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Essay / Research Paper Abstract
This 11 page paper considers the role of relationship marketing, how it impacts on companies and their customers and the value it may create. The paper examines this in the context of financial services marketing. The bibliography cites 20 sources.
Page Count:
11 pages (~225 words per page)
File: TS14_TErmarkt.rtf
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Unformatted sample text from the term paper:
requires a strategic approach and a careful consideration of the placement and marketing of their goods. One tool that has increased dramatically is the tool of relationship marketing. For example,
to make the most of their marketing budget and increase the return it creates General Motors have specified that they will be giving a great proportion of their budget to
relationship marketing and moving it away form the traditional branding exercises (Cantwell, 2003). GM is not alone, many companies are undertaking the use of relationship marketing as a strategic marketing
tool. In looking at this strategically this may also be seen as making the most of an often undervalue resource; the existing customers. This is especially true for financial services
organisations where there is a great deal of potential with an ongoing relationship. To understand this the basics of relationship marketing need
to be understood. To put this in a simple to undertaken term, relationship marketing can be seen as the supplier seeking to have a relationship with their customers, and use
the information they gain form that relationship to benefit the sales levels. Here the relationship with the customer is not a series of separate unconnected events, but an ongoing event
that develops and changes and is renewed. There are different stages in relationship marketing, these are given many different names depending in the publication, however, these all look at
the relationship from the beginning ands the first interaction, either as a purchase or a query, though to the end when the customer is no longer a customer. The
benefit of this is that customers are seen as individuals, each has a customer lifecycle and will be at different stages of that lifecycle. There are a range of programmes
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