Factors determining the development of business relationships in the advertising market

Abstract

Factors affecting the success of business relationships for a long while have been in the focus of those specialists and professionals who are interested in the topic over the last two decades have caused significant changes in everyday life of participants in the economy. Over the past decades the concept of relationship marketing has become well-known and widely spread in business life. It is a well-known fact that the cost of acquiring a new customer is much higher than the cost of keeping an existing one. Participants of the economy define relationship marketing as a strategy to achieve customer loyalty. During the initial phase of the relationship, the company aims to establish a strong relationship with the customer, to win indifferent customers and make them loyal. Based on the above-mentioned factors, we found it important to asses the factors affecting the agency-client relationship. Based on several empirical studies, in our research we tried to answer the question whether it can be stated on the basis of the unanimous opinion of the participants of the Slovak advertising market that during the development of business relationships interpersonal relationships play the most important role ((hypothesis testing). Results of our research will help us understand the development of the agency-client relationships, and provide practical results for the advertising industry.