The Effect of marketing mix tools on Customer Satisfaction Case study for Wegagen bank
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Date
2019-05
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Addis Ababa University
Abstract
The objective of the study was to examine the impact of marketing mix tools on customer satisfaction in Wegagen bank. The study applied explanatory cross sectional research design for which information was collected from both questionnaires and interview that were distributed among the customers and the higher officials of the bank during the banking hours respectively. The study also applied both quantitative and qualitative approaches. This study considered 381 banking customers from the selected branch of the bank. Moreover, the study used both descriptive and inferential analysis. The descriptive result of the study indicates customers are highly satisfied on promotion, People and physical evidence of the marketing mix tools; while, they are moderate on the remaining four marketing mix tools compare to these three variables. Besides, most customers have high overall satisfaction on the implementation of the marketing mix tools in the bank. The correlation analysis shows there positive and significant relationship between the marketing mix tools and customer satisfaction. Test of hypotheses have also proved that the all but, Process marketing mix have significant relationship with customer satisfaction of the bank. Furthermore, in terms of the values of the R square of the results of the regression, service marketing mix elements such as product, place, promotion, price, people, process and physical evidence all together explain 72% of variation on customer satisfaction; whereas, the remaining 28% explained by other extraneous variables such as politics profit, plan position, profit performance etc. Study concludes that most of service marketing mix has higher effect on customer satisfaction of the bank. More over the researcher recommend that The bank should exert much effort to improve the overall level of customer satisfaction on the marketing mix tools namely; product, price, place, people and process through introducing new and diversified process options, fair service charges and commissions, cooperative and skillful employees, enhancing customers and employees technology know how and introducing fast and modernized services
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Bank, Customer, Marketing