10.1080/10696679.1997.11501760">
 

Title

From exchanges to relationships: A reconceptualization of the marketing paradigm

Document Type

Article

Publication Date

1997

Department

Marketing

Abstract

A study explores 3 key questions regarding the "new-old" concept of relationship marketing. The question of "what" is answered by recognizing a firm's need to keep rather than simply acquire customers through mutually beneficial, interactive networks. The question "why" focuses on the bottom line and, again, the mutually beneficial character of relationships. The question of "how" identifies 3 key components for implementation: selective acquisition of customers, designing value propositions, and individualized or customized attention. Thus, the focus should not be on the exchange process, rather it must be on developing and perpetuating relationships. As a consequence, marketing practitioners and theorists must reevaluate the strategies used in the attempt to secure a successful presence in the marketplace.