Holistic marketing approach

Here is the text extracted from the provided images, keeping the text distinct from the chart layout: ​Relationship Marketing Increasingly, a key goal of marketing is to develop deep, enduring relationships with people and organizations that could directly or indirectly affect the success of the firm's marketing activities. Relationship marketing aims to build mutually satisfying long-term relationships with key constituents in order to earn and retain their business. Holistic Marketing Dimensions ​(Chart Structure & Labels) ​Central Concept: Holistic marketing ​Internal marketing: Connected to Senior management, Marketing department, Other departments ​Integrated marketing: Connected to Communications, Products & services, Channels ​Relationship marketing: Connected to Customers, Channel, Partners ​Performance marketing: Connected to Sales revenue, Brand & customer equity, Ethics, Environment, Legal, Community ​Four key constituents for relationship marketing are customers, employees, marketing partners (channels, suppliers, distributors, dealers, agencies), and members of the financial community (shareholders, investors, analysts). Marketers must respect the need to create prosperity among all these constituents and develop policies and strategies to balance the returns to all key stakeholders. To develop strong relationships with these constituents requires an understanding of their capabilities and resources, as well as their needs, goals, and desires. ​The ultimate outcome of relationship marketing is a unique company asset called a marketing network. A marketing network consists of the company and its supporting stakeholders—customers, employees, suppliers, distributors, retailers, ad agencies, university scientists, and others—with whom it has built mutually profitable business relationships. The operating principle is simple: build an effective network of relationships with key stakeholders, and profits will follow. Following this reasoning, more companies are choosing to own brands rather than physical assets. They are also increasingly subcontracting activities to outsourcing firms that can do them better and more cheaply, while retaining core activities. ​A growing number of today's companies are also shaping separate offers, services, and messages to individual customers, based on information about past transactions, demographics, psychographics, and media and distribution preferences. By focusing on their most profitable customers, products, and channels, these firms hope to achieve profitable growth, capturing a larger share of each customer's expenditures by building high customer loyalty. They estimate individual customer lifetime value and design their market offerings and prices to make a profit over the customer's lifetime. ​These activities fall under what Columbia Business School professor Larry Selden and his wife and business consulting partner, Yoko Sugiura Selden, call "customer centricity." They offer the Royal Bank of Canada as an example: ​ ​ROYAL BANK OF CANADA In thinking of its business in terms of customer segments rather than product segments, Royal Bank of Canada (RBC) has tagged each of its roughly 11 million clients and put them into meaningful segments. Now it can focus on measuring and managing the customer profitability of these segments. In the process, RBC discovered a sizable subsegment of customers hidden within its broader categories of "wealth preservers" and "wealth accumulators." Dubbed "snowbirds," these individuals spent a number of months each winter in Florida, where they were experiencing difficulties establishing credit as well as missing their Canadian communities, particularly the familiarity of the French-Canadian accent and fluency in French. In order to meet their unique needs, RBC created a Canadian banking experience in Florida. ​Another goal of relationship marketing is to place much more emphasis on customer retention. Attracting a new customer may cost five times as much as doing a good enough job to retain an existing one. A bank aims to increase its share of the customer's wallet; the supermarket aims t9o capture a larger share of the customer's "stomach." Companies build customer share by offering a larger variety of goods to existing customers. They train their employees in cross-selling and up-selling. 9 ​Marketing must skillfully conduct not only customer relationship management (CRM), but partner relationship management (PRM) as well. Companies are deepening their partnering arrangements with key suppliers and distributors, thinking of these intermediaries not as customers but as partners in delivering value to final customers so everybody benefits. For example, tired of having its big rigs return empty as often as 15% of the time after making a delivery, #viral