This research work review extensively the meaning of Relationship
Marketing and its role as a tool for customer satisfaction and profitability by
using Intercontinental Bank Plc Aba, as a case study. This study was
carried out to reveal the extent at which the relationship marketing can help
the bank satisfy their customers and to maximize profit. It tries to research
out the need for the application of relationship marketing in solving some
problems in banking sector and also recommendations where necessary. The major
purpose for this study is to find out the effective impact of relationship
marketing in achieving customer satisfaction and profitability. This has been
achieved through an effective and efficient research design, proper data
collection method an analysis use in this work and various findings and
Chapter one: Introduction
1.1 Background of the study
1.1.1 Profile of the
1.2 Statement of the
1.3 Objectives of the
1.4 Major research
1.6 Significance of the
1.7 Scope and limitation of the
1.8 Definition of terms
Chapter two: Review of related
2.1 Various definition of Relationship marketing
2.2 Objectives of Relationship
2.3 The Evolutional
2.4 Operational Difference Relationship
Marketing an Transactional marketing
2.5 Factors that give rise to increasing shift
2.6 Customer is a
2.7 Tips to delivering excellent customer service
2.8 Relationship marketing and strategic Alliance
2.9 The distinguish the levels of Relationship
marketing in practice.
marketing and Marketing Mix
marketing in service
database and database marketing
Chapter three: Research Methodology
3.1 The deign of the
3.2 The are of the
3.3 Population of the
3.4 Sample and sampling
3.5 Method of data collection
3.6 Method of data analysis and presentation
Chapter four: Presentation and analysis of
4.1 Presentation of data in accordance with research
question and analysis of
4.2 Testing of
4.3 Discussion of findings.
Chapter five: Summary, conclusion and
5.1 Re-statement of the
5.2 Summary of the
5.5 Suggestions for further
4.1.1 Do you agree with me that relationship
marketing is the process of creating, maintaining and enhancing strong and
valued relationship with customers?
4.1.2 Does relationship marketing contribute to profit
4.1.3 Does your bank apply relationship marketing in
4.1.4 Has relationship marketing anything to do with
4.1.5 Do your customers get motivated through the
application of relationship marketing?
4.1.6 Does the application of relationship marketing
lead yto profitability
4.1.7 Is the company’s profit the best way to measure
4.1.8 Continuous patronage is an indicator that the
company’s performance meeting customers satisfaction and needs
4.1.9 Do the organization achieve their set goal
through relationship marketing?
4.1.10 Does the operationalization of the relationship
marketing ensure organizational profitability.
the cost of implementating the relationship marketing in right proportion to
the reward or benefit of the company?
the application of relationship marketing lead to customner satisfaction?
customer is considered as an individual person
customer’s Value are recognized through relationship marketing
the application of relationship marketing lead to customer loyalty?
marketing emphases high customer service orientation.
your bank practice maintenance marketing?
your company use technology in rendering services?
yes, doe it contributes towards practicing relationship marketing?
1.1 BACKGROUND OF THE STUDY
Relationship marketing is one of the aspects of newly developed
philosophy in marketing, which is Holistic marketing. It holds the fact that
“everything matters with marketing and that a broad, integrated perspective is
often necessary, Increasing a key goal of marketing is to develop deep,
enduring relationship with all people or organization that could directly
attract the success of the firms marketing activities. Relationship marketing
has the aim of building mutually satisfying long Item relationship with key
parties, customers, suppliers, distributors and other marketing partners in
order to earn and retain their business. It builds strong economic, technical
and social ties among the partners.
marketing is a term which is generally agreed, first appeared in the
management literature in 1980s, it describes, however, a concept that is as old
as commerce itself and that tends to often practices
albeit unknowingly, within small to medium sized business. The concept of
relationship marketing illustrated with the example of a small shopkeeper, who
would know most customers by name, through regular contact. He or she would
therefore talk to customers frequently, know about their likes and dislikes, and
aware of special requirements particular customers may have such as for cream
on Friday, for example. This direct knowledge enables shopkeeper to order
stock, plan services and value on the basis of know customers requirements.
Moreover, customers are
important they have the ultimate choice when it comes to buying products
and services and their requirements must be satisfied. Customers are “Kings”,
they determine the existence of the marketers. When this is forgotten, one will
lose his or her customers base. Customers needs are prime importance both to
themselves and to the prospective suppliers if they have a training problem
they will seek help from the providers of the financial services concerned.
