RELATIONSHIP MARKETING: A NECESSARY TOOL FOR ORGANISATIONAL PERFORMANCE
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RELATIONSHIP MARKETING: A NECESSARY TOOL FOR ORGANISATIONAL PERFORMANCE
ABSTRACT
An organization’s ability to maintain a long-term competitive edge is intimately tied to its ability to acquire and keep consumers.
The research examined this statement critically from the standpoint of relationship marketing as an essential instrument for organisational effectiveness.
In doing so, the existing system in the industry will be reviewed to determine the problem and alternative solutions.
To conduct a comprehensive study task, many literature were reviewed, including the organization’s historical history; other issues to be examined include data gathering instruments, hypothesis testing to determine their validity and reliability, and the usage of procedures.
Finally, the entire study is summarised, the findings are documented, and conclusions are drawn to make possible recommendations. The recommendations are intended to aid the entire service and manufacturing business in managing relationship marketing, and directions for future research are underlined.
Chapter one
INTRODUCTION
1.1 Background information for the study.
Globalisation and competitiveness have increased demand for customer service performance across all companies. This is exacerbated by the hostile business environment and the unpredictable nature of clients.
However, any organisation must thrive by recruiting new customers and retaining old ones, with all levels of staff making touch with the consumer in order to establish a long-term connection.
Most organisations have realised that yesterday’s rules no longer apply, and management is faced with new and constantly changing business situations beyond their control. Gone are the days when one could design a product, conduct market research,
and then run advertisements to attract customers; regrettably, such methods have become obsolete; advanced technology is fueling a proliferation of items, making it more difficult to stand out regardless of how many advertisements are run.
Building trusting, responsive, and high-quality customer connections is the key to achieving a strong market position. Many businesses have recognised the importance of sound relationship marketing as a necessity rather than a luxury,
and that marketing previously focused on transactions rather than relationships with customers/clients, causing them to focus on attracting new customers while failing to retain existing customers.
Thus, relationship marketing is the process of keeping existing customers happy and satisfied while also working on attracting new ones.
Relationship marketing is a comprehensive examination of marketing relationships and how they impact modern marketing strategy and practice in order to achieve organisational goals.
It argues that good customer service is the lifeblood of any organisation since it always brings customers back, and a happy customer will not only be loyal to the organisation but will also serve as an ambassador for the organisation and sell it to others.
Any organization’s marketing aims and objectives include gaining a significant market share and becoming market leaders; this can be accomplished by implementing relationship marketing strategies.
1.2 Objective of the Study
A service organization’s marketing strategy has a direct impact on its performance. The goal of this study will be to identify.
i. Define relationship marketing and explain how it is carried out.
ii. What impact it has on organisational performance.
iii. What constitutes relationship marketing.
1.3 Scope of the Study
This research will analyse and examine the role of relationship marketing in the service industry, with a focus on Tropics Finance and Investment Company Ltd’s customers and some employees, as the organisation is rated as a high-quality service provider in the industry.
1.4 Statement of the Problem
This study seeks to answer the following questions.
i. Does the use of relationship marketing have a substantial effect on organisational performance?
ii. Does the relationship element enhance the quality of customer service in the organisation?
iii. Has there been any rejection of the company’s product since the implementation of relationship marketing?
4. Is customer relationship marketing profitable?
1.5 PURPOSE OF THE STUDY
Its purpose is to completely investigate customer relationships in organisations and how they impact modern marketing practice in the service industry. It is designed to.
i. Investigate the contributing variables to organisational performance.
ii. Evaluate the effectiveness of relationship marketing as a technique for improving organisational performance in a global market.
iii. Make recommendations for additional improvement as needed.
1.6 SIGNIFICANCE OF THE STUDY
Successful relationship marketing will provide organisations with a competitive advantage over competing enterprises.
It will also enable the identification, prioritisation, and exploitation of opportunities, allowing organisations to manufacture and provide services that meet the needs of their clients.
Finally, relationship marketing requires organisations to understand their customers’ purchasing habits in order to please them while also meeting the organization’s objectives.
1.7 RESEARCH QUESTIONS
This study will provide answers to the following questions:
1. Does relationship marketing actually exist?
2. Which marketing technique will benefit the organisation
attain their objectives?
3. Will customer relationship marketing help organisations?
To thrive in a competitive environment?
4. Can relationship marketing cause an organisation to
Understand their customers better?
5. What causes or policies will affect the
Do you engage in relationship marketing?
1.8 Research Hypothesis
The following hypotheses will be examined as part of the research to validate or refute the statement that relationship marketing is a crucial tool for organisational performance.
1. H1 Relationship marketing will positively affect
Organisational performance.
2. H2 The adoption of relationship marketing will have a favourable impact on the organization’s profitability.
3. H3: The type of business engaged in will not dictate the marketing policy to be implemented.
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