Contemporary Issues in Marketing

Contemporary Issues in Marketing

Introduction

In the present world, businesses of nearly all types rely heavily on effective marketing. Marketing is defined as the process of spreading awareness of a product or service to the customers. In other words it can also be defined as the art or strategy of selling products. Perhaps, it is the process that is adapted for the sole purpose of promoting the worth and value of a product or service to the society in general and potential customers in particular. Today, relationship marketing, which is a form of marketing is on the rise, and will be discussed below.

Effective marketing done by a company engaged in the business of selling any products or services helps it grow and expand. Effective marketing helps in the process of making services and products available to the customers that satisfies them and at the same time allow the company to earn profits and revenue.

Marketing is all about creating products or services value. Marketing is an activity that consists of nearly all those activities that can help in selling the product and delivering it into the hands of the customer, thereby increasing customer base as well as clientele, in case of services provisioning. Advertising is also a part of effective marketing strategy (about, 2012).

As discussed above, anything that can help in marketing is utilized for the purpose. Managing and promoting relationships is an important aspect in this regard. This form of marketing aimed whose purpose is to promote relationships with the customers through satisfaction and retention is known as relationship marketing.

Discussion

Relationship Marketing

Relationship marketing is gaining global acceptance with the passage of time. It is a type of marketing in which focus is retaining the existing customers rather than on creating new customers. As the name suggests, relationship marketing requires effective promotion and strengthening of relations with the customers and satisfying them.

Relationship marketing is considered as a new phenomenon in the world of marketing. Developments in the domains of mass production and mass communication called for the need of paying attention to the importance of relationship marketing. Tough competition among competitors, increase in the expectations of a customer, fading loyalty of customers towards the brand and war among the competitors for price were the other key factors that signified the need of relationship marketing.

Relationship marketing can also be defined as marketing aimed at promoting mutually benefiting business between customers and the company that provides services/products to the customers (Sorce, 2002).

In the recent past, there has been a remarkable shift from traditional marketing towards relationship marketing. The evolution in the field of communications technology has also supported the cause. Social media and other means of communication are deployed heavily for the purpose of supporting relationship marketing. Development in mobile communication and internet has opened new ways that are very helpful in relationship marketing. Now a customer can be contacted anywhere around the world, provided he or she has internet or mobile ...