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International Journal of Management and Business Research

.: Home > International Journal of Management and Business Research > 2011 > Volume 1 Number 3 > 1 Ayodele Omoyiola Fagbemi; 2 Folake Feyisayo Olowokudejo

A Comparison of the Customer Relationship Management Strategies of Nigerian Banks and Insurance Companies

1 Ayodele Omoyiola Fagbemi; 2 Folake Feyisayo Olowokudejo
1Departmentl of Business and Human Resource Management, School of Management Science, National Open University of Nigeria, Victoria Island, Lagos, Nigeria 2Department of Actuarial Science and Insurance, Faculty of Business Administration, University of Lagos, Lagos, Nigeria
Abstract :

This study aimed at finding out if banks and insurance companies in Nigeria use CRM as a marketing strategy as well as whether these organizations have employed the same variables to achieve Customer Relationship Management. Relevant literature was reviewed and a model consisting of seventeen variables was conceptualized and tested by means of empirical data collected through a questionnaire survey of four hundred and ninety nine respondents. The research instruments were validated and a pilot study was carried out to test the reliability of the measures. Statistical tools including percentages and Mann- Whitney U test were used. Findings showed that these institutions use CRM as a marketing strategy and also that the variables employed by these organizations to achieve Customer Relationship Management differ. 
It is important to point out the originality of this study because it facilitates the development of a new conceptual model which will help future research. To the researchers’ knowledge, this is the first study to compare the CRM strategies used in the two major financial institutions in Nigeria.

Keywords :
Customer Relationship Management; Staff; Customers; Survey; banks; Insurance Companies

Date Deposited : 29 Mar 2016 11:54

Last Modified : 29 Mar 2016 11:54

Official URL: http://www.ijmbr.org/article_22_1.html#au1

Volume 1, Number 3, - 2011

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