BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Transactional marketing is based on a single sale formula and geared towards short term benefits. Relationship marketing promotes customer loyalty and improving ways of doing business for long-term customer retention. In transactional marketing, customer interaction is minimal, whereas relationship marketing is often.

Detailed explanation-2: -Transactional marketing is a business strategy that focuses on single, “point of sale” transactions. The emphasis is on maximizing the efficiency and volume of individual sales rather than developing a relationship with the buyer.

Detailed explanation-3: -Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.

Detailed explanation-4: -Transactional marketing follows the four traditional elements of marketing: product, pricing, placement and promotion–often known as the four P’s. This means businesses focus on providing customers with high-quality products at profitable, yet attractive, prices.

Detailed explanation-5: -Not only it is more cost-effective to market to existing customers (it’s 6-7 times cheaper!), but long-term customers are less likely to churn and, the longer you have a relationship with a customer, the more profitable they become.