PROJECT TOPIC: EVALUATION OF CUSTOMER SERVICE AND RELATIONSHIP MARKETING IN THE BANKING INDUSTRY
1.1 BACKGROUND OF THE STUDY
Banks need their own marketing strategies at attract a large market share and earn good will through maintaining mutual understanding and creating good relationship which is important for the survival of the organization. In other to attract, maintain and retain customers, there is need for banks to practice relationship marketing.
Kotler (2003:13) sees relationship marketing as having the aim of building mutually satisfying long term relations with key parties customers suppliers and distributors in order to earn and retain their business. Organization accomplish this aim by promising and delivery high quality products and services at a fair prices to other parties overtime. It builds strong economic, technical and societies among the parties. It cuts down on transaction cost and time.
Banks should adopt agile management concept that focuses on the need to constantly and promptly meet the demands of the customers motivated by the spirits of enterprise and creativity in handing the needs and requirement of the customers.
To this effect, marketing in banks has been on the increase to create favourable image in the face of the customers, sustain and build concrete relationship for a respect and repeat patronage.
Customer relationship marketing according to Kotler (2009:52) Enables company’s to provide excellent neat time customer service by developing relationship with each valued customer through the effective use of individual account information. Based on what they know about each customer, companies can customize market offerings, services programs massages and media.
Customers relationship marketing holds that the major key of company profitability is the aggregate value of the company’s customers base.
One can say that if a company understands and practices relationship marketing, and sustains same with effective Customer Relationship Marketing (C.R.M) the company will not only have a larger share of their purchases, but also customers efficiently and effectively. (Adirika 2006:257).
He further noted that customer attraction relations and maintenance should go hand in glove with customers identification as the multiple barreled approach of keeping life-long beneficial relationships with customers. They are basically entertained with proper integration and well coordinated head to a synergy this includes Banks.
It is as a result of the importance of customer relationship in attracting, retaining and maintaining customers that the research appraises the customer relationship marketing practice of first Bank Ltd Enugu.
1.2 STATEMENT OF THE PROBLEM
The success and failure of any organization depend largely on the relationship that exist between the customers, stockholders, government, employees, community, distributors, suppliers and others. A favourable relationship with the customers will creates confidence and productivity in an organization.
There has been a lot of compromise in banks due to lack of trained staff, poor quality service which do not give their customers optimal time and service relationship.
The most unfortunate thing is the delay in service delivery. The long process which a customer undergoes before being attended to has become complex and rigorous. Some management and staff are sometimes nonchalantly in their attitudes towards customers.
The unappealing thing arises from lackadaisical attitude of the service providers towards their customers, discrimination of income level, Banks have not fully embrace the principle of customer relationship marketing (CRM) to satisfied the customers beyond the activities of the competitors.
This ill treatment has resulted to dissatisfaction by banks; first bank Ltd is not an exception. This study tries to find out how relationship marketing can used to improve the performance of first Bank Plc.
1.3 OBJECTIVES OF THE STUDY
The objectives of this study are:
1. To determine the extent to which first bank Plc practice customer relationship marketing.
2. To determine if customer relationship practice of first bank Plc reduces the rate of customer dissafisfaction.
3. To find out whether the practice of customer relationship marketing in first bank Plc increases customer’s patronage of their services.
4. To find out whether customer relationship marketing practice of first bank Plc leads to long-time relationship between the management and customers.
5. To determine if customer relationship marketing as practiced by first bank Plc is satisfaction to their customers.
6. To determine the impact of the practice of customer relationship marketing on profitability of first bank Plc.
7. To make appropriate recommendations on how to practice customer relationship marketing by first bank Plc.
1.4 FORMULATION OF HYPOTHESES
This study has the following hypotheses
Ho1: The practice of customer relationship marketing by first bank Plc does not leads to long-term relationship with their customers.
H:1: The practice of customer relationship marketing by first bank Plc leads to long-term relationship with their customers.
Ho2: The practice of relationship marketing by first bank Plc does not leads to increase patronage by their customers.
H:2: The practice of customer relationship marketing by first bank Plc leads to increase patronage by their customers.
Ho3: The practice of customers relationship marketing by first bank Plc does not impact positive on the organizational objectives.
H:3: The practice of customers relationship marketing by first bank Plc impact positively on the organizational objectives.
1.5 SIGNIFICANCE OF THE STUDY
This study is significant in many respects.
Firstly it will enable the first bank Plc to understand the practice of customer relationship marketing for improve performance. This is because it will provide them useful information that will enable them have full knowledge of their customers, where they live and why they patronize them.
Secondly, it will enable them to not only satisfy their customers but also to delight their customers.
Finally consumers of first bank Plc will be better served, if the findings of this study are judiciously put into practice or utilization.
This study will also be of beneficial to both the researcher and the reader, as the study will provide an in-depth knowledge and understanding in the area, which could stir up further study.
1.6 SCOPE OF THE STUDY
This study concentrates on evaluation of customer services and relationship marketing in banking industry with a particular reference on first bank Nig. Ltd Enugu.
However it is hoped that what ever happened in Enugu metropolis can equally be applied in all banking services in Nigeria.
17 DEFINITIONS OF TERMS
MARKETING: As the function of management which has to do within placing and systematically identifying, anticipating and satisfying consumers needs and wants profitably. Nwosu (2004:4).
CUSTOMER RELATIONSHIP: This is the process of managing detailed information about individual customers and carefully managing all customers touch point to maximize customer loyalty (Kotler 2000:13)
MARKETING CONCEPT: The key task of the organization is to determine the needs and values of a forget market and to adopt the organization to delivering the desired satisfactions more effectively and efficiently than its competitors (Kotler 2003:7).
SERVICE: Service is intangible products that do not have physical form and they includes legal services, teaching and banking among others (Nebo 2004:225)
Quick Project Search
Removal RequestIf you are the original writer of the contents of this material and you think it violates your copyright, then you can request a removal from our platform.
Remove this Work
If you need to contact us, you can do so by chatting with us via 08165312322.
myProject.ng (2022). Evaluation of customer service and relationship marketing in the banking industry. myProject.ng: retrieved January 26, 2022, from https://myproject.ng/marketing/evaluation-of-customer-service-and-relationship-marketing-in-the-banking-industry/index.html
"Evaluation of customer service and relationship marketing in the banking industry", 26,
Accessed 26, January, 2022
myProject.ng. "Evaluation of customer service and relationship marketing in the banking industry" , 26, January, 2022. Web. 26 January, 2022. https://myproject.ng/marketing/evaluation-of-customer-service-and-relationship-marketing-in-the-banking-industry/index.html .
myProject.ng, . "Evaluation of customer service and relationship marketing in the banking industry" (2022). Accessed 26, January, 2022. https://myproject.ng/marketing/evaluation-of-customer-service-and-relationship-marketing-in-the-banking-industry/index.html .;
myProject.ng (2022), . Evaluation of customer service and relationship marketing in the banking industry [Online] myProject.ng (2019). Available at: https://myproject.ng/marketing/evaluation-of-customer-service-and-relationship-marketing-in-the-banking-industry/index.html . ( Accessed 26, January, 2022 ).
Discover Our ProfessionalESSAY WRITING SERVICES This service is suitable for
Coursework • Dissertation • Essay • Module and so on.
Prices starts from₦20,000 for 1000 words.
Plagiarism-free Contents • On-time Delivery • Outstanding Support