establishing more open relationships with key customers and other partners/ stakeholders A broader view of the markets with which the company interacts. In addition can exist within four types of partnerships: supplier partnerships, lateral. In case of Service Marketing customers' satisfaction is more crucial. 2. 4. Supplier Market: Suppliers are like partners to an organization. Four broad partnerships of Relationship Marketing for BSNL are discussed in detail Analytical Customer Relationship Management: includes strategic use of .
In line with the mission statement, Nikes key target group are athletes. Other than sportsmen, Nike targets the youth that have embraced the Hip Hop culture Hopkins,??
One of Nikes major strengths is its strong brand equity Datamonitor, A look at the scope of duties of the different departments of Nike reveals that a central part of Nikes global marketing activities is telling a story about the Nike brand Nikeinc. An authentic brand story helps to distinguish a brand from its competitors and brings the brand to life van de Wiel, Nike emphasis their employers from the brand management department to the retail staff to tell customers the story about Nike.
The objective is to make to customer want to become part of the story, which of course can only be achieved by buying Nike products.
Moreover Nikes extensive use of celebrity endorsement has helped to establish a strong brand identity and brand personality Roll, The fact that a special slang term evolved for its die hard customers underpins Nikes strong brand. Involvement in a marketing sense is the relevance a person attaches to a certain product or brand, based on their needs, values and interests Solomon, Relationship Marketing could be difficult to apply for low-risk, low involvement products, since in that area a relationship with the supplier can often hardly add a value to the customer.
Relationship marketing is most qualified for high involvement products Godson, The involvement with clothing is dependent on the degree to which the costumer uses clothing as a means of self-expression Michaelidou, Theoretical frameworks The examination of Nikes relationship marketing activities is based two theoretical frameworks. The report is structured according to the four partnership approach to relationship marketing. The 30Rs of relationship marketing model is applied to underpin the four partnership model.
Both are models explained in the paragraphs below. These four partnerships are: Other than taking a simple buyer and seller approach, this model meet the requirements of relationship marketing by taking a constellation approach Godson, The 30 relationships can be subdivided into four broad categories: The classic market relationships and the special market relationships represent market relationships mainly with an organizations customers; suppliers and competitors.
The mega relationships and nano relationships comprise non- market relationships that have in indirect effect on the efficiency of the market relationships. The mega relationships are concerned with the economy and society at large. They exercise their influence on a higher level than the market relationships and set the conditions under which market relationships operate.
Nano relationships on the contrary exercise their influence on a lower level than the market and represent relationships inside an organization.
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They are also referred to as internal relationships Gummesson, The importance of the particular relationships varies between organizations and specific situations Gummesson, For Nike, the classic market relationship relationships to customers and supplier and the mega respectively external relationships are the most crucial. The table below shows a selection of the 30Rs applied to Nike.
Nike and a selection of the 30Rs 3.
6 Markets Model in Relationship Marketing | Topbullets - A Digital Notebook
Customer Relationships R1 The relationship between an organization and its customers is categorized as one of the three classic market relationships described by Gummesson.
According to Gummessonthe relationship between customers and supplier form the foundation of commercial exchange. Nike has millions of customers and it can be argued whether it is possible to create a relationship with all of them Gummesson, It is important to notice that the transfer from transaction marketing to relationship marketing offers intermediary forms such as customized mass marketing.
This marketing approach aims at creating an impression of a personal relationship between the customer and an organization and therefor is called pseudo-personal relationship Gummesson, We need to retain them as long as we can. We also need to attract new customers.
Ultimately creating brand loyal customers is our main goal.
We can add more values to our product. Customer Market directly influences an organization.
6 Markets Model in Relationship Marketing
If customers are not satisfied with our product, we can not retain them. Influence market includes stakeholders as well as third parties. Customers who have bought our product must give feedback to their friends, relatives and neighbors. For any organization these customers are their influencers and when third party like supply partners and retailers influence our customer to buy our product, they are called value added influencers.
Sometimes our own competitors also act as our influencer. Their ads can help an organization to add more customers and their promotional activities can decline our sale.
Referral marketing is when we buy something after being referred by our friends and relatives. In case of Service Marketing, Referral marketing is very common. We can also find this in our daily life. We can get hundreds of advises when we look for a doctor.
Everyone in our family would suggest a different Physician. So this is what Referral Marketing is. So Referral Market can further be divided into 2 categories: