SERVICE MARKETING STRATEGIES AND CUSTOMER SATISFACTION: EVIDENCE FROM COMMERCIAL BANKS IN SOUTHEAST, NIGERIA
Keywords:
Service marketing strategies, customer satisfaction, banks, NigeriaAbstract
This study examined the effect of service marketing strategies on customer satisfaction in Southeast, Nigeria. The research used Yamane’s formula for a finite population to determine a sample of 400 respondents from 25,797,612 adult bank customers. Average Variance Extracted and Cronbach’s Alpha were used to test the validity and reliability of a structured questionnaire. The research data were analyzed with standard multiple regression. The study determined a positive statistical influence of service process and communication on customer satisfaction. On the contrary, service features, service charges, service encounters, service participation, and service evidence had no statistical influence on customer satisfaction. The result implied that a unit increase in the flexibility of bank services and an increase in bank-customer contact increased the level of customer satisfaction. The research also suggested that for every unit increase in service options; service channels; customer involvement; service facilities; and a reduction in service charge, there was no increase in satisfaction of Southeast Bank customers. Therefore, the research recommended that banks should develop a customer-friendly service system that can reduce service time and increase service turnover. Bank managers were also advised to intensify efforts to provide financial information that enables customers to make informed decisions.
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