Customer Satisfaction Analysis of Banks: The Role of Market Segmentation

Francis Osei; Gloria Ampomah; Collins Kankam-Kwarteng; Daniel Opoku Bediako; Reagan Mensah

doi:doi:10.11648/j.sjbm.20210902.19

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Customer Satisfaction Analysis of Banks: The Role of Market Segmentation

Francis Osei, Gloria Ampomah, Collins Kankam-Kwarteng, Daniel Opoku Bediako, Reagan Mensah

Published in Science Journal of Business and Management (Volume 9, Issue 2)

Received: 3 June 2021 Accepted: 18 June 2021 Published: 30 June 2021

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Abstract

In today’s competitive banking industry, market segmentation as a serious strategic alternative is very important if players in the banking industry are to achieve customer satisfaction which can influence customer loyalty and profitability. In the study of Ghana Commercial Bank, the investigation focused on how market segmentation has affected customer satisfaction in the Ghana banking industry. The study evaluates the effects of market segmentation on customer satisfaction in the banking industry in Ghana. To achieve the purpose of the study a descriptive research design was adopted. The target population was 200 respondents from five banks (branch) in Kumasi metropolis in Ghana. The primary source of data and secondary source of data was utilized in the entirety of the study. Data collected were analyzed using the Statistical Package for Social Scientists (SPSS) and Smart PLS software. The results proved that there was a positive relationship between geographical segmentation, demographic segmentation, behavioral segmentation on customer satisfaction. The nature of behavioral segmentation provides the opportunity for real-time communication across a wide range of marketing channels including direct mail, email, point-of-sale devices, and mobile channels as well as personal contact at the branch or call center level. The downside of using behavioral data as a marketing driver is that it does require detailed, in-depth data sets, models, and market testing. Also, prices, distribution, and advertising can all be tailored to control variables that are problematic for customers, because today's customers demand simple, convenient, flexible, and timely products and services. The recommendations are intended to represent as a framework for banking industries as they try to provide improved service to their customers.

Published in	Science Journal of Business and Management (Volume 9, Issue 2)
DOI	10.11648/j.sjbm.20210902.19
Page(s)	126-138
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Geographical Segmentation, Demographic Segmentation, Behavioral Segmentation, Customer Satisfaction

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APA Style

Francis Osei, Gloria Ampomah, Collins Kankam-Kwarteng, Daniel Opoku Bediako, Reagan Mensah. (2021). Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Science Journal of Business and Management, 9(2), 126-138. https://doi.org/10.11648/j.sjbm.20210902.19

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ACS Style

Francis Osei; Gloria Ampomah; Collins Kankam-Kwarteng; Daniel Opoku Bediako; Reagan Mensah. Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Sci. J. Bus. Manag. 2021, 9(2), 126-138. doi: 10.11648/j.sjbm.20210902.19

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AMA Style

Francis Osei, Gloria Ampomah, Collins Kankam-Kwarteng, Daniel Opoku Bediako, Reagan Mensah. Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Sci J Bus Manag. 2021;9(2):126-138. doi: 10.11648/j.sjbm.20210902.19

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@article{10.11648/j.sjbm.20210902.19,
  author = {Francis Osei and Gloria Ampomah and Collins Kankam-Kwarteng and Daniel Opoku Bediako and Reagan Mensah},
  title = {Customer Satisfaction Analysis of Banks: The Role of Market Segmentation},
  journal = {Science Journal of Business and Management},
  volume = {9},
  number = {2},
  pages = {126-138},
  doi = {10.11648/j.sjbm.20210902.19},
  url = {https://doi.org/10.11648/j.sjbm.20210902.19},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20210902.19},
  abstract = {In today’s competitive banking industry, market segmentation as a serious strategic alternative is very important if players in the banking industry are to achieve customer satisfaction which can influence customer loyalty and profitability. In the study of Ghana Commercial Bank, the investigation focused on how market segmentation has affected customer satisfaction in the Ghana banking industry. The study evaluates the effects of market segmentation on customer satisfaction in the banking industry in Ghana. To achieve the purpose of the study a descriptive research design was adopted. The target population was 200 respondents from five banks (branch) in Kumasi metropolis in Ghana. The primary source of data and secondary source of data was utilized in the entirety of the study. Data collected were analyzed using the Statistical Package for Social Scientists (SPSS) and Smart PLS software. The results proved that there was a positive relationship between geographical segmentation, demographic segmentation, behavioral segmentation on customer satisfaction. The nature of behavioral segmentation provides the opportunity for real-time communication across a wide range of marketing channels including direct mail, email, point-of-sale devices, and mobile channels as well as personal contact at the branch or call center level. The downside of using behavioral data as a marketing driver is that it does require detailed, in-depth data sets, models, and market testing. Also, prices, distribution, and advertising can all be tailored to control variables that are problematic for customers, because today's customers demand simple, convenient, flexible, and timely products and services. The recommendations are intended to represent as a framework for banking industries as they try to provide improved service to their customers.},
 year = {2021}
}

