A Research Proposal: The Relationship between Customer Satisfaction and Consumer Loyalty



Similar documents
Impact of Customer Satisfaction on Customer Loyalty and Intentions to Switch: Evidence from Banking Sector of Pakistan

Wireless Internet Service and Customer Satisfaction: A Case Study on Young Generation in Bangladesh

Customer Expectations of Service Quality: A Study on Private Banks of Bangladesh

UNLEASH POTENTIAL THROUGH EFFECTIVE SERVICE QUALITY DETERMINANTS

The impact of relationship marketing on customer loyalty enhancement (Case study: Kerman Iran insurance company)

AN EMPIRICAL ANALYSIS OF THE STRATEGIES UNDERTAKEN BY INSURANCE COMPANIES IN SAUDI ARABIA TO ENHANCE CUSTOMER LOYALTY AND CUSTOMER RETENTION

Service Quality Value Alignment through Internal Customer Orientation in Financial Services An Exploratory Study in Indian Banks

A STUDY ON CUSTOMER SATISFACTION WITH REFERENCE TO MOBILE SERVICE PROVIDERS IN HYDERABAD (INDIA)

The Impact of Service Quality on Customer Loyalty: A Study of Banks in Penang, Malaysia

The Influence of Marketing Mix and Customer Satisfaction on Customer Loyalty among Hijab Consumers

A Research Proposal: The Level of Economic Return of Study Abroad Impact on Career Development

The Effect of Switching Barriers on Customer Retention in Korean Mobile Telecommunication Services

Service Quality, Customer Satisfaction and Loyalty: A Test of Mediation

Journal of Business & Economics Research November, 2004 Volume 2, Number 11

Factors Affecting Customer Satisfaction and Customer Loyalty towards Belle Footwear Company in

DETERMINANTS OF CUSTOMER SATISFACTION IN FAST FOOD INDUSTRY

Brand Loyalty in Insurance Companies

The Relationship between Service Quality and Perceived Value with Customer Loyalty and Aerobic Fitness Clubs in Tabriz

Service Quality, Customer Satisfaction, Perceived Value and Brand Loyalty: A Critical Review of the Literature

IMPACT OF CUSTOMER RELATIONSHIP ON CUSTOMER LOYALTY IN CELLULAR INDUSTRY: EVIDENCE FROM KPK, PAKISTAN

ISSN: (Online) Volume 2, Issue 4, April 2014 International Journal of Advance Research in Computer Science and Management Studies

The Influence of Trust and Commitment on Customer Relationship Management Performance in Mobile Phone Services

Does Trust Matter to Develop Customer Loyalty in Online Business?

Measuring Customer Satisfaction with Service Quality Using American Customer Satisfaction Model (ACSI Model)


in nigerian companies.

RELATIONSHIP MARKETING: AN APPROACH TO CUSTOMER SERVICES, SATISFACTION AND RETENTION IN NIGERIA

Service Quality and Customer Satisfaction in a Telecommunication Service Provider

The Importance of Customer Satisfaction in Relation to Customer Loyalty and Retention. Harkiranpal Singh. UCTI Working Paper WP-06-06

Chapter 2: Relationship Marketing and the Concept of Customer Value

Antecedents and Consequences of Consumer s Dissatisfaction of Agro-food Products and Their Complaining through Electronic Means

A 10 Year Retrospective of Help Desk Satisfaction for High Technology Equipment Shows Little Consistency

A Study on Customer Satisfaction in Mobile Telecommunication Market by Using SEM and System Dynamic Method

The Relationships between Perceived Quality, Perceived Value, and Purchase Intentions A Study in Internet Marketing

CHAPTER 3 FRAME OF REFERENCE

CUSTOMER SATISFACTION ON SERVICE QUALITY IN PRIVATE COMMERCIAL BANKING SECTOR IN BANGLADESH

Total service experience as a function of service experiences in service systems

086 The study of the Factors Affecting the Customer Loyalty of Lotteria fast food restaurants in Yangon, Myanmar

SERVICE QUALITY DIMENSION COMPARISON BETWEEN PUBLIC AND PRIVATE LIFE INSURANCE COMPANIES

ABHINAV NATIONAL MONTHLY REFEREED JOURNAL OF RESEARCH IN COMMERCE & MANAGEMENT

COMMUNICATION SATISFACTION IN THE HOSPITALITY INDUSTRY: A CASE STUDY OF EMPLOYEES AT A THEME PARK IN CHINA ABSTRACT

An Empirical Study of Factors Influencing Behavioral Outcomes within Online Retailing Service Contexts

