Open AccessRelationship Marketing: A competitive Marketing StrategyIt’s Importance, Nature and Need: A Review
Author(s) -
Jiwan Jyoti
Publication year - 2013
Publication title -
journal of management and science
Language(s) - English
Resource type - Journals
eISSN - 2250-1819
pISSN - 2249-1260
DOI - 10.26524/jms.2013.49
Subject(s) - marketing , business , competitor analysis , marketing management , marketing effectiveness , competition (biology) , marketing strategy , return on marketing investment , business marketing , ecology , biology
In today‟s intense competition, it is very important for any business organization to keep their customers otherwise the competitors will attract them as business is all about creating customer, satisfying a customer and retaining a customer. Increasing inflation rate, increasing rate of interests, hike in fuel prices, global slowdown in economic growth are a few reasons of worry for the companies to think differently to maintain their sales and profit. The business organizations are struggling for their survival and sustainable growth. On the other hand, the new economic policy of India has also opened its trade for the multinationalcompanies. Therefore companies are trying to do something by which they can keep their customers and it is the Relationship Marketing which helps the companies to do so. It is an important tool for strategic competition management. As it is well known fact that a satisfied and loyal customer brings three new customers, therefore companies try all their efforts to maintain good relations with its customers. They are providing value for their money & efforts, they areproviding information about their actions, they are inviting them for feedback etc.