Impact of Customer Relationship Management on Customers loyalty .

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A survey research on the impact of Customer Attraction , Customer retention, Customer satisfaction programs on Customers loyalty. In Asaba, Delta State, NIgeria .

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Impact of Customer Relationship Management on Customers loyalty .

  1. 1. CHAPTER ONE INTRODUCTION 1.1 OVERVIEW OF THE STUDY Understanding how to effectively manage customer relationships has become a very important topic to both academicians and practitioners in recent years. Also, organizations are realizing that customers have different economic value to the company and are subsequently adapting their customer offerings and strategies accordingly. (Roya and Salmiah, 2010). We need to learn more about the leading indicator of customer value tomorrow (measurable today) and to understand better the strong tie between customer equity and we must learn about how companies successfully change their strategies to increase customer loyalty or decrease customer turnover (Roger, 2005). It is apparent that managing customer relationships, coupled with building the value of the customer base, is no longer a 1
  2. 2. business management term based on the latest consultant speak but rather a fruitful avenue of business composition that has been rendered necessary by permanent innovations in the technological landscape. (Roya and Salmiah, 2010). Customer relationship management is the establishment, development, maintenance and optimization of long term mutually valuable relationship between consumers and the organization (Berry,1983). successful customer relationship management focuses on understanding the needs and desires of the customers and is achieved by placing these needs at the heart of the business by integrating them with the organization‟s strategy, people, technology and business processes (Fox, Stead, 2001). The concept of relationship interface is centered on where and how individuals and organizations exchange information whether informally as well as externally (Berry, 1983). It empirically means an organizations ability of getting in touch with 2
  3. 3. both the internal and external customers in responsive and flexible manner (Abdullateef et al. 2010). The current global competitions threatened by the financial arises has continued the need for both manufacturers and services marketers to monitor how their customer feel about their goods and services, and particularly when there is enormous evidence in support of relationship managements as the alternative means of soling the global market fluctuation (Aihie 2007,) Many businesses such as banks, insurance and other service providers realize the importance of customer relationship management and its potential to help them acquire new customer retain existing ones and maximize their life time value (Opara et al 2010). The functional activities of Nigeria banks like those of other countries is premised on the acceptance of deposits, lending, affect domestic and foreign payment and provide property management and trustee services among other wide range of 3
  4. 4. financial services (Firpo, 2006). while, these services are rendered efficiently and with utmost trusts and commitment in developed nations due to the relational and interactive approach adopted, same cannot be said of most banks in Nigeria before year 2000 (Opara et al 2010). The financial service industry in Nigeria has undergone major transformations in recent times, most especially with the introduction of reformation programs from 1999 to 2007. In this past manager consolidation era, banks are introducing new products, such as ATM, telephone banking, investment banking and actively participating in social responsibilities. All these were meant to influence relationship and thereby retain their customers at a profit and this can best be done through CRM as prevalent in today‟s global business environment. 4
  5. 5. 1.2 STATEMENT OF PROBLEM Within the rapid expanding literature of relationship marketing, business–to–business marketing and customer relationship management, there is relatively little attention paid to the value of the organization can get from such business strategies. Neglect in customer relationships has lead to a lot of organization having a reducing figure in the count of customers in their customer data base. This study will look at impact of customer relationship management on customer‟s loyalty. 1.3 OBJECTIVES OF STUDY Among the vast studies that has been done in the field of customer relationship management. Although they have focused on different aspect of the customer relationship management. Less research is found in this area. 5
  6. 6. The main objective of this study is on the impact of customer relationship management and its relational variables on customer‟s loyalty. a. To ascertain the impact of customer attraction progammes on customer‟s loyalty. b. To determine the impact of relationship management on customer‟s loyalty. c. To find out the effect of customer retention programs on customer‟s loyalty. d. To determine the impact of customer‟s satisfaction on customer‟s loyalty. 1.4 RELEVANT RESEARCH QUESTIONS The following research question will be answered is this study. The questions include the following. i. Is there a significant impact of customer attraction programs on customer‟s loyalty? ii. To what extent does customer retention programs affect customer‟s loyalty? 6
  7. 7. iii. Does customer‟s satisfaction programs leads to customer‟s loyalty? iv. To what extent does relationship management programs leads customer‟s loyalty 1.5 STATEMENT OF HYPOTHESIS In the view of the impact of customer relationship management on customer‟s loyalty the hypothesis will be as follows. (1) Ho : Good customer attraction programs do not lead to customer‟s loyalty. .H1: Good customer attraction programs leads to customer‟s loyalty (2) Ho : Good relationship management does not lead to customer‟s loyalty. H1: Good relationship management leads to customer‟s loyalty. 7
  8. 8. (3) Ho: A good customer retention program does not necessarily leads to customer‟s loyalty. H1: Good customer retention program leads to customer loyalty (4) HO: Good customer‟s satisfaction will not always lead to customer‟s loyalty. H1: Good customer‟s satisfaction will lead to customer‟s satisfaction 1.6 SIGNIFICANCE OF STUDY This study‟s academic contribution hinges on the fact that it offers a significant advancement to the body of the current literature of customer relationship management, most especially in the Nigerian banking industry, as it reveals customer attraction programs, customer retention programs, relationship management and customer‟s satisfaction as influencing factors for customer‟s loyalty. 8
  9. 9. 1.7 SCOPE OF STUDY This study is focused on the impact of customer relationship management on customer‟s loyalty in financial services providing organizations. It is desirable to extend as possible, but this is not possible because of time constrains. This study does not cover the whole financial service providing organization in Nigeria, but it only covers one selected organization in Asaba, Delta state, Nigeria. The population size will be the Asaba populace in this selected organization. 1.8 LIMITATIONS OF STUDY The concept of customer relationship management amongst Nigerian firm is yet to gain full implementation. It should be noted that the use of commercial banking industry as the sample could lead to a potential industry specificity of the result. 9
  10. 10. The radials being of measured as well are just some selected variables of customer relationship management which pose a restriction on some other testable ones. The analysis of data will be done with the multiple regression analysis which also poses a limitation on any other analysis that can be used as well. Other limitations to this study are non-response from respondents and as well inadequate resources. 1.9  DEFINITION OF TERMS Customer’s Loyalty: Costumer‟s loyalty is the totality of feelings or attitudes that would incline a customer to consider the re-purchases of a particular product, service or bond or revisit a particular company (Kottler and Keller 2006)  Customers: A customer can be define as one that purchases a commodity or service (Kottler .P. and Keller .K. (2006). 10
  11. 11.  Customer Relationship relationship management Management is attracting (CRM): Customer maintaining and enhancing customer relationship in multi-service organizations (Berry 1983). 11
  12. 12. REFERENCES Abdullateef, A .O, Morhtar, S.S. and Yuseff, R.Z. (2010): Driver of efficient service Delivery and caller satisfaction: A Model of CRM Customer contact Cantors in Malaysia: International of Management Studies. Aihie .O. and Bennani, A.E (2007). An Exploratory Study of Implementation of Customer Relationship Management of Strategy Business Process Management. Journal 13 (1) 2007 pp 139-164. Berry, L.L. (1988) Relationship marketing in Shostack, G.L et al (Eds), Emerging perspectives, Journal of Marketing Science Vol. 23(A), pp, 236-45. Berry, L.L. (1995) Relationship Marketing of Service. Growing Interest, Emerging Perspectives. Journal of the Academy of Marketing Science 23(4), 236 - 45. Firpo, Y. (2006), “Bonking the Embarked Technology‟s Royal in Delivering Accessible Financial services to the poor, Samba Consulting 5. Fox, T. and Stead .S. (2001) customer relationship management delivering the bone fits, white paper, CRM (UK) and SECOR consulting, new Malden Gummesson E. (2004) Return on Relationships (RoR), the Value of Relationship marketing and CRM in Business –to-Business context. Journal of Business and Industrial Marketing Vol 19 (2), PP, 136-148. Levitt (1983), “After Sales is over...” Harvard Business Review, 101- 61, No. 2, pp-81-93. Opara, B.C. Ayopo.O.O, Darogo. W. M. (2010), Analysis of Impact of Technology on Relationship marketing orientation and 12
