Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 30 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
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Abstract
This chapter is excerpted from ‘Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships'. Marketing is arguably amidst a paradigm shift. Marketing orientation is shifting away from creating exchanges (sales) to creating value (satisfaction) and relationships (co-creating value). Ultimately, the main objective of all marketing activities is value creation. In vast majority of cases, value is co-created by several agents, especially the marketers and customers. From a value co-creation perspective, a single transaction can blossom to a process in which the customer and the marketer collaborate (rather than negotiate) for best total value through products, features, delivery terms, maintenance, and financing options for both business-to-business (B2B) as well as business-to-consumer (B2C) markets. Marketers increasingly need to develop and maintain long-term, win-win relationships with customers, distributors, dealers, suppliers, competitors, and other external influencers such as governments, media, non-profit organizations, and pressure groups. In this book, we advocate an approach for managing customer relationships based on the use of the customer lifetime value (CLV) metric. Our premise is that measuring and maximizing CLV benefits not only marketers but also customers in measurable and concrete ways. However, in order to fully unlock the potential of the CLV metrics, it is instructive to be exposed to the history and conceptualization of relationship marketing, its three main types (B2B, B2C, and internal), and the nature of loyalty and rewards programs. We conclude with a discussion on the future of relationship marketing and the frontiers of value co-creation. Cases that illustrate the essence of each chapter along with key points to ponder and take-aways are presented therein.
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 28 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value co-creation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 32 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 56 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 36 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 28 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 46 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 22 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
About
Abstract
This chapter is excerpted from ‘Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships'. Marketing is arguably amidst a paradigm shift. Marketing orientation is shifting away from creating exchanges (sales) to creating value (satisfaction) and relationships (co-creating value). Ultimately, the main objective of all marketing activities is value creation. In vast majority of cases, value is co-created by several agents, especially the marketers and customers. From a value co-creation perspective, a single transaction can blossom to a process in which the customer and the marketer collaborate (rather than negotiate) for best total value through products, features, delivery terms, maintenance, and financing options for both business-to-business (B2B) as well as business-to-consumer (B2C) markets. Marketers increasingly need to develop and maintain long-term, win-win relationships with customers, distributors, dealers, suppliers, competitors, and other external influencers such as governments, media, non-profit organizations, and pressure groups. In this book, we advocate an approach for managing customer relationships based on the use of the customer lifetime value (CLV) metric. Our premise is that measuring and maximizing CLV benefits not only marketers but also customers in measurable and concrete ways. However, in order to fully unlock the potential of the CLV metrics, it is instructive to be exposed to the history and conceptualization of relationship marketing, its three main types (B2B, B2C, and internal), and the nature of loyalty and rewards programs. We conclude with a discussion on the future of relationship marketing and the frontiers of value co-creation. Cases that illustrate the essence of each chapter along with key points to ponder and take-aways are presented therein.
Related
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 28 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value co-creation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 32 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 56 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 36 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 28 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 46 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation
Chapter from: "Relationship Marketing Re-Imagined: Marketing’s Inevitable Shift from Exchanges to Value Cocreating Relationships"
Published by:
Business Expert Press
Length: 22 pages
Topics:
B2B relationships; B2C relationships; Customer lifetime value; Customer loyalty; Customer relationship management; Customer satisfaction; Electronic relationship marketing; Internal marketing; Loyalty and rewards; Programs; Mindful relationship marketing; Relationship marketing; Value cocreation