1.
Transaction vs. Relationship Marketing
Transaction
Marketing
a) Short term focus
b) Marketing mix
c) Price sensitive customers
d) Product quality dominates
e) Market share
f) Ad hoc satisfaction studies
g) Little interdepartmental interface
h) Little internal marketing
Relationship
Marketing
a) Long-term focus
b) Interactive marketing
c) Less price sensitive customers
d) Interaction quality dominates
e) Share of wallet focus
f) Measurement of commitment
g) Interdepartmental focus
h) Extensive internal marketing
2.
There is a Paradigm Shift in Marketing
a) The 4-P paradigm involves marketing to anonymous masses of customers
b) The relationship marketing paradigm in:
i)
industrial marketing
ii)
services marketing
iii)
managing channel
iv)
strategic alliances
v)
consumer packaged goods
marketing deals with
now
deals with identifiable customers.
3.
Six Key Aspects of a Succesful Relationship
Marketing Strategy
a) STRATEGIC ISSUES
i)
Service business orientation
ii)
Process management perspective
iii)
Partnership/network formation
b) TACTICAL ISSUES
i)
Direct customer contacts
ii)
Customer databases
iii)
Customer-oriented service system
4.
Today the Concept of Product Must Be Expanded to the
Extended Product Model
a) Today’s companies must enhance value around their core product. This
includes service and commitment components.
5.
The Meaning of Relationship Marketing
a) Relationship marketing means identifying, establishing, maintaining, and
enhancing relationships with customers and other stakeholders at a profit, so
that the objectives of all parties involved are met; this is done by a mutual
exchange and fulfillment of promises.
6.
Key Aspects of Relationship Marketing
a) Getting customers and creating transactions
b) Maintaining and enhancing ongoing relationships with customers, distributors,
suppliers, networks of cooperating partners, etc.
c) Replacing products with personnel, technology, knowledge, and time
7.
Existing Typology of Marketing Strategies and
Tactics
Existing Markets
a) Existing products
b) Market penetration
c) Modified products
d) Reformulation
e) New products
f) Product-line extension
g) Horizontal diversification
New Markets
a) Existing products
i)
Market development
b) Modified products
i)
Market extension
c) New products
i)
Marketing segment/product differentiation
d) Concentric diversification
e) Conglomerate diversification
8.
Roots of Relationship Marketing
a) Technological advances in IT
b) Continued growth of direct marketing
c) Using B2B relationship building models in a B2C environment
d) Published findings of consultants
9.
What is Relationship Marketing All About?
a) RM consists of initiating, enhancing, and maintaining relationships with
one’s “customers” and dissolving them when appropriate.
b) RM has three basic features:
i)
Relational databases
ii)
Integrated marketing communications
iii)
Capabilities for dialogue
10.
Relationship Marketing as Applicable on at Least Ten
Different Levels
a) Goods suppliers
b) Service providers
c) Competitors as in strategic alliances
d) Nonprofit organizations
e) Government entities as in joint R&D
f) Ultimate customers
g) Intermediate customers:
i)
franchisees
ii)
channel members
h) Functional departments
i)
Employees
j)
Other company business units
11.
Will Relationship Marketing Benefit Every Company?
12.
There are Three Levels of Relationship Marketing?
a) Level 1: relies primarily on pricing incentives. Aim at customers at far
left.
b) Level 2: relies primarily on social bonds involving customization and
personalization.
c) Level 3: bonds are established by structural solutions
13.
Choosing Loyalty Strategy
14.
Four Types of Customers
a) Loyalists: the most satisfied become apostles for your company.
b) Mercenaries: only loyal to low prices and are transaction specific with no
intentions of ever establishing a relationship.
c) Hostages: “stuck” with you for a variety of reasons. Complainers and prima
donnas.
d) Defectors: various types of dissatisfied former customers.
15.
Customers Can Also Be Arrayed Based on Relationship
Strenght
a) Intimate relationships: doctor and patient
b) Face-to-face relationships: customer and retail store
c) Distant relationships: interactions over phone or online
d) No relationships: manufacturers with final customers who buy through
middlemen
16.
“I Can’t Get No Satisfaction”
a) Overall or cumulative satisfaction vs. transaction satisfaction
b) But satisfaction as a measure does not predict purchase behavior
c) The variables trust and commitment are introduced
17.
A Model of a Long-Term Relationship
a) Long term orientation in a buyer-seller relationship
i)
F (mutual
dependence, trust)
ii)
Trust = f (credibility of vendor,
benevolence)
iii)
Credibility of vendor = f (reputation for fairness,
satisfaction with outcomes)
iv)
Reputation for fairness = f (reliable and consistent
behavior over time)
v)
Benevolence = f (caring and making
sacrifices for the channel partner, satisfaction with outcomes)
18.
Relationship Marketing and CRM
CRM is a set of business practices designed to put an enterprise into
closer and closer touch with its customers, in order to learn more about each
one and to deliver greater and greater value to each one with the overall goal
of making each one more valuable to the firm.
-Peppers and Rogers-
19.
Relationship Marketing Will Make Marketing More
Effectively by:
a) Enabling marketers to learn more about individual customers and develop
customized products and services
b) Allowing customers to help design and develop the product/service
c) Minimizing negative images of marketing
d) Enabling companies to retain customers and drive profits
e) Reducing mass marketing wastes
f) Having customers do much of the marketers’ work, including order
processing, product design, etc.
20.
Are Marketers Losing Ground in Their Ability To Be
the Company Focal Point for Customers?
a) Marketing can no longer be confined to a single department.
i)
Line managers developed
their own customer databases.
ii)
They began to work directly
with direct marketers to develop programs and testing.
iii)
These efforts led to the CRM
systems of today.
21.
Is Marketing Loosing Ground?
a) Companies today are being organized across functional lines that
decentralizes the marketing function.
b) TQC, ERP, in-house venture groups all develop new products and services.
c) Product and brand managers focus on “push” marketing, HOEs, POP, and
sales promotion to sell.
d) These are the complete antithesis of what is needed to build class 1:1
relationships based on dialogues. Enter the customer manager.
e) The U.S. recession in the 1990s put a focus on mass media spending.
f) IT-supported approaches to direct marketing were less expensive and could
reach masses of people individually with measurable results.
g) The mass media has fragmented and results are still not measurable.
22.
CRM Systems Can Provide Added Value for Customers
by:
a) Saving time
b) Providing convenience
c) Allowing for customization
d) Providing a positive experience
23.
Have the 4P’s Outlived Their Usefulness?
a) Some new suggestions:
i)
4 P’s: People, preferences,
permission, and precision
ii)
4 C’s: Content, context,
collaboration, and community
iii)
4 C’s: Customer value, lower
costs, better convenience, and better communications
24.
Organizing for Relationship Marketing
a) Companies organized around products and markets are not built around
one-to-one relationships. No dialogue with the masses.
b) Customer service reps, however, do have dialogues.
c) Some suggest companies organize around customers in the form of customer
portfolios run by segment managers.
d) The rise of the CRM department?
25.
One Scenario of the Future Marketing/CRM Interface
a) How to connect the customer with the
i)
Product
ii)
Service delivery
iii)
Financial accountability
systems?
b) Marketing owns the customer-product connection and is responsible for
product strategy, branding strategy, price, and promotion.
c) CRM is responsible for the relationship between the customer and:
i)
Service delivery function:
CRM responsible for improving satisfaction and loyalty through management of
loyalty programs
ii)
Financial accountability
system: CRM responsible for managing customer profitability through data mining
and determining the profitability of marketing initiatives
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