LIST OF TABLES
Page
Table 4.1: Characteristics of the study sample 38
Table 4.2: Cronbach Alpha of research concepts 39
Table 4.3: Table of results of relationship marketing factor analysis 42
Table 4.4: EFA results of loyalty scale 43
Table 4.5: Scale of relationship marketing factors affecting 44
Table 4.6: Pearson correlation coefficient analysis 46
Table 4.7: Summary table of multiple regression model 47
Table 4.8: Table of suitability assessment of multiple regression model 47
Table 4.9: Parameter table of multiple linear regression model 47
Table 4.10: Results of testing research hypotheses 52
Table 5.1: Statistical table describing the components after running EFA 54
LIST OF IMAGES
Page
Figure 2.1: Marketing orientation development diagram 7
Figure 2.2: Research model of Seng (2006) 16
Figure 2.3: Research model of Mohammad & ctg (2011) 17
Figure 2.4: Research model of Seyyedeh & ctg (2013) 18
Figure 2.5: Research model of Hau & Liem (2012) 19
Figure 2.6: Proposed research model 29
Figure 3.1: Research process 31
Figure 4.1: Model of adjusting relationship marketing factors affecting
Customer Loyalty 45
Figure 4.1: Scatter Plot 49
Figure 4.2: Frequency histogram of standardized residuals 49
Figure 4.3: PP 50 frequency chart
LIST OF SYMBOLS AND ABBREVIATIONS
Acronym
English | Vietnamese Meaning | |
BO | Bonding | Commit |
CO | Communication | Media |
DN | Business | |
EFA | Exploratory Factor Analysis | |
EM | Empathy | Sympathy |
KMO | Kaiser-Meyer-Olkin | |
Commercial Bank | Commercial Bank | |
OLS | Ordinary Least Square | Square method smallest usual |
P-value | Probability value | Probability value |
RE | Reciprocity | Cooperation |
RM | Relationship Marketing | Relationship Marketing |
RMO | Relationship Marketing Orientation | Important marketing orientation system |
SPSS | Statistical Package for Social Sciences | Statistical data processing software SPSS statistics |
SV | Shared Value | Shared Value |
TR | Trust | Faith |
Ho Chi Minh City | Ho Chi Minh City | |
VIF | Magnification factor |
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CHAPTER I. INTRODUCTION
1.1. Reasons for choosing the topic
In the context of the world economy integrating and globalization, all trade distances in terms of geography, space and time as well as cultural practices of peoples and countries in the world are gradually narrowing. The business market of enterprises is not only limited to each country but also reaches the international region. The opportunities, challenges and competition in the operations of enterprises, therefore, are also significantly increased.
In the field of marketing in enterprises, in addition to traditional marketing, in recent years, many new marketing models have emerged that focus on building reciprocal relationships, intertwining and binding each other, etc. Modern marketing factors are not only limited to material or technical aspects, but also have a great dependence on human factors, the relationship between people in business activities in general and marketing activities in particular. The marketing capacity of an enterprise is demonstrated: First, it is the continuous monitoring and response to changes in the market, including partners, customers, competitors and the business environment; Second, enterprises must always strive to build good relationships with partners, customers, business partners as well as relevant agencies. At the same time, there is always a big difference between marketing for businesses (B2B) and for consumers (B2C) because the behavior of each customer group in the decision-making process is very different, in which, consumers' purchasing choices are often influenced by emotional factors.
Relationship Marketing is the process of understanding the needs and regularly updating each individual customer about product and service information. Through this two-way communication method, it will bring benefits to both the company and the customer, thus creating a long-term relationship. With Relationship Marketing, it can be seen as a shift in the marketing industry from the 4P or 6P marketing mix model to a new model - Relationship Marketing. In which, the relationship building process of organizations and businesses will go through 7 stages including: attracting, establishing, creating, developing, maintaining, strengthening and focusing.
, Relationships between organizations and businesses will also be built on key factors such as: trust, customer satisfaction, value delivered, effective communication and social commitments or bonds. The role of relationship marketing is defined as: "the process of establishing, maintaining, and strengthening relationships with customers and related partners to satisfy the goals of the parties in this relationship". If the traditional 4P marketing in the past was inward-looking, modern relationship marketing is two-way, interacting with each other, so relationship marketing will bring benefits to both businesses and their customers and partners, creating a long-term, sustainable relationship in the operations of each business. Therefore, relationship marketing activities are more important than ever, because, in addition to the ability to help understand customer needs, relationship marketing also affects customer loyalty (Ndubisi, 2004).
With increasing customer demand, increasingly fierce competition in customer service, and the cost of attracting a new customer being 5-6 times higher than the cost of retaining an old customer, businesses are increasingly focusing on providing services aimed at existing customers while building and implementing relationship marketing. For the banking industry, service business is the main business and the long-term strategy of modern banks today is to target individual customers/consumers using retail banking products and services, therefore, strengthening and building relationships, developing a customer base is the basis for building and developing a sustainable bank. To achieve that goal, it is thought that relationship marketing plays an important role.