The Effect of Perceived Value on Customer Loyalty in a Low-Priced Cosmetic Brand of South Korea: The Moderating Effect of Gender

ASIAN JOURNAL OF MANAGEMENT RESEARCH Online Open Access publishing platform for Management Research

Status of Customer Relationship Management in India

Examining antecedents of satisfaction for marketing/management students in higher education

The Role of Customer Value on Satisfaction and Loyalty (Study on Hypermart s Customers)

Surveying the Relationship Between Relationship Marketing and Customer Loyalty Case Study: Pasargad Bank in Mazandaran province

Internet Service Providers In Thailand: Evaluation of Determinants Affecting Customer Loyalty

Determinants of Service Quality among the Internet Service Providers in Kenya

CRM Systems and Customer Survey Measurement A Panoramic View of Customers by Jamie Baker-Prewitt, Ph.D.,Vice President, Burke, Inc.

Relationship Quality as Predictor of B2B Customer Loyalty. Shaimaa S. B. Ahmed Doma

Amon Mutyasira. CRM Implementation: Not for profit organisations and profitmaking CRM compared (Case Study)

Relationship Between Customers Perceived Values, Satisfaction and Loyalty of Mobile Phone Users

APPLYING HIERCARCHIAL SERVICE QUALITY MODEL IN MEASURING MOBILE PHONE SERVICE QUALITY IN ALGERIA

Barriers & Incentives to Obtaining a Bachelor of Science Degree in Nursing

Recommendation, Loyalty - Retention. Market share Revenue. Negative WOM, Complaint, No Loyalty - Defection

The Relationship of E-CRM, Customer Satisfaction and Customer Loyalty. The Moderating Role of Anxiety

Understanding Customer Engagement in Services Paul Patterson, Ting Yu, University of New South Wales Ko de Ruyter, Maastricht University

INVESTIGATION OF EFFECTIVE FACTORS IN USING MOBILE ADVERTISING IN ANDIMESHK. Abstract

Does Social Media Affect Consumer Decision- Making?

THE EFFECTS OF SERVICE QUALITY, RELATIONAL BENEFITS, PERCEIVED VALUE AND CUSTOMER SATISFACTION TOWARDS CUSTOMER LOYALTY IN HAIR SALON INDUSTRY

IMPROVING THE CRM SYSTEM IN HEALTHCARE ORGANIZATION

ABSTRACT JEL: M31. KEYWORDS: Customer loyalty, marketing strategy, perceived value, relationship quality INTRODUCTION

Effective customer relationship management of health care: a study of hospitals in Thailand

The relationship between service quality and customer satisfaction: the example of CJCU library

The Bucharest Academy of Economic Studies, Romania

The Impacts of Customer Loyalty on Negative Word-of-Mouth Communication and. Repurchase Intention. Bunyamin Topcu, PhD

Cruise Travel Virtual Communities: Digital Identity Management and Member Satisfaction

International Journal of Business and Social Science Vol. 3 No. 2 [Special Issue January 2012]

Call Center Executives Listening Behavior and Customers Intention to Call

Journal of Asian Business Strategy

Analyzing the Relationship between Customer Satisfaction and Loyalty in the Software Industry - With a Case Study in Isfahan System Group

Service quality factors affecting purchase intention of life insurance products

Evaluation of Relationship Marketing Using Service Profit Chain Model to Improve Customer Loyalty

Online Consumer Herding Behaviors in the Hotel Industry

Ethical Conflicts and Cultural Differences among Employees in the Hospitality Industry

CHAPTER 3 - CUSTOMER RELATIONSHIP MANAGEMENT (CRM)

A Theoretical Framework for Assessing Effects of User Generated Content on a Company s Marketing Outcomes

The Effect of Internal Marketing on Employees' Customer Orientation in Social Security Organization of Gilan

Contextual factors that influence learning effectiveness: Hospitality students perspectives

Determinants of Customers' Satisfaction for Stock Broking Services - An Empirical Analysis

JJMIE Jordan Journal of Mechanical and Industrial Engineering

IMPACT ANALYSIS OF SERVICE QUALITY ON CUSTOMER SATISFACTION IN GROCERY STORE CHAINS-AN EMPIRICAL STUDY OF EMPLOYEES PERSPECTIVE.