  13. 13. Bank performance. European Journal of Scientific Research ISSN 1450-216x 101.45 no 2 (2010), Pp, 291-300. Rogers, M. (2005), Customer strategy observation from the ranched journal of marketing 69,262-263. Roya .A. and Salmiah M. (2010), The Customer Relationship Management Strategies: Personal needs assessment of Training and Customer turnover 14, Number 1 (2010). 13
  14. 14. CHAPTER TWO REVIEW OF RELATED LITERATURE 2.1 INTRODUCTION This chapter is concerned with the review of literature. It is a systematic analysis and appraisal or evaluation of studies, works and documents containing information about the problem under study. This chapter provides the background and the problem discussion of the area of this study, leading down to the specific research questions. This chapter is also aimed at giving authenticity and credibility to the research study through the citing of works of different institutions, scholars and experts whose works and findings are as well as a contribution to the major relational variables of this study under consideration. 14
  15. 15. 2.2 HISTORICAL BACKGROUND As observed by Sheth and Parvatiyar (1998) developing customer relationships has historical antecedents going back into the pre-industrial era. Much of it was due to direct interaction between producers of agricultural products and their customers. Similarly, artisans often developed customized products for each customer. Such direct interaction led to relational banding between the producer and the customer. In recent years however, several factors have contributed to the rapid development and evolution of CRM. These include the growing -intermediation process in many industries due to the advent of sophisticated computer and telecommunication technologies that allow producers to directly interact with endcustomers. For example, in many industries such as the airline, banking, insurance, computer software or household appliances industries and even consumables the de-intermediation process is fast changing the nature of marketing and consequently making relationship marketing more popular. 15
  16. 16. These measures created intimacy and cooperation in the buyer-seller relationship. Instead of purchasing a product a product or services, customers were more interested in buying a relationship with a vendor. The key (or national)account management program designates account mangers ad account teams that assess the customers need and then husband the selling company‟s resources for the customer benefit such program have led to the establishment of strategic partnering within the overall domain of customer relationship management (Anderson and Narus, 1991; Shapiro 1988). Similarly, in the current era of hyper-competition, markets are found to be more concerned with customer‟s retention and loyalty (Dick and Basu, 1994; Reichheld, 1996). As several studies have indicated, retaining customers perhaps offers a more sustainable competitive advantage than acquiring new ones. What marketers are realizing is that it costs less to retain customers than to compete for new ones (Rosenberg and Czepiel, 1984). On the supply side it pays more to develop closer relationship with a 16
  17. 17. few suppliers than to work with more vendors, (Hayer, Wheelwright and Clarke, 1988; Spekman, 1988). In addition, several marketers are concerned with keeping customers for life rather than with only making a one-time sale (Cannie and Caphin, 1991). There is greater opportunity for Goss-selling and up-selling to a customer who is loyal and committed to the firm and its offerings. In a recent study, Naidu, Parvatiya, Sheth and Westgate (1999) found that relational intensify increased in hospitals facing a higher degree of competitive intensity. Also, customer expectations have been a changing rapidly over last the last two decades. Fueled by new technology and the graving availability of advanced product features and services, customer expectations are changing almost on a daily basis. Consumers are less willing to make compromises or trade-offs in product and services quality. In a world of ever changing customer expectations, building cooperative and collaborative relationships with customers seems to be the most prevalent way to keep tack 17
  18. 18. of their changing expectations and appropriately influencing them (Sheth and Sisodia; 1995). Finally, many large internationally oriented companies are today trying to become global by integrating their worldwide operations. To achieve this they are seeking cooperative and collaborative solutions for global operations from their vendors instead of merely engaging in transactional activities with them. Such customers‟ needs make it imperative for marketers interested in the business of companies that are global to adopt CRM programs, particularly, global account management programs (Yip and Madsen 1996). Global Account Management (GAM) is conceptually similar to national account management programs except that they have to be global in scope and thus more complex managing customer relationship around the world calls for external and internal partnering activities, partnering across a firms worldwide organization. 18 including
  19. 19. 2.3 CUSTOMER RELATIONSHIP MANAGEMENT To survive in the global market focusing on the customer is becoming a key factor for companies big and small. It is known that it takes up to five times more money to acquire a new customer then to get an existing customer to make a new purchase. A second aspect of CRM is that knowing the customer and his/her problem allows acquiring new customer more easily and facilitating targeted cross-selling (Taria, 2005). CRM is based on the basic marketing belief that an organization that knows its customer like individuals. Its components may include data warehouse that store all a company‟s information, customer services system, call centre, ecommerce, web marketing, operations system (that handle order entry, invoicing, payments, point of sale, inventory system, etc) and sales system (mobile sales communication appointment making routine etc). In practices, CRM system range from automated customer-contact system to the company wide pooling of customers information (Kottler – pp. 409 – 410). 19
  20. 20. The implementation of CRM needs the close cooperation between suppliers of one of the many CRM system on offer, such as avenue and relationship organizer and the user (Kottler– pp. 409 – 410). CRM is one of the key processes in any firm. Although CRM is a relatively new business term and therefore, the definition can vary depending on the background of the individual writing it. The “F. Dwyer and Tanner” believe tat CRM as those process that address all aspect of identifying customers, creating customer knowledge, building customer relationship and shaping their perception of the organization and its product. (Kottler– pp. 304 – 305). CRM is a highly fragmented environment and has come to mean different things to different people. As the thought and approach to CRM is in the initial stages and not fully matured, one can find different perspectives and definitions of CRM. According to Gummesson (1983) CRM Is the valves and strategies of relationship marketing with particular emphasis on customer 20
  21. 21. relationship turned into practical application.CRM is an enterprises approach to understanding and influencing customer behavior through meaningful communications in order to improve customer acquisition, customer retention, customer loyalty and customer profitability (Kottler– pp. 304 – 305). In order to have more efficiently managed customer relationship CRM focuses on effectively turning information into intelligent business knowledge. This information can come from anywhere inside or outside the firm and this requires successful integration of multiple database and technologies such as the internet, call centre, sales force automation and data warehouse. (John and Fredrick, 2002) There is no universal explanation of what CRM is, since the area is fairly new and still is developing. It is therefore important to remember that several attempts of defining CRM exist and that many companies adapt the definition to their own business and their unique needs. . (John and Fredrick, 2002). 21
  22. 22. “The activities a business performs to identify quality, acquire, develop and retain increasingly loyal and profitable customers by delivering the right product or services to the right customer, through the right channel at the right time and the right cost. CRM integrate sales, marketing services enterprise resources planning and supplying chain management function through business process automation technology solution and information resources to maximize each customer contact. CRM facilities relationship among enterprises, their customers, business partner, suppliers and employees”. (John and fredrick,2002). “However, for CRM to be successful all activities in a company need to manage in combination to reach success. Stone Wood and Wilson (1996) note that in some companies there is the belief that good market planning is equal to good CRM. It must be clear that CRM is not equal to market planning. Since they are founded on two different marketing approaches. However, the authors add that although the information in market research is 22
