relationship marketing
Definition:
Relationship marketing emphasises that both buyers and sellers benefit more if they enter into a continuing relationship within which the seller makes a special effort to determine the buyers needs and meet them while the buyer rewards the seller with their continuing patronage. This approach is felt to reflect the true meaning of the MARKETING CONCEPT by contrast with approaches which emphasise the TRANSACTION as the basis of exchange relationships. This latter approach is usually identified with the MARKETING MANAGEMENT approach which developed in the USA circa 1960.
Cross-References:
[marketing management]
[marketing concept]
[transaction]
Links:
Figures:
© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].