We are in an era of massive disruptions in markets, media, management approaches and business models. These disruptions are being caused by rapid technological changes on the one hand and tectonic shifts in customer preferences and societal behaviour on the other. Marketing knowledge and practices have to advance at a significantly higher pace to address the changing context of market behaviour. Handbook of Advances in Marketing in an Era of Disruptions is meant to share ideas and new knowledge that are relevant to this world of disruptions. Leading scholars from around the world, who have keenly observed the changing market environment, business policies, parameters, theories, methods and practices, have put forth their theses on how marketing thinking needs to evolve to keep pace with the market reality.
Chapter 27: Are You Ready for Relationship Marketing? It is a Business Challenge
Relationship marketing (RM) has become a prevalent approach to marketing. According to the Nordic School of marketing thought, RM cannot be undertaken within a conventional marketing framework. RM has to break traditional marketing borders and permeate large parts of the organization. It cannot be managed by a separate marketing department. It is a larger thinking that requires cross-functional support within the organization. Based on the promise theory and related management approach, an RM grid, which enables the analysis of a firm's readiness for RM, is developed. It is argued that we need to analyse a firm's readiness for ...