Free Accounting Dissertations - Offering Superior Service Quality And Effectively Bonding With The Customer
Offering superior service quality and effectively bonding with the customer leads the former to trust the service provider, which in return results to affective commitment to the provider. Developing this type of commitment appears to be particularly important not only for ensuring the maintenance of the relationship but also for further enhancing it, because it leads to an intention to further invest and strengthen the relationship with the provider. On the other hand, according to the findings of S.P. Gounaris (2005) research, commitment decreases as the levels of trust between the two parties increases. This is a positive development for the relationship because calculative commitment has a negative impact on the customer’s intention to maintain the relationship and to further invest in it.
d. Limited or non-existent marketing
The issue of marketing effectiveness is of particular significance to those associated with the management of financial services in the UK. In recent years, the increasing liberalisation of the financial services market in the UK and its gradual transition from a sellers' market to a buyers' market have had a profound impact on organisations competing in the industry. Coupled with political, legal and economic pressures and higher levels of service expectation on the part of customers, banks and building societies are no longer able to assume source loyalty Consequently, many banks and building societies have focused on a variety of customer-oriented strategies in their quest for sustainable sources of differential advantage.
From a point of view, we could say that business is considered to possess a high level of marketing effectiveness if it has a close association with customers, is driven by a common set of values within the organisation and demonstrates an external orientation to its markets. First, customer relationships are distinguished by a service orientation, a thrust towards innovation and a broad view of the organisation from the customer's standpoint. Second, the set of values must be apparent and identifiable, with an accent on quality and on the value of people. Third, the external focus on markets acknowledges the importance of the marketplace as a key influence on corporate action. These principles define the creation and the operation of a successful marketing strategy. In case that the above characteristics are not presented in the firm’s culture, then its marketing strategy has been an unsuccessful one. Moreover, regardless of the wide acceptance of the marketing philosophy in principle and the appreciation of its significance to modern day business, it appears that, in practice, only a limited number of firms implement the marketing concept effectively. It is therefore not surprising that most of the firms there have been called to enhance their overall degree of marketing effectiveness.
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