Role of Relationship Market in Maintaining - MyAssignmenthelp.com

Question: Discuss about The Role of Relationship Marketing in Maintaining Competitive Advantages. Answer: Introduction This research has been started with an objective to enhance the knowledge regarding the role and importance of relationship marketing in maintaining a competitive advantage over the others in the industry. For the purpose of standing in the consumer market, companies need to adopt effective approaches for attracting the customers. The focus of the companies is on enhancing the quality of the services and products for gaining competitive advantage and expansion of the customer base. A good relationship with the customers is an essential element on which performance and sales of the business are based on (Rahman Masoom, 2012). Competition in the airline industry is increasing which has increased the need to develop a healthy relationship with the customers. Relationship marketing focuses on the customer satisfaction, customer defection and retaining the customers for developing loyalty among the customers. With the increase in the number of companies operating in the Airline industry, competition is increasing. This has increased the need for effective relationship marketing for the companies (Wanjau, 2013). The focus of this research program will be on analyzing the importance of relationship marketing and impact of relationship marketing on the satisfaction level of the customers. Analysis of the data collected will be done by applying different methods or approaches. Project Objective Objectives are set with a motive to form a base for the purpose of data collection process. The objective of this research program is to develop knowledge of the role of relationship marketing in maintaining competitive advantages. Relationship marketing has played a crucial role in the airline industry as the satisfaction of the customer is dependent on the quality of the services offered to them. Critical analysis will be done of the different articles, journals, books and other secondary sources so as to understand the knowledge of the research topic and different aspects related to the research. Project Scope Customer satisfaction level is an important element which determines the chances of growth and success of the business. The scope of the project has been defined so as to provide a guide to the research in the right direction. This research program will cover analysis of the role of relationship marketing and its increasing popularity in the dynamic business environment. For the collection of the data regarding the research topic, different approaches have been chosen. Literature Review In the words of Bazinia, et. al. (2012), Rrelationship marketing can be explained as an approach used by the organizations for the purpose of developing customer loyalty, interacting with the customers and enhancing their satisfaction level. For the purpose of gaining a competitive advantage over the others in the airline industry, Finn Air airways and Cathay Pacific Airways have adopted relationship marketing. An emotional connection is developed between the organization and customers with the help of relationship marketing. Relationship marketing is considered crucial for the purpose of quality of the relationship, value, and service. According to Githaiga (2013), satisfaction among the customers helps in enhancing the chances of growth and survival of the company. Impact of the relationship marketing can be seen on the long-term profitability of the company. An organization has to fulfill its responsibility towards the different partners including customer, internal partners, external partners, and suppliers. For the attainment of the long-term growth, both Finn Air and Cathay Pacific are focusing on interacting with the customers for developing a healthy relationship (Peng Wang, 2010). The trained staff has been appointed for assisting the customers. Customer loyalty is an essential aspect which is developed on the basis of the relationship marketing. For developing a positive attitude among the customers towards the company, there is a need to adopt relationship marketing (Sammut, 2011). Quality services are being offered by the companies for enhancing the customer base and retaining the existing customers (Maina, 2016). Relationship marketing plays a vital role for the airlines industry. Different strategies are being adopted by the different organizations for meeting the expectations of the customers and establishing healthy relationship with the customers. Cathay Pacific has adopted a customer oriented cost strategy for meeting the needs or desires of the customers. Finnair and Cathay Pacific need to analyze the factors which are contributing to customer defection. Finnair is offering different types of memberships to its customers for providing them benefit as well as developing large customer base (Rahman Masoom, 2012). Customer loyalty is an essential element which shows the level of trust in the brand. Finnair is conducting events for appreciating loyalty among the customers. On the contrary, focus of Cathay pacific is on building customer supplier relationship by applying CRM approaches. Personal information regarding the customers is assembled with the help of CRM campaigns. E-CRM