Principles and practice of marketing

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Principle & Practice of Marketing Name Code Name Professor Name University Name City, State Date Question One Over the past years, various companies have started making fundamental shifts from transactional marketing to relationship marketing despite various challenges to engage in relationship marketing (Carr, 2013, N.p). (First paragraph of the file named capture 4). Transactional marketing worked quite well many years back. However, with technological advancements and the current stiff competition in the market, various firms have made changes in their marketing strategies since a company needs to be on the top of the game in order to succeed in the highly competitive market (Sheth and Parvatiyar, 1995, 398). (Paragraph two, page 398 of file named article 1) Certain companies such as Coca-Cola have actualized this strategy by not only producing high-quality products but also handling customer relationships effectively. Relationship marketing puts emphasis on building long-term customer relationships and customer satisfaction. Transactional Marketing is considered a traditional marketing strategy that mainly concentrates on individual transactions by focusing on the single sale formula. The strategy pushes sales through promotions and mass marketing of the product. The approach is based on the short period with little emphasis on customer service. The approach includes return on investment, low-price competition, promotion and cost cutting among others. The price is one of the main factors of gaining the market share. Today, various companies are making numerous efforts of building long-term relationships with their customers that will minimize the

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