Relationship Marketing Stage of Development in Romanian Banking Industry
The paper emphasizes the relationship marketing stage of development within the banking industry in Romania, by identifying the extent to which business objectives and marketing strategies of companies are customer oriented. In order to achieve this aim a qualitative marketing research was conducted...
Saved in:
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Editura ASE
2016-02-01
|
| Series: | Amfiteatru Economic |
| Subjects: | |
| Online Access: | http://www.amfiteatrueconomic.ro/ArticolEN.aspx?CodArticol=2499 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1849683971119513600 |
|---|---|
| author | Alina Filip Diana Maria Vrânceanu Bogdan Georgescu Daniela Elena Marinescu |
| author_facet | Alina Filip Diana Maria Vrânceanu Bogdan Georgescu Daniela Elena Marinescu |
| author_sort | Alina Filip |
| collection | DOAJ |
| description | The paper emphasizes the relationship marketing stage of development within the banking industry in Romania, by identifying the extent to which business objectives and marketing strategies of companies are customer oriented. In order to achieve this aim a qualitative marketing research was conducted, by applying in-depth semi-structured interviews. The target group of the research consisted of nine banking companies, selected according to the market share, while the research participants were employees responsible for marketing, sales and customer relationship management activities. Due to respondents’ expertise, during the interviews could be applied mixed research methods in the process of data collection and subsequently, in data analysis. According to research objectives and results, although there is an increase in the importance of customer orientation within banking policies, the integration of relationship marketing optics at the institutional management level is facing a number of deficiencies, especially with regard to the concerns about employees’ satisfaction and loyalty or to the development of relationships with other stakeholders. The degree of satisfaction with the adoption of customer relationship management technology is relatively high among banks, being appreciated mainly those banking performance achieved in terms of retention rate, cross-selling and customer satisfaction. Most banks use the gross customer retention index as the main indicator of customer portfolio stability, although retention objectives tend to be set differently depending on customer value. Internal marketing strategies are developed around staff training processes, while performance evaluation criteria are rather specific to a transactional marketing approach. Results of the research provide clues on the relationship marketing processes and activities that need to be improved, in order to strengthen the current customer base and the competitive position in the banking industry. |
| format | Article |
| id | doaj-art-cbc8d11a77814f8e996efd37ce0f9301 |
| institution | DOAJ |
| issn | 1582-9146 2247-9104 |
| language | English |
| publishDate | 2016-02-01 |
| publisher | Editura ASE |
| record_format | Article |
| series | Amfiteatru Economic |
| spelling | doaj-art-cbc8d11a77814f8e996efd37ce0f93012025-08-20T03:23:37ZengEditura ASEAmfiteatru Economic1582-91462247-91042016-02-011841199214Relationship Marketing Stage of Development in Romanian Banking IndustryAlina Filip0Diana Maria Vrânceanu1Bogdan Georgescu 2Daniela Elena Marinescu3Bucharest University of Economic Studies, RomaniaBucharest University of Economic Studies, RomaniaBucharest University of Economic Studies, RomaniaBucharest University of Economic Studies, RomaniaThe paper emphasizes the relationship marketing stage of development within the banking industry in Romania, by identifying the extent to which business objectives and marketing strategies of companies are customer oriented. In order to achieve this aim a qualitative marketing research was conducted, by applying in-depth semi-structured interviews. The target group of the research consisted of nine banking companies, selected according to the market share, while the research participants were employees responsible for marketing, sales and customer relationship management activities. Due to respondents’ expertise, during the interviews could be applied mixed research methods in the process of data collection and subsequently, in data analysis. According to research objectives and results, although there is an increase in the importance of customer orientation within banking policies, the integration of relationship marketing optics at the institutional management level is facing a number of deficiencies, especially with regard to the concerns about employees’ satisfaction and loyalty or to the development of relationships with other stakeholders. The degree of satisfaction with the adoption of customer relationship management technology is relatively high among banks, being appreciated mainly those banking performance achieved in terms of retention rate, cross-selling and customer satisfaction. Most banks use the gross customer retention index as the main indicator of customer portfolio stability, although retention objectives tend to be set differently depending on customer value. Internal marketing strategies are developed around staff training processes, while performance evaluation criteria are rather specific to a transactional marketing approach. Results of the research provide clues on the relationship marketing processes and activities that need to be improved, in order to strengthen the current customer base and the competitive position in the banking industry.http://www.amfiteatrueconomic.ro/ArticolEN.aspx?CodArticol=2499relationship marketingcustomer relationship managementinternal marketingbanking industrycustomer orientationcustomer retention |
| spellingShingle | Alina Filip Diana Maria Vrânceanu Bogdan Georgescu Daniela Elena Marinescu Relationship Marketing Stage of Development in Romanian Banking Industry Amfiteatru Economic relationship marketing customer relationship management internal marketing banking industry customer orientation customer retention |
| title | Relationship Marketing Stage of Development in Romanian Banking Industry |
| title_full | Relationship Marketing Stage of Development in Romanian Banking Industry |
| title_fullStr | Relationship Marketing Stage of Development in Romanian Banking Industry |
| title_full_unstemmed | Relationship Marketing Stage of Development in Romanian Banking Industry |
| title_short | Relationship Marketing Stage of Development in Romanian Banking Industry |
| title_sort | relationship marketing stage of development in romanian banking industry |
| topic | relationship marketing customer relationship management internal marketing banking industry customer orientation customer retention |
| url | http://www.amfiteatrueconomic.ro/ArticolEN.aspx?CodArticol=2499 |
| work_keys_str_mv | AT alinafilip relationshipmarketingstageofdevelopmentinromanianbankingindustry AT dianamariavranceanu relationshipmarketingstageofdevelopmentinromanianbankingindustry AT bogdangeorgescu relationshipmarketingstageofdevelopmentinromanianbankingindustry AT danielaelenamarinescu relationshipmarketingstageofdevelopmentinromanianbankingindustry |