approaches are also being used by the organizations for reaching out the customers (Tung Yu, 2013). Research Questions/Hypothesis Research has been initiated for the assembling of the data regarding the importance of relationship marketing and its impact on the customer loyalty. Information will be assembled on the basis of the research questions formulated. Research questions for the research program are listed below: Primary Question What is the role of relationship marketing in maintaining competitive advantages over the others in the industry? Secondary Questions What are the impact of relationship marketing on the satisfaction level and loyalty among the customers? Which factors help in building satisfaction level and loyalty among the customers? Research Design and Methodology Research methodology section defines the various approaches or methods which are adopted by the researcher with a motive to assemble quality data. Research programs are conducted with a motive to assemble data and presenting different facts related to the research topic. This research program has been carried out with a motive to gain knowledge of the role played by relationship marketing in maintaining a competitive advantage for the firms in the competitive business environment. Different approaches will be chosen on the basis of the requirement of the research program. These approaches will contribute towards the collection of the relevant data for the research. Research Design or method: there are various methods or designs available which are adopted by the researchers for their research. The motive behind the selection of the method is to maintain the quality of the research program. Qualitative research method will be used for the accumulation of the relevant data for the research (Terrell, 2012). Qualitative research method has been chosen with a motive to provide insight of the problem or the aspect in a better manner for developing knowledge. Trends or opinions will be uncovered with the help of qualitative research method. Qualitative research method uses unstructured or semi-structured techniques for the assembling of data (Acaps, 2012). Research approach: qualitative approach has been selected after the analysis of different approaches. The reason behind the selection of this approach is to ensure that the required data is assembled for this research program. The qualitative approach uses primary and secondary data for the execution of the research program (Smith, 2015). Both these sources are effective in collecting quality data and maintaining the reliability and authenticity of the data collected. Data collection: data collection is the process of assembling of the required information with the help of different sources of data collection. Numerous methods or sources are present which can be used for the assembling of the required information. Data in this research program will be accumulated by applying primary and secondary sources. Primary data is assembled with a motive to gather raw form of data directly from the respondents, especially for the research. Quality of primary data may get affected due to the biasedness and judgment of the respondents (Lowry, 2015). Due to these reasons, primary data is considered less reliable and authentic. Primary data can be assembled with the help of questionnaire or interview (Thomas, 2015). The questionnaire will be used for fulfilling the objective of data collection for the research. Secondary data is assembled with the help of the second-hand sources which has already been assembled and used by others for their work (Turkenburg McA uley, 2013). This form of data is more reliable and authentic as it has been already used. Sources for the collection of secondary data include internet sources. Sampling method: sampling methods are used for the analysis of the data within the limited time allocated for the completion of the research. Data assembled will be available in large quantity and for the analysis and evaluation of the assembled data, random sampling technique has been chosen. According to random sampling technique, equal chance needs to be allocated to every sample for getting selected for the analysis process (Nishad Sankar, 2016). This approach is considered reliable as the data analysis process takes place without any biasedness (Alvi, 2016). Research strategy: strategies are adopted by the researcher for the completion of the research in a better manner and attaining the desired outcomes from the execution of the research. A sequential strategy has been chosen for the execution of this research program. This strategy will ensure that the research is being conducted as per the plans formulated. Targeted market: there is a need to identify the target market so as to identify the source from where data has to be assembled for the research. Primary data for this research program has to be assembled with the preparation of a questionnaire. The questionnaire will be presented to the employees for collecting data. For the accumulation of secondary data, Internet sources will be accessed and data will be collected from those internet sources. For maintaining the authenticity of the data, internet sources will be used which have been issued after the year 2010. Timeframe: timeframe can be defined as the time period in