Measuring the effect of customer relationship management (CRM) components on the non financial performance of commercial banks: Egypt case

This paper presents customer relationship management (CRM) components as applied on the Egyptian Commercial Banks, examined from the bankers' point of view. Then, it intends to measure their effect on the level of customer satisfaction and loyalty from the customers’ point of view as examples of the non financial performance measures. The paper is quantitative in nature and consists of two different structured questionnaires using convenience/quota sampling. The first involved 180 employees in order to measure CRM applicability, and the second involved 270 customers to measure the level of customer satisfaction and loyalty and their effect on the Egyptian Commercial Banks' financial performance The findings show that the selected banks apply CRM components but the level of application differs from one bank to another. The results showed a significant positive relationship between CRM and customer satisfaction in the Egyptian Commercial Banks, when applying them together and not separately. In addition, there is a strong positive effect between customer satisfaction and loyalty which was reflected on the Commercial Banks' financial performance. The findings confirm the importance of studying and implementing CRM to achieve customer loyalty and improve the Egyptian Commercial Banks financial performance. Banks wishing to improve their relationships with customers need to focus on the CRM components to develop relevant and effective marketing strategies and tactics. The paper measures the CRM as a multidimensional construct as applied on the Egyptian Commercial Banks and relate it to the achievement of the ultimate goal of retaining customers to gaining a sustainable competitive advantage and achieve more profits

Exploring the Relationship Between Revenue Management and Hotel Loyalty Programs

Loyalty programs are a staple of the hospitality industry. As time progressed, there has been a shift among the structure of loyalty programs to not only reward the large spend of casino players, but also to compensate other frequent travelers of the hotel. As hotels continue to offer increasing benefits and compensation while reevaluating the tier structure of loyalty programs, research was necessary to discover if these loyalty programs are extracting the maximum revenue per guest and creating overall revenue for the hotel. The purpose of the study was to uncover the relationship between revenue management and hotel loyalty programs. While some research has been conducted on the relationship between customer relationship management and revenue management (Shoemaker & Lewis, 1999; Wang, 2011), further research was necessary to bridge the gap between hotel loyalty programs and revenue management (Wilco, Shanshan & Eric, 2011). Little evidence existed on whether revenue management and hotel loyalty programs work cohesively, or even if they should. A pilot study of a focus group was conducted to assess the general relationship between revenue management and hotel loyalty programs, followed by thirteen in-depth interviews. After the interviews were transcribed, content analysis was performed, followed by the use of Atlas.ti to further analyze the data. Participants’ were asked questions regarding the interaction of revenue management and hotel loyalty programs. Overall, the goal was to understand consumer behavior to drive repeat business; if a hotel can generate repeat business, then an emotional connection may develop between the hotel/brand and the guest. Revenue management used a loyalty program as a tool to track and gather data on the customer

Co-creative pricing (CCP) : a conceptual development of consumers’ participation in pricing practicing in services

Keskustelu yhteisestä arvonluonnista on saavuttanut yhä laajempaa huomiota niin nykypäivän tieteellisteoreettisessa markkinointikirjallisuudessa kuin käytännössä. Suosiosta huolimatta keskustelusta on jäänyt miltei tyystin huomioimatta arvokäsitteen eräs varsin oleellinen ulottuvuus: hinta. Siitä syystä on ensiarvoisen tärkeää tutkia hinnan merkitys arvokäsitteen, yhdessä tuottamisen ja hinnan muodostamassa suhteiden kolmiossa, sillä vaihdannassa hinta on yksi arvonmuodostuksen tärkeimmistä osatekijöistä. Toissijaisia tutkimusmenetelmiä käyttäen, tämän tutkimuksen tarkoitus on pyrkiä käsitteellistämään yhteinen hinnanluonti arvon lisääjänä. Niinikään tutkimus tarjoaa mallinnuksen niistä vallitsevista olosuhteista, jotka ovat arvon muodostuksessa välttämättömiä. Esitetty malli perustaa juurensa palvelumarkkinoinnin Service-Dominant Logic -ajattelusta, muodostaen fuusion yhdessä ARA-mallin ja markkinointikeskustelussa vallalla olevan elämysmarkkinointiajattelun kanssa. Tutkimus edistää yhteisen arvonluonnin tieteellistä keskustelua syventämällä jo olemassa olevaa tietoa arvon muodostuksesta. Lisäksi, tutkimus edistää käytännön tietämystä esittämällä eksploratiivisen avauksen hinnoittelun dynaamisesta yhteisajattelusta haastamalla markkinoijia ajattelemaan myös hinnoittelua uudesta innovatiivisesta yhteiseen arvonluontiin perustuvasta näkökulmasta. Nykyajan asiakkaat ovat yhä halukkaampia, pystyvämpiä sekä resursseiltaan rikkaampia osallistumaan hinnoittelupäätöksiin kuin aikaisemmin. Yhdessä tuotettu arvo hinnoittelun kautta tarjoaa vaihtoehtoisen ajattelutavan pitkään vallinneelle yritysten sisäänpäin suuntautuneelle hinnoitteluajattelulle ja esittää, että kääntämällä katse asiakkaan suuntaan, saavutetaan todellinen arvo, sellaisena kuin asiakas sen määrittelee. Tutkimuksessa esiin tuotu ajattelutapa tarjoaa uusia mahdollisuuksia vaihtoehtoisille hinnoittelumenetelmille sekä palveluinnovaatioille.Co-creation debate has increasingly become a key topic in the contemporary services marketing theory and practice. Domains of co-creation and value have thus far attracted plenty of academic interest, however, there is an evident deficiency of one essential dimension of value: price. In the triangular relation of co-creation, value and price, it is of high importance to research the role of price, as it is one of the prime components contributing to the formation of value in an exchange. Using secondary research methods, this research works towards a conceptualization of CCP and offers a model of the conditions that need to be in place for value through CCP to occur. The model builds its foundations on Service-Dominant Logic debate. Combined together with the ARA model, and the prevalent thinking of experiential marketing, the work contributes to the academic co-creation literature by adding to the knowledge of value creation. Further, it presents an explorative opening of dynamic pricing thinking for practitioners by challenging the marketers to think their pricing from an innovative co-creation based view. Co-created pricing offers an alternative logic to inwardly focused value creation of the firm and suggests that by turning the focus on the customer, the true value, as perceived by the customer, is captured. Today’s customers are increasingly willing, capable and rich in their resources to participate in pricing decisions, thereby offering an opportunity for alternative pricing methods and service innovations

