Q.5. What are the components of relational marketing orientation?
Ans. Components of Relational Marketing Orientation: Relational marketing orientation is made u of several inter-linked components which are:
1. Trust: It is the core element that serves as the basis of long-term relationships since short-term inequalities are unavoidable. They can easily be resolved and will result in long-term profits. Effective communication is very important to having a trustworthy relationship.
2. Bonding: It is essential to create relations with customers and other parties. It develops a sense of belongingness with relationships and the organization at large. It also helps to create customer loyalty.
3. Communication: It is the main focus of any relationship irrespective of the quality or quantity naturally extracted from former communications. It improves attitudes based on coordination and helps the buyers and sellers to understand each other’s objectives as well as capabilities.
4. Shared Value: It refers to the goals, policies and practices of the organization about which a partner firm knows in common. It also defines the significance, applicability and accuracy of the shared values. Each and every organization has its own culture and values involving rules, outlines, rewards and punishment policies, etc.
5. Empathy: It is the capability of a person to understand and share the feelings of another person and This is possible only when two persons have a good relationship with each other.
this is possible only when two persons have a good relationship with each other. 6. Reciprocity: It is an important element of relationship marketing that enables parties to offer favours and allowances to each other so as to receive the favour in future events. This creates long-term trust and mutual understanding between different parties.