This study sought to empirically examine the influence of social bonds on customer value in commercial banks in Kenya. The social bonds examined in this study are communication with customers (CC), creation of friendship (CF) and social support (SS). The study sample consists of 384 respondents with a response rate of 78.1 per cent. Data was analyzed by employing correlation and multiple regression analysis. The findings revealed that social bonds are positively associated with customer value in commercial banks in Kenya. The generalization of the findings is limited as the study focused only on a single industry in Kenya. Based on the findings, companies employing social bonds strategies should focus on improving the usefulness of the social bonds to customers by creating opportunities to strengthen social relationships. This study successfully extends the relationship marketing strategies in the context of customer value by incorporating communication with customers, creation of friendship and social support constructs. This extended relationship marketing model is developed to achieve the greater understanding of customer acceptance of social bonding strategy in Kenya’s commercial banks. In conclusion, the model in this study presents a considerable improvement in explanatory power.
Relationship Marketing Strategies in Banking Sector: A ReviewIJBBR
The paper is review of relationship marketing strategies prevalent in Banking Sector. In this era of mature and intense competitive pressures, it is imperative that banks maintain a loyal customer base. Nowadays, banks realize the importance ofRelationship Marketing. Relationship marketing offers benefits to the banks,
customers as wellas employees of the organization. Relationship Marketing gives the banks way to developmutually beneficial and valuable long term relationships. These long term relationships are further helping banks in reducing operating cost and attracting new customers.
This document discusses a study that examines the relationship between relationship marketing and bank performance in commercial banks in Southwestern Nigeria. The study uses a questionnaire to collect data on direct marketing, internal marketing, relationship quality, relational benefits, and bank performance indicators from employees at branches of commercial banks in three states. Regression analysis is used to analyze the data and determine the impact of the relationship marketing factors on bank performance. The results show some factors have a positive significant relationship with bank performance while others do not.
ABSTRACT:Increasingly more intense competition and the global nature require a shifting from transactional marketing paradigm to relational marketing, especially in e-business to meet increasing and varied customer’s demands. Company management must establish e-loyalty to maintain and retain customers. This paper aims to explain the relationship model of e-service quality, e-satisfaction, e-trust, e-commitment and customer e-loyalty. This relationship is based on the relationship marketing theory based on the online perspective in building the customer e-loyalty. Results of this study show that e-service quality, e-satisfaction, e-trust and e-commitment play a key role in building the e-loyalty of the online customer.
Marketing Mix Effect on the Decision of Customers in The Matter In Choosing T...inventionjournals
The purpose of research is to analyze the extent of the influence of product to the customer's decision in choosing a house purchase loans at PT BNI Griya> BNI (Persero) Tbk Branch 46 Makassar, the study population of customers who took credit purchases (mortgages) on PT.BNI (Persero) Tbk Makassar branch numbering as many as 1,575 people customers, sample using the formula slovin so sampling is set at 94 Respondents., Methods of data analysis used is multiple regression analysis. Research results show that the marketing mix (product, promotion, location, employees, infrastructure and service processes) in regression positive and significant impact on the customer's decision, while variable rates negative and significant effect on the customer's decision, while seen from the test results either partially and simultaneously the marketing mix and significant effect simultaneously on the customer's decision in choosing a mortgage BNI Griya, dominant variable affecting customers in selecting the mortgages BNI Griya is a product, the reason being that the product has a regression coefficient greatest when compared regression coefficient of other variables in the marketing mix
Determinants of Customer Based Brand Equity A Study of Public and Private Banksijtsrd
Now a days many of the financial institutions and banking sector are using strategic branding for capturing customer attention in long run, so Banks must adopt various types of strategic planning towards develop a positive perception in the minds of customers. For that, developing and implementing customer centric strategies, banks need to provide a consistent strategic brand experience to prevent customer from switch out to other competitive banks. In order to understand customer perception towards banking sector, there is a need to understand customer based brand equity and its major determents. The current research paper deals to identify the various determinants of customer based brand equity in the banking sector. For this purpose, a structured questionnaire was developed and a sample of 162 respondents was taken from the banks customer of Hyderabad only, and tested by the correlation analysis and multiple regression, Factor Analysis and Independent sample t test by using SPSS 20.0 Version. Correlation analysis was conducted on the study variables and the results indicated that there are strong, positive and significant relationships between demographical variable and Determinants of CBBE, and The multiple regression results showed that Brand verdict, brand felling and brand performance have significant influence on the banking customers. Bodige Mamatha "Determinants of Customer Based Brand Equity: A Study of Public and Private Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33560.pdf Paper Url: https://www.ijtsrd.com/management/marketing-management/33560/determinants-of-customer-based-brand-equity-a-study-of-public-and-private-banks/bodige-mamatha
- The document summarizes a research study that examines the relationships between service quality, brand attachment, and customer loyalty in the hotel industry in Bali.
- The study uses survey data from 100 hotel customers and analyzes the relationships between the variables using PLS analysis.
- The results found that service quality has a significant positive relationship with both brand attachment and customer loyalty. Brand attachment also has a significant positive relationship with customer loyalty. Additionally, brand attachment was found to mediate the relationship between service quality and customer loyalty.
Attaining Customer Satisfaction! The Role of Customer Value and Relation Base...ijmvsc
This document summarizes a research study on attaining customer satisfaction through customer value and relationship marketing among insurance policy holders in Peshawar, Pakistan. The study examines how customer value, derived from product benefits, brand image, personal benefits, and service benefits, as well as relationship marketing factors like bonding, tangibility, empathy, reciprocity, trust, commitment, communication, and conflict handling, influence customer satisfaction. A literature review covers customer satisfaction, customer value, and relationship marketing. Hypotheses are presented relating these concepts. A research framework shows customer satisfaction as the dependent variable, with customer value and its antecedents as independent variables. The methodology discusses data collection through questionnaires and secondary sources, a sample size of
This document discusses a study on the relationship between relationship marketing, customer satisfaction, and loyalty among customers of Ghavamin Bank in Sistan and Baluchestan Province, Iran. The study found a significant, direct relationship between relationship marketing and customer satisfaction and loyalty. Relationship marketing involves trust, commitment, informing customers, and conflict management. Customer satisfaction and loyalty are important for customer retention and profits. The literature review discusses previous studies that also found positive relationships between relationship marketing strategies and customer trust and commitment.
