Business

Relationship Marketing Process and Approaches to the Study of Marketing

Relationship marketing is a process of creating, maintaining, and enhancing strong value-laden relationships with customers and other stockholders.

Markets

A market is defined as a set of all actual and potential buyers of a product and service. These buyers share particular needs or want that can be satisfied through an exchange. The size of a market depends on the need of people with common needs and has resources to engage in exchange, and is willing to offer these resources in exchange for what they want.

Originally, the term ‘market’ stood for the place where buyers and sellers gathered to exchange their goods, such as a village square. 

However, Economists often use the term to refer to a collection of buyers and sellers who transact in a particular product class, such as the clothing market electronic market, cattle market, etc.

Read Also: Definition and Introduction to Proper Marketing

Marketers

A marketer is someone seeking a resource from someone else and willing to offer something of value in exchange. A marketer could be a buyer and a seller. For example, Mr. X sells TVs to Mr. Y or Mr. X produces TV sets in XYZ Company which he bought for personal use.

Approaches to the Study of Marketing

You should understand right from the onset that the contents of the course are to be worked at and understood step by step and not to be read like a novel. 

The best way is to read a unit quickly to see the general run of the content and then to re-read it carefully, making sure that the content is understood step by step. 

You should be prepared at this stage to spend a very longer quality time on some units that may look difficult. A paper and pencil are necessary. Ensure that you make necessary notes and summaries were necessary for future references.

Read Also: Basic Concepts Underlying Marketing

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