MKT7003 Marketing , Gulf College, Oman

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Assignment :  Individual Report

You are required to prepare an individual essay in which 'Critically analysis in both theory and practice satisfaction, loyalty and the relationship between them This should be undertaken with respect to a real company of your choice located in the Middle East.

a) A critical analysis of marketing theory concerning satisfaction, loyalty and the relationship between them.

b) A critical review of how your chosen company could develop marketing strategies to  increase both satisfaction and loyalty with its customers in the real world.

Answer :

Introduction

Stakeholders are the mail pillars of every business. In order to achieve success in business every company needs to satisfy the needs and interests of the stakeholders properly. In this context, it is important to be mentioned that better management of the stakeholders depends on two factors – satisfaction of the stakeholders and loyalty of the stakeholders. However, there are numerous examples where we can find that companies failed in satisfying the needs of the stakeholders and achieving their loyalty in the business. For example, Nokia lost its business because it failed in satisfying its customers (one of the key stakeholders of the company) and achieving their loyalty in the business. Samsung grabbed the market of Nokia very easily and created difficulties for the survival of the company. It means satisfying the needs of the stakeholders and achieving their loyalty towards the business is much difficult. In order to earn stakeholders loyal the companies require developing right strategies and along with that the companies need following proper theoretical approaches.

This essay will focus on these two important elements or factors behind the success of any company. The study will show the relationship between satisfaction and loyalty of the stakeholders in the context of the business of Qatar National Bank Group. The key focus of the study will be on the satisfaction and loyalty of the customers. The study will focus on the theories of marketing in relation to satisfaction and loyalty of the customers. The discussion on the theoretical background will help to understand the relationship between satisfaction and loyalty in a better way. At the same time, the essay will also indicate how the management of QNB Ground can develop marketing strategies to enhance the level of satisfaction and loyalty with its customers in the real competitive world of business.

Discussion

“Satisfaction” is the term that indicates the extent to which the needs of an individual or an organization are fulfilled. In the context of business, it can be stated that satisfaction is the key to measure how far the company is capable of fulfilling the demands of the others through its business activities. On the other hand, loyalty is the psychological characteristic that ensures the stakeholder especially the customers will prefer the products of the particular brand or company for a long period. Amstrong et al., (2012) stated that satisfaction and loyal are related to each other. However, in this context, it is important to be mentioned that before understanding the relationship between the two factors – satisfaction and loyalty, it is important to understand the theoretical backgrounds of the two factors.

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In terms of Dissonance theory of customer satisfaction, it can be stated that satisfaction is the level of psychological comfort of an individual. The theory suggests that in order to earn the satisfaction of an individual the disparity between the expectation and experience of that person must be reduced (Blythe, 2019). As much as the level of disparity will reduce the level of satisfaction will increase. In the context of the business organization like, QNB Ground, it can be stated that following the dissonance theory of satisfaction, the higher authority of the company needs to identify the expectations of the customers first and based on that level of expectation the products and services must be developed and provided to the customers. In this way the bank will be capable of providing an experience to its customers what they must have expected from the bank. This will help the company reducing the disparity between the expectations and experience of the customers (Hooley et al., 2012). As per the dissonance theory when the difference between expectations and experience is reduced the level of satisfaction of the individuals is increased. Hence, it can be stated that the company will be capable of satisfying the needs of the stakeholders by following the dissonance theory.

On the other hand, if the discussion regarding satisfaction is made by considering the contract theory, it can be stated that satisfaction is the extent to which the expectations of the individuals are met by the outcome of any product or service. The theory also states that if the actual performance of the product or service of a company falls short, the expectations of the customers do not get satisfied with the outcome of the product or service after consumption; this causes dissatisfaction of the customers (McDaniel and Jr. Gates, 2012). In this context, it is important to be mentioned that the contrast theory of satisfaction is based on the assumption that the performance of the products or services below the expectations of the customers will result in poorer satisfaction. At the same time, the theory also assumes that the deviation in the level of expectations of the customers after receiving the outcome is subject to unfavourable or favourable reaction towards the product or service. Therefore, it can be stated that if the management of QNB Ground follows the contrast theory of satisfaction it can be the higher management of the company must focus on the level of expectations at the time of developing and selling the products or services to their customers. In this context, it is also important to be mentioned that better understanding about the expectations of customers can help the company achieving higher level of satisfaction (Gong and Yi, 2018).

