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Relationship Marketing
Relationship marketing

For the past 20 years relationship marketing has been building towards being the accepted paradigm of marketing. Essentially, relationship marketing states that it is better and cheaper to keep an existing customer than to expend effort on recruiting new ones. Theodore Levitt first outlined the principles of relationship marketing, suggesting that marketers should focus on the lifetime value of the customer rather than on the single transaction (Levitt, 1983).

Customer retention has become increasingly recognised as the key to long-term survival. In the past, most companies have operated on a ‘leaky bucket’ basis, seeking to refill the bucket ...

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