Explanation of Six Markets model in Relationship Marketing
This ‘Six markets’ model is explained below:
1. Internal Markets
Internal Markets comprises of employees who have the ability to determine the style and ethics of the business environment with their actions and beliefs. It is believed that developing values in support of customer oriented corporate culture is a critical requirement for sustained success in the market place.
2. Referral Markets
Referral Markets are an effective source of new business. Referral can be in the form of professional advice such as doctors, lawyers. bank managers and accountants, and also from existing satisfied customers.
Building relationship from these sources through word of mouth recommendation is an integral part of marketing strategy.
3. Influence Markets
Influence Markets comprises of individuals and organizations who have the ability to positively or negatively influence the marketing environment in which the company competes. Hence, public relation exercises become an integral part of the relationship marketing process.
Companies tend to have good relationship with critical sources of influencers relevant to their markets to be successful in the business environment.
4. Employee Markets
Employee markets form a focal point for relationship marketing. To further the aims of the company in marketplace, there is a need to recruit employees and to retain such employees.
The aim should be to change the organization that is attractive to people who share the values of the company.
5. Supplier Markets
Supplier markets refer to the network of organizations that provide the materials, products and services to the organization. It is only recently that many companies have come to recognize the importance of building close and mutually beneficial relationships with suppliers.
Such companies have reaped significant benefits such as better quality, faster reach-to-market, original and creative products and lower levels of inventory.
6. Customer Markets
Customer Markets represent all the people or the organizations that buy goods or services. They can be either consumers or intermediaries. In more markets today, ‘customer service’ proves to be the major factor differentiating the company from its competitors.