Question

Marketing is based on many different relationships between customers, wholesalers and producers, buyers, and sellers. What does the term relationship marketing refer to? a. Measuring a customer's worth (sales minus costs) to a business during one's lifetime b. Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers c. Using information about customers to create marketing strategies that develop and sustain desirable customer relationships d. Retaining customers by offering them big rewards

Answer 1

Answer:

b. Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers

Explanation:

Relationship Marketing is a subset of Customer Relationship Marketing (CRM), which involves the building of customers loyalty on a long term basis, by improving internal operations to satisfy customers, as well as retaining customers. It builds on customer acquisition and individual sales, by going further in ensuring a satisfying long-term relationship with customers through marketing decisions and activities. This would help in retaining customers and make them loyal to a brand.