  23. 23. CRM, it is only a small part of the CRM that is needed in order to create profitable customer relationship” (John and Fredrick,2002). 2.3.1 GOALS OF CRM Companies can gain many goals from CRM (Arezu and Alieza, 2006). 1. Lower cost of recruiting customers: the cost for recruiting customers will decrease since there are savings to be made on marketing, mailing, contact follow-up, fulfillment, services and so on; 2. No need to recruit too customers to preserve a steady volume of business: the number of long term customers will increase and consequently the need for recruiting many new customers decreases; 3. Reduced cost of sales: the costs regarding selling are reduced owing to that existing customers are usually more responsive. In addition, with better knowledge of channel and distributors 23
  24. 24. the relationships become more effective as well as that a cost for marketing campaigns is reduced. 4. Higher customer profitability: the customer profitability will get higher since the customer wallet share increases, there are increase in up-selling, cross-selling and follow-up sales and more referrals comes with higher customer satisfaction among existing customers. 5. Increased customer retention and loyalty: the customer retention increases since customer stay longer buy more and buy more frequently. The customer does also more often take initiatives, which increase the bounding relationship, and as a result the customer loyalty increases as well; 6. Evaluation of customer profitability: the company will get to know which customer are profitable, the ones who never might become profitable and which ones that might be profitable in the future. This is very important since the key to success in any business is to focus on acquiring customers 24
  25. 25. who generate profit and once you have found them never let them go (person – p.11). 2.3.2 CRM PROCESS The CRM process involved four steps. These steps are to segments and profile the market, design communication strategy, impenetrate and evaluate. (Dwyer, 1987). Segment and profile the market Evaluate Design strategy Implement Figure 1 Source: Dwyer, R. (1987). “Developing buyer seller relationshipjournal of market “A challenge of defining CRM is that any definition is contingent in the level at which CRM is practiced in an 25
  26. 26. organization or for that matter what the researcher or manager believed about the correct level of CRM (Arezu and Alieza, 2006). There are three different possible levels; 1. Functional 2. Customer facing 3. Company wide In CRM process customer facing level is being focused upon. This perspective includes the building of a single new of the customer across all contact channels and the distribution of customer intelligence to all customers facing functions. This view stresses the importance of coordinating information across time and contact channels o manage he enter customer relationship systematically. For example, a bank customer who has both a loan product and a savings product might interact with the bank through various channels and different types of interactions (e.g. Transactions, information request, complaint), which may change over time (Arezu and Alieza, 2006). 26
  27. 27. A CRM process on the customer facing level would be the basis of the interaction and on the basis of the generated intelligence, would result in coordinated and well defined action through different functions (Werner, 2004). 2.4 ATTRACTION, SATISFACTION, RELATIONSHIP MANAGEMENT Since CRM includes all activities directed towards the establishment, development and maintenance of exchange relationships (Morgan and Hunt, 1994). According to this study, here are the relationship strategy chosen and to be review in this literature; 1. Customer attraction 2. Customer retention 3. Customer satisfaction 4. Relationship management 27
  28. 28. CUSTOMER ATTRACTION Attraction as a driver of customer commitment means something that makes the service provider interested to a given customer or the other way round so attraction can be based on financial technology or social constructs. Consequently, even social contacts that are highly appreciated may form a source of attraction that can lead to a business relationship. If attraction exists between two parties, the basis for a relationship is developing, indeed understanding. Understanding the role of attraction in a customer commitment decision is the key issue that little attention has been paid on it the service marketing area. (Gronroos, 2001). Gilbert (1996) suggested that quality should play role of the chief facilitator to achieve the objectives of relationship management, such a commitment to the brand, emotional involvement and active interaction. 28
  29. 29. Creating strong customer focused relationship requires understanding the needs, if specific customers and the firms succeed in meeting these needs, Such serves as a means to measure the perception of customer‟s experiences in the services encounter (Parasuramon et al, 1991). Delivering more effective services quality than others in one of the ways that a firm can be successful in achieving today‟s business environment. (lai et al, 2007). Groonros (2000) described service quality in term of seven perceived scale; 1. Professionalism and skills 2. Attitudes and behavior 3. Accessibility and flexibility 4. Reliability and trust worthiness 5. Service recovery 6. Serviscape 7. Reputation credibility 29
  30. 30. Value of a relationship is studied in Wilson and Jantrania (1995)‟s research which is a very useful contribution in business relationship and its success issue. In a long term relationship with the customer the benefit concept takes a deeper meaning (Ravald and Groonros, 1996). The customer perceived value needs to get a deeper meaning which does not relate only to episodes, but to the expectations of the customer and the company‟s responsibility to meet these expectations in a long term relationship (Ravald and Groonros; 1996). The customer-perceived value needs to get a deeper meaning which does not the expectations of the customer and the company‟s responsibility to meet these expectations in a long- 30
  31. 31. term relationship. (Ravald and Groonros, 1996). Relationship Increasing the benefit/reducing the sacrifice Value Stimulate Repurchasing Activities Relation Safety Credibility Security Trust Loyalty Mutually profitable relationship for supplier and customer Figure 2: The effect of value- adding strategies in a long- term relationship Source: Revald and Gronroos (1996). According to Wilson and Jantrania (1995), value means a great many things to great many people. Increasing the benefits means adding something to the core product that the customer 31
  32. 32. perceived important, beneficial and of unique value. The problem is to find an alternative to providing superior value which improves the performance of the company a well as the benefit of the customers in the long run. (Wilson and Jantrania, 1995). It must be examined that how a company can add value to the offering by reducing the customer-perceived sacrifice. Companies should look at things from the customers‟ perspective and this is a core aspect of relationship management. The company needs a thorough understanding of the customer‟s value chain in order to be able to reduce the customer perceived sacrifice. The company should get close to the customer to be able to understand his needs preferences and all the activities which constitute his value chain. (Wilson and Jantrania, 1995). Relationship value is conceptualized in three economic, psychological or behavioral and strategic. 32 dimensions,
  33. 33. Economic Concurrent Engineering Investment quantity Value reduction Cost reduction Goals Social bending Time to market Trust Strategic fit Culture Core competencies Behavioral Strategic Figure 3: Expanding the dimensions of relationship value Source: Wilson and Jantrania, (1995) CUSTOMER RETENTION Customer retention is increasingly being as an important managerial issue especially in the context of saturated market or lower growth of the number of new customers. It has been acknowledge as a key objective of relationship marketing primarily because of its potential 33 in delivering superior
  34. 34. relationship economics, i.e. it cost less to retain than to acquire new customers. The assumption is that generalized theories, which imply universal applicability, tend to overlook the distinctive impact of conceptualized business conditions on effective customer retention strategies, the fact is that both theoreticians and managers should consider business context in developing and implementing customer retention developing and implementing customer retention strategies (Rizal Ahmed and Francis Buttle pp. 149 – 161). With the cost of losing customer rising every day, companies continually seek new ways to acquire, retain and increase business. Service has long been an important factor in customer retention, and new research suggests its role in more critical than ever and will continue to grow throughout the 1990‟s. CUSTOMER SATISFACTION Satisfaction and dissatisfaction are seen as two ends of a scale which are related to each other but only have slightly 34
  35. 35. differences from each other where the location is defined by a comparison between expectations and outcome. (Pantea, 2008). A customer will be satisfied when the outcome of the source meets his or her expectations and also when the service quality is more than those expectations and also when the service quality is more than those expectations, the service provider is having the delighted customer contrary when the perceived overall service quality is below or less than his or her expectation. We can strongly say that the customer will be dissatisfied (Looy et al. 2003) 35
  36. 36. Figure 4: A Service Satisfaction Framework Satisfied Delighted Customer Recovered Satisfied customer Exhausting customer Complaining Dissatisfied Source: Not recovered Dissatisfied Customer Based on J.M. Hays and A.V Hill (1999): Cited by Looy et al (2003) “Overall satisfaction with the providing of a service that is needed by the customer is a function of the buyer‟s degree of satisfaction with various aspects of the service offered” (Gounaris, 2005). 36
