The Practice of Relationship Marketing and Customer Retention in the Banking Industry in Ghana: The Case of Twelve Banks in Ghana
Independent thesis Advanced level (degree of Master (Two Years)), 20 credits / 30 HE creditsStudent thesis
The banking sector in Ghana has witnessed significant improvement in relationship marketing. The purpose of this study is to bring deeper understanding and insight into the practice of relationship marketing and customer retention by banks in Ghana. For this study, 12 out of the 27 banks in Ghana were selected as the sample size. The research explains the role of relationship marketing in customer retention and also demonstrates how relationship marketing is applied and practiced by the banks in Ghana. A qualitative research approach was chosen and deductive research was conducted based on twelve case studies from both local and international banks. The following research questions guided the study: I. What are the major reasons for the adoption of relationship marketing in customer retention in the banking industry in Ghana? II. How is relationship marketing applied to retain customers in the banking industry in Ghana? III. How is relationship marketing practiced to increase loyalty and improve customer retention in the banking industry in Ghana? The findings of the study showed that indeed, all the banks have reasons for adopting relationship marketing in customer retention. The most popular reason for believing in the success of relationship marketing is customer retention. On practice, even though all the banks are similar in terms of their capacity, human behaviour influence relationship marketing and therefore brought differences in practices. The study found that banks apply relationship marketing in their customer retention efforts and all work towards retaining customers in order to make profit as it is more profitable to retain existing customers than to acquire new customers. As human behaviour is of great importance in relationship marketing activities of the banks, it was recommended among other things that banks staff training plan should be strengthened if they want success in their relationship marketing activities.
Place, publisher, year, edition, pages
2011. , 96 p.
Social Behaviour Law, relationship marketing, customer retention, bank Industry, customer, retention
Samhälls-, beteendevetenskap, juridik
IdentifiersURN: urn:nbn:se:ltu:diva-48995Local ID: 669441d1-2da2-4b94-abdd-87aa95fe0cceOAI: oai:DiVA.org:ltu-48995DiVA: diva2:1022340
Subject / course
Student thesis, at least 30 credits
Business Administration, master's level
Validerat; 20110901 (anonymous)2016-10-042016-10-04Bibliographically approved