A Study to Determine the Effects of Customer Value on Customer Loyalty in Airline Companies Operating: Case of Turkish Air Travellers

CUSTOMER LOYALTY IN FINANCIAL SERVICES FROM A SERVICE-DOMINANT LOGIC PERSPECTIVE

Impact of Customer Relationship Management of Hotel (A Case study Umaid Bhwan)

Branding a Business School: the Intersection of Scholarship and Practical Experience

A Study on Customer Orientation as Mediator between Emotional Intelligence and Service Performance in Banks

Investigating the effective factors on Customer Relationship Management capability in central department of Refah Chain Stores

The Importance of Trust in Relationship Marketing and the Impact of Self Service Technologies

A Study Of Two Customer Retention Measures: The American Customer Satisfaction Index And The Conversion Model

BANKING LOYALTY BY SME CUSTOMERS: A QUALITATIVE STUDY OF THE HONG KONG MARKET. Regan Lam City University of Hong Kong

Relationship Bonding Strategies and Customer Retention: A Study in Business To Business Context

Evaluating the Relationship between Service Quality and Customer Satisfaction in the Australian Car Insurance Industry

Relationship between Website Attributes and Customer Satisfaction: A Study of E-Commerce Systems in Karachi

CUSTOMER LOYALTY MEASUREMENT AT CZECH ORGANIZATIONS

Strategic Supply Chain for Global Customer Relationship in e-business Management

Factors affecting the Satisfaction of China s Mobile Services Industry Customer. Su-Chao Chang a, Chi-Min Chou a, *

Course Description Applicable to students admitted in

Transcription:

Johnson & Wales University ScholarsArchive@JWU MBA Student Scholarship The Alan Shawn Feinstein Graduate School 5-7-2015 A Research Proposal: The Relationship between Customer Satisfaction and Consumer Loyalty Jiana Daikh Johnson & Wales University - Providence, JDaikh01@wildcats.jwu.edu Follow this and additional works at: http://scholarsarchive.jwu.edu/mba_student Part of the Business Commons Repository Citation Daikh, Jiana, "A Research Proposal: The Relationship between Customer Satisfaction and Consumer Loyalty" (2015). MBA Student Scholarship. Paper 42. http://scholarsarchive.jwu.edu/mba_student/42 This Research Paper is brought to you for free and open access by the The Alan Shawn Feinstein Graduate School at ScholarsArchive@JWU. It has been accepted for inclusion in MBA Student Scholarship by an authorized administrator of ScholarsArchive@JWU. For more information, please contact egearing@jwu.edu.

Running head: CUSTOMER SATISFACTION AND CONSUMER LOYALTY 1 A Research Proposal: The Relationship between Customer Satisfaction and Consumer Loyalty Jiana Daikh Johnson & Wales University College of Management, Graduate Studies RSCH 5500, Business Information & Decision-Making 33486 Martin W. Sivula, Ph.D. May 7 th, 2015

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 2 Abstract The purpose of this research is to study the relationship between customer satisfaction and consumer loyalty and apply its relationship into all the market industries including products and services, particularly in financial institutions. Preliminary sample data (N=80) will be collected from faculties and students at Johnson and Wales University of all ethnicities, national and international students. The hypothesis of the study is developed as H1: There is a significant positive relationship between customer loyalty and customer satisfaction. A t-test for independent samples is used to address the hypothesis. The discussion of the study indicated that there is a significant positive relationship between customer loyalty and customer satisfaction, however, it is important to fully understand that the loyalty which is the main goal of each industry is very hard to achieve and is not very easy to be reached by industries due to the customer satisfaction which is very hard to reach by itself, and the service quality as well. There are many other variables that can affect the consumer loyalty such as the high level of competition among today s companies and the fast track of technological advancement. These reasons indicate that companies should work hard because loyalty is a fleeting issue, today s loyal customer would not be tomorrow s loyal customer. Keywords: customer satisfaction, customer loyalty and service quality.

