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Challenges Faced by Marketers

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1. Provide a recent example of a product you purchased that demonstrates marketing as an exchange relationship. Analyze the 4Ps as it relates to this purchase's exchange relationship.
2. Make an argument for the most important and the least important aspect of the 5Cs.
3. Determine the challenges marketers currently face with clutter and its impact on marketing communication. Suggest two solutions to this dilemma.
4. Imagine how your life would be different if there were no or limited marketing. Determine the positive and negative social impacts you would foresee. Provide your rationale

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The response addresses the queries posted in 1094 words with references.

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The response addresses the queries posted in 1094 words with references.

//Marketing today is not only about establishing a brand of a product or a service. It has enhanced its role and brought a long term customer relationship through the relationship exchange marketing. In this context, the initial section of the paper talks about relationship marketing and 5Cs of marketing.//

Marketing as an exchange relationship

Exchange relationship marketing is a strategy for a business to directly develop a relationship with its existing customers or prospective customers. The purpose of relationship marketers is to maintain an exchange relationship with their customers and satisfy the buyer with goods and services. In turn, they are themselves satisfied with the financial reward or some value which they have received in exchange. For example, I purchased an automobile recently which marked a delightful experience in relationship marketing. There was free test drive service offered along with the discount in transportation charges. The showroom manager then prepared the contact details in the company's database in order to be in touch and ask for after sale or any other service.

The manager now also sends greetings and wishes on several occasions. This is a perfect example of how to handle exchange relationship marketing. While I was satisfied with the service, the manager received his share of financial reward. The 4Ps i.e. product, price, place and promotion can also form the basis to practice exchange relationship marketing practice. The product in this case is the automobile purchased, price was the financial reward which I gave to the company, place was the nearby showroom and promotion was the practice for relationship marketing between me and the company's manager (Kotler, ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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