Relationship Marketing: A New Dimension of Marketing

Abstract

Customer satisfaction and loyalty depend on the relationship marketing strategies of the marketer. In the early 1990s the concept of relationship marketing was formally introduced into the field of service marketing. And further the concept was also found applicable in the case of industrial as well as consumer products. The aim of relationship marketing is to create strong, lasting relationship with core group of customers. It is to a firm’s advantage to develop – relationship with existing customers because it is easier and less expensive to make an additional sale to an existing customer than to make a new sale to a new customer. In this paper an attempt is done to know the need, benefits and scope of Relationship Marketing.