  37. 37. Liljander and Strandvik (1995) presented a model which broadens the discussion on satisfaction, quality and value by including customer relationship specifications they also draw on both traditional services quality literature and relationship studies within industrial marketing. Instead of saying that satisfaction is linked to transactions and service quality is linked to a global attitude of the service, it is suggested that quality precedes satisfaction and the satisfaction can be measured also for some other transactions (Liljander and Strandvik, 1995). Although satisfaction applies to both tangible and intangible goods the emphasis should be on the services setting. Where the concept has been the subject of investigation in many studies (Liljander and Strandvik, 1995). The expectancy disconfirmation paradigm in process theory provides the infrastructure for the vast majority of satisfaction 37
  38. 38. studies and encompasses four construct (Liljander and Strandvik, 1995). 1. Expectations 2. Performance 3. Disconfirmation 4. Satisfactions Close relationship does exist between customer‟s loyalty and high levels of customer‟s satisfaction which brings customer delight firms should not only meet their customer‟s expectations but they should try to excite them in one or another way. (Pantea, 2008) relationship management replaced traditional transactions oriented approaches of marketing by placing more emphasis on the creation of customer value by means of developing and maintaining relationship (Ossel et al, 2003). 38
  39. 39. RELATIONSHIP MANAGEMENT Relationship management is an important strategy and is one of the important aspects of marketing in these two decades. Morgan and Hunt (1994) defined Relationship management as “all marketing activities directed towards establishing developing and maintaining successful relationship”. Relationships between customer and business firms have been consistently encouraged as successful business practices worldwide. The commotion with marketing has seldom been established formally in the development of marketing theory (Yau, 2000). Relationship management was known as a strategic approach to industrial and service markets and was considered to be unsuitable in other marketing context (O‟malloy and Tynan, 2000). The idea of relationship and also relationship building being extended to other area such as distribution, service and consumer , are as the result of strong interest in relationship between 39
  40. 40. companies. So we must also build relationships to middlemen service supplier and end consumer (Jorgenson, 2001). Liljander and Strandvik, (1995) proposed that a relationship term should be defined from the customers point of view as this corresponds to a market oriented perspective. The customer can be committed both negatively and positively towards the service provider, or he can be indifferent. A negatively committed customer will try to end up the relationship as soon as possible, but is usually unable to do so in the short period of time because bonds which serve as exit barrier (Liljander and Strandvik, 1995). In order to build up a lasting and successful customer relationship the provider needs to have a deep understanding of the customer‟s business activities in which the customer created value for himself (Helander and Hirvonen, 2001). 40
  41. 41. 2.5 CUSTOMER’S LOYALTY The degree of customer‟s loyalty is measured as the percentage of loyal customers, the percentage of incomes associated with loyal customers and the rise of loyal customers after the implementation of customer relationship management activities (izquierdo et al, 2005). Commitment to customers and service quality enhance satisfaction which leads to close and successful relationship (Buttle, 1996; cited by Izquierdo et al, 2005). These loyalty programs are structural marketing efforts, which reward and therefore encourage loyal behavior (Izquierdo et al, 2005). DIMENSION OF CUSTOMERS LOYALTY Sheth (2002) stated that customer attitude is difficult to measure for financial and practical purposes; customer retention is generally used as an indicator of customer loyalty. However, attitude and behavior can be very different (Sheth and Parvatior, 2002). 41
  42. 42. Attitude Positive Buying pattern Negative Positive Spurious loyalty Latent loyalty Negative True loyalty No loyalty The dimensions of customer loyalty Source: (Dick, A.S and Basu .K. (1994) Journal of academy of marketing science; cited by Sheth and Parvatror, 2002) Different loyalty types are shown in the matrix above and can be matched with different forms of relationships. 1. Truly loyal customers are willing to seek out a particular service location or brand; 2. Seriously loyal customers tend to be more motivated by impulse convenience and habit that is if the conditions are right; 3. Latent loyalty applies to customers who are loyal simply because they have no other choice; 4. No loyalty obviously there will always be some customers who display no loyalty to a particular company or brand. 42
  43. 43. 2.5.1 CUSTOMER LOYALTY PROGRAM Commitment to customers and services qualities enhance satisfaction which leads to close and successful relationship. If we admit that, it is more profitable holding on to existing customers than winning new customers (Berry, 1995; Vavra, 1995: cited by (Izquiordo et al, 2004), the company will try to achieve the satisfaction of existing customers providing them inducement such as discount, free product or fidelity card. These loyalty programs are structured marketing attempts which reward and therefore encourage loyal behavior, loyalty program customers should show changes in repeat purchase loyalty which is not evident amongst non-program brands. A decreased switching to non-program brands, increased repeat purchase rates, increased used frequency or greater propensity to be exclusively loyal. (Izquierdo et al 2005). Rauyren et al (2005) provide a practice of how relationship quantity can influence customer loyalty or loyalty in the business to business context. 43
  44. 44. Satisfaction appears to be an important factor in maintaining purchase intentions through service quality will strongly enhance both purchase intentions and attitudinal loyalty. (Rauyren et al 2005). In order to maintain customer loyalty, a supplier must enhance also four aspects of relationship quality which are trust, commitment, satisfaction and services quality. (Pantea, 2008). Successful loyalty programs need to make offers to encourage customers to continue to make purchases from the company, but more important, successful loyalty programs need to manage loyalty and profitability property ((Pantea, 2008). A recent article Ramartz and Kumur, 2007: cited by Kumur and Peterson, 2005) show that the most loyal customers are not necessarily the most profitable. We can say that loyal customers cost less to serve, loyal customers pay higher prices for the same goods and loyal customers do more marketing on behalf of the company (Pantea, 2008). 44
  45. 45. These results are shown below where customer are divided into four different categories; (Kumur and Peterson, 2005) 1. Low profitability and short tenure 2. High profitability and short tenure 3. Low profitability and long tenure 4. High profitability and long tenure Earlier, the focus of loyalty was brand loyalty with respect to tangible goods (Caruana, 2002). Brand loyalty defied as the preparation of a purchase of a household devoted to a brand if purchase most often. Over time fall have continue to expand, reflecting the wider perspective of marketing to work into other types of loyalty such as vendor loyalty. Few studies have discussed on customer loyalty of services (Caruana, 2002). 2.6 CUSTOMER RELATIONSHIP MANAGEMENT SYSTEM IN BANKING/FINANCIAL INSTITUTIONS Panda (2003) observed that “globalization and deregulation, combined with radically enhanced the managerial context of 45
  46. 46. service industries. Watkins, (1992) stated that he financial services industry is in a transitional stage as the mission of information technology changes its emphasis from administrative efficiency to the improvement of service quality and IT becomes market led. He also mentioned that IT would involve the installation of new customer administration, marketing information, and point of sale and branch system to provide better customer service. Through research is quite old a number of researchers today have observed that the financial services industry is in the middle of a structural change (Geib et al, 2004). Panda (2003) explain that financial services today are facing fierce and aggressive competition in both domestic and global market thereby forcing organization to restructure in order to enhance their chances of growth and survival. The financial service industry is a seater which is generally held as being the most advanced in customer relations management, as they are the traditional users of direct mail and having extensive information on customer, (Goss and Stone, 2002). 46
  47. 47. The relationship which financial service companies such as bank, hold with their customer is imperative for the growth and survival of such a business. Hence, the need to adopt new ways of gaining an advantage over competitors becomes an important part of business. Geib et al, (2006) explain that due to increasingly competition and high customer demands financial services companies are required to focus on core competencies in order to deliver better value to customers. Karakostas et al, (2005), asserts that financial services had a lead in implementing CRM due to the nature of their business, as business transaction where information technology based and contained important information about their customers. The emergence of CRM in the financial services industry was as a result of three fundamental factors which have been listed as new technological opportunities increasing competition from new market emigrants and changing customer behavior (Geib et al, 2006). These factors therefore motivate financial services to focus 47
