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Relationship Marketing- Pepsi Cola
Customers play the most important role in determining a company's success and for this reason, great amount of attention has always been paid to attracting new customers. But in recent times, a shift has occurred and instead of only attracting new customers, companies are trying to build programs to retain old customer. This has given rise to the CRM programs or relationship marketing strategies (Pearson, 1994). A customer gained is thus a consistent source of income found provided the company knows how to keep that customer coming back. In other words, firms are now beginning to realize that it is more important to retain customers than attracting new ones since it costs less to achieve the former. Attracting new customers is certainly important for enhance sales but what if a company keeps losing its old customers because of unsatisfactory service or quality. Relationship marketing is a new concept that focuses on building a lasting relationship with the customers instead of believing in 'old goes-new...
In other words, it can be defined as "a business strategy that proactively builds a bias or preference for an organization with respect to three audiences -- its individual employees, its channel partners, and its customers." (Gingrande, 2001) Relationship marketing therefore plays a huge role in customer retention and in building a life-long relationship with the customer. (Parker, 2001)
Most large companies today are aware of the importance of relationship marketing and no firm knows it better than Pepsi Cola Inc. The company whose products have become an integral part of our lives doesn't let complacency creep in and is therefore always on the look out for something that would make his customers feel important and turn them into loyal buyers forever. So how does Pepsi retain its customers or in other words what is the core idea behind its relationship marketing? Pepsi builds relationship with its customers by making becoming an important part of their lives. If we see Pepsi literally ruling the world of…
Author not available, Pepsi secure one of the most lucrative sponsorships in sport. PR Newswire; Date: 03/17/2003
Parker, Roger C. Repeat Customers: Relationship management focuses on client
SoftBase; Date: 01/30/2001
Marketing Relationship marketing entails developing long-term commitment and brand loyalty. Customers who consistently receive communications and information from vendors will be more likely to continue doing business. If the customer is dissatisfied, these communications will allow all complaints to be voiced so that the vendor can effectively change the nature of the product or service. Fitting products and services to customer needs is an essential aspect of successful, profitable business operations.
Relationship Marketing Effective Strategies for Customer Retention in the Digital Age: A Comparison of Relationship Marketing Models Few aspects of modern society have been left untouched by the Digital Revolution and the advances that have been made in mobile technologies. Phone books, which were still incredibly useful resources for many just a decade ago, are now almost laughably archaic wastes of paper; our phones themselves can make restaurant recommendations, find a doctor's
Relationship Marketing Program Relationship Marketing The idea of relationship marketing has been the .prime focus of many businesses and the trade oriented organizations of late. There has been an upsurge in competition with more players getting into the various fields of operation that there before had not been flooded by the same kind of businesses. This then called for the relationship marketing into play. Relationship marketing is promotions and selling engagements whose prime
Relationship Marketing Customized mailing is a preferred way of selling the products and services as compared to the mass mailing. As evident, currently customized mailing is norms in which a firm strives to create and maintain long-term elations with its customers. It is generally agreed that a firm that is equipped to create, maintain and manage customer relationship over the life of a customer is at a better position to sustain its
Relationship marketing Digital marketing >development RM theory >customer relationship management theory >Nature digital marketing >E-business/E- commerce > RM a result direct marketing 1) markerting Relationship Marketing and Digital Marketing Development of Relationship Marketing Theory Relationship marketing is a form of marketing that focuses on customer retention and satisfaction, in comparison with other forms of marketing that focus on sales. This type of marketing is characterized by increased interest in the value that customer
Relationship Marketing You have been hired as a consultant by a community college to help them increase the profitability of their athletic program. Discuss the recommendations that you would make regarding the use of relationship marketing to benefit the athletic program. The most critical aspects of any aspect of attracting, selling and serving a customer base is how consistent and positive the customer experience they have with a given brand. The role