Free «Customer Relationship » Essay
In business, the main objective of marketing is to foster understanding on customer’s needs in order to create long-term customer relationship. Creating long-term relationship would ensure that the existing customers have long-term value loyalty and product awareness thereby resulting into more profits. Most business analysts have written articles on the importance of understanding various issues surrounding customer relationship. This paper thus analyzes the concept of customer relationship characteristics as depicted in the article The Impact of Customer Relationship Characteristics on Profitable Lifetime Duration.
In the article, The Impact of Customer Relationship Characteristics on Profitable Lifetime Duration is authored byWerner Reinartz and V. Kumar. They note the need to enhance relationship marketing. The main purpose of their study is to develop a framework that would establish and maintain long term buyer-seller relationship for the profitability of the business. They stress that marketing managers have a sole responsibility to incorporate new and better ways of ensuring that they maintain their long-term customers. This is best explained in AT & T Company which has since strategized on its marketing concept in ensuring that they not only analyze their customers, but also track in essential retention and termination characteristics.
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In the article, the study deploys a marketing theory and practice which is illustrated in a quantitative format. This was the main reason why the authors conducted the study. According to Reinartz & Kumar (2003), embracing relationship marketing was seen as a profitable tool for keeping and satisfying the existing customers than forming the base of attracting new customers. It was evident through their findings that ensuring effectiveness of relationship marketing entails the need by marketers to adopt a customer management orientation strategy. This will not only help in emphasizing the importance of analyzing customer lifetime retention, but will also give marketers the dynamic nature of individual’s fostered customer relationship over time.
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This study was important since there is need to better understand how engaged marketing activities impact or influence the relationship between seller and different customers. The implication of this study to future research is the need to for more focus on the role of customer satisfaction in enhancing relationship marketing. It also implies that future research should focus on various relationships management mechanisms that are dynamic but are essential to ensure effective and long-term buyer-seller relationship.
In conclusion, I believe that effectively incorporating customer management and analysis mechanism will ensure that the value of customer loyalty and subsequent marketing issues are addressed. This would create long-term customer relationship thereby resulting into long-time profitability. In marketing perspective, this concept of value loyalty is essential for capital research priority that would ensure more sales and production.