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 3 Introduction Banks are competing intensely in a highly competitive environment to offer quality oriented services according to customers expectations. Various important parts of banking sector like operations, service quality, employee satisfaction, customer satisfaction, financing products, efficiency, financial performance are being studied by many researchers to better understand and serve the community at large (Arokiasamy, 2013). The high quality relationship with customers is the main influence of a successful service provider (Panda, 2003) which determines customer satisfaction and loyalty (Jones, 2002 as cited by Lymperopoulos et al., 2006). Organizational outcome such as performance superiority is primarily influenced by the service quality (Poretla & Thanassoulis, 2005), increasing sales profit (Levesque & Mc. Dougal, 1996; Kish, 2000; Duncan & Elliot, 2002) and market share (Fisher, 2001), progressing customer relations, improving corporate image and promote customer loyalty (Newman, 2001; Caruana, 2002;). Furthermore, service quality and customer satisfaction were found to be related to customer loyalty through repurchase intentions (Levesque & Mc. Dougall, 1996; Newman, 2001; Caruana, 2002). Banks must convey quality service to ensure success and survival in today s competitive banking. It is logical that a satisfied customer will become at the end a repeat purchaser and a loyal buyer for many causes. This relationship between satisfaction and buyer loyalty should conclude in improved marketing performance for a variety of reasons.

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 4 Today, constant progress in service quality from the bank is a crucial need for their customers to stay loyal, due to the increasing awareness among bank customers rights, their changing demands, and competition. This research intends to test whether the bank customers are satisfied with the services provided to them, which will eventually lead to loyalty. Purpose of the study Customers became a center for all banking activities due to increased competition for greater market share. Focusing on customer satisfaction has been the key to increasing service quality according to customers expectations in the banking sector (Zairi, 2000). Hanson (2000) suggested that the level of service quality is an indication of the organization's ability to meet customers' desires and demands. So organizations must better their services to meet the customers' needs and requirements. Managers depend on customers anticipation of service quality for the competition in the market (Hoffman and Bateson, 2002). The purpose of this study is to examine, in particular, the correlations between consumer satisfaction and consumer loyalty. A prior study ran in the sector of the financial services industry by Kuwaiti bank loan services. The bank loans are a unique service type to be studied, the reason that the loans themselves are normally quite durable. Other providers are excluded from the market once the bank is selected, until another loan is required, possibly some time later. Bank loans have been especially studied in Taiwan. By examining different institutions in other countries one should benefit in this study to better understand loyalty and satisfaction. This study will initially address the literature related to the primary constructs under study. The research will

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 5 include definitions, instrumentation, sampling, data collection, hypotheses, discussion of the data, conclusion as well as the references of the study. Literature Review Regarding the competitive environment, there is a need for banks to plan their strategies that will differentiate them from another. This can be achieved through the delivery of high service quality. The practice of excellent service quality has been proven that customer satisfaction will significantly lead to customer loyalty (Caruana, 2000; Caruana, 2002). Customer Satisfaction Customer satisfaction is one of the most important issue concerning business organization of all types, which is justified by the customer oriented philosophy and the principles of continues improvement in modern enterprise (Arokiasamy, 2013). The marketing concept suggests that a satisfied buyer will be more likely to repurchase again, or at least has the intention of repurchasing again, than those who are dissatisfied. They consider that customer satisfaction and retention the most important long-term objectives of firms. Reichheld and Sasser (1990) suggested that new buyers cost more to serve than repeat customer, which means that repeat customers are benefiting a firm s cost structure. A firm s primary strategic objectives are to minimize customer regress and to maximize customer intention rates to buy, as evidenced by the recent emphasis on customer relationship management. Thus, previously satisfied buyers may help firms both reduce marketing costs, and develop more stable levels of sales when a large number of satisfied buyers are retained to purchase again in the future. There are several

