Relationship Marketing Approach and Strategiesin Retailing
RELATIONSHIP MARKETING APPROACH AND STRATEGIES IN RETAILING
R.BRINDHA
Ph.D Research Scholar,
ABSTRACT
Retailers face a dynamic and competitive retail environment. With increased globalization, market saturation and increased competitiveness through mergers and acquisitions, retailers are seeking competitive advantages by better managing customer relations. In today’s high tech age, where the marketing concepts and tools have undergone major changes with the introduction of e-commerce, online selling, network marketing, direct marketing, relationship marketing has become the base on which the business strategies as well as marketing strategies are built. Business organizations today have begun to recognize and consider the human quotient as well as the emotional quotient of business relationships. Relationship Marketing has evolved as a discipline that helps the businesses to look beyond transactions to long-term business associations. Successful Relationship Marketing strategy helps the organization deepen and strengthen its revenue streams on long-term basis. Relationship Marketing is a considered to be a core corporate philosophy on which the business strategy is built upon. This article considers the development of relationship marketing in retail industry. It begins by examining the relationship marketing literature and considering its application to the retail industry. This paper shows how the relationship marketing principle underpins the implementation of retailing strategies.
Keywords: Retailing, Relationship Marketing, Evolution, Application, Strategies.
INTRODUCTION
The retail industry is generally a very dynamic, fast changing sector. It constitutes one of the main sectors in the economy, in terms of transactions and turnover; as a consequence, it is a highly competitive and sophisticated industry. Companies have to be constantly monitoring the market, to identify any new trends on a timely fashion and, above all, they have to
R.BRINDHA
Ph.D Research Scholar,
ABSTRACT
Retailers face a dynamic and competitive retail environment. With increased globalization, market saturation and increased competitiveness through mergers and acquisitions, retailers are seeking competitive advantages by better managing customer relations. In today’s high tech age, where the marketing concepts and tools have undergone major changes with the introduction of e-commerce, online selling, network marketing, direct marketing, relationship marketing has become the base on which the business strategies as well as marketing strategies are built. Business organizations today have begun to recognize and consider the human quotient as well as the emotional quotient of business relationships. Relationship Marketing has evolved as a discipline that helps the businesses to look beyond transactions to long-term business associations. Successful Relationship Marketing strategy helps the organization deepen and strengthen its revenue streams on long-term basis. Relationship Marketing is a considered to be a core corporate philosophy on which the business strategy is built upon. This article considers the development of relationship marketing in retail industry. It begins by examining the relationship marketing literature and considering its application to the retail industry. This paper shows how the relationship marketing principle underpins the implementation of retailing strategies.
Keywords: Retailing, Relationship Marketing, Evolution, Application, Strategies.
INTRODUCTION
The retail industry is generally a very dynamic, fast changing sector. It constitutes one of the main sectors in the economy, in terms of transactions and turnover; as a consequence, it is a highly competitive and sophisticated industry. Companies have to be constantly monitoring the market, to identify any new trends on a timely fashion and, above all, they have to
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