What is Relationship Marketing? Meaning & Explanation

Relationship marketing is heavily dependent on Customer Relationship Management (CRM).
Relationship marketing involves the development of a marketing strategy which has the essence of relationship.
It includes the business interaction with customers in the entire firm to have the better understanding of their current and future requirements and the methods by which these can be met.
It serves as the means of accurate and reliable business data related to the present and prospective customers.
Cross selling, up selling and repetitive selling are the results of successful relationship marketing.
Mainly related with personal relations, communications and managing the vital conditions to gain the confidence of the customers.
Relationship manager coordinates different activities.
Focuses on developing long term, profitable relationship with the customers.
It mainly deals with maintaining relationships with both partners and customers.
It is largely focused towards the firm’s marketing operations and towards the Customers.

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