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TY  - JOUR
T1  - Customer Satisfaction Analysis of Banks: The Role of Market Segmentation
AU  - Francis Osei
AU  - Gloria Ampomah
AU  - Collins Kankam-Kwarteng
AU  - Daniel Opoku Bediako
AU  - Reagan Mensah
Y1  - 2021/06/30
PY  - 2021
N1  - https://doi.org/10.11648/j.sjbm.20210902.19
DO  - 10.11648/j.sjbm.20210902.19
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
SP  - 126
EP  - 138
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20210902.19
AB  - In today’s competitive banking industry, market segmentation as a serious strategic alternative is very important if players in the banking industry are to achieve customer satisfaction which can influence customer loyalty and profitability. In the study of Ghana Commercial Bank, the investigation focused on how market segmentation has affected customer satisfaction in the Ghana banking industry. The study evaluates the effects of market segmentation on customer satisfaction in the banking industry in Ghana. To achieve the purpose of the study a descriptive research design was adopted. The target population was 200 respondents from five banks (branch) in Kumasi metropolis in Ghana. The primary source of data and secondary source of data was utilized in the entirety of the study. Data collected were analyzed using the Statistical Package for Social Scientists (SPSS) and Smart PLS software. The results proved that there was a positive relationship between geographical segmentation, demographic segmentation, behavioral segmentation on customer satisfaction. The nature of behavioral segmentation provides the opportunity for real-time communication across a wide range of marketing channels including direct mail, email, point-of-sale devices, and mobile channels as well as personal contact at the branch or call center level. The downside of using behavioral data as a marketing driver is that it does require detailed, in-depth data sets, models, and market testing. Also, prices, distribution, and advertising can all be tailored to control variables that are problematic for customers, because today's customers demand simple, convenient, flexible, and timely products and services. The recommendations are intended to represent as a framework for banking industries as they try to provide improved service to their customers.
VL  - 9
IS  - 2
ER  -

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Author Information

Francis Osei

Department of Marketing, School of Business, Kumasi Technical University, Kumasi, Ghana
Gloria Ampomah

Department of Revenue, Afigya Kwabre North District Assembly, Kumasi, Ghana
Collins Kankam-Kwarteng

Department of Marketing, School of Business, Kumasi Technical University, Kumasi, Ghana
Daniel Opoku Bediako

Department of Commercial, L’oreal West Africa, Takoradi, Ghana
Reagan Mensah

Department of Cocoa Health and Extension Division, Ghana cocoa Board, Nyinahin, Ghana

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Francis Osei, Gloria Ampomah, Collins Kankam-Kwarteng, Daniel Opoku Bediako, Reagan Mensah. (2021). Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Science Journal of Business and Management, 9(2), 126-138. https://doi.org/10.11648/j.sjbm.20210902.19

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ACS Style

Francis Osei; Gloria Ampomah; Collins Kankam-Kwarteng; Daniel Opoku Bediako; Reagan Mensah. Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Sci. J. Bus. Manag. 2021, 9(2), 126-138. doi: 10.11648/j.sjbm.20210902.19

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AMA Style

Francis Osei, Gloria Ampomah, Collins Kankam-Kwarteng, Daniel Opoku Bediako, Reagan Mensah. Customer Satisfaction Analysis of Banks: The Role of Market Segmentation. Sci J Bus Manag. 2021;9(2):126-138. doi: 10.11648/j.sjbm.20210902.19

