Contemporary Issue In Marketing Essay Example | Topics and Well Written Essays - 1500 words

Contemporary Issue In trade - Essay ExampleThis report mainly focuses on kind market, its importance in the modern lineage scenario and connection of relationship with technological innovation and discussion regarding the Integrated Marketing Communication (IMC). Lastly, a cobblers last and recommendation is made regarding the close connectivity between these three aspects. Relational marketing In the last hardly a(prenominal) decades, the marketing theories run through experienced a colossal shift in both theories and practices of marketing. Relationship marketing is a developing network paradigm that recognises that global competition occurs between networks of organizations. In the context of relationship marketing, Morgan and Hunt (1994) have suggested the Commitment and Trust Theory that involves all types of relational exchanges. The researchers have argued that the central conception of relationship marketing rotates around those that distinguish an effective and produ ctive relational exchange from those that are futile and unproductive. There are several factors that contribute towards the success or failure of relationship marketing effort. These scholars have stressed on trust and commitment that makes significant contribution. They theorised that relationship trust and commitment is the key to thriving relationship marketing. These two aspects help the marketer in preserving relationship by cooperating with the partners, resisting their attraction towards short-term benefits in the hope to reap long-term ones by staying with the actual partners and looking at high-risk actions as prudent. betoken 1 (Source Morgan and Hunt, 1994) An early(a) research scholar, Reichheld and Sasser (1990), have stressed on the fact that there are precise few companies who have succeeded in providing the service commitment made by them to the customers. For service companies, scrap passel signifies customers who are not going to come back. If the companies start measuring this scrap heap, they will realise that this protective embankment cost them heavily and ardent steps are needed to be taken in run to reduce the same. This will make them strive for zero defects in their quality movement and guiding write down for making the organization gain profitability and achieve it soon. They have suggested that customer defection leads to a decently impact on the bottom line. The companys market share, profit, unit cost and many other factors related to competitive advantage are expected to be impacted positively. This strengthening and lengthening of relationship is expected to increase profit by 100 percent, by 5 percent retention of the existing customers. Technology development Computing technology is an omnipresent aspect that encompasses both personal lives of an individual and organizational framework. In order to understand the outcomes, resulting from technology acceptance, several theoretical casts has been proposed such as, t echnology acceptance model (TAM) and innovation diffusion theory. The TAM is hugely recognised as robust but with parsimonious conceptualization. ground on the theory of reasoned action, it has been argued by TAM that the behaviour of IT acceptance can be explained, establish on the belief of the individual, regarding the ease of use and usefulness of IT. On the other hand, the innovation diffus