In today’s modern business environment, the development of close and long-term relationships is a strategy which aims at creating competitive advantage and the successful revival of businesses. The scientific field of marketing has created “relationship marketing” which deals with the study of these relationships.
The present essay focuses on analyzing and comparing transactional and relationship marketing. It presents the IMP Group interaction approach which is considered as one of the most prevalent approaches of relationship marketing. The IMP Group approach is analyzed and more specifically its implementation in the purchasing process is studied. IBM is the company that is taken as an implementation example of the IMP Group approach. In IBM’s case study relationship marketing and IMP Group approach are successfully implemented and are in full accordance with the relevant theory.
Table of Contents
- Introduction
- Relationship Marketing - Definition
- Transactional marketing & Relationship Marketing
- Industrial network approach
- Interaction approach and organizational buying
- Conclusions
Objectives and Key Themes
This essay explores the concepts of transactional and relationship marketing, analyzing their differences and discussing the impact of relationship marketing on competitive advantage in modern business. The essay aims to provide a comprehensive understanding of the IMP Group interaction approach, a prominent model of relationship marketing, and its application in the purchasing process.
- Definition and comparison of transactional and relationship marketing
- The IMP Group interaction approach as a model of relationship marketing
- Implementation of relationship marketing and the IMP Group approach in the purchasing process
- The role of internal marketing in achieving successful relationship marketing strategies
- The importance of customer relationships for business survival and success
Chapter Summaries
- Introduction: This chapter provides a brief overview of the essay's purpose and structure, highlighting the importance of relationship marketing in today's business environment. It introduces the key concepts of transactional and relationship marketing and the focus on the IMP Group interaction approach.
- Relationship Marketing - Definition: This chapter explores the definition of relationship marketing, examining various perspectives and emphasizing its role in building and managing company relations with customers, suppliers, employees, and other stakeholders. It discusses the importance of customer relationships for business success.
- Transactional marketing & Relationship Marketing: This chapter compares and contrasts transactional and relationship marketing, outlining their key differences in terms of duration of contacts, marketing strategies, customer focus, price sensitivity, and internal marketing involvement. It highlights the shift from transactional approaches to a more customer-centric relationship marketing paradigm.
Keywords
Relationship marketing, transactional marketing, IMP Group approach, interaction marketing, internal marketing, customer relationship management, competitive advantage, business strategy, purchasing process.
- Quote paper
- Fotini Mastroianni (Author), 2014, Analyzing and comparing transactional and relationship marketing, Munich, GRIN Verlag, https://www.grin.com/document/355383
