Competitiveness vis-à-vis service quality as drivers of customer loyalty mediated by perceptions of regulation and stability in steady and volatile markets |
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| Institution: | 1. Macquarie University, Sydney, Australia;2. Seoul National University (SNU), Seoul, Korea;3. University of Technology, Sydney, Australia;4. Krida Wacana Christian University, Jakarta, Indonesia;5. Satya Wacana Christian University, Salatiga, Indonesia;1. University of Lethbridge, 4401 University Drive, Lethbridge, Alberta, Canada T1K 3M4;2. Faculty of Management, University of Lethbridge, 4401 University Drive, Lethbridge, Alberta, Canada T1K 3M4;1. Aston Business School, Marketing Group, Aston Triangle, Birmingham B4 7ET, UK;2. Professor of Technology Marketing, ETH Zürich, Weinbergstr. 56/58, 8092 Zuerich, Switzerland;3. Accenture Professor and Professor of Marketing, Boston College, Chestnut Hill, MA 02467 USA;1. Karlstad University, SAMOT Vinn Excellence Center, Service Research Center, SE-651 88 Karlstad, Sweden;2. University of Borås, SE-501 90 Borås, Sweden;1. Department of Business Administration, Pontificia Universidad Javeriana Cali, Colombia;2. Institute for Retail Studies, Stirling Management School, University of Stirling, Stirling, UK;3. Centre for Advanced Retail Studies (CARS), Massey Business School, Massey University (Albany), New Zealand;1. Macquarie University, Sydney, NSW 2109, Australia;2. Seoul National University (SNU), Seoul, South Korea |
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| Abstract: | The purpose of this research is to investigate predictors of customer loyalty in order to identify alternatives to customer satisfaction with service quality, which has been traditionally accepted as the primary predictor of customer loyalty, particularly for services. A stratified sample of bank customers was surveyed to collect information on customer perceptions and behaviors in relation to satisfaction with service quality, competitiveness, risk, regulation, stability and loyalty. Partial least squares path modelling (PLSPM) was applied to develop loyalty models for a steady market (Australia) and a volatile market (Greece). This study's empirical findings support theoretical arguments for the inclusion of customer perceptions of competitiveness in loyalty modelling. Perceptions of regulation and stability intervene in the relationship between drivers of loyalty and loyalty itself. For bankers, the study emphasizes the need to move away from customer satisfaction with service quality to explain customer loyalty, towards focusing efforts on achieving relative superiority in competitiveness, namely competitive productivity and products. Profiling customers based on their perceptions of a bank's competitiveness can provide additional explanatory power beyond traditional satisfaction based loyalty models. Services marketing has focused on the service components, and there is no doubt about its crucial role. But given this focus, other factors, such as the actual product component, have been somewhat overlooked in services research. The study makes a unique contribution to understanding and modelling customer loyalty by demonstrating the importance of the inclusion of customer perceptions of other factors as appropriate to market conditions. |
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| Keywords: | Customer loyalty Competitiveness Competitive productivity Service Quality Regulation Risk |
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