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RELATIONSHIP MARKETING IN MAINSTREAM BANK PLC ENUGU: AN EVALUATION
ABSTRACT
This project work was an attempt to investigate the relationship marketing in mainstream bank plc Enugu.
The objectives were:
1. To determine the impact of relationship marketing in banking industry.
2. To evaluate the level of relationship that exist between the bank with their customers.
3. To identify those problems that may hinder the success of relationship marketing in banking industry.
Based on the objectives of the study, three hypothesis were formulated. Questionnaires and personal interviews were used to elicit data from respondents. Simple tables and percentages were used to analyzed data collected. Based on the analysis, the following findings were made.
1. It is discovered by the researcher that advance in technology help to facilitate relationship marketing in the banking industry.
2. The researcher also discovered that network failure is a serious interference to relationship marketing communication flow.
The researcher therefore made the following recommendations;
1. In respect to relationship marketing, the researcher recommend for provision of adequate information to customers at the right time.
2. The bank management should embark on proper supervision so as to monitor the activities of their staff at every point in time.
TABLE OF CONTENTS
Chapter One
1.1 Background of the study
1.2 Statement of the Problems
1.3 Objectives of the Study
1.4 Scope of the Study
1.5 Research Questions
1.6 Significance of the Study
1.7 Definition of Terms
Chapter Two
Literature of Review
2.1 An overview of Relationship Marketing
2.2 Steps in establishing relationship marketing programmes
2.3 When to use Relationship Marketing
2.4 Reasons for Inter Organizational Relationship
2.5 Types of Organizational Relationship
2.6 Developing Effective Relationship Between Organization
2.7 Relation Management Guidelines
2.8 Putting Relationship Marketing into Practice
2.9 Implementation of Relationship Marketing Through Loyalty Marketing
Chapter Three
Research Design and Methodology
3.1 Source of Data
3.2 Population of the Study
3.3 Research Instrument Used
3.4 Method of data Treatment and Analysis
3.5 Validation of Research Instrument
3.6 Reliability of Research Instrument
3.7 Questionnaire administration and Response
Rate
3.8 Limitation of the Study
Chapter Four
Presentation and Data Analysis
4.1 Presentation and Analysis of Data
4.2 Test of Hypothesis
Chapter Five
Summary of Findings, Recommendations, and Conclusion
5.1 Summary of Findings
5.2 Recommendations
5.3 Conclusion
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
According to Kotler P. (2010:215), Relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a dominant focus on sales transactions. He then define relationship marketing differs from other forms of marketing in that it recognizes the long term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages.
With the growth of the internet and mobile plateforms, relationship marketing has continued to evolve and move forward as technology opens more collaborative and social communication channels. This includes tools for managing relationship with customers that goes beyond simple demographic and customer service data. Relationship marketing extends to include inbound marketing efforts ( a combination of search optimization and strategic content), public relation, social media and application development.
Relationship marketing is a broadly recognized and widely implemented strategy for managing and nurturing a company’s interaction with clients and sales prospect. It also involves using technology to organize, synchronize business processes (principally sales and marketing activities) and most importantly, automate those marketing and communication activities on concrete marketing sequences that could run in autopilot (also known as marketing sequences). The overall goals are to find attracted and win new clients, nurture and retain those the company already has entice former clients back into the fold and reduce the cost of marketing and client services.
According to Armstrong G (2006: 201) Relationship marketing refers to a short term arrangement where both the buyer and seller have an interest in providing a more satisfying exchange. This approach tries to disambigiously transcend the simple post purchase exchange process with a customer to make more truthful and richer contact by providing a more holistic, personalized purchase and uses the experience to create stronger ties.
According to Adirika E.O and Ayionu S. O (2009:115) Relationship marketing can be applied when there are competitive product alternative for customers to choose from and when there is an ongoing and periodic desire for the product or services thus, relationship marketing migrated back into direct mail, allowing marketers to take advantage of the technological capabilities of digital, toner-based printing presses to produce unique, personalized pieces for each recipient through a technique called “variable data printing.
1.2 STATEMENT OF THE PROBLEMS
In Nigeria as a whole, there are many financial institutions that provide different kinds of services to their customers in which mainstream bank is not exceptional. Indeed the completion level is said to be high leading to high level of relationship marketing among the customers so as to retend them on their service delivering.
Adoption of relationship marketing in mainstream bank has make a lot of impact towards the actualization of the organizational goals and objective which give rise to growth, profit, survival and social responsibility. However, despite the impact of relationship marketing in banking industry, there are some challenges which the bank encountered in the course of relationship marketing which has to do with cost, time, customers differences, administrative problem as well as management problem and all these mention problem are what the researcher will intend to solve in the course of the study.
1.3 OBJECTIVE OF THE STUDY
The objective of the study on the relationship marketing in mainstream bank plc include the following:
1. To determine the impact of relationship marketing in banking industry.
2. To evaluate the level of relationship that exist between the bank with their customers.
3. To identify those problems that may hinder the success of relationship marketing in banking industry.
4. To recommend possible solution to the identified problems to relationship marketing.
5. To determine the perception of customers in respect to the relationship marketing in practice.
1.4 SCOPE OF THE STUDY
The scope of the study on the impact of relationship marketing in the banking industry will be based on mainstream bank plc Enugu. An evaluation for extensive study by the research.
1.5 RESEARCH QUESTIONS
1. Whether customers are satisfied with the relationship marketing practice in mainstream bank?
2. Whether relationship marketing increase the numbers of customers to the banking industry?
3. Does technology facilitate relationship marketing in the banking industry?
4. Whether attention is giving to all customers in terms of relationship marketing?
5. Whether mainstream bank practice relationship marketing due to their competitors?
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