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ABSTRACT
The study has examined the impact of relationship marketing on firm’s performance among selected banks in Port Harcourt. The survey research design was employed. The population of this study constitutes management and staffs of selected Banks in Port Harcourt which was unknown. The judgmental sampling technique was used for selecting the sample. The sample size of this study was 45 respondents which comprise of the senior and junior staff of selected Banks in Port Harcourt which include First Bank, Access Bank, FCMB and Fidelity Bank. In this study both the primary and secondary data were used. A questionnaire on the impact of relationship marketing management on firm’s performance was used and administered for the collection of data from the respondents. The data collected were processed electronically using Statistical Packages for Social Sciences (SPSS). The statistical test used in the analysis of the data collected was the Pearson Product Moment Correlation statistical tool. Findings amongst others revealed that direct marketing is associated with firm’s performance among selected banks in Port Harcourt. Relational Benefits is associated with firm’s performance among selected banks in Port Harcourt. Based on the findings of the study, we recommended that management should ensure that quality product and service are delivered to customers and management should also ensure that customers are serviced through electronic channels. This will allow the customer access their bank accounts, make transfers, internet banking, have access to self service at their convenient.
TABLE CONTENT
Contents
TITLE PAGE i
COVER PAGE ii
DECLARATION iii
Certification iv
DEDICATION v
ACKNOWLEDGEMENTS vi
First and foremost, I give thanks to God Almighty for protecting and guiding me throughout this period of my academic pursuit. I wish to express my profound gratitude and my heartedly appreciation to the following people; My Parents, Chief Innocent Egeonu and Mrs. Monica Eqeonu for their financial support and encouragement. I say may God bless you. vi
ABSTRACT vii
TABLE CONTENT viii
CHAPTER ONE 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Objectives of the Study 3
1.4 Research Questions 4
1.5 Research Hypotheses 4
1.6 Significance of the Study 5
1.7 Scope of the Study 5
1.8 Limitation of the Study 6
1.9 Definition of Terms 6
CHAPTER TWO 8
REVIEW OF RELATED LITERATURE 8
2.1 Conceptual Framework 8
2.1.1 Concept of Relationship Marketing 8
2.1.2Dimensions of Relationship Marketing 15
2.1.3 Concept of Firms performance 16
2.1.4 Measures of Firms Performance 17
2.1.5 Relationship Marketing and Firms Performance 18
2.2 Theoretical Framework 23
2.2.1 Social Exchange Theory 23
2.3 Review of Related Empirical Studies 24
2.4 Summary of Literature Review 25
CHAPTER THREE 26
RESEARCH METHODOLOGY 26
3.1 Introduction 26
3.2 Research Design 26
3.3 Population of the Study 26
3.4 Sampling Techniques Used 27
3.5 Sample Size 27
3.6 Source of Data 27
3.7 Research Instrument for Data Collection 27
3.8 Validity and Reliability of Instrument 28
3.9 Techniques for Data Analysis 28
CHAPTER FOUR 29
DATA PRESENTATION AND ANALYSIS 29
4.1 Questionnaire and analysis of response 29
Table 4.1: Questionnaire Administration and Retrieval 29
Table 4.2: Showing Age of Respondents 30
Table 4.3: Showing Sex of Respondents 30
Table 4.4: Showing Educational Background of Respondents 31
Table 4.5: Showing Marital Status of Respondents 31
Table 4.6: Showing the response of respondents to the first set of research question. 32
Table 4.7: Showing the response of respondents to the second set of research question. 33
Table 4.8: Showing the response of respondents to the second set of research question. 34
Table 4.8: Showing the response of respondents to the second set of research question. 35
4.3 Test of Hypotheses: 36
4.4 Discussion Findings 39
CHAPTER FIVE 41
SUMMARY, CONCLUSION AND RECOMMENDATION 41
5.1 Introduction 41
5.2 Summary 41
5.3 Conclusion 41
5.4 Recommendations 42
REFERENCES 43
APPENDIX I 46
QUESTIONNAIRE 47
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
As our economy becomes more service and technology oriented, the dynamics of the sales process will changes. The ongoing nature of services and the growing complexity of technology will increasingly necessitate lengthy and involved relationships between buyers and sellers. Thus, the seller‘s focus will need to shift from simply landing sales to ensuring buyer satisfaction after the purchase. To keep buyers happy, vendors must maintain constructive interaction with purchasers which includes keeping upon their complaints and future needs. Repeat orders will go to those sellers who have done the best job or nurturing these relationships…‖ Information gathered through communication with customers can enable organizations to develop a marketing mix that is more likely to create customer satisfaction. With the increase in the competition organizations realize that what customer‘s value, is not always just lower prices, but also expects such as delivery, image and brand associations, the link with customers becomes increasingly important. When the market growth slows down or as the markets become more competitive, firms are more likely to attempt to maintain their market share by focusing on retaining the current customers. (Leeetal.,2001).
