Relationship Marketing and Ethical Standards

Relationship Marketing and Ethical StandardsName
[Institutional Affiliation(s)]Relationship Marketing and Ethical StandardsThe relationship between a retailer and a buyer is essential for marketing success. Loyalty programs reinforce the relationship between the buyer and seller. This essay addresses the benefits of loyalty programs, strategies for improving the relationship, and ethical issues in such relations.
Loyalty programs beneficiaries
Both the customer and retailer benefit from loyalty programs. The retailer benefits by gaining information about their customers’ preferences. The seller also gains through more sales, resulting in higher profits (Corstjens & Lal, 2014). The customers benefit from rewards such as vouchers and customized coupons (Corstjens & Lal, 2014). The programs allow the sellers to propose products and prices for their loyal customers.
A mutually beneficial relationship between buyer and seller is important for successful marketing. The loyalty programs are essential for customer retention. For instance, customers may hold loyalty cards from different retailers but, they remain loyal to a single store (Corstjens & Lal, 2014). The preferred store provides better information in terms of propositions, thereby encouraging the consumers to spend more at the favorite outlet. According to Patel (2017), if the retailer cares about the customers, the shoppers will return the favor by recommending others to the store.
Strategies for b…