Relationship Marketing Strategies in Banking Sector: A ReviewIJBBR
The paper is review of relationship marketing strategies prevalent in Banking Sector. In this era of mature and intense competitive pressures, it is imperative that banks maintain a loyal customer base. Nowadays, banks realize the importance ofRelationship Marketing. Relationship marketing offers benefits to the banks,
customers as wellas employees of the organization. Relationship Marketing gives the banks way to developmutually beneficial and valuable long term relationships. These long term relationships are further helping banks in reducing operating cost and attracting new customers.
This document discusses a study that examines the relationship between relationship marketing and bank performance in commercial banks in Southwestern Nigeria. The study uses a questionnaire to collect data on direct marketing, internal marketing, relationship quality, relational benefits, and bank performance indicators from employees at branches of commercial banks in three states. Regression analysis is used to analyze the data and determine the impact of the relationship marketing factors on bank performance. The results show some factors have a positive significant relationship with bank performance while others do not.
ABSTRACT:Increasingly more intense competition and the global nature require a shifting from transactional marketing paradigm to relational marketing, especially in e-business to meet increasing and varied customer’s demands. Company management must establish e-loyalty to maintain and retain customers. This paper aims to explain the relationship model of e-service quality, e-satisfaction, e-trust, e-commitment and customer e-loyalty. This relationship is based on the relationship marketing theory based on the online perspective in building the customer e-loyalty. Results of this study show that e-service quality, e-satisfaction, e-trust and e-commitment play a key role in building the e-loyalty of the online customer.
Marketing Mix Effect on the Decision of Customers in The Matter In Choosing T...inventionjournals
The purpose of research is to analyze the extent of the influence of product to the customer's decision in choosing a house purchase loans at PT BNI Griya> BNI (Persero) Tbk Branch 46 Makassar, the study population of customers who took credit purchases (mortgages) on PT.BNI (Persero) Tbk Makassar branch numbering as many as 1,575 people customers, sample using the formula slovin so sampling is set at 94 Respondents., Methods of data analysis used is multiple regression analysis. Research results show that the marketing mix (product, promotion, location, employees, infrastructure and service processes) in regression positive and significant impact on the customer's decision, while variable rates negative and significant effect on the customer's decision, while seen from the test results either partially and simultaneously the marketing mix and significant effect simultaneously on the customer's decision in choosing a mortgage BNI Griya, dominant variable affecting customers in selecting the mortgages BNI Griya is a product, the reason being that the product has a regression coefficient greatest when compared regression coefficient of other variables in the marketing mix
Determinants of Customer Based Brand Equity A Study of Public and Private Banksijtsrd
Now a days many of the financial institutions and banking sector are using strategic branding for capturing customer attention in long run, so Banks must adopt various types of strategic planning towards develop a positive perception in the minds of customers. For that, developing and implementing customer centric strategies, banks need to provide a consistent strategic brand experience to prevent customer from switch out to other competitive banks. In order to understand customer perception towards banking sector, there is a need to understand customer based brand equity and its major determents. The current research paper deals to identify the various determinants of customer based brand equity in the banking sector. For this purpose, a structured questionnaire was developed and a sample of 162 respondents was taken from the banks customer of Hyderabad only, and tested by the correlation analysis and multiple regression, Factor Analysis and Independent sample t test by using SPSS 20.0 Version. Correlation analysis was conducted on the study variables and the results indicated that there are strong, positive and significant relationships between demographical variable and Determinants of CBBE, and The multiple regression results showed that Brand verdict, brand felling and brand performance have significant influence on the banking customers. Bodige Mamatha "Determinants of Customer Based Brand Equity: A Study of Public and Private Banks" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-6 , October 2020, URL: https://www.ijtsrd.com/papers/ijtsrd33560.pdf Paper Url: https://www.ijtsrd.com/management/marketing-management/33560/determinants-of-customer-based-brand-equity-a-study-of-public-and-private-banks/bodige-mamatha
- The document summarizes a research study that examines the relationships between service quality, brand attachment, and customer loyalty in the hotel industry in Bali.
- The study uses survey data from 100 hotel customers and analyzes the relationships between the variables using PLS analysis.
- The results found that service quality has a significant positive relationship with both brand attachment and customer loyalty. Brand attachment also has a significant positive relationship with customer loyalty. Additionally, brand attachment was found to mediate the relationship between service quality and customer loyalty.
Attaining Customer Satisfaction! The Role of Customer Value and Relation Base...ijmvsc
This document summarizes a research study on attaining customer satisfaction through customer value and relationship marketing among insurance policy holders in Peshawar, Pakistan. The study examines how customer value, derived from product benefits, brand image, personal benefits, and service benefits, as well as relationship marketing factors like bonding, tangibility, empathy, reciprocity, trust, commitment, communication, and conflict handling, influence customer satisfaction. A literature review covers customer satisfaction, customer value, and relationship marketing. Hypotheses are presented relating these concepts. A research framework shows customer satisfaction as the dependent variable, with customer value and its antecedents as independent variables. The methodology discusses data collection through questionnaires and secondary sources, a sample size of
This document discusses a study on the relationship between relationship marketing, customer satisfaction, and loyalty among customers of Ghavamin Bank in Sistan and Baluchestan Province, Iran. The study found a significant, direct relationship between relationship marketing and customer satisfaction and loyalty. Relationship marketing involves trust, commitment, informing customers, and conflict management. Customer satisfaction and loyalty are important for customer retention and profits. The literature review discusses previous studies that also found positive relationships between relationship marketing strategies and customer trust and commitment.
A Research Proposal- The Relationship between Customer SatisfactJiana Daikh
This document presents a research proposal that examines the relationship between customer satisfaction and consumer loyalty. It provides background on the topics of customer satisfaction and consumer loyalty based on prior literature. The purpose of the study is to specifically examine the correlations between consumer satisfaction and consumer loyalty in the financial services industry. A prior study on bank loan services in Kuwait will be used as a reference point. The proposed research will include definitions, instrumentation, sampling, data collection, hypotheses, discussion of results, and references.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document proposes a research study on customer loyalty within the retail sector. The study will use both secondary and primary research to explore the factors that influence customer loyalty for fast moving consumer goods. A survey and interviews will be conducted to understand customer purchase patterns, attitudes, and perceptions regarding brand loyalty. The research aims to identify the key determinants of customer loyalty and how it can be measured and improved within the retail context.
