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The Effect of Relationship Marketing on Brand Equity in Banking Industry Via Structural Equations Approach (Case Study: Shahr Bank)

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The Effect of Relationship Marketing on Brand Equity in Banking Industry Via Structural Equations Approach (Case Study: Shahr Bank) Journal of Multidisciplinary Engineering Science and Technology (JMEST) ISSN: 2458-9403 Vol. 4 Issue 10, October - 2017 The Effect Of Relationship Marketing On Brand Equity In Banking Industry Via Structural Equations Approach (Case Study: Shahr Bank) Mohammad Mojahedipour Kia Parsa* MSc Student, Department of Industrial Engineering, Assistant Professor, Department of Industrial North Tehran Branch, Islamic Azad University, Engineering, North Tehran Branch, Islamic Azad Tehran, Iran University, Tehran, Iran [email protected] Abstract— In today's competitive environment, customer could have done throughout his life. creating loyalty in the customer is one of the most Therefore, companies should always watch and important tasks of a business. Over the past few monitor the interaction between themselves and their years’ relationship marketing have forced customers and by providing the right understanding of managers to look for more creative ways to create the needs and values of the customers, they provide a mutually beneficial relationship with customers. valuable goods and services to them. So by getting Today bank managers to avoid the tendency of their satisfaction create loyalty in them and thus customers toward competitors, should seek to prevent them from shifting to other companies. In this understand their desires so that they can regard, relationship marketing is one of the most establish long-term relationships with them. successful approaches. Relationship marketing is a Relationship marketing as a new approach to concept that emerged as a paradigm shift in trading research and practice has proven to be one of the marketing and despite the great role that can play in most successful approaches to realizing this the success of the firms not much attention has been issue. The purpose of this research is to paid to it (Davar and Zohori, 2011). To this end, in investigating the effect of relationship marketing modern marketing literature, policy makers should on brand equity in the banking industry. In order always be align with creating value for the consumer, to collect information, intervention tools and and the consumer should be at the center of controls, including books and related articles, marketing activities (Bove et al., 2009). In today's questionnaires and interviews were used. The competitive environment, marketers should try to research method here is field research and the examine consumer behavior; because by research data analysis method is based in understanding consumers' behavior, products and particular on structural equation modeling. The services can be adjusted to meet their needs and statistical population of this research is desires provide more suitable marketing strategies customers of Shahr Banks in Tehran. The results that will lead to loyalty (Benneth et al., 2010). Creating of this research showed that relationship customer loyalty is one of the most important tasks of marketing has a significant effect on each aspect a business, because maintaining current customers is of brand equity (brand association, perceived less costly than attracting new customers (Ariffin et quality and brand loyalty) in banking industry. al., 2016). In this context, brands play a major role in the sustainable development of businesses (Joo, 2010). In other words, the intense competition in the Keywords— relationship marketing, banking current world has pushed marketers to focus more on industry, structural equations, Shahr Bank the branding strategy and to build and maintain a loyal I. INTRODUCTION customer base by providing high value to them (Hameed, 2013). In today's world, buyers in the buying process are Over the past few years, relationship marketing has faced with many questions about purchasing forced brand managers to look for more creative ways decisions. Variety of different products has led to create a mutually beneficial relationship with customers to choose from a variety of options. On the customers. In fact, relationship marketing makes it other hand, companies have found that the cost of possible for companies to take advantage of attracting new customers is five times more than the competitive advantages such as lower marketing cost of maintaining current customers, and the loss of costs, increased cross-selling rates, positive a customer is not just a loss in sales, but beyond that, marketing effects of the mouthpieces, and reduced it means losing the entire flow of purchases that the marketing failure costs (Davar and Zohori, 2011). www.jmest.org JMESTN42352482 8608 Journal of Multidisciplinary Engineering Science and Technology (JMEST) ISSN: 2458-9403 Vol. 4 Issue 10, October - 2017 According to Bavi et al. (2009) famous and lasting customer commitment. Buil et al. (2013) proposed and brands include a set of distinct associations. From the tested a model to better understand brand equity. It point of view of the consumer, the brand can be seeks to investigate the effects of this construct on valuable to the product, and therefore forms an consumers ' responses using data from two European important part of the product (Podsakoff et al., 2010). countries. Results indicate that brand equity Brands are often seen as one of the most valuable dimensions inter-relate. Brand awareness positively assets of an organization that can add competitive impacts perceived quality and brand associations. advantage (Punjaisri et al., 2013). Brand loyalty is mainly influenced by brand Several studies have been carried out on this subject, associations. Finally, perceived quality, brand some of which are referred to here. Mobayyeni et al associations and brand loyalty are the main drivers of (2016) investigated the effect of internet relationship overall brand equity. Findings also corroborate the marketing strategy on customer satisfaction and trust positive impact of brand equity on consumers ' with mediating role of internet service quality of responses. In addition, the general framework Saman Bank Branches in Tabriz. Findings show that proposed is found to be empirically robust across the online relationship marketing strategy has a positive studied countries. Only a few differences are and significant effect on customer satisfaction and observed. Yoganathan et al. (2015) investigated the trust. Hashemi and Rahimi (2016) investigated the influence of RMO on Brand Equity in the banking relationship between successful customer relationship industry. This study also examines the influence of the and promotion of brand equity in the banking industry dimensions of RMO (trust, bonding, communication, of the Melli Bank in West Azarbaijan. The results shared values, empathy and reciprocity) on the showed that there is a significant positive relationship development of Brand Equity in banks. The findings of between successful customer relationship with this study have practical applications for enhancing promotion of brand equity and its components (brand the Brand Equity of banks and other financial awareness, brand image, perceived quality and brand institutions by strengthening their relationship loyalty) in banking industry. Siyafsaokak et al. (2015) marketing practices. This study also suggests some evaluated the effect of relationships between insightful directions for future research. Hudson et al. dimensions of brand value and brand briefness in (2016) conducted three studies to explore how respect of consumers' response to the banking individual and national differences influence the industry. The results showed that the relationship relationship between social media use and customer between awareness of brand with perceived quality brand relationships. The first study surveyed has a positive and direct effect. The relationship customers in France, the U.K. and U.S. and compared between knowledge and brand association has a those who engage with their favorite brands via social positive and direct relation. Quality relationship media with those who do not. The findings indicated between direct loyalty and brand association has a that social media use was positively related with brand positive and direct effect on loyalty, and the relation of relationship quality and the effect was more quality to the specific overall value The brand has a pronounced with high anthropomorphism perceptions positive and direct effect, and the relationship of (the extent to which consumers' associate human loyalty to the brand's overall brand value has a characteristics with brands). Zhu et al. (2016) positive and direct effect, and the relationship is examined how consumer moral identity (MI) affects related to the general brand equity value. the impact of cause-related marketing (CRM). CRM is Soltaninehad et al. (2015) studied the mediator role of a popular hybrid marketing tool that incorporates brand awareness and image of the company in the charitable initiatives and sales promotion. CRM has relationship of charitable marketing activities and strength in simultaneously encouraging consumer customer’s desire to buy. The results of the research purchases and doing something good for the society. show that: (1) Benevolent marketing activities have a Drawing on the moral identity (MI)-based motivation positive and significant effect on brand awareness (2) model, this research examines how consumer MI Brand awareness has a positive and significant effect influences consumer behavioural response to CRM. on customer willingness to purchase (3) Binational Findings showed that Brand social responsibility marketing activities
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