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Therefore, considering the views of both the theories, it can be stated that satisfaction if the matter of expectation and experience. If the experience is according to the expectation the level of satisfaction is high. On the other hand, if the experience is failed to achieve the expectations the level of satisfaction is low. Therefore, in this context, it can be stated that in order to achieve satisfaction of the customers or any other stakeholders of the company, the management needs to understand the expectations of them clearly and needs to develop the products and services as per their expectations. Loyalty is another major factor in the context of making the business successful and sustainable in the long term. As stated previously in this essay that loyalty is the psychological characteristic that influences the customers preferring the products and services of any particular company (Cai and Chi, 2018). Achieving loyalty of the customers is very important for every business because it ensures that the revenue will flow continuously in the business. If loyalty is discussed from the theoretical perspective, it can be stated that loyalty is the psychological matter that depends on several demographic variables like, age, education and expectation. In detail it can be stated that in order to understand how to make the customers loyal to the company, the organizations need to consider the age of the customers, the education level of the customer and the expectations of the customers.

In studies, it has been identified that achieving the loyalty of the young people is difficult than the older people. The main reason behind this is the young people generally have more experience in searching about the products or services over the internet. Moreover, the tendency of trying a variety of brands of a same product is more among the young people. They are fonder of trying new (Basit and Durrani, 2018). Due to this before buying any product they search much and compare a variety of alternatives. Due to these reasons the people from young age group switch from one brand to another. On the other hand, education of the customers also influences their level of loyalty towards any particular brand. The highly educated people think logically before being loyal to any particular brand. Due to this, it is difficult for the company to make the educated people loyal to their products or services. However, if the company can provide standard quality products at standard price loyalty can be achieved easily (Meesala and Paul, 2018). At the same time, expectations also create major influence on the loyalty of the customers. A customer with high expectations becomes loyal to the company after the long time because meeting higher level of expectations is difficult for every organization.

Therefore, considering the theoretical aspects of both satisfaction and loyalty of the customers, it can be stated that loyalty is dependent on the level of satisfaction. If the company can satisfy the customers properly for sometimes, their expectations get fulfilled and they experience a good outcome from the products or services of the company, the customers become loyal to the company. Therefore, considering this finding, it can be stated that there is a positive relationship between satisfaction and loyalty of the customers. It means if the level of satisfaction increases, the customers will be more loyal to the company and vice-versa. At the same time, it can also be stated that if the companies focuses on the satisfaction of the customers, loyal will be achieved automatically (Akroush and Mahadin, 2019). In the other words, it can also be stated that if the companies consider the expectations of the customers at the time of developing the products and services, satisfaction and loyalty both will be achieved by the company.

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Therefore, considering the business of QNB Bank, it can be stated that the higher management of the bank needs to understand the relationship between satisfaction and loyalty of the customers. The higher management of the company needs to develop strategies that can target to the fulfilment of customers’ expectations. The company needs to adopt effective marketing strategies in order to identify, understand and meet the expectations of the customers in a better way (Budianto, 2019). Conducting market research is essential in this context. At the same time, it is also mentionable that along with market research, the higher
management of QNB Bank needs to focus on the development of effective marketing strategies. The higher management can focus on the following ways in order to develop better marketing strategies to enhance the level of satisfaction and loyalty of the customers in the real market context.

Focus on the elements of marketing mix must be made to grab the attention of the customers and meet their expectations in a better way. Marketing mix is the most important factor in the context of developing effective marketing strategies for the business. In the context of the business of QNB Bank, it can be stated that the higher management needs to focus on the 7Ps of marketing for meeting the expectations of the customers in a better way. Under the 7Ps of marketing the company will focus on the elements – product, price, place, promotion, process, people and physical evidence (Yilmaz et al., 2018). As the company is dealing with the financial products, the company must develop the products in such a so that the funds of the customers remain at the safe position. As much as the company will provide financial security to the customers, they will be satisfied and will be loyal to the company. Better relationship needs to be maintained with the people (employees and customers) in order to understand the needs of the customers properly. On the other hand, the price must be maintained at a standard level, so that the services become affordable to the customers. In this context, it is also mentionable that promotion is another most important matter that has direct impact on the satisfaction and loyalty of the customers (Nguyen et al., 2018). Therefore, it can be stated that each element of the marketing mix has significant impact on the expectations, satisfaction and loyalty of the customers. Hence, the management of QNB Bank must focus on the loyalty factor to achieve satisfaction and loyalty of the customers in a better way.