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 6 definitions of customer satisfaction in the marketing literature. It is generally accepted that satisfaction is a psychological state that results from consumer experiences after consumption (Pleshko, & Heiens, 1996). According to a widely accepted conceptualization, customer satisfaction is a customer s post-consumption evaluation of a product or service (Mittal & Frennea (2010, p. 3). This only occurs if the perceived performance of a product or service meets or exceeds customers prior expectations ( Bearden & Teel, 1983; Oliver 1980, 2010). Thus, overall customer satisfaction with a company s offerings is determined by comparisons between customers expectations of the company s products or services and their perceptions of the products or services performance ( Fornell et al., 1996; Oliver 1980, 2010). Customer Loyalty Customer loyalty broadly refers to customer behaviors that indicate a desire to better an ongoing relationship with a company (Palmatier et al., 2006). The customer s willingness to purchase again from the company, having a preference for the company, or recommending the company to others could be indications to customers desire to remain in a relationship with a company that demonstrate how much a customer is related to a company. Loyal customers are often worth the marketing effort, owing to their willingness to buy additional products and spread positive word of mouth as well as their reliability as a source of continuous revenues (Zeithaml, Berry, & Parasuraman 1996). The programs of customer retention could lead to a higher rate in buyer loyalty. Although that marketing manager s primary concern is maintaining and increasing brand

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 7 loyalty, there is no guarantee for loyal buyers, because today s buyer might not be so in the future since loyalty is considered so transient. Loyalty is developed over a period of time from a consistent record of meeting, and sometimes even exceeding customer expectations (Teich, 1997). Kotler et al. (1999) claims that the cost of attracting a new customer may be five times the cost of keeping a current customer happy. Customer loyalty is very difficult to be achieved. More and more unique ways are adopted to meet the ever changing nature of the service industry. Additionally, time constraints are most often a barrier to customer satisfaction. Every organization in the market competes to develop advanced methods to keep on track. Technology, for example affects the service industry, since constantly meeting customer satisfaction over a period of time is the only way to achieve customer loyalty (Teich, 1997). Service Quality All the definitions of service quality hold that this is the result of the comparison that customers make between their expectations about a service and their perception of the way the service has been performed (Lehtinen & Lehtinen, 1982; Lewis & Booms, 1983; Parasuraman et al., 1985; 1988; Caruana, 2002). Service quality is defined as the degree of contradiction between customers perceptions of service performance and their normative expectation for service. (Parasuraman et al., 1985). Interrelationship between Customer Satisfaction and Customer Loyalty It is logic that satisfied buyers will probably return for future purchases and eventually become loyal. This is the formal concept and the basis for thought in marketing. In fact, this relationship between satisfaction and loyalty has been shown to

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 8 be the case throughout much of the literature. Recent studies support this strong correlation between satisfaction and loyalty. Additionally, in the financial services industry, it is shown that satisfaction should be treated as one of the main predictors of loyalty (Al-Wugayan,, Pleshko, & Baqer, 2008). Methodology Instrumentation In order to make sure most of the respondents can read and understand the questionnaire, it will be designed in an English version. The content of the questionnaire will be divided into four different parts. The first part will solicit relevant personal information, such as participants age, gender, educational level, job, income and nationality. The second part will measure participants perceptions and expectations of the services quality. It contains ten attributes which reflect the dimensions of institution services. Furthermore, these attributes will be described by the statements that reflect respondents perceptions of the services. This will be according to Likert scale a fivepoint scale range from 1 (strongly disagree) to 5 (strongly agree) to be selected as their responses. The third part will be four questions that measure customers satisfaction level. The sample questions would be: 1- How satisfied are you with the service provided by your debit, checking/ saving account? 2- How satisfied are you with the loan service provided by your financial institution? 3-How satisfied are you with the customer service of your financial institution? 4-In general, how satisfied are you with your financial institution?