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@article{10.11648/j.sjbm.20210902.19,
  author = {Francis Osei and Gloria Ampomah and Collins Kankam-Kwarteng and Daniel Opoku Bediako and Reagan Mensah},
  title = {Customer Satisfaction Analysis of Banks: The Role of Market Segmentation},
  journal = {Science Journal of Business and Management},
  volume = {9},
  number = {2},
  pages = {126-138},
  doi = {10.11648/j.sjbm.20210902.19},
  url = {https://doi.org/10.11648/j.sjbm.20210902.19},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.sjbm.20210902.19},
  abstract = {In today’s competitive banking industry, market segmentation as a serious strategic alternative is very important if players in the banking industry are to achieve customer satisfaction which can influence customer loyalty and profitability. In the study of Ghana Commercial Bank, the investigation focused on how market segmentation has affected customer satisfaction in the Ghana banking industry. The study evaluates the effects of market segmentation on customer satisfaction in the banking industry in Ghana. To achieve the purpose of the study a descriptive research design was adopted. The target population was 200 respondents from five banks (branch) in Kumasi metropolis in Ghana. The primary source of data and secondary source of data was utilized in the entirety of the study. Data collected were analyzed using the Statistical Package for Social Scientists (SPSS) and Smart PLS software. The results proved that there was a positive relationship between geographical segmentation, demographic segmentation, behavioral segmentation on customer satisfaction. The nature of behavioral segmentation provides the opportunity for real-time communication across a wide range of marketing channels including direct mail, email, point-of-sale devices, and mobile channels as well as personal contact at the branch or call center level. The downside of using behavioral data as a marketing driver is that it does require detailed, in-depth data sets, models, and market testing. Also, prices, distribution, and advertising can all be tailored to control variables that are problematic for customers, because today's customers demand simple, convenient, flexible, and timely products and services. The recommendations are intended to represent as a framework for banking industries as they try to provide improved service to their customers.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Customer Satisfaction Analysis of Banks: The Role of Market Segmentation
AU  - Francis Osei
AU  - Gloria Ampomah
AU  - Collins Kankam-Kwarteng
AU  - Daniel Opoku Bediako
AU  - Reagan Mensah
Y1  - 2021/06/30
PY  - 2021
N1  - https://doi.org/10.11648/j.sjbm.20210902.19
DO  - 10.11648/j.sjbm.20210902.19
T2  - Science Journal of Business and Management
JF  - Science Journal of Business and Management
JO  - Science Journal of Business and Management
SP  - 126
EP  - 138
PB  - Science Publishing Group
SN  - 2331-0634
UR  - https://doi.org/10.11648/j.sjbm.20210902.19
AB  - In today’s competitive banking industry, market segmentation as a serious strategic alternative is very important if players in the banking industry are to achieve customer satisfaction which can influence customer loyalty and profitability. In the study of Ghana Commercial Bank, the investigation focused on how market segmentation has affected customer satisfaction in the Ghana banking industry. The study evaluates the effects of market segmentation on customer satisfaction in the banking industry in Ghana. To achieve the purpose of the study a descriptive research design was adopted. The target population was 200 respondents from five banks (branch) in Kumasi metropolis in Ghana. The primary source of data and secondary source of data was utilized in the entirety of the study. Data collected were analyzed using the Statistical Package for Social Scientists (SPSS) and Smart PLS software. The results proved that there was a positive relationship between geographical segmentation, demographic segmentation, behavioral segmentation on customer satisfaction. The nature of behavioral segmentation provides the opportunity for real-time communication across a wide range of marketing channels including direct mail, email, point-of-sale devices, and mobile channels as well as personal contact at the branch or call center level. The downside of using behavioral data as a marketing driver is that it does require detailed, in-depth data sets, models, and market testing. Also, prices, distribution, and advertising can all be tailored to control variables that are problematic for customers, because today's customers demand simple, convenient, flexible, and timely products and services. The recommendations are intended to represent as a framework for banking industries as they try to provide improved service to their customers.
VL  - 9
IS  - 2
ER  -

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