Relationship marketing practices and customer loyaltyAlexander Decker
This document summarizes a study that explored the relationship between relationship marketing practices and customer loyalty in Ghana's banking industry. The study found that six relationship marketing constructs (trust, competence, conflict handling, commitment, communication, and social and financial bonds) cumulatively had a significant positive effect on customer loyalty. Individually, competence, commitment, and communication were found to be the most significant drivers of customer loyalty. The study recommends that banks focus on relationship marketing strategies to improve customer loyalty and retention.
Comparative study of promotional strategies adopted by public and private sec...prakash200
The document discusses and compares the promotional strategies used by public and private sector banks in India. It finds that private banks utilize more personalized promotional approaches like personal selling and direct marketing, while public banks rely more on mass media advertising. A survey of 300 bank customers found that most use savings accounts and were influenced by friends/family in their bank choice. Respondents perceived private bank promotions as more effective but found public bank information more reliable. Television advertising was viewed as the most impactful promotional tool for banks. Overall, private banks advertise more aggressively but public banks are seen as more trustworthy.
IRJET- A Study on the different Elements of Customer Loyalty and its Impact o...IRJET Journal
The document discusses customer loyalty and its impact on business. It defines customer loyalty as repeat purchasing and positive word-of-mouth promotion. Customer satisfaction is key to developing loyal customers. The objectives are to study aspects of customer loyalty and understand its origins and implications. A literature review covers definitions of loyalty, factors that influence satisfaction like expectations and fairness, and common loyalty programs in industries. Research questions are raised about how networks and programs can build loyalty profitably. The implications are that the research provides a framework to assess loyalty programs and help managers utilize limited resources effectively to understand customer satisfaction and loyalty levels.
This document discusses measuring customer satisfaction with service quality using the American Customer Satisfaction Index (ACSI) model. It was applied to the Macedonian mobile telecommunications industry to understand how customers perceive service quality and satisfaction with three major providers (T-Mobile, ONE, VIP). A survey was conducted and it was found that overall perceived service quality did not meet customer expectations and satisfaction levels were low. The document reviews factors that influence customer satisfaction and the importance of customer relationship marketing for customer loyalty and retention.
Organizational customers’ retention strategies on customer satisfaction case ...Alexander Decker
This document summarizes a research study that examined customer retention strategies at Equity Bank's Thika branch in Kenya. The study found that service quality has a significant impact on customer retention, while demographic factors like age, gender, education, and marital status do not influence retention. Additionally, the bank's stability, reliability, and community involvement also influence customer retention. The document recommends that banks focus on service quality improvements like operating hours, speed of service, responsiveness, and staff communication to boost retention.
Investigate the impact of csr on brand perception. a case study of mtn in nig...iWant tutor
Every organization gets involved in one or the other activities so as to promote their company and its product. As discussed earlier, the MTN requires striving for contribution towards the society’s wellbeing to try and present a favorable business image. The consumers, no more, tend to be examining the corporate feedback to the society seriously. The CSR initiatives by the MTN include the categories of economic empowerment, education and health. Finding out the extent of consumer’s positive perception towards the MTN brand can be enhanced by the CSR initiatives. Even the marketing managers would be benefited by this research as it will be help them preparing marketing plan and strategies based on the results.
Customer Satisfaction in Retail Banks- Empirical Studyprem velpula
This document summarizes a study on customer satisfaction with retail banking services at selected private banks in Ghana. The study assessed customer satisfaction across five dimensions of service quality: reliability, responsiveness, assurance, empathy, and tangibles. A questionnaire was administered to 140 customers across five banks to understand their satisfaction levels. The results found that responsiveness and assurance had the highest levels of customer satisfaction, while tangibles had the lowest. The study concluded that banks should focus on improving factors that increase customer satisfaction and loyalty in order to reduce customer attrition.
The Impact of Brand Image on the Customer Retention: A Mediating Role of Cust...inventionjournals
In modern time, researchers and practitioners in the field of marketing has paid enormous attention to brand. Currently, the brand is no longer a competent tool in the managers’ hands. Brand is a strategic requisite which helps companies to make more value to customers and also to build up sustainable competitive advantages. Successful brands increase trust in products and intangible services, and customer will be able to better visualize and identify their services. Brand image is the awareness of the product or services for the customer through which the image of the organization is built. Customer satisfaction is also linked with it and positively related with each other which are considered the important tool for marketing strategy. This paper examines the influence of brand image on customer retention under the mediation effect of customer satisfaction.
The document discusses the impact of economic recession on customer loyalty to retail outlets. It provides background on customer loyalty and discusses how the recent recession in Zimbabwe affected consumer preferences, incomes, and unemployment. The objective is to assess how customer loyalty to retail has changed during the recession by exploring customer satisfaction and loyalty patterns. Prior studies found recession decreased loyalty as company performance worsened. The document outlines the research methodology, which will use questionnaires and quantitative analysis to understand how demographic factors like age, gender, and education influence customer loyalty trends during economic downturns.
The document discusses customer loyalty and relationship management in the stock broking industry in India. It provides an overview of the evolution of stock broking in India from a broker-driven market to today's customer-centric environment where customers have more choice and control. Maintaining customer loyalty and relationships is now critical for stock brokers' long-term success. The document reviews different dimensions of customer loyalty and relationships that brokers need to consider, such as satisfaction, referrals, switching costs, and varying levels of customers' desire for relationships.
Corporate blogs have potential to help companies implement participative market orientation in three key ways:
1. Corporate blogs can help companies get close to customers by providing a platform for direct and unmediated customer feedback which helps companies better understand customer needs and interests.
2. Blogs can foster strong relationships between customers and companies by encouraging open dialogue and co-creation of the brand, satisfying customers' desire to engage with and feel connected to the brand.
3. When companies openly share information on their blogs, it builds trust with customers and positions the company as a learning organization that can gain competitive advantages from direct customer data and feedback.
THE IMPACT OF SERVICE QUALITY AND BRAND AWARENESS ON BRAND LOYALTY: (A STUDY ...paperpublications3
Abstract: The study investigate the impact of service quality and brand awareness on brand loyalty. The participants of the survey were 400 mobile telecommunication subscribers from the fourteen local government areas of Zamfara state derived using Taro Yamane sample size formula. Regression analysis was the statistical tools used to test for the two hypotheses using version 22 SPSS. The findings suggested that that there exist significant positive influence between brand awareness and brand loyalty, service quality and brand loyalty. The present research provides resourceful and clear findings for telecommunication companies which can be harnessed in their effort to create and implement successful customer loyalty strategies. Future research can also look into other sub-variables under brand awareness like traditional advertisement, non-traditional advertising, sales promotion, leveraging on the web, sponsoring local and social events and their ratio of relative significance on brand loyalty.
