Asian Journal of Management

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

A Study of Relationship Marketing Strategies in Public and Private Banks with Special Reference to NCR


Affiliations
1 YMCA University of Science and Technology, Faridabad, India
2 L, Lingaya’s University, Faridabad, India
     

   Subscribe/Renew Journal


Relationship Marketing is process to attract, interact and retain the profitable customers. In modern world, banks are feeling increasing competitive pressures. Therefore, it has become compulsion for them to follow the concept of relationship marketing. The objective of the paper is to know about the relationship marketing strategies adopted by public and private sector bank. The study has been done from the perspective of employees. For identification of variables, literature review has been done. The data was collected from the employees of banks selected. 36 variables have been reduced to the eight factors. Exploratory Factor Analysis has been done using SPSS 21. Eight factors found are customer service, special treatment to customers, employee empowerment, multichannel approach and channel optimization, customer lifetime value, customization of products, customer database management and last but not the least technical expertise.

Keywords

Relationship Marketing Strategies, Customer Service, Customer Database, Customer Lifetime Value, Customer Relationship Management, Exploratory Factor Analysis, Customization, Channel Optimization.
Subscription Login to verify subscription
User
Notifications
Font Size


  • Daffy, C. (1999), “Once a customer, always a customer”, New Delhi: HarperCollins.

  • Kothari C.R., Research Methodology, New Age International Limited Publisher

  • Hair Joseph F., Black Willam C., Babin Barry J., Anderson RolphE.,” Multivariate Data Analysis” Pearson, Seventh Edition.

  • Hiebeler, R., Kelly, T. B., Ketteman, C. (1998), “Best practices: Building your business with customer-focused solutions”, New Delhi: Simon and Schuster.

  • Sheth N. Jagdish, ParvatiyarAtul, G Shainesh: edited,(2001) : Customer Relationship Management , emerging concepts, tools and applications , Tata McGraw-Hill

  • Agrawal R., Dr. Matta Mittu G, Madan R (2014)., "Relationship Marketing in Indian Banking Sector: A Review in ZIJBEMR , 4(6), 181-188

  • Chimote, N. K., and Srivastava, A. (2011). A Study on the effectiveness of Relationship Marketing practices with existing customers in banking industry. Romanian Journal of Marketing, (4), 42.

  • Cokins, G. (2002), “Measuring customer value: How BPM supports better marketing decisions”, Business Performance Management, 13-18.

  • Cooper, M., Upton, N. and Seaman, S. (2005), "Customer relationship management: Acomparative analysis of family and nonfamily business practices, Journal of Small BusinessManagement, .43(3), 242-256.

  • Das Sanjay, K. ( 2012), “Customer Relationship Management in Banking Sector-A Comparative Study of SBI and other nationalized Commercial Banks in India”, ArthPrabhand: A Journal of Economics and Management,1(6), .68-82.

  • Das K., Parmar J., Sadanand Vijay, K. (2009), “Customer Relationship Management (CRM) Best Practices and Customer Loyalty: A Study of Indian Retail Banking Sector”, European journal of social Sciences, 11(1), 61-85.

  • DasariShailendra, GunaseelanRupa (2012), “Relationship Marketing: An Overview”,Indian Journal of Marketing, 42(12), .5-15.

  • Gronroos, C. (2006). On defining marketing: Finding a new roadmap for marketing. Marketing Theory, 6 (4), 395-417.

  • Grönroos, C. (2009) "Marketing as promise management: regaining customer management for marketing", Journal of Business and Industrial Marketing, 24(5/6), 351 – 359.

  • Gronroos Christian, “Relationship Marketing- Challenges for Organization”, Journal of Business Research,46, 327-335.

  • Hussain Iftikhar, Hussain Mazhar, Hussain Shahid and Sajid M.A. (2009), “Customer Relationship Management: Strategies And Practices In Selected Banks Of Pakistan”, International Review of Business Research Papers, 5(6),.117-132

  • Madan R., Agrawal R., Dr. Matta Mittu G (2015), “Relationship Marketing In Banking Sector : A Review”, International Journal of BRIC Business Research, 4( 4), 1-10

  • Madan R., Agrawal R., Dr. Matta Mittu G(2012) , “Service Quality in Banking Sector “With special reference to Haryana” in International Journal of Business Economics and Management Reserach, Zenith 2(11), 155-165

  • Mittal Anuraag (2008) “Relationship Marketing - A Perspective of Public and Private Bank Managers”, Amity Management Analyst, 2(2), Jan.-June, 63-71.

  • Mohammed Abdul Alem, Rashid Basri bin S (2014), Customer Relationship Management (CRM) in Hotel Industry: A framework Proposal on the Relationship among CRM Dimensions, International Review of Management and Marketing, 2( 4), .220-230

  • Sin, L. Y., Tse, A. C., and Yim, F. H. (2005), “CRM: Conceptualization and scale development”, European Journal of Marketing, . 39(11/12), 1264-1290.

  • Nagu Vinay Kumar, ( 2012), Managing Customer Relations Through Online Banking”, Indian Journal of Marketing, .42( 9),.13-18

  • Navarro Mercedes Marzo, Iglesias Marta Pedraja, Torres Ma Pilar Rivera (2004), “The benefits of relationship marketing for the consumer and for the fashion retailers”, Journal of Fashion Marketing and Management, 8(4),. 425-436

  • Ndubisi Oly Nelson, Wah Kok Chan (2005), “ Factorial and discriminant analyses of the underpinnings of relationship marketing and customer satisfaction”, International Journal of Bank Marketing, 23(7), 542-557

  • Nijssen J. Edwin, Herk Hester Van (2009), “Relationship Marketing: Exploring Consumer’s Cross Border Service Relations”, International Journal of Marketing, 17(1), 91-115.


Abstract Views: 248

PDF Views: 0




  • A Study of Relationship Marketing Strategies in Public and Private Banks with Special Reference to NCR

Abstract Views: 248  |  PDF Views: 0

Authors

Rupali Madan
YMCA University of Science and Technology, Faridabad, India
Rachna Agrawal
YMCA University of Science and Technology, Faridabad, India
Mitu G. Matta
L, Lingaya’s University, Faridabad, India

Abstract


Relationship Marketing is process to attract, interact and retain the profitable customers. In modern world, banks are feeling increasing competitive pressures. Therefore, it has become compulsion for them to follow the concept of relationship marketing. The objective of the paper is to know about the relationship marketing strategies adopted by public and private sector bank. The study has been done from the perspective of employees. For identification of variables, literature review has been done. The data was collected from the employees of banks selected. 36 variables have been reduced to the eight factors. Exploratory Factor Analysis has been done using SPSS 21. Eight factors found are customer service, special treatment to customers, employee empowerment, multichannel approach and channel optimization, customer lifetime value, customization of products, customer database management and last but not the least technical expertise.

Keywords


Relationship Marketing Strategies, Customer Service, Customer Database, Customer Lifetime Value, Customer Relationship Management, Exploratory Factor Analysis, Customization, Channel Optimization.

References