krishna moorthy, srini vasan



The purpose of the study is to identify the antecedents of customer relationship management of the stock broking firm. The scope of the study is restricted to the retail investors of the stock broking firm. The researcher used questionnaire method for collecting data from the retail investor. This study was undertaken during the period of October 2013 to February 2014. The study identified Commitment, Trust, Communication, Relationship equality; Empathy, Responsiveness and Reliability are the various antecedents of customer relationship management. The study also revealed that ‘Commitment’, ‘Trust’ and ‘Communication’ dimensions of customer relationship management has   a significant impact on investor’s satisfaction. The identified dimensions may help the stock broking firm to ascertain the priorities of retail investor with regard to customer relationship management.


Key Words: Retail Investor, Customer Relationship Management, Customer Loyalty, Trust, Commitment.




Arturo Molina, David Martin – Consuegra and Agueda Esteban, (2007), “Relational Benefits and Customer Satisfaction in Retail Banking”, International Journal of Bank Marketing, Vol.25, No.4, PP 253-271.

Barnes,J.G (2001), “Secrets of Customer Relationship Management: It’s All about How You Make them feel”, McGraw-Hill, New York, NY.

Bassey ,Nsikan Edet ,Okon,Ubokudum Etim and Umorok,Umo Etesin (2011) , “Effective customer service ; A tool for client retention among stock broking firms in Nigeria” , African journal of Business management , Vol.5(20),PP.7987 – 7991.

Bendapudi, N. and Berry L.L. (1997), “Customer’s Motivations for Maintaining Relationship with Service Providers”, Journal of Retailing, Vol.73, No.1, PP.15 – 37.

Berry, L.L. (1983), “Relationship Marketing “, In Berry, L.L, Shostack, G.L. and Upah, G.D.(Eds), Emerging Perspectives of Service Marketing, American Marketing Association Chicago, II, Vols, PP. 25 – 28.

Berry, L.L. and Parasuraman, A. (1991), “Marketing Services: Competing through Quality”, The Free Press, New York, NY.

Binks M.R and Ennew, C.T (1997), “The Relationship between UK banks and their Small Business Customers”, Small Business Economics, Vol.9, PP 167-78.

Bitner, M.J. (1990), “Evaluating Service Encounters: The Effect of Physical Surroundings and Employees Responses”, Journal of Marketing, Vol.54, PP. 69- 82.

Bolten, R., and Drew, J.H. (1991), “A Multi – Stage Model of Customer’s Assessment of Service Quality and Value”, Journal of Consumer Research, Vol.17, No.(4), PP. 375 – 84.

Brown, K.T (2000), “The Interactive Market place: Business-to-Business Strategies for delivering Just-in-time, Mass-Customized Products, McGraw-Hill, New York, NY.

Buchanan, R.W.T and Gillies, C.S (1990), “Value managed Relationships: The Key to Customer Retention and Profitability”, European Management Journal, Vol.8, No.4.

Campbell, A.J and Cooper, R.G (1999), “Do Customer Partnerships improve new product success rates”?, Industrial Marketing Management, Vol.28, PP.507-19.

Chen, M.F. and Wang, L.H. (2009), “Moderating Role of Switching Barriers on Customer Loyalty in the life Insurance Industry”, The Service Industries Journal, Vol. 29 (8), PP. 1105 – 23.

Cheng, J.H., Chen, F.Y. and Chang, Y.H. (2008), “Airline Relationship Quality: An Examination of Taiwanese Passengers”, Tourism Management, Vol. 29 (3), PP.487 – 99.

Chruchill, G. and Surprenant, C. (1982), “An Investigation into the Determinants of Customer Satisfaction”, Journal of Marketing Research, Vol. 19 (4), PP. 491 – 504.

Colgate, M., Stewart, K. and Kinsella, R. (1996), “Customer Defection: A Study of Student Market in Ireland”, International Journal of Bank Marketing, Vol.14 (3), PP. 23 – 9.

Crosby, L.A., Evans, K.R. and Cowles, D. (1990), “Relationship Quality in Services Selling” An Interpersonal Influence Approach”, Journal of Marketing, Vol.54, No.3, PP. 68 – 81.

Day, G (2000), “Managing Market Relationships”, Journal of the Academy of Marketing Science, Vol.28, NO.1, PP. 27-30.

De Souza, G (1992), “Designing Customer Retention Plan”, Journal of Business Strategy, Vol.13, NO.2, PP. 24-8.

Dimitriadis, S. (2010), “Testing Perceived Relational Benefits as Satisfaction and Behavioral Outcome Drivers”, International Journal of Bank Marketing Vol.28, No.4, PP. 207 – 13.

Drucker, P (1963), ‘The Practice of Management”, Heinemann, London.

Dwyer, F.R., Schurr, P.H. and Oh, s. (1987), “Developing Buyer – Seller Relationships”, Journal of Marketing, Vol.51, PP. 11 – 27.

Ennew, C.T and Bink, M.R (1999), “Impact of Participative Service Relationships on Quality, Satisfaction and Retention: An Exploratory Study”, Journal of Business Research, Vol.46, PP. 121-132.

Fornell, C (1992), “A National Customer Satisfaction Barometer: the Swedish Experience”, Journal of Marketing, Vol.56, PP. 6-21.

Foss, B and Stone, M (2001), “Successful Customer Relationship Marketing: New Thinking, New Strategies, New Tools for Getting Closer to Your Customers”, Kogan Page, Landon.

