Reference no: EM131022055
Relationship Marketing and Ethical Standards
In this Learning Resources, you learned that the relationship between businesses is increasingly critical to B2B marketing. You have discovered that the focus of marketing in a B2B market is somewhat different in more consumer-oriented markets. Exactly how the relationship between the customer and the buyer develops and is maintained can be of critical importance to a firm trying to be competitive in the marketplace.
You also explored the challenges of maintaining high ethical standards in a modern marketing environment, including within the micro and macro levels. You have learned that firms who wish to stay competitive in a global marketing environment must pay special attention to the perceptions and culture of the segments that they serve.
To prepare:
Review Chapters 6 and 20 in your course text.
Review the Corstjens and Johnson & Johnson articles in this week's Learning Resources:
Post response to the following:
List the loyalty programs you belong to and who you think benefits more from the relationship. Are both parties benefiting equally in the relationship, and if so, how? Why is a mutually beneficial relationship between buyer and seller important to a successful marketing practice? What other strategies might you use as a marketer to strengthen the relationship between you and your customers? Provide a rationale for why you would select these strategies.
How would a marketing manager or management team overcome the typical difficulties faced in trying to ensure ethical standards? Identify a potential ethical issue related to relationship marketing, and provide an example of an ethical solution for this dilemma. Explain your reasoning.
Be sure to support your work with specific citations from the Learning Resources and any additional sources.
Note: Independent research is required for this Discussion.
Read a selection of your colleagues' postings.
Respond by Day 6 to at least two colleagues in one or more of the following ways:
Ask a clarifying question about your colleague's post.
Make a suggestion that expands upon your colleague's post.
Share an experience or insight related to your colleague's post.
Return to this Discussion in a few days and read the responses to your initial post. Note what you have learned and insights that you gained as a result of your colleagues' comments.
Resources:
Learning Resources
Required Resources
Readings
Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2014). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill/Irwin.
Chapter 6, "Business and Organizational Customers and their Buying Behavior" (pp. 142-167)
Chapter 20, "Ethical Marketing in a Consumer-Oriented World: Appraisal and Challenges" (pp. 524-547)
AK Advisory Partners, LLC. (n.d.). Creating a successful marketing strategy. Retrieved July 23, 2014, from https://www.akadvisorypartners.com/files/Creating-a-Successful-Marketing-Strategy.pdf
Corstjens, M., & Lal, R. (2014). Six myths about customer loyalty programs. Retrieved from https://www.forbes.com/sites/hbsworkingknowledge/2014/02/24/six-myths-about-customer-loyalty-programs/
Info Entrepreneurs. (n.d.). Create your marketing strategy. Retrieved July 23, 2014, from https://www.infoentrepreneurs.org/en/guides/create-your-marketing-strategy/
Johnson & Johnson. (2004). Johnson & Johnson policy on business conduct. Retrieved from https://www.investor.jnj.com/governance/conduct.cfm
Klausner, A. (2013). Creating a successful marketing strategy. Retrieved from https://www.forbes.com/sites/advisor/2013/04/17/creating-a-successful-marketing-strategy/