Customer's perception of public relation in e commerce and its impact on e-lo...Samar Rahi
This study aims to inspect the relationship between Customer’s Perception of Public Relation (PRP), Customer Perceived Value (CPV) on E-Loyalty; further test the moderating role of Switching Cost and Brand Image in that relationship.
Este documento establece las normas y lineamientos para la acreditación de asignaturas en los planes de estudio de licenciatura. Detalla los procesos de cursos normales, de repetición, exámenes ordinarios, de regularización y extraordinarios. Explica que los estudiantes podrán acreditar asignaturas a través de evaluaciones parciales, y deberán aprobar el 100% de las unidades de aprendizaje para aprobar una asignatura. También describe los roles y responsabilidades de los profesores y estudiantes en el proceso de evalu
preview piera swim 2016 final.compressedAdina Brata
This document contains a catalog of beachwear items for 2016 including bras, slips, swimsuits, and underwear. It lists over 100 products grouped by brand/collection including details on styles, materials, sizing and more. The brands featured are from locations around the world like Andorra, Maroc, Islandia, Sailor, Navy, Barcelona, Tropic, Peru, Egipt, Cannes, San Remo, Asia, Africa, Etno, Sulina, Bosfor, Dakar, Atlantic, and Bermude. Sizes range from S to XXL and the document provides style codes and size ranges for each item.
Este documento presenta resúmenes biográficos de varios grandes jugadores de fútbol como Diego Maradona, Cristiano Ronaldo, Pelé, Ronaldinho y Lionel Messi, destacando brevemente sus orígenes humildes, sus comienzos en clubes juveniles y sus logros a nivel de clubes y selección nacional.
A Research Proposal- The Relationship between Customer SatisfactJiana Daikh
This document presents a research proposal that examines the relationship between customer satisfaction and consumer loyalty. It provides background on the topics of customer satisfaction and consumer loyalty based on prior literature. The purpose of the study is to specifically examine the correlations between consumer satisfaction and consumer loyalty in the financial services industry. A prior study on bank loan services in Kuwait will be used as a reference point. The proposed research will include definitions, instrumentation, sampling, data collection, hypotheses, discussion of results, and references.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document proposes a research study on customer loyalty within the retail sector. The study will use both secondary and primary research to explore the factors that influence customer loyalty for fast moving consumer goods. A survey and interviews will be conducted to understand customer purchase patterns, attitudes, and perceptions regarding brand loyalty. The research aims to identify the key determinants of customer loyalty and how it can be measured and improved within the retail context.
Relationship marketing practices and customer loyaltyAlexander Decker
This document summarizes a study that explored the relationship between relationship marketing practices and customer loyalty in Ghana's banking industry. The study found that six relationship marketing constructs (trust, competence, conflict handling, commitment, communication, and social and financial bonds) cumulatively had a significant positive effect on customer loyalty. Individually, competence, commitment, and communication were found to be the most significant drivers of customer loyalty. The study recommends that banks focus on relationship marketing strategies to improve customer loyalty and retention.
Comparative study of promotional strategies adopted by public and private sec...prakash200
The document discusses and compares the promotional strategies used by public and private sector banks in India. It finds that private banks utilize more personalized promotional approaches like personal selling and direct marketing, while public banks rely more on mass media advertising. A survey of 300 bank customers found that most use savings accounts and were influenced by friends/family in their bank choice. Respondents perceived private bank promotions as more effective but found public bank information more reliable. Television advertising was viewed as the most impactful promotional tool for banks. Overall, private banks advertise more aggressively but public banks are seen as more trustworthy.
IRJET- A Study on the different Elements of Customer Loyalty and its Impact o...IRJET Journal
The document discusses customer loyalty and its impact on business. It defines customer loyalty as repeat purchasing and positive word-of-mouth promotion. Customer satisfaction is key to developing loyal customers. The objectives are to study aspects of customer loyalty and understand its origins and implications. A literature review covers definitions of loyalty, factors that influence satisfaction like expectations and fairness, and common loyalty programs in industries. Research questions are raised about how networks and programs can build loyalty profitably. The implications are that the research provides a framework to assess loyalty programs and help managers utilize limited resources effectively to understand customer satisfaction and loyalty levels.
This document discusses measuring customer satisfaction with service quality using the American Customer Satisfaction Index (ACSI) model. It was applied to the Macedonian mobile telecommunications industry to understand how customers perceive service quality and satisfaction with three major providers (T-Mobile, ONE, VIP). A survey was conducted and it was found that overall perceived service quality did not meet customer expectations and satisfaction levels were low. The document reviews factors that influence customer satisfaction and the importance of customer relationship marketing for customer loyalty and retention.
Organizational customers’ retention strategies on customer satisfaction case ...Alexander Decker
This document summarizes a research study that examined customer retention strategies at Equity Bank's Thika branch in Kenya. The study found that service quality has a significant impact on customer retention, while demographic factors like age, gender, education, and marital status do not influence retention. Additionally, the bank's stability, reliability, and community involvement also influence customer retention. The document recommends that banks focus on service quality improvements like operating hours, speed of service, responsiveness, and staff communication to boost retention.
Investigate the impact of csr on brand perception. a case study of mtn in nig...iWant tutor
Every organization gets involved in one or the other activities so as to promote their company and its product. As discussed earlier, the MTN requires striving for contribution towards the society’s wellbeing to try and present a favorable business image. The consumers, no more, tend to be examining the corporate feedback to the society seriously. The CSR initiatives by the MTN include the categories of economic empowerment, education and health. Finding out the extent of consumer’s positive perception towards the MTN brand can be enhanced by the CSR initiatives. Even the marketing managers would be benefited by this research as it will be help them preparing marketing plan and strategies based on the results.
Customer Satisfaction in Retail Banks- Empirical Studyprem velpula
This document summarizes a study on customer satisfaction with retail banking services at selected private banks in Ghana. The study assessed customer satisfaction across five dimensions of service quality: reliability, responsiveness, assurance, empathy, and tangibles. A questionnaire was administered to 140 customers across five banks to understand their satisfaction levels. The results found that responsiveness and assurance had the highest levels of customer satisfaction, while tangibles had the lowest. The study concluded that banks should focus on improving factors that increase customer satisfaction and loyalty in order to reduce customer attrition.
