Assessment of Relationship Marketing Practice in Wegagen Bank Share Company
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Date
2014-05
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Addis Ababa University
Abstract
Relationship marketing is a new phenomenon in the field of marketing, and it focuses on creating a long-term relationship with customers through realizing mutual benefits of both parties. The purpose of this study is to assess relationship-marketing practice of wegagen bank in terms of relationship marketing dimensions and the levels of relationship marketing strategies. In order to obtain adequate and detailed information from customers as well as marketing manager of the bank both quantitative and qualitative data collection tools were used. Non-probability sampling method was employed to select respondents; specifically convenience sampling technique was used. Accordingly, the study has selected 378 respondents from three branches of the bank that operates in Addis Ababa and 378 questionnaires were distributed to customers, 316 questionnaires were found usable. Descriptive statistics particularly mean, standard deviation and frequency were used to analyze data and to aid computation statistical package for social science (SPSS) soft ware version 20.0 was used. The findings of the study showed that, average mean score of each dimension was categorized under well practiced of relationship marketing by the bank. Therefore, the bank practiced relationship marketing well when it is evaluated from the four dimensions namely informational, management, instrumental and organizational dimensions. According to the interview conducted with marketing manager of the bank, it practiced and considered in its marketing strategies the three levels of relationship marketing strategies namely financial, social and customization bonds, whereas, the bank did not implement structural bonds levels of relationship marketing strategies.
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Keywords
Relationship Marketing, Transactional Marketing, Customer