The management of long-term marketing relationships in business-to-business financial services
Date
2008-12
Authors
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Journal ISSN
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Publisher
Stellenbosch : Stellenbosch University
Abstract
Since relationship marketing re-emerged as an approach to marketing, the concept
was met with a great deal of interest. This interest resulted in relationship marketing
being researched extensively, whilst businesses started to look for ways to build
relationships with their clients. Relationships with clients can, however, only be
managed if the dimensions contributing to the relationship are adequately identified.
From an academic viewpoint, once all the relevant dimensions have been identified,
these dimensions can be used to construct a model that can guide the management
of long-term marketing relationships.
The aim of this study was to identify the dimensions that are important when longterm
marketing relationships in business-to-business (B2B) financial services are
managed. The study started with a comprehensive review of the marketing
literature. The literature review was followed by two empirical studies. The first
empirical study was conducted among relationship managers, while the second
empirical study focused on both the relationship managers and clients of a leading
South African financial services provider. Both the relationship managers as well as
the clients were part of the afore-mentioned financial services provider’s B2B
domain. Phase 1 of the empirical research (the exploratory study) focused on an
assessment of the perceptions of 75 relationship managers in respect of the
importance of a number of pre-determined dimensions. A web-based approach was
used and a questionnaire was developed according to the requirements of the
Analytic Hierarchical Process (AHP) method. Based on the literature review and the
results of the exploratory study, a set of 11 dimensions emerged as important for the
management of long-term relationships in B2B financial services.
The second phase of the empirical research focused on the perceptions of both
relationship managers (the relationship manager sample) and B2B clients (the client
sample). In the case of the relationship manager sample, a web-based
questionnaire was sent to 300 relationship managers, while 400 clients participated
in the client study. Relationship manager data were analysed by means of
regression analysis whereas the client data were analysed with the aid of Structural
Equation Modelling (SEM). The LISREL 8.80 software program was used to fit both
the measurement model and the SEM model.
The results of the study confirmed the important roles of especially trust and
commitment on a person’s intention to stay in a relationship. Furthermore, the study
found that relationship managers and clients appear to view the process of
relationship management as an intricate process. Although relationship managers
and clients differ on the importance of some of the further dimensions, agreement
existed for the importance of especially satisfaction and communication. It was also
found that relationship managers appear to over-estimate their performance levels
on some of the identified dimensions.
The uniqueness of the study lies in the simultaneous consideration of the
perceptions of both relationship managers and clients. The most important
contribution of the study is the construction of a model through which long-term
marketing relationships in the B2B financial services industry can be managed.
Description
Thesis (PhD (Business Management))--Stellenbosch University, 2008.
Keywords
Relationship marketing, Customer relations -- Management, Industrial marketing -- Management, Financial services industry, Theses -- Business management, Dissertations -- Business management