The Impact of Brand Image on the Customer Retention: A Mediating Role of Cust...inventionjournals
In modern time, researchers and practitioners in the field of marketing has paid enormous attention to brand. Currently, the brand is no longer a competent tool in the managers’ hands. Brand is a strategic requisite which helps companies to make more value to customers and also to build up sustainable competitive advantages. Successful brands increase trust in products and intangible services, and customer will be able to better visualize and identify their services. Brand image is the awareness of the product or services for the customer through which the image of the organization is built. Customer satisfaction is also linked with it and positively related with each other which are considered the important tool for marketing strategy. This paper examines the influence of brand image on customer retention under the mediation effect of customer satisfaction.
The document discusses the impact of economic recession on customer loyalty to retail outlets. It provides background on customer loyalty and discusses how the recent recession in Zimbabwe affected consumer preferences, incomes, and unemployment. The objective is to assess how customer loyalty to retail has changed during the recession by exploring customer satisfaction and loyalty patterns. Prior studies found recession decreased loyalty as company performance worsened. The document outlines the research methodology, which will use questionnaires and quantitative analysis to understand how demographic factors like age, gender, and education influence customer loyalty trends during economic downturns.
The document discusses customer loyalty and relationship management in the stock broking industry in India. It provides an overview of the evolution of stock broking in India from a broker-driven market to today's customer-centric environment where customers have more choice and control. Maintaining customer loyalty and relationships is now critical for stock brokers' long-term success. The document reviews different dimensions of customer loyalty and relationships that brokers need to consider, such as satisfaction, referrals, switching costs, and varying levels of customers' desire for relationships.
Corporate blogs have potential to help companies implement participative market orientation in three key ways:
1. Corporate blogs can help companies get close to customers by providing a platform for direct and unmediated customer feedback which helps companies better understand customer needs and interests.
2. Blogs can foster strong relationships between customers and companies by encouraging open dialogue and co-creation of the brand, satisfying customers' desire to engage with and feel connected to the brand.
3. When companies openly share information on their blogs, it builds trust with customers and positions the company as a learning organization that can gain competitive advantages from direct customer data and feedback.
THE IMPACT OF SERVICE QUALITY AND BRAND AWARENESS ON BRAND LOYALTY: (A STUDY ...paperpublications3
Abstract: The study investigate the impact of service quality and brand awareness on brand loyalty. The participants of the survey were 400 mobile telecommunication subscribers from the fourteen local government areas of Zamfara state derived using Taro Yamane sample size formula. Regression analysis was the statistical tools used to test for the two hypotheses using version 22 SPSS. The findings suggested that that there exist significant positive influence between brand awareness and brand loyalty, service quality and brand loyalty. The present research provides resourceful and clear findings for telecommunication companies which can be harnessed in their effort to create and implement successful customer loyalty strategies. Future research can also look into other sub-variables under brand awareness like traditional advertisement, non-traditional advertising, sales promotion, leveraging on the web, sponsoring local and social events and their ratio of relative significance on brand loyalty.
Customer's perception of public relation in e commerce and its impact on e-lo...Samar Rahi
This study aims to inspect the relationship between Customer’s Perception of Public Relation (PRP), Customer Perceived Value (CPV) on E-Loyalty; further test the moderating role of Switching Cost and Brand Image in that relationship.
Este documento establece las normas y lineamientos para la acreditación de asignaturas en los planes de estudio de licenciatura. Detalla los procesos de cursos normales, de repetición, exámenes ordinarios, de regularización y extraordinarios. Explica que los estudiantes podrán acreditar asignaturas a través de evaluaciones parciales, y deberán aprobar el 100% de las unidades de aprendizaje para aprobar una asignatura. También describe los roles y responsabilidades de los profesores y estudiantes en el proceso de evalu
preview piera swim 2016 final.compressedAdina Brata
This document contains a catalog of beachwear items for 2016 including bras, slips, swimsuits, and underwear. It lists over 100 products grouped by brand/collection including details on styles, materials, sizing and more. The brands featured are from locations around the world like Andorra, Maroc, Islandia, Sailor, Navy, Barcelona, Tropic, Peru, Egipt, Cannes, San Remo, Asia, Africa, Etno, Sulina, Bosfor, Dakar, Atlantic, and Bermude. Sizes range from S to XXL and the document provides style codes and size ranges for each item.
Este documento presenta resúmenes biográficos de varios grandes jugadores de fútbol como Diego Maradona, Cristiano Ronaldo, Pelé, Ronaldinho y Lionel Messi, destacando brevemente sus orígenes humildes, sus comienzos en clubes juveniles y sus logros a nivel de clubes y selección nacional.
Science is the knowledge obtained through observation and experimentation to discover and verify facts and laws. Some examples of how science has impacted society include modern products like computers and smartphones as well as enabling informed decisions about health, agriculture, and economics. It is important to understand science and distinguish between legitimate scientific findings and illegitimate ones.
Este documento resume los aspectos clave de un reglamento estudiantil, incluyendo la definición de un reglamento institucional, las ventajas de conocer y aplicar el reglamento estudiantil, los procedimientos para la transferencia de carrera después del primer semestre y para casos de fraude en un examen o agresión física a un estudiante o profesor, así como los casos en los que los estudiantes deben hacer uso del reglamento. El documento concluye que el reglamento estudiantil es una herramienta fundamental para el desarrollo
Este documento describe la historia, estructura y objetivos de la Corporación Universitaria Americana. Fundada en 2003, la universidad busca formar estudiantes con competencias para liderar una sociedad más inclusiva a través de procesos académicos e investigativos. La universidad cuenta con varias unidades como el departamento de bienestar, el cual archiva documentos como historias clínicas de forma alfabética y cronológica.
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Impact of using relationship marketing strategies on customers loyalty study ...Alexander Decker
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Relationship between Social bonds and Customer value in commercial Banks in Kenya
1. International Journal of Business and Management Invention
ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X
www.ijbmi.org || Volume 6 Issue 1 || January. 2017 || PP—28-35
www.ijbmi.org 28 | Page
Relationship between Social bonds and Customer value in
commercial Banks in Kenya
Dr. Tom O. Mboya
School of Business, Technical University of Mombasa, Kenya
ABSTRACT: This study sought to empirically examine the influence of social bonds on customer value in
commercial banks in Kenya. The social bonds examined in this study are communication with customers (CC),
creation of friendship (CF) and social support (SS). The study sample consists of 384 respondents with a
response rate of 78.1 per cent. Data was analyzed by employing correlation and multiple regression analysis.