  48. 48. on the development of a good relationship between the business and its customers. Panda (2003), states that for a successful CRM implementation in the financial services sector, it has to incorporate four main areas of business which include strategy, people, technology and process. Panda further explains that he enablers (people and technology) are moved by the organizations strategic processes through their systematic interaction which eventually results in a successful CRM implementation. 2.6.1 NIGERIAN BANKING SYSTEM The financial institutions under investigation are the commercial banks in Nigeria. Due to this, a literature review was carried out on the country. This section aims to give knowledge on the development of banking system in Nigeria and also information technology in Nigerian banks. 48
  49. 49. 2.6.2 HISTORICAL DEVELOPMENT OF NIGERIA’S BANKING SYSTEM The history of Nigeria‟s banking and finance industry can be viewed as a story of recurring changes in the nature of financial markets in response to economic, political and in particular, regulatory policy changes. (Oyejide, 1990). The African banking corporation, which was Nigeria‟s First Bank, was established in 1892 (Beck et al, 2005). No banking legislation was present at the time but came into existence in 1952 and at this point Nigeria had three foreign banks and two indigenous banks, the foreign banks were the bank of British west Africa, Barclays bank of Nigeria and the African continental bank (library of congress country studies) for decades after 1952, the demand for deposit was showed as Nigerians preferred cash and distrusted checks for debt settlement (CIA world fact book). 49
  50. 50. The Central Bank of Nigeria began operations on July 1, 1959 (Beck et al, 2005), it was statutorily independent at the federal government until 1968 (library of congress country studies). In the 1970‟s the Nigerian financial sector was largely controlled by the government through to the early 1990‟s (Kano and Rice, 2001). However, by the end of 1988, the banking system in Nigeria consisted of the Central Bank of Nigeria Forty – two (42) commercial bank and twenty-four (24) merchant banks (CIA World factbook). Both commercial and merchant banks had 1,500 branches together. Merchant banks were allowed to open checking account for corporations only and could only accept deposits of N50,000 and above (library of congress country studies). As at 1988 commercial banks had assets of N52.2bilion compared to merchants banks with assets of N12.6billion (CIA World fact book). During the 1970‟s the Nigerian government introduced a number of direct controls in the banking system, through ownership, as well as through interests‟ rate and credit controls (Beck et al, 2005). Since there were no Nigerian purchasers, 50
  51. 51. foreign-owned banks were nationalized and this was as a result of an “indigenous wave” which has the goal of “securing domestic majority ownership of strategically important sectors” (Beck et al, 2005). Nigeria then undertook a brand program if financial liberalization in 1986 with the Structural Adjustment Programme (SAP), this resulted in interest rates and entry into the banking system being liberalized while credit allocation quotas were also loosened (Beck et al., 2005). The consequence of this was the quick entry of many players into the banking system, the number of banks increased from 40 to about 120 (Beck et al., 2005) the contribution of the financial sector to GDP also increased (Lewis and Stein 2002). On the 6th of July, 2004 the Central Bank of Nigeria (CBN) announced a N25billion minimum capitalization requirement for Nigerian Commercial banks with effect from December 31, 2005 (CBN, 2004). The objective was to produce Mega banks which would be more supportive of an emerging and vibrant private 51
  52. 52. sectors, entrance competition on the global markets in addition to stemming the tide of distress in the banking industry (Skye bank, 2008). This implementation was the first phase of the most extensive and intensive banking reforms. Since post-independence Nigeria (Achua, 2008). This development was met with mixed reaction in the industry, most banks were in agreement with the purpose of these returns but felt that the timeline was rather short for such a large increase in capital base. As a result of the reform, 89 commercial banks, which existed before. The reform, where reduced to 25 commercial banks. 76 banks of the 89 banks merged into 25 mega banks. While 13 banks were liquidated and this took place in 2005 (Achua, 2008). In early 2008, two of the twenty-five existing banks also merged thereby bringing the recent amount of commercial banks to twenty four scenario electronically and available to all channels” (Oboh, 2005). However, one of the challenges is the management of the sprawling database built on customers so that information can be 52
  53. 53. made readily, speedily and systematically extracted, shared and reviewed to aid management decisions and most importantly to satisfy customer (Oboh, 2005). 2.7 INTEGRATIVE SUMMARY The review highlights customer relationship management system, (process, and goals). It also reviews the construct, customer attraction, customer satisfaction, customer retention, relationship management and customer‟s loyalty as well. The literature review also gives insight into the banking system of Nigeria by explaining the background information of the country and further explaining the history of the banking system up to its present state. The review let us know that there has been a lot of progress in the banking system in Nigeria and due to the strong financial reforms, competitions amongst banks is on the increase therefore in order for this banks to survive there has been quite an increase in the application of customer focus strategy in their operations. 53
  54. 54. The next chapter discusses the methodology of the study. Concept such as the methodology approach, sample population, description of the instrument used is presented. 54
  55. 55. REFERENCES Adeoti-Adekeye, W.B. (1997), “Important of Management Information System”: Journal of the Library review 46 (5), 318 – 327 Anandarajan; M. et al (2002) “Technology acceptance in the banking industry: A perspective from a less developed country”: Journal of Information technology and people Vol 13 (4), pg 298 – 312 Arezu .G. and Alieza .O. (2006), “Impact of Customer Relationship Management of Customer Retention: Master thesis: Julea University of technology, 2006:02 PB: ISSN: 1653 – 0187 Beck, T. et al (2005), “Bank privatization and performance”: Empirical evidence from Nigeria’s Journal of Banking and Finance. 29 (8 – 9), 2355 – 2379. Caruana, A, (2002) “Service loyalty the effect of service loyalty and mediating role of customer satisfaction” European journal of Marketing, 36, 7/8, pp 1 – 2. Dwyer F.R. Schurr. P.H, and Oh, S. (1987) “Developing Buyer – Seller Relationship”. Journal of Marketing vol 51, 11 – 27. Eroke, L. (2008) “Between Banks” Product and Quantity Service” This Day Newspaper Vol 13 (4694), 33 -34. Foss, B. and Stone, M. (2002) “CRM in financial services: A practical Guide to making customer relationship management: Work Kogan Page Publisher. Gilbert, D.F, and Buttle, E.D, (1996), “Airlines in Relationship Marketing: Theory and Practice: pp, 131 – 144, London: Paul Chapman. 55
  56. 56. Gronroos, C. (2000), Service management and marketing A customer Relationship management Approach, Wiley, New York, NY. Gronroos, C. (2001), “The perceived service quality concept a mistake?” Managing Service Quality, Vol. 11, No. 3 Helandar, N. and Hirvonon, P., (2001), “Towards Joint Value Creation Processes in Professional Services” The TQM Magazine Volume 13, Number 4, pp. 281 – 291 (II) Idowu, P. et al (2002). “The Effect of Information Technology on the Growth of the Banking Industry in Nigeria” Journal of Information Systems in Developing Countries. Vol10 (2), 1 – 8. Izquierdo, C. and Gilan, J. (2004), “Trust as the key to relational commitment”, Journal of Relationship Marketing, 3 (1). Izquierdo, C. and Gilan, J., Gutierrez, S.S (2005) “Impact of Customer Relationship Marketing on Firm Performance: Spanish Case”, Journal of Services Marketing 1914 – 234 – 244 Johan and Fredrick (2002) “Customer Relationship Management” 2002: 016 SHU. ISSN: 1404 – 5508 Jorgensen, N (2001). “A contingency model for the company‟s use of relationship building”, 17 the IMP Conference Kottler .P. and Keller .K. (2006). “Marketing Management. 12edition. USA, ISBN 0 – 13 – 145757 – 8 Kumar, U and Peterson, A (2005) “Using a customer – level marketing strategy to enhance firm performance: A Review of Theoretical and Empirical Evidence”, Journal of the Academy of Marketing Science, 4 (4), 507 – 516 56