They will look for a speedy and effective response. If they do not get
the kind quality and services, they are entitled to, they
will vote with their feet and will not return and do not expect any
recommendations. But when customers receive a courteous, efficient and effective
financial service, they come back for more and recommend your products and
services to contact.
In the financial sector
especially banks, the concept of customers relations arises from
indirect financing with intermediaries accumulating surplus funds from
surplus spending units and intending to lend them out to
deficit spending units. This legally creates “banker customer relations”
as that of a debtor and creator.
relationship marketing involves knowing about your customers, encouraging two-way
communication with them, and seeking to create a mutually beneficial
relationship with them where appropriate. The aim of relationship marketing is
to convert am individual or organization with initial interest purchasing goods
and services into a loyal customers and the focus is as much on relating
existing customers as on bringing in new ones.
However, when customers
are satisfied, they become unpaid agents and in return there will be profit
maximization. Relationship marketing includes all marketing and efforts deigned
by the banks to satisfy the needs of the customers profitable. That is why the
slogan of intercontinental Bank is “Happy Customer, Happy Bank”.
1.1.1 PROFILE OF THE
Intercontinental Bank Plc came into existence in March 1989
as a product of the Partnership between some Visionary and dynamic Nigerian
businessmen, to provide innovative and customer focused products
and services that will satisfy the publics growing need
for sophisticated banking services. Since its inception then as Nigerian
Intercontinental Merchant bank Limited, the bank has been providing a
wide array of products and services covering investments banking, retail
and funds management.
The bank is managed by
a dynamic , versatile and result-oriented team and easily won national
acclaim by emerging as the most profitable merchant bank just five
years after it takes off. Over the year, the bank has grown to symbolize
innovation, services excellence and professionalism, with a diversities group
structure spanning the various areas of financial service business. The
subsidiaries and associate are today made up of vibrant
commercial bank, equity Bank of Nigeria Limited, a flourishing insurance
company, WAPIC Insurance Plc, Intercontinental Capital market Limited
(ICML) and two associated companies, Intercontinental Securities
Limited and Associated Discount House Limited (ADHL). The
discount House has brought into gateway bank Plc in
which its own controlling Interest, while equity Bank has the
following subsidiaries, CBN Securities, CBN Finance Limited.
has made substantial investment in information technology with all its branches
effective linked with one another and to the Head office through the very small
aperture Terminal (VSAT), which enhances on line real time capabilities. This
has made banking easily for the banks teeming customers across the country.
In July, 1999, the bank
converted to a commercial Bank and later obtained a universal banking license
to avail many more customers of its unique products and services as well as top
into their market opportunities in the Nigerian Economy. Following a resolution
of the Board in October 2001, the Bank Changed to a public Limited Liability
company in June 2002 and following it up in July the same
year with an initial public offering (IPO). The capitalization of the Bank was
further boosted with N3.58 billion being proceeds of the IPO and by mid 2004
the banks shareholders funds had grown to N10 billion before the new minimum
capital bases of N25 billion was set by the regulators.
Consequently, the bank
returned to the capital market and raised new funds totally N22.4 billion
thereby growing its shareholders fund to N34.7 Billion. The banks shares
are listed on the Nigeria on stock .exchange (NSE), Since its debet
in the commercial banking field, Intercontinental Bank Plc has purchased
an aggressive branch network expansion programmes, As at March
2005. The bank has 63 branches making it sixth largest bank in the country in
terms of network. In 2006 they executed another public offer that grossed about
N100 billion with subscription level hiking an unprecedented 774%.
In 2007, a consortium
of five foreign financial institutions invested & 161 million in the bank.
This shared up the shareholder fund to $1.3 billion, making if the
first Nigerian bank to cross the $1 billion capitalization threshold. They have
about 250 branches spread all over the country, from 2008 to 2009, they become
the number one bank in Nigeria, the first in E-banking and the second best bank
in customers services. They have 8027 staff strength and they have 20 members
pf board of directors, which is chairman by Dr. Raymond. C.
