relationship marketing started around the 1990s, where companies started to focus on long-term relationships that would benefit both the company and customer. The relationship would be based on trust and commitment, and companies would shift their operating activities to be able to work more efficiently. cell phone companies are an example in which this concept is applied. Looking at the four key constituents on relationship marketing one would understand why this concepts works for the cell phone industry. First of which this is an industry where customers input is invaluable. The customer is the one who will be using the product. If the customer is not satisfied from the beginning, there is no way to gain approval after the product is incorporated. Test groups are an example in which businesses can interact and obtain feedback from consumers. Funds for test groups and/or questionnaires can be allocated within the marketing budget which will allow customers to test products before goods are entered into the market. Obtaining adequate data pertaining to consumer response will equip a business to know where, when, and who to target and market goods and services. This information also helps companies/businesses establish a customer database to ensure understanding of current challenges and needs of consumers.
The Business plan on Eastman Kodak Company Film Business Photographic
Eastman Kodak Company is one of the world's largest manufacturers of photographic equipment. It develops, manufactures, and markets photographic and chemical products for both amateur and professional photographers. The company's other products include X-ray films, pharmaceuticals, copier-duplicators, acetate fibers, polyethylene, polypropylene, polyester, and videocassettes. Kodak also provides ...
It is important to integrate customer feedback as much as possible in order to improve products and services. The second constituents are the employees where the company conducts regular training sessions for all members of staff on proper customer relations. When I recently switched phone services the sales associate put his number in my phone as well as showed my sister and I a number of free apps that would be useful to us in the future. The sales associate enhanced our experience by providing the best customer service skills utilizing the relationship based appropriate. Having a network of competent, reliable supplier/products can be a major differentiator in creating a competitive advantage. Finally, valuable assets/ financial community are partnerships proven to help create market value and generate attractive returns; however, establishing financial terms can be challenging. This is one major component of the success of Verizon because this company is known as the largest and greatest network for cell phones, connection grade, and gadgets. Without these elements, Verizon would not be a successful company today. In the long run this is an important concept because research shows that attracting new customers is far more expensive than keeping existing ones, up to 5-7 times more than retaining one. Thus saving money and retaining the customer lifetime value.