The findings revealed that social bonds are positively associated with customer value in commercial banks in
Kenya. The generalization of the findings is limited as the study focused only on a single industry in Kenya.
Based on the findings, companies employing social bonds strategies should focus on improving the usefulness of
the social bonds to customers by creating opportunities to strengthen social relationships. This study
successfully extends the relationship marketing strategies in the context of customer value by incorporating
communication with customers, creation of friendship and social support constructs. This extended relationship
marketing model is developed to achieve the greater understanding of customer acceptance of social bonding
strategy in Kenya’s commercial banks. In conclusion, the model in this study presents a considerable
improvement in explanatory power.
Keywords: Banking, Customer value, Relational marketing, Social bonds
I. INTRODUCTION
The concept of customer value emerged as the defining business issue of the 1990s, and has continued
to receive extensive research interest today. The Marketing Science Institute (2006–2008) has included the
definition of „customer value‟ in its list of research priorities for 2010–2015. These developments reflect the
great interest that has been generated by the phenomenon of value creation among marketing researchers in both
academia and industry. Despite this wide interest, the concept of value has often not been clearly defined in
studies of the subject; indeed, according to Khalifa (2004), the concept has become one of the most overused
and misused concepts in the social sciences in general and in the management literature in particular. Given the
complexity and lack of consensus in this area, the purpose of this study is to provide new insight to the area of
customer value, in terms of how social bonds influence it. The marketplace today is very dynamic, vibrant and
competitive. The customers are smarter, more informed, and have an access to many channels and choices
which they take little time to exercise (Bhardwaj, 2007). Matching the growing complexity of the business
environment has led to an ever-more diversified and demanding customer base. (Barnes et al., 2004). Increased
customer value is frequently argued to be the single most important driver of organizations‟ long-term
performance. Eisingerich & Bell (2007) find empirical support that customer value emerges as the dominant,
significant, direct determinant of repurchase intention. The intensity with which a bank invests in social bonds
directly affects its customer value and market share. Commercial banks in Kenya compete amongst themselves
with amazing technology and investment in marketing to outdo each other (Kuria, 2007).
II. LITERATURE REVIEW
2.1 The concept of customer value
Organizations are increasingly recognizing that customer value is a key factor in strategic marketing
(Coltman, 2007, Mylonakis, 2009). Buttle (2009) has observed that the creation of customer value must be the
reason for the firm‟s existence and certainly for its success. As these words indicate, the creation of customer
value has become a strategic orientation in building and sustaining a competitive advantage (Wang et al., 2004).
A value proposition is an explicit promise made by a company to its customers that it will deliver a particular
bundle of value creating benefits (Buttle, 2009). According to Anderson, Narus and Rossum (2006) a value
proposition has measures that differ from the traditional measure of value (internally oriented view), seeing the
business instead from a customer perspective (externally oriented view). When investigating the value
proposition, there should be some visible signs on customers‟ perceived value terms (Bititci, Martinez, Albores
and Parung, 2004). Customer perceived value is the trade-off between perceived benefits and perceived sacrifice
(Kar, 2006). A successfully tested and proven value proposition is essential to a successfully differentiated
business (Fifield, 2007). Kar (2006), states that „the ability of a company to provide a superior value for its
customers is regarded as one of the most successful competitive strategies‟.
2. Relationship between Social bonds and Customer value in commercial Banks in Kenya
www.ijbmi.org 29 | Page
2.2 Customer value from the customer perspective
Customer value can be seen as a more personal and holistic view of quality. It is therefore an
assessment of both the positive and negative consequences of using a product or a service (Fifield, 2007). While
the reasons for firms wishing to form relationships with their customers are very convincing, it is sometimes less
clear why customers may want to reciprocate in relationship development (Khalifa and Shen., 2008). Benefits
customers may receive from a relationship: confidence benefits, social benefits and special treatment benefits,
which include customers receiving social support and customized communication.
2.3 The Role of social bonds on creating customer value
Ndubuisi (2004) argued that, more and more firms are capitalizing on strong firm-customer
relationship through bonding to gain invaluable information on how best to serve customers. Due to its
importance, researchers have been attracted to the issue of bonding in relational marketing (Vierra and Ennew,
2004). Defining bonding Callanghan et al, (1995) said it is the dimension of a relationship that result in two
parties (customer and supplier or buyer and seller) acting in a unified manner towards a desired goal. A bond
has a number of dimensions which Hollebeek, (2011) based on some cardinal relations that includes social
interaction, closeness and friendship.
Conceptual framework
III. HYPOTHESES DEVELOPMENT
3.1 Relationship between communication with customers and customer value
Communication with customers refer to the provision of direct information to keep customers aware of
new products and services, policy changes in exchange for customer loyalty, includes; bank communicate
extensively to customers, provision of timely and trustworthy information, information on new services,
accuracy of information, ease of understanding information, tailor made communication and bank fulfils
promises (Bhardwaj, 2007). Researchers have argued that one motivation for customers to engage in relational
exchanges is when they are provided with relevant and accurate information to help them make decision.
Communication enhances customer relationships by creating a feeling of importance (Hsieh, Chiu, & Chiang,
2005). Therefore it is proposed that commercial banks with good communication tactics display a greater
potential to create customer value relative to competitors; thus the following null hypothesis was postulated:
Н01: There is no significant relationship between communication with customers and customer value of
commercial banks
3.2 Relationship between creation of friendship and customer value
Friendship is ties that bind customers to service provider. The customers willingly remain in the
relationship if they deem the friendship to be beneficial (Hsieh et al., 2005). Hence, creation of friendship tactics
such as; employees are courteous, employees show respect to customers, mutually beneficial relationship, bank
is my first choice among others, recommend bank to friends, relationship goes beyond business and satisfaction
with relationship (Chiu et al., 2005), show the willingness to create customer value. The study proposed that
organizations with good and effective loan repayment terms have the potential to perform well and create
customer value. Thus the relevant null hypothesis was stated as:
Н02: There is no significant relationship between creation of friendship and customer value
3.3 Relationship between social support and customer value
Hsieh et al. (2005) define social support as the value adding strategy that is designed to help loyal
customers when in distress. Social support such as; strong bond with my bank, confidence in my bank, concern
for bank success, bank offer social support when needed, social meetings for interaction, bank employees are
socially responsible and I encourage people to do business with my bank can influence how customers perceive
their bank, hence derive customer value. The study proposes that banks with good social support programs can
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control the adverse effects of customer switching to other banks and create customer value. Thus the relevant
null hypothesis is stated as:
H03: There is no significant relationship between social support and customer value
IV. METHODOLOGY
The study employed explanatory survey research design as it sought to describe and establish the
associations among the key study variables, namely; communication with customers, creation of friendship,
social support and customer value. The study was cross-sectional (that is, snapshot or one-shot) as the research
respondents were interviewed just once. Cross-sectional studies have been found to be robust for effects of
relationships studies (Coltman, 2007).
