Consumer-Firm Relationship and Bonding Essay Example | Topics and Well Written Essays - 500 words

Consumer-Firm Relationship and Bonding - Essay Example Some claim that behaviors people adopt, simplify the buying experience, reduce risks and maintain a psychological level of comfort. Others describe it as attracting, maintaining and enhancing customer relationships. These relationships go through hierarchical chain of events and development phases including exchanges, transactions through which customers receive psychological benefits. The relationships are earned through transactions. Relationship marketing sets out to establish, maintain, develop and commercialize so that objectives of both the customer and the marketer is met. This is done by mutual exchange and promise fulfillment. Relationship marketing can be viewed as relationships, interactions and networks connecting customers to customers, suppliers to customers, suppliers to suppliers as well as competitors. It includes employing tactical elements like customer contact, customer database management and customer-oriented service. Strategic elements re-characterize the business as a service business and view the organization as a process instead of a function. The dissertation considers all relationships as having life cycles and questions whether relationship marketing is the development of a new marketing paradigm.