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THE IMPACT OF CUSTOMER RELATIONSHIP MARKETING ON CUSTOMER RETENTION (A CASE STUDY OF GTB OF NIGERIA PLC,)
1.2 STATEMENT OF THE PROBLEM
There is keen competition among first bank geographical area of this study as a result of environmental changes [especially, technological changes and the first bank induced consolidation]. The bank are in strong contention to outwit one another in the market place. In this business warfare, most of the banks. Claimed to have adopted and deployed various strategies to have competition advantage one of such strategy is customer relationship marketing and customer retention.
Very little attention have unit recent time been paid to the concept of C∙R∙M in the banking industry in Nigeria this may be due to fact the concept is gradually trickling towards this parts of the globe and especially the banking industry therefore, importance question such as how does empathy parctised in the banking sector in Nigeria? How does bonding impact customer retention? How does trust lead to customer relationship? Or how does promise result to competitive advantage. These unanswered question have left a huge gap in interative concerning customer relationship marketing in the banking sector.
In practical sense, the study see a problem in relation to how customer are served in the banking sector. Does guarantee trust bank adequately relate with its customers in order to increase market share? What extral effort does the bank make to retain its customer? This study is undertaken to verify whether C∙R∙M strategy increase customer relation of bank in the banking industry within the area of the study.
1∙3 OBJECTIVES OF THE STUDY
The General Objectives of this Study is to find out The Impact of Customer Relationship marketing on customer retention, Other Specific Objectives Are;
- Examine the impact of promise fulfillment on customer patronage.
- Determine how trust in relationship marketing effect customer revisit intention.
- Determine the role of bounding on customer life time-value.
- Examine how empathy improved customer relation.
1∙4 RESEARCH QUESTION
This Study Will Be Gulided By The Following Research Question;
- To what extent can promise fulfillment lead to customer patronage.
- How does trust in relationship marketing effect customer revisit intention.
- To what extent does bonding determine customer life time-value.
- How empathy improved customer retention.
1∙5 HYPOTHESIS This Study Is Based On The Following Testable Hypothesis;
Hо1 : Promise fulfillment has no statistical significance customer patronage.
Hо2: Trust in relationship marketing has no statistical significance effect in customer revisit intention.
Hо3: Bonding has no statistical significance relationship with improve customer life-time value.
Hо4: Empathy has no statiscal significance in improved customer relation.
1.6 SCOPE OF THE STUDY
This study is carried out within Asaba metropolis this is where the organization selected for the study is situated. The study forcus on the banking industry in general and guarantee trust bank (GTB) in particular. The sampling object or population element used in the study are employees, manager, customer and other stakeholder these categories are able to identify and ascertain the impact of customer relationship on customer retention the adoption indicators in the study include trust, empathy, promise fulfillment and bonding others ones can be used in other studies but these would make for easy measurement of customer retention.
1∙7 SIGNIFICANCE OF THE SUTDY
The benefit to study a sound C∙R∙M in the banking industry of developing countries like Nigeria cannot be over. Emphasize C∙R∙M has been seen to be the most importance competitive weapon to boost market retention of organization. This study is aimed at adding to the existing body of knowledge in the area of C∙R∙M, and also aid fellow student and researcher, teacher and principal persons in the area of marketing in future research work also this research work would improve the knowledge of the managers, supervisors as well as the respondent as it has potential of widerning their horizon in modern business operation for profitability and continuity.
To general public, this research work would restore credibility and confidence in banking activities and in banking with banks.
To company′s management, it will assist them in their formulation and implementation of strategies aimed at satisfying customer.
1∙8 LIMITATIONS OF THE STUDY