Relationship marketing: a necessary tool for organisational performance

Thesis Overview

<p> </p><div><p><strong>INTRODUCTION</strong></p><p><strong>1.1 &nbsp; BACKGROUND INFORMATION TO THE STUDY</strong></p><p>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.</p><p>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.</p><p>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.</p><p>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.</p><p>Therefore, relationship marketing is the process of keeping existing customer happy and satisfied and constantly focusing on attracting new ones.</p><p>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.</p><p>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.</p><p><strong>1.2 &nbsp; OBJECTIVE OF THE STUDY</strong></p><p>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.</p><p>i. &nbsp; &nbsp; &nbsp; What relationship marketing is and how it is being administered.</p><p>ii. &nbsp; &nbsp; &nbsp; The effect it has on organizational performance.</p><p>iii. &nbsp; &nbsp; What makes up relationship marketing.</p><p><strong>1.3 &nbsp; SCOPE OF THE STUDY</strong></p><p>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.</p><p><strong>1.4</strong><strong>STATEMENT OF THE PROBLEM</strong></p><p>This study is aimed at finding solution to the following questions.</p><p>i. &nbsp; &nbsp; &nbsp;Does the application of relationship marketing have a &nbsp; &nbsp;significant impact on the organizational performance?</p><p>ii. &nbsp; &nbsp; Does the relationship element improve the quality of &nbsp; &nbsp; &nbsp;customer service in organization?</p><p>iii. &nbsp; &nbsp;Has there been any rejection of the company product &nbsp; &nbsp; since the operation of relationship marketing?</p><p>iv. &nbsp; &nbsp;Is customer relationship marketing profitable?.</p><p><strong>1.5</strong><strong>PURPOSE OF THE STUDY</strong></p><p>It is to comprehensively examine customer relationship in organization and how it influence modern marketing practice in the serve industry. It is designed to</p><p>i. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Examine the contributory factors for organizational performance.</p><p>ii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Analyze the impact of relationship marketing as an effective tools for organizational performance in a global market.</p><p>iii. &nbsp; &nbsp; &nbsp; &nbsp;Make recommendation for further improvement where necessary.</p><p><strong>1.6</strong><strong>RELEVANT OF THE STUDY</strong></p><p>The successful practice of relationship marketing will make organizations to have competitive advantages over other firms.</p><p>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.</p><p>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.</p><p><strong>1.7</strong><strong>RESEARCH QUESTIONS</strong></p><p>The following are the questions that this study will provide answers:</p><p>1. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Relationship marketing, does is it really exist?</p><p>2. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Which marketing strategy will help organization to achieve their objectives?</p><p>3. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Will customer relationship marketing makes organisation to survive in a competitive environment?</p><p>4. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Can relationship marketing makes organization to understand their customer better?</p><p>5. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;What are the factors or policies that will affect the practice of relationship marketing?</p><p><strong>1.8</strong><strong>RESEARCH HYPOTHESIS</strong></p><p>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.</p><p>1. &nbsp; &nbsp; H1 Relationship marketing will have a positive impact on</p><p>organisational performance.</p><p>2. &nbsp; &nbsp; H2 The application of the element of relationship marketing will affect the profitability of the organization positively.</p><p>3. &nbsp; &nbsp; H3 That the kind of business engaged in will not determine the marketing policy to be adopted.</p><p></p></div><h3></h3><br> <br><p></p>