Customer Relationship Management (CRM) Service is a marketing strategy that ensures the acquisition and retention of most profitable customers using the most effective method. Thus, tremendous growth of services sector implies the role of marketing in terms of vast opportunities and implications, marketing opportunities arising from new technology, in franchising from fewer regulations and professional restrictions, in servicing physical goods and international markets (Lovelock, 1999). The rapid growth of services industry has changed the conditions of business. Customer retention has been advocated as an easier and more reliable source of superior performance (ReichheldandSasser,1990).It has now become common knowledge that the value of all customers is not same, the 80/20 rule prevails whereby we have learned that 20 percent of customers generate more than 80 percent of revenues for most companies, and it is not uncommon to find that an even lower percentage of customers can generate more than 80 to 90 percent of there venues. Under such circumstances, it is not prudent for a company to allocate equal resources to all customers. Customer segmentation and program differentiation is needed in order to match revenue potential with service offerings. Those with higher revenue potential deserve a greater allocation of costs and service. Otherwise, competitors will seize the opportunity by offering better service and a greater allocation of resources for the high-end customers. At the lower-end, attempts should be made to achieve cost savings through the reallocation of efforts based on less-expensive resources. This can be done with the help of relationship marketing strategy. It is based on the idea that the happier a customer is with a relationship, the greater the likelihood that they will stay with an organization.
The ultimate aim of a Relationship marketing approach is for the customer to become a partner of the organization, by contributing to marketing decisions through a one-to-one relationship.
Shani and Chalasani (1992) view Relationship marketing as an integrated effort to identify, maintain, and build up a network with individual consumers and to continuously improve the network for the benefits of all stakeholders, through interactive, personalized, and value-added contacts over a long period of time. From the foregoing therefore, the study is determined to examine the relationship between relationship marketing and firm’s performance among selected banks in Port Harcourt.
1.2 Statement of the Problem
This study was determined to examine whether the practice of relationship marketing influences the performance of marketing organizations.
In this competitive and globalize age, customer of each organization is a crucial assets which the organization needs to preserve and expand for its profitability (Hanley, 2008). Many market researchers highlighted that loyal customers have an important contribution in market share and organizational profitability. It isa undoubted fact that loyal customers can be seen as the most vital factor of an organization to achieve the it’s financial performance in the long-term. In addition, transforming indifferent customers into loyal ones and establishing a long-term relationship with customers is crucial for business success. It is therefore, necessary to establish and maintain customer loyalty as a key to promote competitive advantage in the market place. Consequently, the maintenance of significant customers is a vital target which organizational management needs to understand to strengthen customer loyalty for the market.
1.3 Objectives of the Study
The main objective of the study is to examine the impact of relationship marketing on firm’s performance among selected banks in Port Harcourt.
1. To examine the extent to which relationship quality influence firm’s performance among selected banks in Port Harcourt.
2. To examine the extent to which Relational Benefits influence firm’s performance among selected banks in Port Harcourt.
3. To examine the extent to which internal marketing influence firm’s performance among selected banks in Port Harcourt.
4. To examine the extent to which direct marketing influence firm’s performance among selected banks in Port Harcourt.
1.4 Research Questions
The following research questions were proposed to guide the study.
1. To what extent is the term of relationship quality influence firm’s performance among selected banks in Port Harcourt?
2. To what extent is the term of relational benefits influence firm’s performance among selected banks in Port Harcourt?
3. To what extent is the term of internal marketing influence firm’s performance among selected banks in Port Harcourt?
4. To what extent is the term of direct marketing influence firm’s performance among selected banks in Port Harcourt?
1.5 Research Hypotheses
The following hypotheses were formulated to guide the study:
Ho1: There is no significant relationship between relationship quality and firm’s performance among selected banks in Port Harcourt.
Ho2: There is no significant relationship between Relational Benefits and firm’s performance among selected banks in Port Harcourt.
Ho3: There is no significant relationship between internal marketing and firm’s performance among selected banks in Port Harcourt.
Ho4: There is no significant relationship between direct marketing and firm’s performance among selected banks in Port Harcourt.
1.6 Significance of the Study
The study is expected to make recommendations to marketing organization managers on the critical role of relationship marketing in doing their business, particularly in highly competitive market as Port Harcourt, Rivers State.
It is to acknowledge that a study of this nature is carried out for some associated benefits it will help employers to ascertain the need for carrying out effective relationship marketing planning in the respective organizations.
The result/findings of this study will also open up the future for young practicing marketers to relationship marketing as a strategic marketing tool for better/improved organizational Performance. The study when completed will add to literature on relationship marketing.
1.7 Scope of the Study
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
Content Scope: The content scope of this study involves an investigation to ascertain the relationship between relationship marketing and firm’s performance among selected banks in Port Harcourt. The dependent variable is performance, measured by market share, sales volume and profitability. While independent variable is relationship marketing measured by relationship quality, relational benefits, direct marketing and internal marketing.
Geographical Scope: This study is delimited in Port Harcourt Rivers State with references to some selected commercial Banks.
Unit of Analysis: The unit of analysis in this research involves both senior and Junior staffs of selected Banks in Port Harcourt.
1.8 Limitation of the Study
In carrying out an investigation of this nature the researcher must of necessity be faced with some constraint the, include;
Time Constraint: The time frame provision for this study was too short.
Financial constraints: Usually, a study of this nature involved some level of expenditure therefore; finance was also a limiting factor.
Poor response: The poor response from the respondent and inability to access the entire population also was another constrain to the study.
1.9 Definition of Terms
Relationship marketing: Relationship marketing is a facet of customer relationship management (CRM) that focuses on customer loyalty and long-term customer engagement rather than shorter-term goals like customer acquisition and individual sales.
Marketing: The action or business of promoting and selling products or services, including market research and advertising.
Firm’s performance: The action or business of promoting and selling products or services, including market research and advertising.
Market share: The portion of a market controlled by a particular company or product.
Profitability: It is the ability of a business to earn a profit. A profit is what is left of the revenue a business generates after it pays all expenses directly related to the generation of the revenue, such as producing a product, and other expenses related to the conduct of the business activities.
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