In the context of marketing, it is also needed to be mentioned that to achieve satisfaction and loyalty the management of QNB Bank needs to reach to the customers in a systematic way. For this purpose the company may follow the AIDA model. The model provides a systematic way of reaching to the customers, which include – attention generation, interest creation, desire creation and action taking. It means, if the company follows the AIDA model, at first it needs to generate attention in the market, which can be done by developing effective promotional strategies (Zameer et al., 2019). For example, the company can create a message that will indicate best financial security in the market. After the creation of attention properly the company will try to generate interest among the customers by indicating the benefits that the customers will achieve by buying the products or services of the company. This step is very important for creating an expectation among the customers from the products and service.

If the company becomes successful in generating interest among the customers in the market, the next step will be creating desire among the customers to avail the product. This can be done by mentioning the lucrative pricing of the products and services of the company. The last activity will be taking proper action, which means at this stage, the company needs to sell the products and services (Alnaser et al., 2018). Therefore, considering the AIDA model, it can be stated that developing the marketing strategies will be easier for the company if this model is followed properly. On the other hand, in the context of the marketing strategies development, it can be stated that for achieving satisfaction and loyalty of the customers, the company needs identifying the right segment of customers whom the company will be able of satisfy in a better way.

For this purpose the company needs to follow the STP strategies. It means the company needs to develop strategies for market segmentation, strategies for targeting and strategies for positioning (YuSheng and Ibrahim, 2019). In the context of segmentation the company can segment the market based on demographic factors or psychographic factors. As satisfaction and loyalty are the psychological matters, following the psychological factors will be suitable for the company. The psychological factors like, interest of the people and demographical factor like, income level of the customers can be considered in order to understand the needs and expectations of the customers in a better way (Mulyadi et al., 2018). The company needs to consider its capacity in the context of developing strategies for satisfying the customers in a better way. For better positioning, the management of the company may focus on the 4Cs model in marketing.

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In order to enhance the level of loyalty of the customers or for making the customers loyal to the company, the higher management of QNB Bank needs to focus on the CRM or customer Relationship Management strategies. Through effective CRM the company can provide more information to the customers, which helps the customers understanding the products and services or activities of the company in a better way. At the same time, it can also be stated that the CRM strategies will help in creating a strong bonding between the customers and the company, which on the other hand creates trusts among the customers towards the company (Amstrong et al., 2012). Under the CRM strategies, the company needs to focus on regular communication with the customers. With the help of regular communication the executives of the company will be capable of understand the actual needs and expectations of the customers, which will help the company developing better strategies for meeting their expectations in a better way and making the customers loyal to the company.

In the current scenario, the loyalty of the customers also depends on several factors other than the quality and price of the products and services. For example, CSR strategies of the company are the factors that can help the company making its customers loyal. Under the CSR strategies, if the company develop strategy that will help the society in the broader context, it can be stated that the customers will realize that the business is much responsible towards the society (Cai and Chi, 2018). It creates a positive notion in the minds of the customers, which makes them loyal to the business. Moreover, for loyalty, the company needs to focus on creating brand awareness to the extreme level. For brand awareness the company may conduct marketing campaign for a long time.

Conclusion

The findings in this study have indicated the fact that satisfaction and loyalty are the two most important matters for the success of a business. At the same time, the study has also mentioned the fact that loyalty of the customers can be achieved by the company only if the customers are properly satisfied with the activities, products and services of the company. Discussion on the theories of satisfaction and loyalty, the study has identified that satisfaction of the customers depends on the extent to which the company is capable of fulfilling the expectations of the customers. On the other hand, the study has indicated the loyalty of the customers depends on their age, experience and education.

According to the findings, it can be stated that satisfaction and loyalty of the customers are the psychological matters and due to that the company needs to be more careful while targeting to achieve loyalty and satisfaction of the customers. The study has clearly mentioned that in order to enhance the satisfaction and loyalty of the customers the management of the company needs to emphasize on the marketing strategies like, marketing mix strategies and along with that the company needs to emphasize on the customer relationship management strategies. On the other hand, for reaching to the customers in a better way and understanding their needs properly the study has suggested the company following AIDA model, which is one of the most effective models of marketing, with the help of which the company can identify the needs and expectations of the customers in a better way. Moreover, the study has suggested the QNB Bank to develop and follow the brand awareness strategies. For creating more brand awareness the higher management of the company needs to develop effective strategies.

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