  57. 57. Liljander, .V. and Strandvik, T. (1995) “The Nature of Customer Relationship in Services”, Swart, Teresa A, David E, Bowen and Stephen W. Brown (eds), Advances in Services Marketing and Management, Volume 4, London: JAI Press Inc. Morgan, R. and Hunt .S. (1994), “The Commitment – trust theory of relationship marketing” Journal of Marketing, Vol. 58, July, pp. 20 – 38 Nigeria Banking, Finance, and other services” The library of congress studies, CIA World Fact book (1991). Oboh, G.A.T (2005) “Developing an ICT based delivery in the Nigerian Banking Industry. Union Bank Experience” Union Digest Vol.9 (1) Pg 1 -11. O‟ Malley, L. and Tynam .C. (2000) “Relationship marketing on consumer markets Rhetoric or reality. Ossel, G. and Gemmel, P. Looy, B. (2003), Service management an integrated approach; Prentice Hall Press. Panda, T. (2003) “Creating Customer life Time Value through effective CRM in financial services industry” Journal of services Research (Online) Pantea, P.J (2008) “Impact of Customer Relationship Management on Market Performance: Master thesis: Lulen University of technology: 2008: 0085 – ISSN: 1658 – 0187. Parasuraman, A, Zelthaml, Valarie A. Barry, Leonard L, (1991), “Retirement and Reassessment of the SERVQUAL Scale”. Journal of Retailing Vol.67. Peppard, J. (2000) “Customer Relationship Management (CRM) in financial service” European management Journal Vol 18 (3), Pg 312 – 327. 57
  58. 58. Petra, P. (2004) “Customer Relationship management and How a CRM System can be used in the Sales Process” 2004. 124 (IV. ISSN: 1402 – 1617. ISRN: LTU – EX – 041121 –SE-LUTH. Ravald, A and Gronroos C. (1996) “The Value Concept and relationship marketing”, European Journal of Marketing, Innovations Linking purchases, Services recovery, Vol. 30 No. 2, pp, 19 – 30. Rauyren, P. (2005). “Relationship Quantity as a predictor of B2B Customer Loyalty. IMP Group Journal. Reinartz, W. and Kumar .V. (2002) “The mismanagement of customer loyalty” Harvard Business review, (July), pp. 86 – 97. Sheth, J.N. (2002), “The Future of Relationship Marketing” Journal of Service Marketing Vol16, No. 7, pp 590 – 592 Taria, M.A (2005) “Internet and Customer Relationship management in SME’s” 2005: 087 SHU – ISSN: 1404 – 5508 – ISRN: LTU – SHU – EX – 051087. LUTH Umar, S.D (2005) “Implications of Technological Innovations in the banking industry” Paper and proceedings of the Bank Director’s Seminar pg 82 – 91. Usman, S. (1990) “Responses of the Finance Sector to Environmental changes:-Past, Present and Future” Innovation, Technology and the Nigerian Finance Sector pg 30 – 37. Werner, R. Manfred, K. Wayne, D. (2004), “The Customer Relationship Management Process” Journal of Marketing Research: Vol XLI August 2002. Sheth, J.N AND Parvatiyar .A. (1992) “Towards a Theory of Business Alliance formation” Scandinavian International Business Review, 1 (3) 17 - 7 58
  59. 59. CHAPTER THREE RESEARCH METHODOLOGY 3.1 INTRODUCTION Polkinghorne (1985) defines methodology as “Examination of the possible plans to be carried out the journeys to be undertaken so that an understanding of phenomena can be obtained. Graziano and Raulm (2004), explain that since “research” involves a process of asking and answering questions that may lead to interplay between inductive and deductive thinking, the methods used in answering such questions can therefore depend on several factors. This chapter is concerned with discussing the methodology used for this research work. It involves the methods and procedures for carrying out this study consist the following: Research design, population and sample size, sampling technique, instrument for data collection, validation of instrument, method of data collection and technique of data analysis. 59
  60. 60. 3.1 RESEARCH DESIGN This is the programme that is meant to guide the researcher in the process of collecting, analyzing and interpreting observations. According to Olannye (2006) research design are the approaches, framework or plans for carrying out research studies. The design method adopted for this research takes the form of a survey study as it allows samples to be selected and explanatorily studied. The design permit the collection of original data meant for describing large population with individual as unit of analysis. The research is also designed to ascertain the “Impact of Customer relationship management on Customer‟s loyalty. 60
  61. 61. 3.3 POPULATION AND SAMPLE SIZE This research took the form of a field survey: at this juncture, it is pertinent to mention that the population of this study is strictly, restricted to the banking or financial industry. However time constraints directed the focus of this study on Guaranty Trust Bank Plc Asaba branch where the desired sample was made. The population consists of 800 persons to whom the work would be generalized. The sample size of this research study is a proportion of individuals drawn from the population in order to assess the “Impact of Customer relationship management on Customer loyalty”. The sample size of 80 used for this research work. These comprises of customers of Guaranty Trust Bank Plc, Asaba. The sample size therefore is 10% of the population under study. This is derived with the formula below: K = N n 61
  62. 62. Where: N Total number of population n 3.4 = = Sample size SAMPLING TECHNIQUES A stratified sampling technique was adopted for this study as this technique gives every member an equal chance of being selected or chosen. This was due to the fact that the population was divided into sub-strata, based on criteria of level of Customers of Guaranty Trust Bank Plc, Asaba Branch. 3.5 RESEARCH INSTRUMENT This is a major procedure to be followed in carrying out a research study. It implies the tools used in the courses of collecting the need information for the research study. Questionnaires were the instrument of data collection used for this study. Olannye (2006) defined a questionnaire as an 62
  63. 63. instrument for gathering data from respondents to aid in finding, solution to research problems. Alasautari (1998), Bryman (2001), Oppenheim (1992), (Zaja and Blair (2005) gave some points which a researcher should have in mind when designing a questionnaire. Some of these points are:  The researcher must have in mind the context and circumstances of the research situation, that is, the questions should be aligned with the aims and objectives of the research.  Slang and colloquialisms should be avoided.  Appropriate choice of closed and open question should be used.  Question and answer should be kept together. Questions should not be separated from its respective answers, that is, the question and answers should follow each other on the same page as opposed to the question being on one page and the answers on another page. 63
  64. 64.  Each question should contain only one idea; two edged questions should be avoided.  The questions should be neutrally worded, that is, using conventional language which is easy to understand and does not arouse strong emotions. The questionnaire used was divided into two section (A and B) confirming questions on respondents profile and another on closed ended questions pattern using the Iinkert scale closedended question as follows: 5 = Strongly Agree (SA) 4 = Agree (A) 3 = Undecided (U) 2 = Disagree (D) 1 = Strongly Disagree (SD) 64
  65. 65. 3.6 VALIDATION OF THE INSTRUMENT To establish the reliability of the instrument a test-retest method was employed. A research instrument can go a long way to nullify the reliability of the research findings. To validate the instrument for data collection, the questionnaire was given to renowned expert from the Department of Business Administration and Marketing, Delta State University, Asaba Campus. This was to establish the reliability and content validity of the instrument. 3.7 METHOD OF DATA COLLECTION Data was collected through primary and secondary sources. Questionnaire administered to respondents is of the primary data source. The internet as well as the library constituted our secondary data collection medium. This includes journals, newspapers, magazines, textbooks, research findings reports e.t.c. 65
  66. 66. 3.8 TECHNIQUES OF DATA ANALYSIS In the study, the statistical technique of data analysis is adopted .The multiple regression analysis will be used through the spss computer software. MODEL SPECIFICATION The most important step in studying any relationship between variables is model specification. It is to express the relationship in mathematical form with which the topic will be explored empirically. Multiple correlation coefficients (R2) are the correlation coefficient between the criterion (dependent variable) and several independent variable and this is the case in this study. 66
  67. 67. MODEL L= ß0+ß1·x1+ß2·x2+ß3·×3+ß4·x4+E1 Where ß1, ß2 and ß3 ……. ßn. are the slope coefficient for predictors x1, x2,x3……xn 67
  68. 68. REFERENCES Alasautari, P. (1998) An introduction to Social Research Sage Publications: London Bryman, A. (1988) “Quantity and Quality in Social Research” Union Hyman Ltd – London Czaja, R. and Blair, J. (2005) Designing Surveys, Pine Forge Press: London Olannye, P.A (2006) Research Methods for Business: A skill Building Approach, Peejan Publication. Lagos. Oppenhein, A.N (1992). Questionnaire Design, interviewing and Attitude Measurement London: Printer. Polkinghorne, D. (1983) Methodology for the Human Science. State University of New York Press – Albany. Graziano, A.M and Raulin, M.L. (2004) Research Methods: A process of Inquiry Pearson United States of America. 68
  69. 69. CHAPTER FOUR DATA PRESENTATION AND ANALYSIS 4.1 INTRODUCTION This chapter focuses on the presentation and analysis of data and information collected through the questionnaires administered to the Customers of Guaranty Trust Bank, Nigeria, Plc, in Asaba. The data presented and analyzed in this study is dichotomized into two parts. In this chapter, the primary data adopted through questionnaires are presented and analyzed. This analysis is used to validate this analysis is used to validate or nullify the earlier stated assumptions. In doing so the researcher used simple percentage to analyze the personal data of respondents and multiple regressions were used in analyzing the research questions and testing of research hypothesis. A total of 80 questionnaires were distributed to the customers and 49 were completed and returned. 69
