IGNOU MS 423 2017 - Define Relationship Marketing and distinguish it from Transaction Mark

Question

Define Relationship Marketing and distinguish it from Transaction Marketing. What are the objectives of studying relationship marketing ? In what way is it used to attract and retain customers ?

20 Apr 2018

Answer :

Word Count : 420

Relationship Marketing and Transaction Marketing represent two distinct approaches to engaging customers within the realm of financial services. They differ significantly in their strategies, goals, and overall focus.

Relationship Marketing is centered around the establishment and nurturing of long-term relationships with customers. It emphasizes building strong connections, trust, and loyalty over an extended period. This approach views customers not as one-time transactions but as ongoing sources of value. Relationship marketing involves personalized interactions, understanding individual customer needs, and maintaining consistent communication to foster a sense of partnership.

Transaction

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