The Effect of HR Relational Strategy and Transactional Strategy on Supply Chain Performance: The Moderating Role of Environment Orientation

The purpose of this study is to examine the effect of relational strategies and transactional strategies in order to determine the performance of supply chain management of Indonesian servicing sector through the moderating role of environment orientation. This research was done quantitatively. Questionnaire were Adapted to collect the data and random sampling technique was used. The sampling size was of 200. PLS3 software was applied to analyze the data. The findings of the study showed that the association of the basic strategies in terms of relational and transactional has a tendency to affect the performance of “supply chain management†significantly and positively. The HRM organization adds to the assurance of practices inside the supply chain, both operationally and deliberately through the moderating role of “environment orientationâ€. Reconciliation of environmental issues in the supply chain assumes extremely noteworthy job in deciding the productivity and viability inside the supply chain management

The Relationship Marketing Practices on Priority Customer Trust Levels in Depositing Funds at Bank BRI Purwokerto During the Pandemic

The banking industry in Indonesia is currently quite fragmented, with various challenges with globalization. The covid-19 pandemic does not only affect the health sector, but the economic sector also affected including the banking industry. Customer trust is one of the issues that needs to be considered, especially funds obtained from third parties (priority customers) which make a significant contribution to the sustainability of the bank and provide a profit value for the bank. This is due to various phenomena that occur in society including failures in business, decreased turnover, increased rates of investment-related fraud and banking cases that occur in pandemic. This research was conducted to see how important the role of relationship marketing practice is to the trust of priority customers to save their funds at Bank BRI Purwokerto branch during the covid-19 pandemic. This research was conducted to members of RM Dana officer at Bank BRI Purwokerto, to analyze relationship marketing practices that have been carried out using direct interview techniques. These results are then analyzed by looking at the development of the number of priority customers based on the annual report from Bank BRI Purwokerto before and during the pandemic. The results of the study show that there is an increase in the number of funds and priority customers during the pandemic. This increase was influenced by changes in the approach strategy to customers carried out by the RM Dana team during the pandemic. In addition to the reputation of Bank BRI as a banking industry under BUMN which increases the trust of priority customers.Keywords: BRI Purwokerto, Customer trust, Priority customer, Relationship marketin

Retail Banking in Ghana: Critical Factors for Success

In an attempt to encourage competition, growth and liberalise the Ghanaian banking industry for economic development, the Central bank of Ghana introduced the “Universal banking licence” to allow banks to operate in commercial, development, and investment or merchant segments without the need for separate licences. In spite of this, the banks in Ghana seem to be focusing mainly on retail banking. The study therefore aims to identify the factors crucial for the success of the retail banking segment in Ghana for the sake of competitiveness and sustainability. Literature review on retail banking was carried out and primary research on eight selected banks in Ghana was conducted to determine the factors crucial for successful retail banking in Ghana. The researchers principally used interview and questionnaires to obtain descriptive data for analysis and also made use of secondary data. The finding shows among other things that,  the factors crucial for successful retail banking among others are technology, good reputation /image, service quality, convenience and good customer relationship management strategies. This work is relevant and important to the least developing economies where competition in the banking industry is at its barest minimum and where the banking industry is critical in their economic development. Keywords: Retail Banking, Critical Factors, Success, Economic Development, Ghan

The Conceptual Foundations of Relationship Marketing: Review and Synthesis

The present review is devoted to a rapidly developing area of marketing — relationship marketing. The authors suggest that the conceptual foundations of it are not currently well developed but forecast that it will transform into a discipline in the near future. They outline two approaches to the definition of relationship marketing and provide their own definition, emphasizing such aspects as collaboration, creation and enhancement of value for those who are involved in relationships. The authors trace the origins of relationship marketing, describing the importance of a range of factors that contribute to the increasing importance of relationship marketing today, such as the development of services, communication with the end consumer, etc. A section of this work examines the development of theoretical approaches: the authors argue that marketing originated in economics, which tended to ignore issues related to distribution systems. They also show that questions concerning relationship marketing were considered even before the term itself was introduced. In the final section, the authors touch upon the models that describe processes in relational marketing and analyze its components step-by-step. The authors highlight three core aspects of relational marketing: setting a purpose, choosing parties and program formation. In the conclusion the authors describe three possible levels of future studies in this area — the concept level, model level and process level — and specifics of each level are characterized