Question

1) DISCRIBE THE SIGNIFICANT OF THE SHIFT FROM TRANSACTION- BASED MARKETING TO RELATIONSHIP MARKETING. WHEN DOES RELATIONSIHP BUILDING BEGIN?

2) HOW HAS SOCIAL MEDIA, SUCH AS TWITTER AND FACEBOOK, CHANGED MARKETINGS COMMUNICATION

COURSE : PRINCIPLES OF  MARKEYING

BOOK :CONTEMPORARY MARKETING 17E  

Answer 1

Answer1: The shift from transaction based marketing looks for short term focus (sporadic) and limited to only one time exchange whereas relationship marketing is based on commitments made by organizations in terms lower price, greater quality, timely delivery with best service ever. And this can be figured out by knowing the association among organization, supply chain, buyer and seller. Organization is always responsible to fulfill the agreements to have the ultimate customer satisfaction. The relationship building begins from the start point for the mutual benefits towards high values relationships with each partner, suppliers, retailers, customers, etc. Hence, relationship marketing considers each customer as equal partner (cooperation) in the buyer-seller settings where lot of motivation is carried to get into long-term association, where exchanges or business transactions should not be limited and gives more insights on customer needs.

Answer2: The social media offers two way form of communication where it offers ability to organizations to communicate with clients or customers in real time. It makes easy exchange of views and interaction to get feedback about their marketing strategies immediately. Social media marketing gets viral with ease and enables smaller firms to overtake big players. Hence, the use of the social media as an effective tool for marketing ensures on tailor made advertisings and to suit everyone's’ need. Some of the advantage are, such as , faster feedback, clearly determines the company’s mission and goals, up-to-date content, increased responsiveness to customer, easy to change the product offerings based on customer’s choice and most importantly the marketing communication remains consistent.