Business organizations operate in highly competitive markets. Surviving in the competitive and unpredictable business environment is not an easy job for the modern organizations. The most expensive and difficult challenge for these organizations is to attract, acquire and retain the customers. A business without loyal customer would not be a business in long run. Retaining the present customers requires a business to focus on maintaining positive and long term image. Thus binding the existing customers is equally important for businesses as constantly attracting new ones. Presently, one of the widely used tools to attain competitive edge is to create strong bond with the loyal customers. Modern organizations need to give more emphasis on listening and learning than on talking. The paper discusses the concept of relationship building as a means to achieve competitive edge and why it is important for modern organizations. The paper further discusses the 4Ps and roadblocks to building relations with the customers.
Competitive Edge, Customer, Relationships, Management, business
