Let’s start by examining the world of marketing! What is it, what does it consist of, and how are the different components used? Marketing Explained helps you to grasp the whole context and content of marketing.
Relationship Marketing Strategies – Differentiating Relationship Marketing and Transaction Marketing
Over the past 40 years, relationship marketing has emerged as the accepted paradigm of modern marketing. Essentially, relationship marketing strategies are based on the notion that it is better and cheaper to keep an existing customer than to expend effort on recruiting new ones. This implies a focus on the lifetime value of the customer rather than on the single transaction. In this article, we would like to explore the essence of relationship marketing strategies and investigate the differences between relationship marketing and transaction marketing.