Sei sulla pagina 1di 26

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 organizations 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 todays global business environment. 4
5. 5. 1.2 STATEMENT OF PROBLEM Within the rapid expanding literature of relationship
marketing, businesstobusiness 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 customers 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 customers loyalty. a. To ascertain the
impact of customer attraction progammes on customers loyalty. b. To determine the
impact of relationship management on customers loyalty. c. To find out the effect of
customer retention programs on customers loyalty. d. To determine the impact of
customers satisfaction on customers 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 customers loyalty? ii. To what extent does customer retention programs
affect customers loyalty? 6
7. 7. iii. Does customers satisfaction programs leads to customers loyalty? iv. To what
extent does relationship management programs leads customers loyalty 1.5
STATEMENT OF HYPOTHESIS In the view of the impact of customer relationship
management on customers loyalty the hypothesis will be as follows. (1) Ho : Good
customer attraction programs do not lead to customers loyalty. .H1: Good customer
attraction programs leads to customers loyalty (2) Ho : Good relationship management
does not lead to customers loyalty. H1: Good relationship management leads to
customers loyalty. 7
8. 8. (3) Ho: A good customer retention program does not necessarily leads to customers
loyalty. H1: Good customer retention program leads to customer loyalty (4) HO: Good
customers satisfaction will not always lead to customers loyalty. H1: Good customers
satisfaction will lead to customers satisfaction 1.6 SIGNIFICANCE OF STUDY This
studys 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 customers satisfaction as
influencing factors for customers loyalty. 8
9. 9. 1.7 SCOPE OF STUDY This study is focused on the impact of customer relationship
management on customers 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 Customers Loyalty: Costumers 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
Technologys 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 companys 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 customers 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 companys 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 customers 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 todays 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
companys 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 companys 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 customers 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 1990s. 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 buyers 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 customers loyalty and high levels of customers satisfaction which brings
customer delight firms should not only meet their customers 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 (Omalloy 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 customers business activities in
which the customer created value for himself (Helander and Hirvonen, 2001). 40
41. 41. 2.5 CUSTOMERS LOYALTY The degree of customers 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 NIGERIAS BANKING SYSTEM The history
of Nigerias 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
Nigerias 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 1970s the Nigerian financial sector was largely controlled by the
government through to the early 1990s (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 1970s 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 customers
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 Nigerias 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 companys 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 SMEs 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 Directors
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 Customers 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= 0+1x1+2x2+33+4x4+E1 Where 1, 2 and 3 . n. are
the slope coefficient for predictors x1, x2,x3xn 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 customers loyalty? Q1: Company open doors to
customers 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
customers satisfaction leads to customers loyalty? Q4: Company focuses to meet
customers 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 customers 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: Ive
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: Companys 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:
Companys 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: Companys 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,
Customers satisfaction, Customers attraction, Customers 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 Customers Satisfaction .747 .386 .305 1.935 .059
Customers 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: Ive 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=
0+1x1+2x2+33+4x4+E1` The Hypothesis is stated thus H0: Good customer
attraction programs do not lead to customers loyalty 88
89. 89. H1: Good customer attraction programs leads to customers 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. customers 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=
0+1x1+2x2+33+4x4+E1` The hypothesis is stated thus 91
92. 92. H0: Good relationship management does not have any relationship with customers
loyalty. H1: Good relationship management has a relationship with customers 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 customers loyalty? 92 retention programs affect
93. 93. This hypothesis was tested with the under listed questions Q1: Company open doors
to customers 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=
0+1x1+2x2+33+4x4+E1` The hypothesis is stated thus 94
95. 95. H0: A good customer retention program does not have a significant relationship with
customers loyalty. H1: Good customer retention programs have a significant
relationship with customers 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 customers loyalty? This hypothesis was tested with the
under listed questions: Q4: Company focuses to meet customers 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= 0+1x1+2x2+33+4x4+E1` 97
98. 98. The hypothesis is stated thus: H0: Good customer satisfaction programs does not
lead to customers loyalty H1: Good customers satisfaction programs leads to
customers loyalty From the regression table 4.3 it shows that customers 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 Customers 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 customers 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 customers 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 organizations 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 customers 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 customers 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
105. 105. BIBLIOGRAPHY 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. Adeoti-Adekeye,
W.B. (1997), Important of Management Information System: Journal of the Library
review 46 (5), 318 327 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. Alasautari, P. (1998) an introduction to
Social Research Sage Publications: London. Anandarajan; M (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. (2005), Bank privatization and performance: Empirical evidence from Nigerias
Journal of Banking and Finance. 29 (8 9), 2355 2379. 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. 105
106. 106. Berry, L.L. (1995) Relationship Marketing of Service. Growing Interest,
Emerging Perspectives. Journal of the Academy of Marketing Science 23(4), 236 - 45.
