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Relationship marketing refers to an arrangement where both the buyer and seller have an interest in a more satisfying exchange. This approach aims to transcend the post-purchase-exchange process with a customer in order to make richer contact by providing a more personalised purchase, and using the experience to create stronger ties.
The extended marketing mix is used in the marketing of services, ideas and customer experiences and typically refers to a model of 7 Ps and includes the original 4 Ps plus process, physical evidence and people. Some texts use a model of 8 Ps and include performance level (service quality) as an 8th P.
Digital marketing mix is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect. [48] Digital marketing can be commonly explained as 'Achieving marketing objectives through applying digital technologies'.
Marketing mix is the most important part of marketing strategy, which is "the framework to manage marketing and incorporate it within a business context [6] ". Marketing strategy: how a business achieves its marketing objectives. The initial step to achieve a marketing strategy is to identify the market target and build up a business plan. [6]
A marketing mix is a foundational tool used to guide decision making in marketing. The marketing mix represents the basic tools that marketers can use to bring their products or services to the market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to the marketing mix.
This emphasizes on why obtaining and sustaining relations is beneficial for a business. Moreover, communication links with relationship marketing perfectly as both focus towards activities directed as establishing, developing and maintaining successful exchanges with customers and other constituents. (Morgan and Hunt 1994).
In 1736, Leonhard Euler created graph theory. [6] Graph theory paved the way for network models such as Barabási-Albert's scale-free networks, chance networks such as Paul Erdös and Alfréd Rényi, Erdős–Rényi model, which applies to random graph theory, and Watts & Strogatz Small-world network, all of which can be adapted to be representative of strategies and or relationships in the ...
Whenever the relationship is at least partially free and a degree of exchange occurs, there is room for implementing more fully developed marketing approaches. The simplest case involves the situation in which both the exchange and the relationship are totally free.