The influence of relationship marketing orientation on brand equity in banks |
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| Affiliation: | 1. Faculty of Business Studies, Vavuniya Campus, University of Jaffna, Sri Lanka;2. Faculty of Business and Law, Swinburne University of Technology, PO Box 218, Hawthorn, Corner Wakefield Street, Victoria 3122, Australia;3. S P Jain School of Global Management, 5 Figtree Drive, Sydney Olympic Park, New South Wales 2127, Australia;1. College of Geosciences, China University of Petroleum-Beijing, Beijing 102249, China;2. Hangzhou Research Institute of Geology, PetroChina, Hangzhou 310023, China;3. CNPC Chuanqing Drilling Engineering Company Limited, Xi''an, Shaanxi 710018, China;1. CentER, Netspar, Tilburg University, Warandelaan 2, Tilburg, The Netherlands;2. Ghent University, W. Wilsonplein 5D, 9000 Ghent, Belgium;3. CentER, European Banking Center, Tilburg University, Warandelaan 2, Tilburg, The Netherlands;1. Resource Ecology Group, Wageningen University, Droevendaalsesteeg 3a, NL-6708 PB Wageningen, The Netherlands;2. School of Animal and Range Sciences, College of Agriculture and Environmental Sciences, Haramaya University, PO Box 138, Dire Dawa, Ethiopia;1. CSIR – National Institute of Oceanography, Regional Centre, Kochi 682018, India;2. CSIR – National Institute of Oceanography, Dona Paula, Goa 403004, India;1. Centre National de la Recherche Scientifique et Technologique, INERA, Département Environnement et Forêts, 03 BP 7047, Ouagadougou 03, Burkina Faso;2. World Agroforestry Centre (ICRAF), West and Central Africa Regional Office –Sahel Node, BP E5118, Bamako, Mali;3. Unité de Formation et de Recherche en Sciences de la Vie et de la Terre, Laboratoire de Biologie et Ecologie Végétales (UFR/SVT), Université Ouaga I Pr Joseph Ki-Zerbo, 09 BP 848 Ouagadougou 09, Burkina Faso |
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| Abstract: | During the last few decades, business philosophy has shifted from marketing orientation to Relationship Marketing Orientation (RMO). Service-oriented organizations, such as banks, increasingly apply RMO to enhance their brand management practices, such as brand loyalty and brand image. This in turn creates an identity for their brand name and adds value to it. The main purpose of this study is to investigate the influence of RMO on Brand Equity in the banking industry. This study also examines the influence of the dimensions of RMO (trust, bonding, communication, shared values, empathy and reciprocity) on the development of Brand Equity in banks. Social exchange theory underpins this examination of the relationship between RMO and Brand Equity. The sample comprised 1400 commercial bank customers from Sri Lanka, and the surveys were administered for data collection. There were two main stages to the analysis: testing the measurement model using confirmatory factor analysis and testing the hypotheses. The findings revealed that RMO positively influenced the development of Brand Equity in banks. Of the dimensions of RMO examined here, Trust, Communication, Shared Values and Empathy significantly enhanced Brand Equity. The implications of these findings for theory and practice have been suggested. The findings of this study have practical applications for enhancing the Brand Equity of banks and other financial institutions by strengthening their relationship marketing practices. This study also suggests some insightful directions for future research. |
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| Keywords: | Relationship Marketing Orientation (RMO) Brand Equity Dimensions of RMO Banks Social exchange theory |
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