4.1 Sampling and data collection
In this study, 31 survey items for four constructs in the questionnaire actually come from the prior
empirical studies, and are modified to fit the context of social bonds and customer value (Luarn and Lin, 2005).
The target population of this study was individual commercial bank customers. The survey instruments for this
study were distributed at commercial banks outlets located in Nairobi city in Kenya. The survey instrument was
given to every fifth customer who enters the bank. A total of 384 copies of the survey instrument were
distributed in the commercial banks. Out of these 384 samples, 84 samples were rejected due to partial response
and/or missing data, thus giving a total response rate of 78.1 per cent.
4.2Data analysis
Multiple linear regressions were employed to test the hypotheses. This analysis is used to test the effects that
arise due to a causal relationship. The analysis equation can be written as follows:
Y = a + b1 (X1) + b2 (X2) + b3 (X3) + e
Where:
Y = Customer Value
a = y-intercept (constant)
b1‟ b2 and b3 = coefficient regression of each independent variables
X1 = Communication with customers
X2 = Creation of friendship
X3 = Social support
e=Error Term
V. FINDINGS
5.1 Profile of respondents
The demographic profile of the surveyed respondents is presented in Table 1, which includes gender
and period the respondent has been customer of the bank. The total sample for the survey comprised of 300
respondents. The gender distribution of the survey respondents is 64.7 per cent males and 35.3 per cent females.
The results also indicated that most of the respondents have been customer of bank for between 6-10 years,
which is 53.3 per cent.
Table 1: Demographic profile for respondents
Source: Research Data (2016)
5.2 Scale reliability and factor analysis
The reliability of the questionnaire was tested using Cronbach alpha measurements. The reliability
coefficients of each variable are as follows: CC (0.787); CF (0.952); SS (0.935) and Customer value (CV)
(0.954). The reliability coefficients of all the variables are above 0.70, which concurs with the suggestion made
by Nunnally (1978). Table 2 show the reliability coefficients of the items
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Construct validity measures the degree to which a scale measures what it intends to measure (Garver
and Mentzer, 1999) and it is assessed by factor analysis in this study. In order to assess the construct validity, 21
items for independent variables are examined by principal components extraction with varimax rotation. The
Kaiser-Meyer-Olkin (KMO) has a measure of 0.748, which is above the threshold of 0.5 (Field, 2005). The
Bartlett‟s test is significant in this study with Chi square 6078.408 and (p-value < 0.05). Therefore, the KMO
value of 0.748 and significance of Bartlett‟s statistic confirm the appropriateness of the factor analysis for the
data set. Tables 3 show the factor loading for each item. The eigen value for each factor is greater than 1.0
(5.243, 5.608, 5.905), which implies that each factor can explain more variance than a single variable. The
cumulative percentage of variance explained by the three factors is 82.586 per cent. Based on above results, the
construct validity is established. Results also show that 10 items for the dependent variable i.e. customer value
are sorted and clustered into one component. The results of principal component analysis indicate that, there is
one factor whose Eigen values exceed 1.0. For customer value, the factor has Eigen value of 1.429. The factor
identified for the dependent variable; customer value explains 86.021% of the total variance. The Kaiser-Meyer-
Olkin (KMO) has a measure of 0.770, which is above the threshold of 0.5 (Field, 2005). The Bartlett‟s test is
significant for customer value with Chi-Square= 5845.198 (p-value< 0.05). Therefore, the KMO value of 0.770
and significance of Bartlett‟s statistic confirm the appropriateness of the factor analysis for customer value. Any
item that failed to meet the criteria of having a factor loading value of greater than 0.5 and loads on one and only
one factor was dropped from the study (Liao et al., 2007).
Table 2: Results of reliability tests of the variable measures
Variable Measure Cronbach alpha coefficient
Communication with customers Bank communicate extensively to customers
Provision of timely and trustworthy information
Information on new services
Accuracy of information
Ease of understanding information
Tailor made communication
Bank fulfils promises 0.940
Creation of friendship Employees are courteous
Employees show respect to customers
Mutually beneficial relationship
Bank is my first choice among others
Recommend bank to friends
Relationship goes beyond business
Satisfaction with relationship 0.953
Social support Strong bond with my bank
Confidence in my bank
Concern for bank success
Bank offer social support when needed
Social meetings for interaction
Bank employees are socially responsible
I encourage people to do business with my bank 0.968
Customer value Proximity to branch and ATM network
Speed and efficiency of response to complaints
Speed and efficiency in dealing with customer
Friendly and courteous staff and short queues
Provision of a range of quality products
Employees are truthful and honest
Bank fulfill its obligations
Provision of personalized telephone banking
Concerns to managing my savings
Personalized services 0.954
Source: Research Data (2016)
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Table 3: Factor analysis results of the study variables
Variable Scale item Factor loading Eigen values Percentage
of variance
Communication Bank communicate extensively .909 5.243 74.905
Information is timely and trustworthy .891
Information on new services 902
Accuracy of information .929
Information is easy to understand .805
Tailor made communication .708
Bank fulfils promises .892
Friendship Bank employees are courteous .965 5.608 80.118
Bank employees show respect .875
Mutually beneficial relationship .942
Bank is my first choice .916
Recommend bank to friends .798
Relationship goes beyond business .897
Satisfaction with relationship with bank .862
Social support Strong bond with my bank .901 5.905 84.362
Confidence in my bank .935
Concern for bank success .930
Bank offer social support when needed .954
Social meetings for interaction .924
Bank employees are socially responsible .980
I encourage people to do business with bank .794
Customer Value Close proximity to branch and ATM networks .568 1.429 86.021
Speed and efficiency of response to customer
complaints
.879
Speed and efficiency in dealing with customer requests .925
Friendly, courteous branch staff and short queues .886
Provision of a range of quality products .696
Bank employees are truthful and honest .931
Bank fulfills its obligations .853
Provision of personalized telephone banking .874
Bank show concern to savings management .897
Bank is willing to offer personalized services .819
Source: Research Data (2016)
5.3 Correlation Analysis
Since a single construct in the questionnaire was measured by multiple items, the average score of the
multi-items for a construct was computed and used in further analysis such as correlation analysis and multiple
regression analysis (Wang and Benbasat, 2007). Pearson correlation analysis was conducted to examine the
relationship between the variables (Wong and Hiew, 2005; Jahangir and Begum, 2008). As cited in Wong and
Hiew (2005) the correlation coefficient value (r) range from 0.10 to 0.29 is considered weak, from 0.30 to 0.49
is considered medium and from 0.50 to 1.0 is considered strong. However, according to Field (2005), correlation
coefficient should not go beyond 0.8 to avoid multicollinearity. Since the highest correlation coefficient is 0.779
which is less than 0.8, there is no multicollinearity problem in this study. All the associated pairs of variables
were significant at level 0.05. All the hypothesized relationships developed were found to be statistically
significant at level p < 0.05. Based on Table 4, the correlation between CC and CF was the strongest (r-value =
0.779, p < 0.05. This is followed by the relationship between CC and SS (r-value = 0.775, p < 0.05). The
weakest relationship was between CC and CV (r-value = 0.635, p < 0.05).
