A STUDY ON A CONTEMPORARY MARKETING STRATEGY OF SOME SELECTED BANKS IN KOLKATA
Relationship Marketing Strategy (RMS) which “strives to get the firm close to the customers in order to enable it to accurately and adequately discern and satisfy their needs” is one of the most innovative and dynamic marketing strategy that is being practiced by the banks of modern India in the present business environment marked by intense competition and complexity set in due to the liberalization policies of the successive Governments. The banks which have predominantly promoted the transactional trait of its operation, of late are focusing on the relational aspect of marketing as is evident in the following promotional efforts. The slogans of the banks viz. United Bank of India - The Bank that begins with U, United Commercial Bank-Honours your trust, Allahabad Bank- A tradition of trust, speaks about the effort being put in by the banks to not only attract customers but to retain them. To understand RMS thoroughly a study has been conducted on the cash/credit account holders of three Kolkata based banks viz. United Bank of India, Allahabad Bank and United Commercial Bank. A questionnaire was devised from previous studies and relevant literature was completed by 312 bank customers selected among 5508 customers via convenience sampling. Appropriate statistical tool was used to analyze the responses and study the impact on RMS of two key constructs (reciprocity and empathy). It was found out that the two variables have a significant impact and predict a considerable proportion of the variance in RMS.
Keywords:Relationship Marketing Strategy, Reciprocity, Empathy, Bank, Statistical Tool
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