IDEAS home Printed from https://ideas.repec.org/a/aes/amfeco/v41y2016i18p199.html
   My bibliography  Save this article

Relationship Marketing Stage of Development in Romanian Banking Industry

Author

Listed:
  • Alina Filip

    (The Bucharest University of Economic Studies)

  • Diana Maria Vrânceanu

    (The Bucharest University of Economic Studies)

  • Bogdan Georgescu

    (The Bucharest University of Economic Studies)

  • Daniela Elena Marinescu

    (The Bucharest University of Economic Studies)

Abstract

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.

Suggested Citation

  • Alina Filip & Diana Maria Vrânceanu & Bogdan Georgescu & Daniela Elena Marinescu, 2016. "Relationship Marketing Stage of Development in Romanian Banking Industry," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 18(41), pages 199-199, February.
    • Handle: RePEc:aes:amfeco:v:41:y:2016:i:18:p:199
    as

    Download full text from publisher

    File URL: http://www.amfiteatrueconomic.ro/temp/Article_2499.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Joseph Vella & Albert Caruana, 2012. "Encouraging CRM systems usage: a study among bank managers," Management Research Review, Emerald Group Publishing Limited, vol. 35(2), pages 121-133, January.
    2. Lai-Yu Cheng & Chih-Wei Yang, 2013. "Conceptual analysis and implementation of an integrated CRM system for service providers," Service Business, Springer;Pan-Pacific Business Association, vol. 7(2), pages 307-328, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mikhail Kulapov & Yuriy Odegov & Vera Sidorova & Nikolay Sidorov & Elena Zotova, 2019. "Corporate Culture of Organization - Typical and Russian model with the Context of Its Risks and Implications," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 15(1), pages 215-226.
    2. Mariana Bunea & Vasile Dinu, 2019. "The BASEL III impact on the Romanian Banks’s Solvency," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 15(1), pages 189-199.
    3. Negar Jalilian & Seyed Mahmoud Zanjirchi & Alireza Naser Sadrabadi & Ahmadreza Asgharpourmasouleh & Mark Goh, 2021. "Agent-Based Approach to Configure Processes in Iran’s Banking Service Supply Chain," Sustainability, MDPI, vol. 13(14), pages 1-23, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Deszczyński, Bartosz & Beręsewicz, Maciej, 2021. "The maturity of relationship management and firm performance – A step toward relationship management middle-range theory," Journal of Business Research, Elsevier, vol. 135(C), pages 358-372.
    2. Awni Rawashdeh, 2013. "Study Toward The Understanding Of Behavioral Intention To Use A Customer Relationship Management (Crm) Systems," Far East Journal of Psychology and Business, Far East Research Centre, vol. 12(1), pages 1-11, September.
    3. Muhammad Kashif Khan & Abdul Wajid & Dr. Abid Usman & Amjad Ali Chaudhry, 2013. "Socio Economic Impact Of Small Dams On Local Vicinity: A Case Study Of Aza Khel Dam Peshawar," Far East Journal of Psychology and Business, Far East Research Centre, vol. 12(5), pages 50-64, September.
    4. Stefan Meinzer & Johann Prenninger & Patrick Vesel & Johannes Kornhuber & Judith Volmer & Joachim Hornegger & Björn M. Eskofier, 2016. "Translating satisfaction determination from health care to the automotive industry," Service Business, Springer;Pan-Pacific Business Association, vol. 10(4), pages 651-685, December.
    5. Chongho Lee & Myungsook An & Yonghwi Noh, 2015. "The effects of emotional display rules on flight attendants’ emotional labor strategy, job burnout and performance," Service Business, Springer;Pan-Pacific Business Association, vol. 9(3), pages 409-425, September.
    6. Chiuhsiang Joe Lin & Lai-Yu Cheng, 2017. "Product attributes and user experience design: how to convey product information through user-centered service," Journal of Intelligent Manufacturing, Springer, vol. 28(7), pages 1743-1754, October.
    7. Maraj Rahman Sofi & Iqbal Ahmad Hakim, 2018. "Customer Relationship Management as Tool to Enhance Competitive Effectiveness: Model Revisited," FIIB Business Review, , vol. 7(3), pages 201-215, September.
    8. Chen-Ya Wang & Priyanko Guchait & Cheng-Hsin Chiang & Wan-Ting Weng, 2017. "When customers want to become frontline employees: an exploratory study of decision factors and motivation types," Service Business, Springer;Pan-Pacific Business Association, vol. 11(4), pages 871-900, December.
    9. Muneer M. Abbad & Ibrahim Hussien Musa Magboul & Faten Jaber & Wasfi Alrawabdeh, 2022. "User Antecedents, CRM Implementation, and Impact on Customer Outcomes in the Jordanian Service Industry," International Journal of Customer Relationship Marketing and Management (IJCRMM), IGI Global, vol. 13(1), pages 1-24, January.

    More about this item

    Keywords

    relationship marketing; customer relationship management; internal marketing; banking industry; customer orientation; customer retention;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aes:amfeco:v:41:y:2016:i:18:p:199. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Valentin Dumitru (email available below). General contact details of provider: https://edirc.repec.org/data/aseeero.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.