Joint Stock Commercial Bank for Investment and Development of Vietnam (abbreviated as BIDV) is a large financial institution of the country operating in the fields of banking, currency and credit services. According to the published Annual Report 2012, BIDV's equity as of December 31, 2012 was VND 26,494 billion, BIDV's total assets in 2012 were VND 484,784 billion, and total pre-tax profit was VND 3,389 billion. In the context of the general economic crisis and the difficulties in the operations of enterprises in particular, BIDV has proactively predicted and flexibly responded to market developments, and been creative in managing its business plan.
business, striving to achieve remarkable results with new breakthroughs, affirming sustainable development, upholding the motto "Sharing opportunities, successful cooperation", contributing meaningfully and positively to the management of national monetary policy and the process of Industrialization and Modernization of the country led by our Party.
In the new development stage, deeply integrating into the international economy, to continue to fulfill the assigned mission and tasks, especially the task of restructuring the Vietnamese commercial banking system directed by the Government, BIDV is resolutely and constantly innovating and comprehensively perfecting its business activities. In particular, marketing is identified as an important strategy to help the Bank both sustainably restructure its existing customer base and create a good customer development foundation; supplement and perfect the system of products, services and customer policies to serve customers more effectively, contributing to consolidating BIDV's leading position in the financial and banking sector in Vietnam and proactively integrating into the world economy.
In Ho Chi Minh City, the central area of the key economic region in the South, BIDV has been present since 1976 and up to now, in addition to representative offices, public service units, joint venture units, and investment capital contributions such as securities companies, insurance companies, financial leasing companies, etc., BIDV's commercial banking network alone has 15/122 level I branches, over 60 transaction offices and nearly 2,500 employees, accounting for a total asset size of approximately 30% of the entire system.
Through the process of studying and researching at Ho Chi Minh City University of Economics, with the guidance of teachers, the author realized that Relationship Marketing is a necessary solution for BIDV in the current period, with practical significance for BIDV branches in Ho Chi Minh City.
Therefore, in order to have a basis for applying Relationship Marketing into practice, the author chose the research topic: "Relationship Marketing factors affecting customer loyalty to Vietnam Joint Stock Commercial Bank for Investment and Development in Ho Chi Minh City" .
The research results are an objective basis for BIDV to consider and refer to in building the bank's marketing strategy in the coming time, in which, marketing
The relationship will play an important role, with practical significance in consolidating and enhancing customer loyalty to BIDV, contributing to promoting BIDV's increasingly effective operations and sustainable development.
1.2. Research objectives
This thesis has three main research objectives as follows:
1. Identify the factors of relationship marketing that affect customer loyalty in banking operations.
2. Measuring the impact of relationship marketing factors on customer loyalty at Vietnam Joint Stock Commercial Bank for Investment and Development in Ho Chi Minh City.
3. Test the difference between demographic variables on customer loyalty, and propose some implications and conclusions to improve the quality of relationship marketing activities at Vietnam Joint Stock Commercial Bank for Investment and Development in Ho Chi Minh City.
1.3. Research object and scope
Research object: Relationship marketing factors affecting customer loyalty to Vietnam Joint Stock Commercial Bank for Investment and Development in Ho Chi Minh City.
Research scope: Marketing activities, Customer relations of
Joint Stock Commercial Bank for Investment and Development of Vietnam in Ho Chi Minh City.
1.4. Research method
The thesis uses qualitative and quantitative research methods:
Qualitative method: implemented through in-depth interview techniques and focus group discussions to summarize concepts, develop appropriate survey questionnaires for each scale, supplement theoretical scales of the relationship between relationship marketing factors and customer loyalty to the Vietnam Joint Stock Commercial Bank for Investment and Development in Ho Chi Minh City, thereby proposing research hypotheses and building an official research model.
Quantitative method: The official research was conducted through direct survey techniques of 213 customers who had transacted with the Bank to
The purpose of testing the measurement scale and theoretical research model. The scale was preliminarily tested by Cronbach Alpha reliability coefficient, EFA exploratory factor analysis and testing the research model by correlation analysis, multiple linear regression analysis through SPSS statistical data processing software. The control variables were tested by T-Test and Anova.
1.5. Thesis structure
The structure of the thesis includes 5 chapters.
Chapter 1. Introduction - Presents the reasons for choosing the topic, research objects, research objectives, research methods and structure of the thesis.
Chapter 2. Theoretical basis of relationship marketing factors and customer loyalty to banks - Presenting theoretical basis related to research concepts; Proposing research hypotheses and building research models.
Chapter 3. Research methodology - Presents the research process, measuring research concepts with linear regression method.
Chapter 4. Analysis of research results - Presents analysis of quantitative research results with linear regression.
Chapter 5. Implications and conclusions - Summarize the results, at the same time, point out the limitations of the study and suggest further research steps; Provide implications and conclusions for consideration of practical application.