Assessment 1

Student Name: Ziru Sun

ID: 1247219

Cohort: MKTG258

Relationship is the basis for the transactional, among them is the same strain inseparable. But there are also differences between the two aspects: the relationship and transactional are both focused on profitability, but the relationship is more concerned about the long-term interests of the marketing companies. Maintaining, developing long-term relationships with customers is the most important relationship content. Specifically: First, transactional, it is difficult to maintain lasting relationships with customers. Hung and Tsai (2008) said that “Performing market segmentation as part of customer relationship management.” Generally speaking, in addition to the products and the company's market image, the enterprise is difficult to take other effective measures to maintain lasting relationships with customers. If the competitor to provide customers with lower prices of products or services to solve customer problems using similar technology, competitors and customers will choose to terminate the transaction and business relationship. The next relationship marketing situation, enterprises and customers to maintain extensive and close contact, price is no longer used as the main means of competition, it is difficult to break the ring competitor relationship between business and customer. Just as the Steven (2013) said, “Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement.” Second, transactional emphasis on market share. In general, companies are spending a lot of cost to attract potential customers to replace old customers no longer purchase the product or service. This approach is contempt old customers and new customers pay attention. Relationship is emphasized loyalty that keep old customers is the most important, and keep old customers than to attract new customers costs much lower. Therefore, in the modern market competition, relationship and transactional are compared with greater marketing power.
I will choose the ANZ bank to discuss the key concepts.
Customer service: ANZ Bank more inclined to relationship, embodied in for personal customers have to provide comprehensive banking services functions. So that customers can more easily select the most suited to their needs. Build customer data sets, analysis the customer needs, innovative services and products, providing personalized service. Just as when I went to ANZ bank, they would ask if I need a Chinese staff to solve my problems, this is a special service for the customer from all over the world.
Market emphasis: ANZ bank aims to transactional, because they aim to develop the customer market. Customer-oriented, to achieve the conversion of bank marketing mechanism, the organizational structure, resource allocation, business process