Eventually, you will bond for life

Diploma Thesis from the year 2003 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: 2,5, Maastricht University (Marketing), language: English, abstract: Inhaltsangabe:Abstract:§Changing market conditions have made it tougher on companies to stay competitive. Long-term customer bonding can provide a competitive advantage. Today's customers' wishes have put forth the need for experience marketing though. This trend has to be taken into account when planning on bonding with customers. §One way to create a platform for experience is event marketing. This final thesis focuses specifically on the use of events with regard to customer relationship bonding. In this study, an answer will be provided to the following problem statement. Event marketing supports bonding by providing an opportunity for direct and personal contact between a company and its customers. Furthermore, customers are offered the possibility to experience a company and its products in a pleasurable surrounding. Events can either be business- or leisure-oriented, depending on the overall character of the event. Events provide a variety of advantages to both the company and its customer, ranging from cross-selling and exchange of information to risk and cost reductions. Event marketing integrates in the modern concept of customer relationship marketing by opening a constructive dialogue between the customer and the company. §Customer relationships are built on trust which can be established by creating a special bond between a company and its customers. These bonds can exist on various levels and not all customers are suited for long-term bonding. To insure that events support and do not hinder these relationships its success should be controlled in different ways. These controls should be applied before, during and after the event to avoid pitfalls, remove obstacles, and reach the set aims. §Events are a powerful communication instrument due to their experience-oriented character but have to be used accompanied by other marketing instruments such as classical marketing, PR, sponsoring, etc. Events can also be used to achieve strategic aims such as enhancing the image of the company and its products, product presentation and others. In order to go along with a company's corporate concept, events have to be integrated in the overall marketing strategy though. §This study shows that the application of events as a mean to create customer relationships can be effective when the following aspects are considered thoroughly: The selection of the right customer to bond with, the integration of events in the communication mix, the integration of events in the overall marketing strategy, the integration of events in the concept of CRM and the careful control of the success of events.§Inhaltsverzeichnis:Table of Contents:§MANAGEMENT SUMMARY1§1.INTRODUCTION3§1.1FIELD OF INTEREST3§1.2SUBQUESTIONS4§1.2.1WHAT IS CUSTOMER RELATIONSHIP MARKETING?4§1.2.2WHAT IS EVENT MARKETING?5§1.2.3HOW CAN SUCCESS OF EVENTS BE CONTROLLED?5§1.2.4HOW CAN EVENTS BE INTEGRATED IN A COMPANY'S CRM STRATEGY?5§1.3CONTRIBUTION5§1.3.1THEORETICAL CONTRIBUTION6§1.3.2PRACTICAL CONTRIBUTION6§1.4STRUCTURE OF THE RESEARCH7§2.CUSTOMER RELATIONSHIP MARKETING10§2.1CRMBY DEFINITION11§2.2THE IMPORTANCE OF CRM12§2.2.1THE MARKET12§2.2.2TRUST14§2.3ADVANTAGES OF CRM15§2.3.1ADVANTAGES FOR THE COMPANY15§2.3.2ADVANTAGES FOR THE CUSTOMER17§2.4CRM AS A NEW METHOD19§2.5HOW TO FIND THE 'RIGHT' CUSTOMER FOR CRM21§2.6STAGES OF CUSTOMER BONDING22§2.6.1AWARENESS23§2.6.2IDENTITY BONDING23§2.6.3RELATIONSHIP BONDING23§2.6.4COMMUNITY BONDING24§2.6.5ADVOCACY BONDING25§2.7CONCLUSION27§3.EVENT MARKETING29§3.1EVENT MARKETING BY DEFINITION...