Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute

Economics and Business

Quarterly Reviews

ISSN 2775-9237 (Online)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
crossref
doi
open access

Published: 16 November 2020

Customer Retention at Republic Bank in Ghana: A Marketing Perspective

George Kankam Jr.

University of Education, Ghana

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

Download Full-Text Pdf

doi

10.31014/aior.1992.03.04.293

Pages: 1472-1478

Keywords: Customer Retention, Customer Satisfaction, Service Quality, Customer Trust

Abstract

In today's highly competitive environment, customer retention is an essential aspect of every banking strategy. The study explores the retention factors that affect the choices of consumers to remain with the Republic Bank in Ghana. The correlation research design was used for the study within which the simple random sampling technique was used. Data were obtained through self-administered questionnaires to 480 customers of the bank. Correlation and multiple regression techniques were used to examine the relationships between customer satisfaction, service quality, customer trust, customer commitment and switching barrier factors and customer retention. The findings revealed a strong positive relationship between switching barrier, customer commitment and customer retention. The study therefore, recommended that Management should pay attention to customer commitment by investing more into customer relationship management that can increase customers’ dependency and inhibit switching.

References

  1. Appiah-Adu, K. (2009). Marketing effectiveness and customer retention in the service sector. The Service Industry Journal, 19 (3), 26-41.

  2. Chan, A. (2004). The chain of effects from brand trust and brand affect to brand performance: The role of brand loyalty, Journal of Marketing, 65 (2), 81-93.

  3. Clemes, M.D., Gan, C., & Zhang, L.Y. (2010). Customer switching behaviour in the Chinese retail banking industry. International Journal of Bank Marketing, 28(7), 519-546.

  4. Creswell J. W. (2008). Research design: Qualitative approach. Thousand Oaks, CA: Sage.

  5. Fornell, C., & Wernerfelt, B. (2007). Defensive marketing strategy by customer complaint management: A theoretical analysis. Journal of Marketing Research, 24 (11), 337-346.

  6. Hair, J.F. (2006). Marketing research within a changing information environment. (2nd ed). New York: McGraw Hill.

  7. Johnson, R. G., & Roos, C. R. (2005). Service loyalty: Implications for service providers. Journal of Services Marketing, 11 (3), 165-179.

  8. Keller, K. L., & Lehmann, D. R. (2009). Assessing long-term brand potential. Journal of Brand Management, 17(1), 6-17

  9. Kenny, P. (2000). Marketing management (11th edition). New Jersey, USA: Prentice-Hall.

  10. Kotler, P. R. (2001). Marketing management, analysis, planning, implementation and control (8th ed.). Englewood Cliffs, NJ: Prentice-Hall.

  11. Krejicie, A., & Morgan, C., (2002). Research Methods. (5th ed) Thousand Oaks, CA: Sage.

  12. Manoj, E., & Sunil, S. (2011). Role of switching costs in the service quality, perceived value, customer satisfaction and customer linkage. Asia Pacific Journal of Marketing and Logistics, 23 (3), 327-345.

  13. Marple, G. L. & Zimmerman, W. J. (2009). Placing trust at the centre of your internet strategy. Sloan Management Review, 42 (1), 39-48.

  14. Patterson, P.G., & Smith, T. (2008). Modeling relationship strength across service types in an eastern culture. International Journal of Service Industry Management, 12(2), 90-113.

  15. Ranaweera, C., & Neely, A. (2003). Some moderating effects on the service quality-customer retention link. International Journal of Operations & Production Management. 23(2), 230-248.

  16. Republic Bank (2010). Annual reports. Retrieved [July, 2011] from http:/www.repb.gh.com.

  17. Reicheld, F. (2006). The hidden advantages of customer retention. Journal of Retail Banking, XII (4), 19-23.

  18. Sharma, N., & Patterson, P. G. (2000). Switching costs, alternative attractiveness and experience as moderators of relationship commitment in professional, consumer services. International Journal of Service Industry Management, 11(5), 470-490.