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 9 Then, there will also be a five-point Likert scale range from 1 (very dissatisfied) to 5 (very satisfied) to be selected as their responses to each question. As for the last part, will be three questions which measure participants behavioral intensions that express their loyalty. The sample problems would be: How likely are you willing to invest more in your financial institution? How likely do you think of switching to another financial institution? How likely will you recommend your financial institution to other people? Each behavioral intension will be measured by one item, from 1 = very unlikely to 5 = very likely. Sampling and Data collection A survey will be conducted to test the hypotheses generated for this research. The population frame is customers of various local banks in Rohde Island who have at least one account and they will be asked about their attitudes, behaviors, expectations, perceptions, reliability and responsiveness. The quantitative research methodology approach will be used in this research which conducted by survey. The survey will consider the age, income, employment status and education level, regarding that every element has different standard on the customer to be satisfied. Target stratified random sample size will be N = 400 and with this sample size the sample error estimate is approximately +-5%. Research Framework and Hypothesis A number of studies had identified the links between loyalty customer service, satisfaction and trust. Beerli et al., (2004) as cited in (Arokiasamy, 2013) states that in retail banking sector impact of satisfaction on loyalty is considerably stronger that the

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 10 cost of switching, and satisfaction is an antecedent of perceived quality. In order to verify the relationship between the independent and dependent variables, a hypothesis were developed. The conceptual framework for the study is adopted and modified from the empirical study by (Beerli et al.,2004 by Arokiasamy, 2013) depicted below. The figure illustrates the relationship between customer satisfaction, customer loyalty and intentions to switch. Figure 1. - (Beerli et al.,2004 by Arokiasamy, 2013) Hypotheses of the Study The hypotheses of the study are developed as below: H1: There is a significant positive relationship between customer loyalty and customer satisfaction. Discussion It is clear that customer satisfaction in today s dynamic corporate environment is very essential. On the other hand dissatisfaction has been seen as a primary reason for customers intentions to switch. Dissatisfied customers are more likely to tell almost ten people their unfortunate experiences with a particular organization. Customer satisfaction highly influences customers repurchase intentions. Satisfied customers are most likely to

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 11 share their experiences with other four or six people around them. Organizations must be able to build and maintain long lasting relationships with customers through satisfying various customer needs and demands which eventually motivates them to continue to do business with the organization on on-going basis. Conclusion Although many researches have been conducted in the customer service field, still more studies banks must continue to conduct in order to meet the changes in the banking industry. New technologies must be incorporated as a factor to measure service quality in future researches. Researches and related questionnaires must also be accommodated with the new banking requirements of the customer. A clearer understanding as to the sequence of relationship between service quality, customer satisfaction and customer loyalty can help to ensure better targeting of customer using limited marketing resources. ( Gremler, & Brown,1996).

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 12 References Al-Wugayan, A., Pleshko, L. P., & Baqer, S. M. (2008). An investigation of the relationships among consumer satisfaction, loyalty, and market share in Kuwaiti loan services. Journal Of Financial Services Marketing, 13(2), 95-106. doi:10.1057/fsm.2008.9 Arokiasamy, A. A. (2013). The impact of customer satisfaction on customer loyalty and intentions to switch in the banking sector in Malaysia. Journal of Commerce (22206043), 5(1), 14-21 Bearden, W. O. & Teel, J. E. (1983, February). Selected Determinants of Consumer Satisfaction and Complaint Reports, Journal of Marketing Research, 20, 21-28. Caruana, A. (2002). Service loyalty. The effects of service quality and the mediating role of customer satisfaction. European Journal of Marketing, 36(7/8), 811-828. Caruana, A., Money, A.H. & Berthon, P.R. (2000). Service quality and satisfaction- the moderating role of value. European Journal of Marketing, 34(11/12), 1338-1352. Claes, F., Johnson, M.D., Anderson, E.W.,Cha, J. & Bryant, B.E. (1996, October), The American Customer Satisfaction Index: Nature, Purpose, and Findings, Journal of Marketing, 60, 7-18. Fisher, A. (2001). Winning the battle for customers. Journal of Financial Services Marketing, 6(2), 77-83. Gremler, D.D., & Brown, S.W. (1996). Service loyalty: its nature, importance and implications. Proceedings American Marketing Association, 171-180 Hanson, W (2000). Principles of Internet Marketing, Cincinnati, Ohio: South- Western. Haumann, T., Quaiser, B., Wieseke, J., & Rese, M. (2014). Footprints in the Sands of Time: A Comparative Analysis of the Effectiveness of Customer Satisfaction and Customer- Company Identification over Time. Journal Of Marketing, 78(6), 78-102. doi:10.1509/jm.13.0509 Hoffman, K.D. & Bateson, J.E. (2002). Essentials of services Marketing: Concept, Strategies and Casses, 2nd Ed. Harcourt College Publishers.

