24205 Lecture Notes - Lecture 2: Interaction Point, Relationship Marketing, Customer Retention
Document Summary
Relationships and networks: significance of relationship marketing. Success is based on how you manage internal/external relationships. Network thinking = importance of rich relationships to co-develop new products and services and to market them (no business is an island) Importance of lt and collaborative relationships through trust. Transactional relationship = st and discrete exchanges. Focus on single sales, emphasis on product quality/features. Relational = collaborative, lt and shared resources. Focus on customer value, high emphasis on customer service. Continuous customer contact, focus on customer retention. Prospect = someone who may be persuaded to do bs with you. Customer = done business with you but only once. Client = repeat bs but may be neutral/negative towards organisation. Trust, communication, commitment, lt perspective, mutual benefit. Key area = trust and communication (consistency is also important: understand ior"s from an interaction point of view. Relationship portfolio = key account person managers multiple others.
