Relationship Marketing: A Necessary Tool For Organisational Performance
ABSTRACT
An organization ability to enjoy long term competitive advantage is closely related to its capacity to win and retain customers.
The research work took a critical look into this statement from a relationship marketing perspective as a necessary tool for organizational performance.
In doing so, the existing system in the industry shall be examined to ascertain the problem there in so as to suggest possible solution to such problems.
To carry out a comprehensive research work various literature were review which will consist of historical background of the organization; other issue to be examine include data gathering instrument, hypothesis testing to ascertain their validity and reliability use of techniques.
Finally the entire study is summarized, the finding are noted and conclusion, are drawn for possible recommendation to be made. The recommendation are aimed of assist the entire service and manufacturing industry in management of relationship marketing and direction for further research are highlighted.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND INFORMATION TO THE STUDY
Globalization and competition has placed more demand on customer services delivery across all organization. This is worsened by the hostile business environment and unpredictable nature of customers.
However, every organization must survive through attracting new customers and retaining old ones, among all tiers of staff having contact with the customer in order to build a lasting relationship.
Most organization, have come to realized that yesterday’s rule don’t hold any more, and management are faced with new and ever changing business circumstances that are out of their control. Gone are the days when one could invent a product, do a market research, then run advertisements to snag consumers, unfortunately those ways have charged, the advance technology is fueling a proliferation of products which makes it harder to stand out no matter how many advertisement are run.
The way to achieve a superior market position is to build a relationships with customers based on trust, responsiveness and quality. Many businesses have come to realized the need for sound relationship marketing as a necessity rather than a luxury and that marketing before laid emphasis on transaction rather than on relationship with customer/client, and by so doing they tend to focus on attracting new customers and fails to keep the existing ones.
Therefore, relationship marketing is the process of keeping existing customer happy and satisfied and constantly focusing on attracting new ones.
Relationship marketing comprehensively examines relationship in marketing and how it influence modern marketing strategy and practice towards achieving organizational objectives. It states that good customer services is the lifeblood of any organization which will always bring customer back, and a well satisfied customer will not only be loyal to the organization but will also serve as an advocate to the organization and market them to others.
The marketing goals and objectives of any organization is to win a considerable market share and be a market leaders, through the application of relationship marketing concepts this can be achieved.
1.2 OBJECTIVE OF THE STUDY
The performance of an organization in the service industry is literally affected by their marketing strategy. The objective of this study will be to identify.
i. What relationship marketing is and how it is being administered.
ii. The effect it has on organizational performance.
iii. What makes up relationship marketing.
1.3 SCOPE OF THE STUDY
This research work is designed to analyze and examine the role of relationship marketing in the service industry and will be concentrated on the customer and some staff of Tropics finance and investment company Ltd, this is because the organization is rated as an highly service provider in the industry.
1.4STATEMENT OF THE PROBLEM
This study is aimed at finding solution to the following questions.
i. Does the application of relationship marketing have a significant impact on the organizational performance?
ii. Does the relationship element improve the quality of customer service in organization?
iii. Has there been any rejection of the company product since the operation of relationship marketing?
iv. Is customer relationship marketing profitable?.
1.5PURPOSE OF THE STUDY
It is to comprehensively examine customer relationship in organization and how it influence modern marketing practice in the serve industry. It is designed to
i. Examine the contributory factors for organizational performance.
ii. Analyze the impact of relationship marketing as an effective tools for organizational performance in a global market.
iii. Make recommendation for further improvement where necessary.
1.6RELEVANT OF THE STUDY
The successful practice of relationship marketing will make organizations to have competitive advantages over other firms.
It will also allow, for identification prioritization and exploitation of opportunities which will help organization to produce and offer service that suit their customers needs.
Finally, relationship marketing will make organizations to understand their customer buying habit so as to satisfy them and at the same time fulfilling the objectives of the organisation.
1.7RESEARCH QUESTIONS
The following are the questions that this study will provide answers:
1. Relationship marketing, does is it really exist?
2. Which marketing strategy will help organization to
achieve their objectives?
3. Will customer relationship marketing makes organisation
to survive in a competitive environment?
4. Can relationship marketing makes organization to
understand their customer better?
5. What are the factors or policies that will affect the
practice of relationship marketing?
1.8RESEARCH HYPOTHESIS
For the purpose of the research, in order to validate or reject the statement that relationship marketing is a necessary tool for organisational performance, the following hypothesis will be tested.
1. H1 Relationship marketing will have a positive impact on
organisational performance.
2. H2 The application of the element of relationship marketing will affect the profitability of the organization positively.
3. H3 That the kind of business engaged in will not determine the marketing policy to be adopted.
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