However, their Vision
is to be the number one financial institution in Nigeria and among the top 100
in the world. And their mission is to help their stakeholders build and
pressure wealth. Intercontinental Bank Plc offers a full range of consumer
products covering a wide spectrum of the market. these include the
Intercontinental Diamond Fund. (IDF). Intercontinental Valuable yield Account
(IVY) Intercontinental Premium savings Account (IPSA). The Intercontinental
classic current Account (I.CLASS) Domiciliary Account management (DAM),
Intercontinental: Domicilary Extra Account(DAM) intercontinental LEASING
Account (I-Lease) intercontinental Personal Loan (1-Pearl), Intercontinental
Bank Value card, and Travelers Cheques (TC). Their service Include the
Retail, Banking, Treasury and Financial services, foreign
trade activities, SMS banking, Telephone banking Internet banking,
investment banking, commercial banking and Electronic Banking. The bank is a
direct agent for Western Union Money Transfer and a partner of Master Card.
responsible organization. Intercontinental Bank Maintains a long standing
policy of cooperate responsibility to the communities. In which it operates and
has made impact in the areas of public health and education.
OF THE PROBLEM.
This study emphasis on the issue of customers satisfaction
an profitability from the conceptual framework of the relationship
marketing. However, the major problems we have is to know. To what extent the
intercontinental bank Plc, is operating in relation with the relationship
marketing. Moreover, how has the Intercontinental bank plc Aba been
coordinating and managing their customers. To what extent has relationship
marketing contributed to the organizational profitability?
Furthermore, how and to
what extent have they gained Innovation through the application of relationship
marketing? And to what extent have they achieved their organizational objective
through relationship marketing.
OF THE STUDY
Having raised the issues involved in the statement of the problem.
The objective of this study therefore is as follows:
i. To determine if relationship marketing has
any thing to do with customers satisfaction.
ii. To ascertain if relationships market
contributes to profit actualization.
iii. To Identity if they achieved their set goals
through relationship marketing.
iv. To evaluate the operationlization of
relationship marketing in achieving organizational profitability.
v. To examine the factors military against
the application of relationship marketing.
However, from the objectives of the study. The following
pertinent researcher questions are formulated.
1. Has relationship marketing anything to do
with customer satisfaction.
2. Does relationship marketing contributes to profit actualization?
3. Does the organization achieve their set goal through
4. Does the operationalization of the relationship, marketing
ensure organizational profitability.
5. Are there factors affecting the application of relationship
1.5 RESEARCH HYPOTHESIS
The following hypothesis as formed
for testing based on the research problem and objectives of
The relationship marketing has nothing to do with customer satisfaction.
The relationship marketing has something to do with customer satisfaction.
The operationalization of relationship marketing do not ensure
The operationalization of relationship marketing ensures organizational
Relationship marketing does not contribute to profit actualization.
Relationship marketing contributes to profit actualization.
OF THE STUDY
Nevertheless, this study is basically and significant to the
contemporary services organization and marketing business operating
environment, for all kind of reason including the following.
i. It will enhance the management of the customer
ii. It will help in understanding of who is a
customer and how to satisfy them.
iii. It will enable the company to focus on its
objectives through the help of relationship marketing
iv. The research study will form the basis of
further researcher for the incoming students of marketing.
v. This study is also a prerequisite to partial
fulfillment of the award of Higher National Diploma.
vi. It will guide the government in formulating
polices on environmentalism and consumerism.
OF THE STUDY
In order to achieve a precised
study, this work will concern itself with investigating the relationship
between the relationship marketing and customer satisfaction and profitability
in the Intercontinental Bank Plc Aba, during this periods of unstable
economy, in Nigeria. This work limits itself to the study of
Intercontinental Bank Plc Aba Branches. The work will deliberately select a
population in Aba City. Thus within the areas that are covered by the
intercontinental bank Plc Aba.
DEFINITIONS OF THE TERMS
In this study section, some
important term used will be defined in order to achieve a
synchronized understanding of this work.
Marketing: According to kalu F.O (2002), Marketing is d defined as
the process in which companies, deliver solutions to customers needs and
desires in relation for payment.
MARKETING CONCEPT: this has to do with the identification of
customers need and wants and satisfying them more profitable than competitors.
RELATIONSHIP MARKETING: According to Kotler (1999:497) is
the process of creating, maintaining and enhancing strong, value, laden
relationships with customer and stakeholders.
CUSTOMER: This can be perceived as a person or company that buys
goods regularly. Marketing Dictionary.
SATISFACTION: This is a function of perceived performance and
IMPACT: This is the powerful effect that practice of
relationship marketing has on the customer’s satisfaction and profitability.
TERMS AND CONDITIONS APPLY
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