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 13 Kotler, P., Ang, S.H., Leong, S.M., & Tan, C.T. (1999). Marketing Management: An Asian Perspective. New Jersey: Prentice Hall Inc. Lymperopoulos, C., Chaniotakis, I.E., & Soureli, M. (2006). The importance of service quality in bank selection for mortgage loans. Managing Service Quality, 16(4), 365-379. Levesque, T.J., & McDougall, G.H.G. (1996). Determinants of customer satisfaction in retail banking. International Journal of Bank Marketing, 14(7), 12-20. Lewis, R.C., & Booms, B.H. (1983). The marketing aspects of service quality. Emerging Perspectives in Service Marketing. In Berry, L.L., Shostack, G. and Upah, G. (Eds) American Marketing Association, Chicago,IL 99-107. Lehtinen, U., & Lehtinen, J.R. (1982). Service quality- a study of dimensions. unpublished working paper, Service Management Institute, Helsinki, 439-460. LaBarbera, P. A. & Mazursky, D., (1983, Novermber). A Longitudinal Assessment of Consumer Satisfaction, Dissatisfaction: the Dynamic Aspect of Cognitive Process, Journal of Marketing Research, 20, 393-404. Mittal, V. & Carly, F.(2010). Customer Satisfaction: A Strategic Review and Guidelines for Managers. Cambridge, MA: MSI Fast Forward Series, Marketing Science Institute. Mittal, V. & Kamakura W.A. (2001, February). Satisfaction, repurchase intent, and repurchase behavior: investigating the moderating effect of customer characteristics. Journal of Marketing Research, 38, 131-142. Newman, K. (2001). Interrogating SERVQUAL: a critical assessment of service quality r126-139. Oliver, Richard L. (1980, November). A cognitive model of the antecedents and consequences of satisfaction decisions. Journal of Marketing Research, 17, 460-69. Oliver, R.L. (2010). Satisfaction: A Behavioral Perspective on the Consumer. Armonk, NY: M.E. Sharpe. Reichheld, F.F. & Sasser, Jr., W.E. (1990). Zero defections. Quality comes to services. Harvard Business Review, 68(5), 105-111. Panda, T. K. (2003). Creating customer lifetime value through effective CRM in financial services industry. Journal of Services Research, 2(2), 157-171. Palmatier, R. W., Dant, R.P., Grewal,D., & Kenneth Evans (2006, October). Factors influencing the effectiveness of relationship marketing: A Meta- Analysis. Journal of Marketing, 70, 136-53.

CUSTOMER SATISFACTION AND CONSUMER LOYALTY 14 Parasuraman, A., Zeithaml, V.A., & Berry, L.L. (1985). A conceptual model of service quality and its implications for future research. Journal of Marketing, 49, Fall. Portela, M.C.A.S., & Thanassoulis, E. (2005). Profitability of a sample of Portuguese bank branches and its decomposition into technical and allocative components. European Journal of Operational Research, 162(3),850-866. Pleshko, L. P. & Heiens, R. A. ( 1996 ). Categories of customer loyalty: An application of the customer loyalty classification framework in the fast-food hamburger Market. Journal of Food Products Marketing, 3(1), 1 12. Teich, I. (1997). Holding on to customers: the bottom-line benefits of relationship building. Bank Marketing, 29(2), 12-13. Zairi, M., (2000). Managing customer dissatisfaction through effective complaint management systems, The TQM Magazine, 12 (5), 331-335. Zeithaml, V A., Berry, L.L., & Parasuraman, A. (1996, April ). The behavioral consequences of service quality. Journal o f Marketing, 60, 31 46.