Relationship marketing approach and customer perceived value: An empirical study in retail banks

Abstract

Abstract

This paper studies what creates value for customers and how perceived value increases customers’ loyalty. An analytical model is presented and applied in the field of Moroccan retail banking industry. The model is tested through a quantitative study using data collected by an online questionnaire. A total of 200 customers of financial entities were surveyed, and 20 items were tested using the Structural Equation Modeling through Smart-PLS Approach. The results show that the relationship marketing approach is a multidimensional construct composed by trust, commitment and satisfaction. The perceived value based on the PERVAL scale was composed of three components (economic value, social value and emotional value) and represented by 7 items. The results confirm that customers’ positive perceived value has a mediator effect between relationship marketing approach of the providers and customers’ loyalty. This article provides an empirical validation of the perceived value study, a little investigated topic in the Moroccan context. It shows the managerial implications of developing such strategy to maintain long term relationship with customers.

Keywords: relationship approach, perceived value, loyalty, banking , Morocco.