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Royal Bank of Canada Essay

Royal bank of Canada has grown to become one of North America’s leading diversified financial services companies providing banking, wealth management, insurance and capital markets services on a global basis. We demonstrate our vision of “always earning the right to be our clients’ first choice” through our values service, teamwork, responsibility, diversity and integrity. RBC believes in the power of communities and the individuals who live in them. As we continue to grow our presence globally, we offer the right advice and solutions to our clients in an ever-changing economic environment and do our part to help in the community and the environment.

Q1-Show why the holistic marketing concept is important for royal bank of Canada?

Holistic marketing can be seen as the development, design, and implementation of marketing programs, processes, and activities that recognize the breadth and interdependencies involved today’s marketing environment. Holistic marketing recognizes that “everything matters” with marketing and that a broad, integrated perspective is often necessary.

Holistic marketing has four key dimensions: 1. Internal marketing-ensuring everyone in the organization embraces appropriate marketing principles, especially senior management. 2. Integrated marketing-ensuring that multiple means of creating, delivering and communicating value are employed and combined in the optimal manner. 3. Relationship marketing-having

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rich, multi-faceted relationships with customers, channel members and other marketing partners. 4. Socially responsible marketing-understanding the ethical, environmental, legal, and social effects of marketing. All these four keys become very important for royal bank of Canada , because it’s the only way the bank can improve and accomplish all the strategic objectives otherwise the shareholders, mangers , investor’s and even the customers will be not be satisfied.

Q2- why do you think the relationship marketing is important for royal bank of Canada? Successful holistic marketing requires effective relationship marketing, integrated marketing, internal marketing, and social responsible marketing. Relationship marketing has the aim of building mutually satisfying long-term relationships with key parties—customers, suppliers, distributors, and other marketing partners—in order to earn and retain their business. Relationship marketing builds strong economic, technical, and social ties among the parties.

The ultimate outcome of relationship marketing is the building of a unique company asset called a marketing network. A marketing network consists of the company and its supporting stakeholders (customers, employees, suppliers, distributors, retailers, ad agencies, university scientists, and others) with whom it has built mutually profitable business relationships. Increasingly, competition is not between companies but between marketing networks, with the prize going to the company that has built the better network.

The operating principle is simple: Build an effective network of relationships with key stakeholders, and profits will follow. The development of strong relationships requires an understanding of the capabilities and resources of different groups, as well as their needs, goals, and desires Simply The cost of attracting a new customer is estimated to be five times the cost of keeping a current customer happy. The key to retaining customers is relationship marketing.

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