a customer has
been lost; the business then needs to use customer research and provide an understanding of why
the customer was not pleased with the business and take precautions to change and improve the
certain areas to develop a better relationship market. Additionally a business needs to take in
consideration lifetime value of customers, as the value of a customer’s contribution is major to any
business and allows the business to project revenue of customers of lifetime. It also determines net
profit and an entire future of relationship with the customer allowing the business to keep in contact
with every loyal, lifetime customer.
Furthermore a business needs to develop relationship marketing as it will help them link
organisational missions and objectives with their customers. Linking organisational missions and
objectives allows the business to create strategic aims and objectives allowing the business to have
set goals and a timeframe of when they need to achieve them, by catering towards there customers
and building relationships it will allow for their company to meet there targeted aims whilst holding
a good relationships with them, an example of this is Tesco’s mission statement is , No one tries
harder for customers than us this links with organisational mission as they are constantly trying to
meet his objective/ mission statement. This ties with connection with strategic aims and objectives
as it links with the company’s missions and objectivities. Another development of relationship
marketing is stakeholder’s needs and expectations as they’re key within a business as they need to
meet everyone who impacts the business, by catering towards stakeholders and meeting their needs
it will allow from the business to run smoothly as an organisation must cater towards their
stakeholder to develop a relationship with them. By doing so it will enable the relationships between
the two to flow well and meet all there regarding leaving the stakeholder happy.
Additionally a business must use development of relationship market when they need to grow the
service sector, this is key for a business as they must grow in the service sector to please all
customers, such as if customer should like for the farming of food to be fair trade and allow for the
workers to get paid fairly they will only buy from the company for they provide certain products as
they care for the environment, making there relationships with the company worse , which is not
good when trying to build a relationship.
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