Relationship Marketing
Concept, Elements and Practices
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The Banking industry in India has undergone radical changes due to the liberalization and globalization measures undertaken since 1991. Banks are experiencing stiff competition and focusing now on customer centric strategies to attain competitive advantage and retain profitable customers. With increased number of banks, products & services & practically nil switching costs, customers are easily switching banks whenever they find better services and products. Banks are finding it tough to get new customers and more importantly retaining existing customers. To retain High Net worth customers & a...
The Banking industry in India has undergone radical changes due to the liberalization and globalization measures undertaken since 1991. Banks are experiencing stiff competition and focusing now on customer centric strategies to attain competitive advantage and retain profitable customers. With increased number of banks, products & services & practically nil switching costs, customers are easily switching banks whenever they find better services and products. Banks are finding it tough to get new customers and more importantly retaining existing customers. To retain High Net worth customers & attain competitive advantage, bank should focus strongly on relationship management with customers. The objective of this book is to understand the customers' perception towards relationship marketing practices & the impact of relationship marketing on customer satisfaction and loyalty. The present study consider bonding, trust, communication, conflict management, empathy, personalization, reciprocity & commitment as the elements of relationship marketing. This book enables in better understanding of relationship marketing practices of banking sector by the academicians and the practitioners.
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