  70. 70. 4.2 DEMOGRAPHIC CHARACTERISTICS OF RESPONDENT USING SIMPLE PERCENTAGE SECTION A 4.1.1 Gender SEX FREQUENCY PERCENTAGE Male 19 38.8% Female 30 61.2% Total 49 100 The above table shows that males are 19 with 38.8% and female 30 (61.2%). This shows that females are more amongst the respondents than male. 4.2.2 Age FREQUENCY PERCENTAGE Below 30 31 63.3 31 – 40 13 26.5 Total 49 100 70
  71. 71. The above table shows that males 31 (63.3%) of the respondent are below 30, 13 (26.5%) are between 31 – 40 while 5 (10.2%) are above 40. 4.2.3 Education FREQUENCY PERCENTAGE OND/NCE 15 30.6 HND/B.Sc 28 57.1 Masters 6 12.2 Total 49 100 The table above shows that 15 (30.6%) of the respondent are OND/NCE holder 28 (57.1%) are B.Sc holder while 6(12.2%) have a masters degree. 4.2.4 Job Experience (years) FREQUENCY PERCENTAGE Below 5yrs 38 77.6 5 - 10 6 12.2 Above 10 5 10.2 Total 49 100 71
  72. 72. The above table shows that 38 (77.6%) of the respondent have a job experience which is below 5yrs, 5 – 10years are 6 (12.2%) while 5 (10.2%) are above 10years. 4.2.5 Status in Organization FREQUENCY PERCENTAGE Junior Staff 25 51.0 Senior Staff 17 34.7 Management Staff 7 14.3 Total 49 100 From the above table, it shows that 25(51.9%) of the respondent are junior staff while senior staff are 17(34.7%) and 7(14.3%) for management staff. SECTION B Research Question 1: To what degree does customer retention progammes affect customer‟s loyalty? Q1: Company open doors to customer‟s complaint on service delivery. Strongly Disagree FREQUENCY 0 72 PERCENTAGE 0
  73. 73. Disagree Undecided Agree Strongly Agree Total 0 0 26 21 49 0 4.1 53.1 42.9 100 From the above table 0(0%) Strongly disagree 0(0%) Disagree, 2(4.1%) were Undecided, 26(53.1) agrees while 21(42.9%) strongly agree. Q2: Company has a good pricing system and service change. FREQUENCY 0 2 3 33 11 49 Strongly Disagree Disagree Undecided Agree Strongly Agree Total PERCENTAGE 0 4.1 6.1 67.3 22.4 100 From the above table 0(0%) Strongly disagree 2(4.1%) Disagree, 3(6.1%) were Undecided, 33(67.3%) agree while 11(22.4%) strongly agree. Q3: Company shows concern towards customer problem. Strongly Disagree Disagree FREQUENCY 1 1 73 PERCENTAGE 2.0 2.0
  74. 74. Undecided Agree Strongly Agree Total 6 11 30 49 12.2 22.4 61.2 100 The table above shows 1(2%) Strongly disagree, Disagree 1(2%), 6(12.2%) were Undecided, 11(22.4%) agree while 30(61.2%) strongly agree. Research Question 2: Does customer‟s satisfaction leads to customer‟s loyalty? Q4: Company focuses to meet customer‟s expectation. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 3 23 21 49 PERCENTAGE 2.0 2.0 6.1 46.9 42.9 100 From the above table 1(2%) Strongly disagree, 1(2%) Disagree, 3(6.1%) undecided, 23 (46.9%), Agree 21(42.9%) strongly agree. 74
  75. 75. Q5: Company service performance is satisfactory . Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 0 8 15 26 49 PERCENTAGE 0 0 16.3 30.6 53.1 100 The table above show 0(0%), strongly disagree, 0(0%), disagree 8 (16.3%) are undecided, 15(30.6%) agree, 26(53.1%) strongly agree. Q6: I am likely to use their service again Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 7 0 20 21 49 PERCENTAGE 2.0 14.3 0 40.8 42.9 100 From the above table 1(2.0%) Strongly disagree, 7(14.3%) Disagree, 0(0%) undecided, 20(40.8%) Agree, 21(42.9%) strongly agree. 75
  76. 76. Research Question 3: Is there a significant Impact of Customer attraction programs on customer‟s loyalty? Q7: I got to know about company and its products and services through media advertisement Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 2 1 5 19 22 49 PERCENTAGE 4.1 2.0 10.2 38.8 44.9 100 From the above table 2(4.1%) strongly disagree, 1(2.0%) Disagree, 5(10.2%) undecided, 19(38.8%) Agree, 22(44.9%) strongly agree. Q8: Am attracted to company by friends and superior. Strongly Disagree Disagree Undecided Agree Strongly Agree FREQUENCY 0 1 4 25 19 76 PERCENTAGE 0 2.0 8.2 51.0 88.0
  77. 77. Total 49 100 From the above table 0(0%) strongly disagree from the respondent, 1(2%) Disagree, 4(8.2%) undecided, 25(51%) Agree, 19(38.8%) strongly agree. Q9: I‟ve been doing business with the organization because of their track record. FREQUENCY 0 1 3 22 23 49 Strongly Disagree Disagree Undecided Agree Strongly Agree Total PERCENTAGE 0 2.0 6.1 44.9 46.9 100 From the above table 0(0%) are strongly disagree from the respondent, 1(2%) Disagree, 3(6.1%) are undecided, 22(44.9%) Agree, 23(46.9%) strongly agree. Research Question 4: To what extent does Relationship management lead to customer loyalty? Q10: I have a couple of friends and acquaintances. FREQUENCY 77 PERCENTAGE
  78. 78. Strongly Disagree Disagree Undecided Agree Strongly Agree Total 1 1 2 28 17 49 2 2 4.1 57.1 34.7 100 The table above shows 1(2%) strongly disagree, 1(2%) Disagree, 2(4.1%) undecided, 28(57.1%) Agree, 17(34.7%) strongly agree. Q11: Service officer often show concern about how I fair in each transaction. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 2 3 4 24 16 49 PERCENTAGE 4.1 6.1 8.2 49.0 32.7 100 From the above table 2(4.1%) Strongly Disagree, 3(6.1%) Disagree, 4(8.2%) undecided, 24(49%) Agree, 16(32.7) Strongly Agree. 78
  79. 79. Q12: Company encourages us to talk to supervisor anytime Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 7 24 16 49 PERCENTAGE 2 2 14.3 49.0 32.7 100 From the above table 1(2%) is Strongly Disagree, 1(2%) Disagree, 7(14.3%) are undecided, 24(49%) Agree, 16(32.7) Strongly Agree. CUSTOMER LOYALTY Q13: Trust consistency in service delivery encourages patronage Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 2 2 5 26 14 49 79 PERCENTAGE 4.1 4.1 10.2 53.1 28.6 100
  80. 80. From the above table 2(4.1%) Strongly Disagree, 2(4.1%) Disagree, 5(10.2%) are undecided, 26(53.1%) Agree, 14(28.6%) Strongly Agree Q14: Company has clearly defined customer service policy. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 1 2 32 14 49 PERCENTAGE 0 2.0 4.1 65.3 28.6 100 From the above table 0(0%) Strongly Disagree, 1(2%) Disagree, 2(4.1%) are undecided, 32(65.3%) Agree, 14(28.6%) Strongly Agree. Q15: Company honors their promise. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 2 14 16 16 49 80 PERCENTAGE 2 4.1 28.6 32.7 32.7 100
  81. 81. From the table above 1(2%) Strongly Disagree, 2(4.1%) Disagree, 14(28.6%) are undecided, 16(32.7%) Agree, 16(32.7%) Strongly Agree. COMMITMENT Q16: Company maintain high level of integrity this make me committed to them. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 2 1 23 22 49 PERCENTAGE 2 4.1 2 46.9 44.9 100 From the above table 1(2%) Strongly Disagree, 2(4.1%) Disagree, 1(2%) are undecided, 22(44.9%) Agree, 22(44.9%) Strongly Agree. Q17: Company‟s level of business innovation and creativity encourage my greater patronage. Strongly Disagree Disagree Undecided Agree FREQUENCY 0 1 3 18 81 PERCENTAGE 0 2 6.1 36.7
  82. 82. Strongly Agree Total 27 49 55.1 100 From the above table 0(0%) Strongly Disagree, 1(2%) Disagree, 3(6.1%) undecided, 18(36.7%) Agree, 27(55.1%) Strongly Agree. Q18: Company‟s passion for service delivery makes me to anticipate more business dealings. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 2 13 20 14 49 PERCENTAGE 0 4.1 26.5 40.8 28.6 100 From the above table 0(0%) Strongly Disagree, 2(4.1%) Disagree, 13(26.5%) undecided, Strongly Agree. 82 20(40.8%) Agree, 14(28.6%)
  83. 83. SATISFACTION Q19: Company encourage face to face dealing Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 2 12 22 13 49 PERCENTAGE 0 4.1 24.5 44.9 26.5 100 From the above table 0(0%) Strongly Disagree, 2(4.1%) Disagree, 12(24.5%) Undecided, 22(44.9%) Agree, 13(26.5%) Strongly Agree. Q20: Company responds to message and keep client informed Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 0 14 14 21 49 PERCENTAGE 0 0 28.6 28.6 42.9 100 From the above table 0(0%) Strongly Disagree, 0(0%) Disagree, 14(28.6%) undecided, Strongly Agree. 83 14(28.6%) Agree, 21(42.9%)
  84. 84. Q21: Company‟s employees are friendly and approachable. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 1 18 28 49 PERCENTAGE 2.0 2.0 2.0 36.7 57.1 100 From the above table 1(2%) strongly disagree, 1(2%) disagree, 1(2%) undecided 18 (36.7%) agree, 28(57.1%) strongly agree. 84
  85. 85. TABLE 4.3 REGRESSION TABLE Descriptive Statistics N Sum of Trust, Commitment and Satisfaction Sum of CR, Cs, CA and RM Valid N (listwise) Minimum Maximum Mean Std. Deviation 49 21.00 44.00 32.2857 4.66815 49 33.0 60.00 50.8163 5.11401 49 Model Summary a. Mode Adjusted Std. Error of the I R R square R Square Estimate a 1 .659 .435 .383 3.66550 Predictors: (Constant), Relationship management, Customer‟s satisfaction, Customer‟s attraction, Customer‟s retention [ Coefficientsa Unstandardized Coefficients 85 Standardized Coefficients
  86. 86. Model B 1 Std. Error Betta t Sig. (Constant) Customer Relation 9.518 .411 5.481 .474 .136 1.736 .868 .089 .390 Customer’s Satisfaction .747 .386 .305 1.935 .059 Customer’s attraction .077 .329 .030 .234 .816 Relationship management .967 .292 .419 3.308 .002 a. Dependent Variable: TCS 4.4 TEST OF HYPOTHESIS Hypothesis testing is aimed at giving the research a stand point to make definite and concrete inference from the analysis carried out depending on the result of the analysis, the hypothesis is subject to acceptance or rejection. TESTING HYPOTHESIS 1 This hypothesis was tested with the research question 3 which states “is significant impact of customer attraction programs on customer loyalty?” .Hypothesis was tested with the under list questions 86
