RELATIONSHIP MARKETING IN MAINSTREAM BANK PLC ENUGU: AN EVALUATION. A RESEARCH PROJECT MATERIAL ON MARKETING
ABSTRACT
This project work was an attempt to investigate the relationship marketing in mainstream bank plc Enugu.
The objectives were:
1. To determine the impact of relationship marketing in banking industry.
2. To evaluate the level of relationship that exist between the bank with their customers.
3. To identify those problems that may hinder the success of relationship marketing in banking industry.
Based on the objectives of the study, three hypothesis were formulated. Questionnaires and personal interviews were used to elicit data from respondents. Simple tables and percentages were used to analyzed data collected. Based on the analysis, the following findings were made.
1. It is discovered by the researcher that advance in technology help to facilitate relationship marketing in the banking industry.
2. The researcher also discovered that network failure is a serious interference to relationship marketing communication flow.
The researcher therefore made the following recommendations;
1. In respect to relationship marketing, the researcher recommend for provision of adequate information to customers at the right time.
2. The bank management should embark on proper supervision so as to monitor the activities of their staff at every point in time.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
According to Kotler P. (2010:215), Relationship marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a dominant focus on sales transactions. He then define relationship marketing differs from other forms of marketing in that it recognizes the long term value of customer relationships and extends communication beyond intrusive advertising and sales promotional messages.
With the growth of the internet and mobile plateforms, relationship marketing has continued to evolve and move forward as technology opens more collaborative and social communication channels. This includes tools for managing relationship with customers that goes beyond simple demographic and customer service data. Relationship marketing extends to include inbound marketing efforts ( a combination of search optimization and strategic content), public relation, social media and application development.
Relationship marketing is a broadly recognized and widely implemented strategy for managing and nurturing a company’s interaction with clients and sales prospect. It also involves using technology to organize, synchronize business processes (principally sales and marketing activities) and most importantly, automate those marketing and communication activities on concrete marketing sequences that could run in autopilot (also known as marketing sequences). The overall goals are to find attracted and win new clients, nurture and retain those the company already has entice former clients back into the fold and reduce the cost of marketing and client services.
Leave a Reply
You must be logged in to post a comment.