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Table 4: Pearson Correlation Coefficients of Study variables
5.4 Multiple regression analysis
Multiple regression analysis is applied to analyze the relationship between a single dependent variable
and several independent variables (Hair et al., 2005). Multiple regression analysis was therefore selected as it is
viewed as an appropriate method for this study. The summary of results analysis is shown in Table 5. In order to
test for multicollinearity among the predictor variables, variance-inflation factor (VIF) and tolerance were
applied. The multicollinearity statistics showed that the tolerance indicator for Communication with customers
(CC), Creation of friendship (CF) and Social support (SS) are all greater than 0.1 and their VIF values are less
than 10. The result indicates that no multicollinearity problem has occurred (Ott and Longnecker, 2001). The F-
statistics produced (F = 169.070) was significant at 5 per cent level (Sig. F < 0.05), thus confirming the fitness
for the model. Therefore, there is a statistically significant relationship between the social bonds and customer
value. The coefficient of determination R2
was 72.9 per cent. Thus, social bonds can significantly account for
72.9 per cent in customer value. The results also shows that CF (p < 0.05), and SS (p < 0.05) significantly affect
customer value, while CC (p> 0.05) was found to be insignificant. Based on Table 5, it indicated that the most
important social bonds that affect customer value is SS (β= 0.403, p-value< 0.05), followed by CF (β= 0.225, p-
value< 0.05). Communication however, were found not to be significantly associated with customer value CC
(β= 0.135, p-value> 0.05). Hence, Ho2 and Ho3 are rejected since none of the βi‟s ≠ 0 and their p-values is less
than α. On the other hand the study fail to reject Ho1 since the p-value of communication is greater than 0.05.
Table 5: Multiple regression results on relationship between social bonds and customer value
VI. DISCUSSIONS
The relationship between creation of friendship with customers and customer value was found to be
positive and significant (β= 0.225, p< 0.05). The hypothesis was therefore rejected. The coefficient 0.225
implies that creation of friendship significantly explain the variability in customer value. This result supports
prior researches that looked at relational marketing strategies in the context of customer value (Lin and Wang,
2005; Khalifa and Shen, 2008; Ahmad and Buttle, 2001).
Likewise the relationship between social support and customer value was found to be positive and
significant (β= 0.403, p< 0.05). The hypothesis was therefore rejected. The coefficient 0.403 implies that
extension of loan repayment terms explain the variability in customer value. This result supports prior studies
(Hsieh et al., 2005; Chiu et al., 2005).
The study however found positive and insignificant relationship between communication and customer
value (β= 0.135, p> 0.05). The study therefore failed to reject the hypothesis. Communication was found to have
an insignificant effect on customer value. This result contradicted the prior studies (Ndubisi, 2006). It is
surprising that communication was found to be not significant in influencing customer value in the study, even
though communication has been validated as major behavioral belief to influence customer value. It can be
inferred that since majority of the bank customers in the study are retail customers, it is possible that
communication with the bank is less important to them and thus has no impact on value to them.
VII. IMPLICATIONS
Besides, the implications for practices, this study provides several implications for scholars too. This
study successfully extends the social bonding strategies in the context of customer value by incorporating
communication, creation of friendship and social support constructs. This extended marketing model is
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developed to achieve the greater understanding of customer acceptance of social bonding strategies in Kenya‟s
commercial banks. In conclusion, the model in this study presents a considerable improvement in explanatory
power. According to Kuria (2007), it costs tens of billions to build and develop customer value and relationships
in Kenya‟s commercial banks. Since lots of efforts and money have been invested in social bonding strategies, it
is essential to ensure that customers positively perceive such strategies. By using the derived results in the
analysis, commercial banks may focus on the improvement of constructs or attributes that have positive impact
on customer value (Wong and Hiew, 2005). Since social support is the most critical factor among all
independent variables, commercial banks should initiate critical social support systems which customers will
find valuable.
7.1 Limitations of the Study and Suggestions for further research
Despite the fact that this study produced important results, it also faced certain limitations which in turn
offer opportunities for further research. This research was conducted in Kenya and whether the results from this
research would be consistent with other countries‟ commercial bank customers would need to be verified
through further research. Future studies can focus on conducting a multi-country comparison to test the
influence of social bonds on customer value. Future research should also follow the longitudinal approach to
predict customer value over time since the model in this study is cross-sectional, which measures customer
value only at a single point in time (snapshot approach) (Luarn and Lin, 2005).
Finally, the fact that the study was based on a single industry setting that is the banking sector in
Kenya, limits the generalization of the results. Although the industry specificity of a study enhances its internal
validity, care should be taken when generalizing these findings to other industries. It should be kept in mind that
the results in a services context may not necessarily translate into a product oriented context. This industry-level
difference needs to be considered when evaluating the results and further research is required. Samples from
different industries could explain more clearly the relationship between social bonds and customer value.
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