  87. 87. Q7: I got to know about company and its products and services through media advertisement Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 2 1 5 19 22 49 PERCENTAGE 4.1 2.0 10.2 38.8 44.9 100 From the above table 2(4.1%) strongly disagree, 1(2.0%) Disagree, 5(10.2%) undecided, 19(38.8%) Agree, 22(44.9%) strongly agree. Q8: Am attracted to company by friends and superior. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 1 4 25 19 49 PERCENTAGE 0 2.0 8.2 51.0 88.0 100 From the above table 0(0%) strongly disagree from the respondent, 1(2%) Disagree, 4(8.2%) undecided, 25(51%) Agree, 19(38.8%) strongly agree. 87
  88. 88. Q9: I‟ve been doing business with the organization because of their track record. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 1 3 22 23 49 PERCENTAGE 0 2.0 6.1 44.9 46.9 100 From the above table 0(0%) are strongly disagree from the respondent, 1(2%) Disagree, 3(6.1%) are undecided, 22(44.9%) Agree, 23(46.9%) strongly agree. MODEL L= ß0+ß1·x1+ß2·x2+ß3·×3+ß4·x4+E1` The Hypothesis is stated thus H0: Good customer attraction programs do not lead to customer‟s loyalty 88
  89. 89. H1: Good customer attraction programs leads to customer‟s loyalty. From the regression table 4.3, it shows that customer attraction has a positive Beta coefficient of (.077) but with a .816 level of significance. .816 is greater than .05 which is the level of significance and this makes it insignificant. DECISION Since customer attraction has a figure of .816 which is insignificant, we will accept Null hypothesis (H0) and reject Alternate hypothesis (H1). TESTING HYPOTHESIS 2 This hypothesis was tested with research question 4 which states “to what extent does Relationship management leads to 89
  90. 90. customer‟s loyalty?” Hypothesis was tested with the under list questions Q10: I have a couple of friends and acquaintances. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 2 28 17 49 PERCENTAGE 2 2 4.1 57.1 34.7 100 The table above shows 1(2%) strongly disagree, 1(2%) Disagree, 2(4.1%) undecided, 28(57.1%) Agree, 17(34.7%) strongly agree. Q11: Service officer often show concern about how I fair in each transaction. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 2 3 4 24 16 49 90 PERCENTAGE 4.1 6.1 8.2 49.0 32.7 100
  91. 91. From the above table 2(4.1%) Strongly Disagree, 3(6.1%) Disagree, 4(8.2%) undecided, 24(49%) Agree, 16(32.7) Strongly Agree. Q12: Company encourages us to talk to supervisor anytime Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 7 24 16 49 PERCENTAGE 2 2 14.3 49.0 32.7 100 From the above table 1(2%) is Strongly Disagree, 1(2%) Disagree, 7(14.3%) are undecided, 24(49%) Agree, 16(32.7) Strongly Agree. MODEL L= ß0+ß1·x1+ß2·x2+ß3·×3+ß4·x4+E1` The hypothesis is stated thus 91
  92. 92. H0: Good relationship management does not have any relationship with customer‟s loyalty. H1: Good relationship management has a relationship with customer‟s loyalty. From the regression table 4.3, it shows that relationship management has a positive Beta coefficient of (.967) and with .002 level of significances. .002 is less than .005 and this makes it significant. DECISION Since relationship management has a figure of .002 which is significant. We accept alternate hypothesis (H1) and reject null hypothesis (H0). TESTING HYPOTHESIS 3 The hypothesis was tested with research question 1 which states “To what degree do customer customer‟s loyalty?” 92 retention programs affect
  93. 93. This hypothesis was tested with the under listed questions Q1: Company open doors to customer‟s complaint on service delivery. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 0 0 26 21 49 PERCENTAGE 0 0 4.1 53.1 42.9 100 From the above table 0(0%) Strongly disagree 0(0%) Disagree, 2(4.1%) were Undecided, 26(53.1) agrees while 21(42.9%) strongly agree. Q2: Company has a good pricing system and service change. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 0 2 3 33 11 49 93 PERCENTAGE 0 4.1 6.1 67.3 22.4 100
  94. 94. From the above table 0(0%) Strongly disagree 2(4.1%) Disagree, 3(6.1%) were Undecided, 33(67.3%) agree while 11(22.4%) strongly agree. Q3: Company shows concern towards customer problem. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 6 11 30 49 PERCENTAGE 2.0 2.0 12.2 22.4 61.2 100 The table above shows 1(2%) Strongly disagree, Disagree 1(2%), 6(12.2%) were Undecided, 11(22.4%) agree while 30(61.2%) strongly agree. MODEL L= ß0+ß1·x1+ß2·x2+ß3·×3+ß4·x4+E1` The hypothesis is stated thus 94
  95. 95. H0: A good customer retention program does not have a significant relationship with customer‟s loyalty. H1: Good customer retention programs have a significant relationship with customer‟s loyalty. From the regression table 4.3 it shows that customer retention has a positive Beta coefficient of .411 and with .390 level of significance. .390 is greater than .005 and this makes it insignificant. DECISION Since customer retention has a figure of .390 which is insignificant. We will accept null hypothesis (H0) and reject alternate hypothesis (H1). TESTING HYPOTHESIS 4 95
  96. 96. This hypothesis was tested with the research question 2 which states “Does customer satisfaction leads to customer‟s loyalty?” This hypothesis was tested with the under listed questions: Q4: Company focuses to meet customer‟s expectation. Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 1 3 23 21 49 PERCENTAGE 2.0 2.0 6.1 46.9 42.9 100 From the above table 1(2%) Strongly disagree, 1(2%) Disagree, 3(6.1%) undecided, 23 (46.9%), Agree 21(42.9%) strongly agree. Q5: Company service performance is satisfactory. Strongly Disagree Disagree FREQUENCY 0 0 96 PERCENTAGE 0 0
  97. 97. Undecided Agree Strongly Agree Total 8 15 26 49 16.3 30.6 53.1 100 The table above show 0(0%), strongly disagree, 0(0%), disagree 8 (16.3%) are undecided, 15(30.6%) agree, 26(53.1%) strongly agree. Q6: I am likely to use their service again Strongly Disagree Disagree Undecided Agree Strongly Agree Total FREQUENCY 1 7 0 20 21 49 PERCENTAGE 2.0 14.3 0 40.8 42.9 100 From the above table 1(2.0%) Strongly disagree, 7(14.3%) Disagree, 0(0%) undecided, 20(40.8%) Agree, 21(42.9%) strongly agree. MODEL L= ß0+ß1·x1+ß2·x2+ß3·×3+ß4·x4+E1` 97
  98. 98. The hypothesis is stated thus: H0: Good customer satisfaction programs does not lead to customer„s loyalty H1: Good customer‟s satisfaction programs leads to customer‟s loyalty From the regression table 4.3 it shows that customer‟s satisfaction has a positive Beta coefficient of (.747) and with .059 level of significance. .059 is of the range of .05 and this makes it significant. DECISION Since customers satisfaction programs has a figure of .059 which is significant. We accept alternate hypothesis (H1) and reject null hypothesis (H0) 98
  99. 99. CHAPTER FIVE DISCUSSION OF FINDINGS, CONCLUSION AND RECOMMENDATION 5.1 DISCUSSION OF FINDINGS This research provides both theory development implication for academics and practical implication. The main contribution to theory development involves the confirmation of some hypothesized relationships amongst the constructs of customer relationship management – Customer attraction, Customer retention, Customer satisfaction and Relationship management on Customers loyalty amongst the Customers of Guaranty Trust Bank. 99
  100. 100. In this research primary data was elicited through questionnaire and simple percentage was use to analyze the questions and multiple regression analysis was used in testing the entire hypothesis. The major finding was that amongst all the construct of Customer relationship management, Customer satisfaction and Relationship management has greater Impact on Customer‟s Loyalty. This means when customers are satisfied with an organizations products and services there is a measure of loyalty that is going to be created. A good Relationship management program from the firm and its employees to customers will also create loyalty. The effect of the four antecedent (i.e., customer attraction, customer retention, customer management ) accounted for 65.9% satisfaction, Relationship (R) variance in customers loyalty, while 43.5%(R2) of other non-listed variables accounted for the variance in customer‟s loyalty . 100
  101. 101. 5.2 CONCLUSION The main aim of this research was to understand the Impact of Customer relationship management on Customers Loyalty in a Commercial Bank using Guaranty Trust Bank, Asaba. In reviewing the literature for this research it was observed that the commercial banks in Nigeria are currently competing to gain and maintain market share. These banks are constantly combating and devising plans that aim to put them above their rivals. 101
  102. 102. For the financial institutions, their main asset are the customers and therefore these customers are meant to be treated very well, and in a way that services are structure and tailored to fit the varied needs of the customers while also providing quality service. In this modern world CRM have been noted as admirable solution. The research work shows that relationship management and customer satisfaction has greater impact on customer‟s loyalty amongst the relational variable of CRM (i.e. customer attraction, customer retention). However, in order for a good customer loyalty to be built a good customer satisfaction and Relationship program should be adopted into the organization‟s operation, policy and service delivery. 102
  103. 103. 5.3 RECOMMENDATION Based on the result of this study, it is the opinion of the researcher that the under listed recommendations it implemented will help in ganging customer‟s loyalty. 1. Customer satisfaction programs in the organization if adopted will effectively build a loyalty mindset in the customers which will lead to customer loyalty. 2. Relationship management programs from management and employees will effectively build customer‟s loyalty. 103
  104. 104. 5.4 FUTURE RESEARCH Future research is mainly based on the current limitations. Therefore, future research will seek to generalize the model developed in this study to other services. 104
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