Bryman, A. (1988) Quantity and Quality in Social Research Union Hyman Ltd London
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. Czaja, R. and
Blair, J. (2005) Designing Surveys, Pine Forge Press: London Dwyer F.R. Schurr. P.H,
and Oh, S. (1987) Developing Buyer Seller Relationship. Journal of Marketing 51, 11
27. Eroke, L. (2008) Between Banks Product and Quantity Service This Day
Newspaper Vol 13 (4694), 33 -34. Firpo, Y. (2006), Banking the Embarked
Technologys Royal in Delivering Accessible Financial services to the poor, Samba
Consulting 5. Foss, B. and Stone, M. (2002) CRM in financial services: A practical
Guide to making customer relationship management: Work Kogan Page Publisher. Fox,
T. and Stead .S. (2001) Customer Relationship Management delivering the bone fits,
white paper, CRM (UK) and SECOR consulting, new Malden Gilbert, D.F, and Buttle,
E.D, (1996), Airlines in Relationship Marketing: Theory and Practice: pp, 131 144,
London: Paul Chapman. Graziano, A.M and Raulin, M.L. (2004) Research Methods: A
process of Inquiry Pearson United States of America. 106
107. 107. 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
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 19 (2), PP, 136-148. 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. (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 companys use of
relationship building, 17 the IMP Conference Kottler .P. and Keller .K. (2006). Marketing
Management. 12edition. USA, ISBN 0 13 145757 8 107
108. 108. 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 Levitt (1983), After Sales
is over... Harvard Business Review, 101- 61, No. 2, pp-81-93. 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). O Malley, L. and Tynam .C. (2000) Relationship
marketing on consumer markets Rhetoric or reality. 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. Olannye, P.A (2006) Research Methods for Business: A skill
Building Approach, Peejan Publication. Lagos. Opara, B.C. Ayopo.O.O, Darogo. W. M.
(2010), Analysis of Impact of Technology on Relationship marketing orientation and Bank
performance. European Journal of Scientific Research ISSN 1450-216x 101.45 no 2
(2010), Pp, 291-300. Oppenhein, A.N (1992). Questionnaire Design, interviewing and
Attitude Measurement London: Printer. Ossel, G. and Gemmel, P. Looy, B. (2003),
Service management an integrated approach; Prentice Hall Press. 108
109. 109. Panda, T. (2003) Creating Customer life Time Value through effective CRM
in financial services industry Journal of services Research . 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. 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. Polkinghorne, D. (1983) Methodology for the Human
Science. State University of New York Press Albany. Rauyren, P. (2005). Relationship
Quantity as a predictor of B2B Customer Loyalty. IMP Group Journal. 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. Reinartz, W. and Kumar .V. (2002) The mismanagement of customer loyalty
Harvard Business review, (July), pp. 86 97. 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). 109
110. 110. Sheth, J.N AND Parvatiyar .A. (1992) Towards a Theory of Business
Alliance formation Scandinavian International Business Review, 1 (3) 17 - 7 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
SMEs 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 Directors 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. 110