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Impact of service quality on customer satisfaction and customer loyalty an application on the banking sector - Dissertation Example

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Impact of service quality on customer satisfaction and customer loyalty an application on the banking sector

With the aim to evaluate the impact of service quality and customer satisfaction on customer loyalty, three objectives were set in Chapter I. Based on a qualitative approach, only secondary data has been used for this study. With customer loyalty as the dependent variable, three independent variables – perceived value, service quality and customer experience have been considered in this study. The study finds that certain dimensions of service quality directly impact customer loyalty - reliability, empathy, responsiveness and assurance. Staff training is thus of importance in delivering quality training to evoke such feelings in customers. In the service economy the relationship between service quality and customer experience has gained immense importance. Customers base their future decisions on the ‘moment of truth’ and hence staging and designing an experience has become an important tool to gain competitive advantage in the banking sector. Banks need to understand individual customer needs and personalize service. Perceived value enhances customer satisfaction and this leads to enhanced customer loyalty. Customers evaluate the benefits they receive against the costs they pay for such services. Thus Perceived value in the banking sector independently impacts customer satisfaction leading to customer loyalty. ...
1.4 Conceptual framework 4 1.5 Structure of the Study 6 1.6 Scope of the Study 6 Chapter II Literature Review 2.1 Chapter Overview 7 2.2 Definitions 2.2.1 Service Quality 7 2.2.2 Customer Satisfaction and Customer Experience 8 2.2.3 Customer-perceived Value 9 2.2.4 Customer Loyalty 10 2.3 Dimensions and perceptions of service quality 2.3.1 Dimensions of Service Quality 10 2.3.2 The Gap Model 11 2.3.3 Perceptions of Service Quality 12 2.3.4 Summary 15 2.4 Service Quality and Customer Loyalty 16 2.5 Service Quality and Customer Experience 19 2.6 Perceived Value on Customer Satisfaction and Customer Loyalty 22 Chapter III Methodology 3.1 Research Philosophy 23 3.2 Research Design 23 3.3 Research Methodology 23 3.4 Choice of Method 24 3.5 Data Collection 25 3.6 Sources of data 25 3.7 Justification for Literature Review 25 3.8 Data Analysis 26 3.9 Ethical Concerns 26 Chapter IV Findings and Discussion 4.1 The Banking Industry 27 4.2 Service Quality and Customer Loyalty 27 4.3 Service Quality and Customer Experience 29 4.4 Perceived Value on Customer Satisfaction and Customer Loyalty 31 4.5 Discussion 33 Chapter V Conclusion and Recommendation 5.1 Conclusion 36 5.2 Recommendations to enhance customer loyalty 37 5.3 Limitations of the Study 37 5.4 Recommendations for further research 37 5.5 Personal Reflections 39 References 40 Figures Figure I Framework for the Study 5 Figure II Customer Experience and Service Quality 30 Chapter I Introduction 1.1 Background In an intensely competitive business environment, sustainable competitive advantage has become imperative. The service industry has been forced to create new ways of finding competitive advantage (Chen & Hu, 2012). Retaining customers is considered to be more important than creating new customers. Retaining existing ...Show more


Customer Experience in the Service Economy – a study in the Banking Sector ASBTRACT As the business environment has become competitive, competitive advantage has become imperative. Banks have come under heavy pressure to perform as service economy has taken shape where companies compete in service delivery…
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