Pairing Relationship Value and Marketing

Abstract

Relationship value has importance outside the marketing domain. It is suggested ‘marketing’ be banished from our relationship vocabulary and emphasis be given to the term ‘business relationship value’. A simple bibliometric study indicates ‘relationship marketing’ has no primacy, with other fields and domains recording more progress. There is significant support from the literature for using a transaction cost approach to understand relationship value. We consider that potency and relationship exchange explain the basis of relationship value, a market-based asset, leading to value creation for shareholders and customers. Relationship management is reliant upon information, the glue of organisations, for determining the best allocation of resources and adaptations that should be used when designing, managing and maintaining a relationship. Questions important to knowledge development of marketing, and managing business relationships are outlined.