which researcher has to complete the research program. It is essential to execute the research program within the allocated time period. This maintains the relevance of the collected data and helps in meeting the objective of the research well on time. Ethical considerations: ethics are the guides which provide direction to the actions in right manner and performing the actions in a fair manner without creating harm to the interest of others. Ethical considerations play a vital role as these shapes the execution process of the research by complying with the values including confidentiality, honesty, integrity, and unbiasedness. Research Limitations Limitations are those issues or challenges which are being faced by the researcher during the execution of the research program. Limitations need to be dealt in an effective manner so as to overcome these challenges. Impact of these limitations can be seen on the quality of the research and the execution process of the research. Research limitations identified in the research program include lack of availability of resources, availability of short span of time and lack of knowledge regarding the research topic. These limitations need to be identified during the research execution process so as to eliminate the adverse impact of these limitations. Time Schedule (Research Plan) Serial no. Activities Initiation date Duration (days) Completion date 1) Selection of the topic 23 January 2018 1 23 January 2018 2) Construction of plans 24 January 2018 4 27 January 2018 3) Implementation of the outlined plans 28 January 2018 8 04 February 2018 4) Selection of data collection methods 05 February 2018 3 07 February 2018 5) Initiation of data collection process 08 February 2018 9 16 February 2018 6) Analysis and evaluation 17 February 2018 5 21 February 2018 7) Conclusion and recommendations 22 February 2018 1 22 February 2018 Gantt chart Conclusion Thus, at the end of the research program, it has been stated that focus is on developing knowledge regarding the relationship marketing in relation to Finnair and Cathay Pacific airlines. For the purpose of developing loyalty among the customers, relationship marketing is being used. The focus of the airlines is on the retaining the customers by satisfying the customers and attracting potential customers. For the purpose of operating in the dynamic business environment, there is a need to adopt relationship marketing. It is essential to enter into negotiation with the competitors and signing a long-term contract. E-approach has been chosen by the airlines for enhancing the customer base and contributing to the satisfaction level of the customers. References Acaps, 2012, Qualitative and Quantitative Research Techniques for Humanitarian Needs Assessment, Acaps. Alvi, M., 2016, A Manual for Selecting Sampling Techniques in Research, MPRA. Bazinia, E., Elmazib, L. Sinanaj, S., 2012, Importance of relationship marketing management in the insurance business in Albania, Procedia - Social and Behavioral Sciences, Vol. 44, pp. 155 162. Githaiga, A. M., 2013, Customer Relationship Management As A Strategy To Gain Competitive Advantage In The Banking Industry, United States International University. Lowry, L. D., 2015, Bridging the Business Data Divide: Insights into Primary and Secondary Data Use by Business Researchers, IASSIST. Maina, V. N., 2016, Relationship Marketing and Sustainable competitive advantage in large pre-hospital service companies in Kenya, University Of Nairobi. Nishad, P.M. Sankar, S., 2016, Efficient random sampling statistical method to improve big data compression ratio and pattern matching techniques for compressed data, International Journal of Computer Science and Information Security, vol. 14, no. 6, pp. 179. Peng, L. Y. Wang, Q., 2010, Impact of relationship marketing tactics (RMTs) on switchers and stayers in a competitive service industry, Journal of Marketing Management, Vol. 22(1-2), pp. 25-59. Rahman, S. M. A. U. Masoom, M. R., 2012, Effects of Relationship Marketing on Customer Retention and Competitive Advantage: A Case Study on Grameen Phone Ltd., Asian Business Review, Volume 1, Issue 1. Sammut, H. J., 2011, A competitive advantage through customer relationship management, Times Malta. Smith, N.L., 2015, Using Action Design Research to Research and Develop Evaluation Practice, New Directions for Evaluation, vol. 2015, no. 148, pp. 57-72. Strategic Marketing Solutions, 2013, Strategic Marketing Solutions Can Develop Your Relationship Marketing Program. Accessed on: 24 January 2018. Available at: https://www.strategicdriven.com/relationship-marketing/ Terrell, S. R., 2012, Mixed-Methods Research Methodologies, The Qualitative Report, Volume 17, Number 1, pp. 254-280. Thomas, J. A., 2015, Using unstructured diaries for primary data collection, Nurse researcher, vol. 22, no. 5, pp. 25. Tung F.C. Yu T.W., 2013, Investigating effects of relationship marketing types in life insurers in Taiwan, Managing Service Quality, Vol. 23(2), pp.111-130. Turkenburg, J. P. McAuley, K. E., 2013, Data collection and processing,Acta Crystallographica Section D, Vol. 69(7), pp. 1193-1194. Wanjau, C., 2013, Investigation of the effect of customer relationship management on customer retention in commercial banks a case of KCB Limited in Kenya Nairobi region, Kenyatta University.