The development of deep, enduring relationships with all the people or firms involved directly or indirectly in the firm’s marketing activities is appearing as a key goal of marketing. This is the concept of Relationship marketing – it aims at building mutually satisfying long-term relationships with the key partners like customers, financiers, suppliers, distributors and of course the stakeholders, in order to earn and retain their business. It also builds strong economic, technical and social binding amongst the partners. There are four key constituents of marketing as given below :
1. The Customers,
2. The Employees,
3. The Marketing Partners : Channels, Suppliers, Distributors, Dealers, Retailers, Agencies, etc.
4. The Financial Community : Shareholders, Stakeholders, Financiers, Investors, Analysts, etc.
5. Another key constituent is the Society : Well-wishers, Research Scholars, Scientists, Professors, Environmentalists.
The ultimate goal of relationship marketing is the building of a unique company asset called a “marketing network”, which consists of the company and its supporting stakeholders as listed above with whom it has built manual profit relationships. Interestingly, today, the competition is not between companies as such, but between the carefully built marketing relationship networks – whoever has a better network, wins. So the principle is simple – build an effective network, and the profits will follow automatically.