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Relationship Marketing in Content of Malaysia

Autor:   •  March 8, 2011  •  Research Paper  •  704 Words (3 Pages)  •  1,627 Views

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Relationship involves at least two persons and this relationship must be build consistently. Relationships will only happen where they respect each other and what each other brings to the relationships, thereby it will increase their contribution to the overall value of the relationship (Batterly, 2004). Relationship marketing is a kind of strategy that fosters customer loyalty, interaction and long-term engagement; it does not happened between a business and customer, as well as supplier, competitors, etc. (Wise Research Ltd, 2010). Malaysia is a country where a diverse range of external cultures and religions. It represents a unique fusion of Malay, Chinese, and Indian traditions, creating a pluralistic and multicultural nation that has its character strongly rooted in social harmony, religion and pride in its ancestral background (Jodie R. Gorrill, 2007).

Now we are discussing on the classic market relationship. There are three types of classic market relationship, which are the dyad, the relationship between the supplier, who sells products or services and customer, who buy products and services, it also known as two party relationship. It is the basic interaction in business (Gummesson, 2008). However, the triad is the relationship between supplier, customer, and competitor, who exists in the industry and sells the similar product and service, whereby it also an important element of a market (Gummesson, 2008). Furthermore, the classic network is the relationship between supplier, customer, competitor and distributor who always been the middle in the market. Relationship marketing in the content of Malaysia, for instance, in banking sectors, it is a kind of dyad relationship. Trust is one of the most important elements of building a stable and collaborate relationship with their customers as well as to enhance competitiveness (Rousseau D, 1998). Trust can be defined as one party who are willingness or confidence to engage in a relationship with a trusty and reliability party ( Morgan R and Hunt S, 1994). For example, in Islamic banking sectors, they are more concerned on belief values (aqidah), ethics (akhlaq) and compliance with Islamic principles (Shariah) in conducting Islamic banking activities, which all the above is based on trust (Halim, 1992); (Lynn, 2001). In addition, image known as a perceptions

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