Gan C, Cohen D, Clemes, M Chong E (2006), “A Survey of Customer Retention in the New Zealand Banking Industries”, Banks Bank System, Vol. 1 (4), PP. 83-99.

Ganesan, S (1994), “Determinants of Long-term Orientation in Buyer-Seller Relationships”, Journal of Marketing, Vol.58, PP.1-19.

Gemunden, H.G, Ritter, T and Heyderbreck, P. (1996), “Network Configuration and innovations success: An Empirical Analysis in German high-tech Industries”, International Journal of Research in Marketing, Vol.13, No.5, PP 449-62.

Germain, R and Droge, C. (1997), ‘Effect of Just-in-time Purchasing Relationships on Organizational Design, Purchasing Department Configuration and Firm Performance”, Industrial Marketing Management, Vol.26, NO.2, PP. 115-25.

Ghingold, M. and Maier, K.C. (1986), “Questioning the Unquestioned Importance of Personal Service in Service Marketing: Discussion an Implication”, Paper Presented at American Marketing Association Service Conference, Boston, MA.

Greenberg, P (2001), “CRM at the Speed of Light: Capturing and Keeping Customers in Internet Real Time”, Osborne / McGraw-Hill, Berkley CA

Gronroos, C. (1984), “A Service Quality Model and its Marketing Implications”, European Journal of Marketing, Vol.18, No.4, PP. 36 – 44.

Gummesson, E. (2004), “Return on Relationships (ROR): The Value of Relationship Marketing and CRM in Business – to – Business Contexts”, Journal of Business & Industrial Marketing, Vol. 19 (2), PP. 136 – 48.

Guo, X., Duft, A. and Hair, M. (2008), “Service Quality Measurement in the Chinese Corporate Banking Market”, International Journal of Bank Marketing, Vol. 26 (5), PP. 305 – 27.

Gwinner, K.P., Gremer, D.D. and Bitner, M.J. (1998), “Relational Benefits in Service Industries: the Customer’s Perspective”, Journal of the Academy of Marketing Science, Vol. 26, No.2, PP. 101 – 14.

Hair, J.F. Jr, Anderson, R.E, Tatham, R.L and Black, W.C (1998), “Multivariate Data Analysis”, Prentice-Hall, Inc, Englewood Cliffs, NJ

Hawke, A and Heffernam, T.W (2006), “Interpersonal Liking in Tender-Customer Relationships in the Australian Banking Sector”, International Journal of Bank Marketing, Vol.24, No.3, PP. 140-157.

Henning - Thurau, T. Gwinner, K.P and Gremler, D.D (2002), “Understanding Relationship Marketing Outcomes: An Integration of Relational benefits and Relationship Quality”, Journal of Service Research, Vol.4, No.3, PP 230-47.

Jackson, D. Jr (1994), ‘Relationship Selling the Personalization of Relationship Marketing”, Asia – Australia marketing Journal, PP 45-54.

Jones To, Earl Sasser, W. Jr (1995), “Why satisfied Customers Defect”, Harvard Business Review, Vol. 73 (6), PP. 88-99.

Kraljic, P. (1983), “Purchasing Must become Supply management”, Harvard Business Review, Vol.61, PP. 109-17.

Lee, H. Lee, Y., and Yoo, D. (2000), “The Determinants of Perceived Service Quality and its Relationship with Satisfaction”, Journal of Services Marketing, Vol. 14 (3), PP. 217 – 31.

Levine, J. (1993), ‘Relationship Marketing”, Forbes, PP. 232-4.

Mckenzie, R (2001), “The Relationship – Based Enterprise: Powering Business Success Through customer Relationship Management”, McGraw-Hill, Ryerson, Toronto.

Minami, C., Dawson, J. and the, C.R.M. (2008), “Process in Retail and Service Sector firms in Japan: Loyalty Development and Financial Return,” Journal of Retailing and Consumer Services, Vol.15 (5), PP. 375 – 85.

Morgan, R.M. and Hunt, S.D. (1994), “The Commitment – Trust theory of Relationship Marketing”, Journal of Marketing, Vol. 58, PP. 20 – 38.

Ndubisi, N.O. (2003), “Service Quality: Understanding Customer Perception and Reaction, and its impact on Business”, International Journal of Business, Vol.5 (2), PP. 207 – 19.

Ndubisi, N.O. (2006), “Effect of Gender on Customer Loyalty: A Relationship Marketing Approach”, Marketing Intelligence & Planning, Vol. 24, No.1, PP. 48 – 61.

Nelson Oly Ndubisi (2007), “Relationship Quality Antecedents: The Malaysian Retail Banking Perspective”, International Journal of Quality & Profitability Management, Vol.24, (8), PP. 829-845.

Nelson Oly Ndubisi, Chan Kok Wab and Gibson, C. Ndubisi (2007), “Suppler – Customer Relationship Management and Customer Loyalty: The Banking Industry Perspective”, Journal of Enterprise Information Management, Vol. 20(2), PP. 222-236.

O’Malley, L. (1998), “Can Loyalty Schemes Really Build Loyalty”, Marketing Intelligence & Planning, Vol.16, No.1, PP. 47 – 55.

Oliver, R.L. (1980), “A Cognitive Model of the Antecedents and Consequences of Satisfaction Decisions”, Journal of Marketing Research, Vol.17 (4), PP. 460 – 9.

Oyenihi, O Abiodun A (2008), “Customer Service in the Retention of Mobile Phone Users in Nigeria”, Journal of Business Management, Vol. 2 (2), PP 26-31.

Ozgener, S. and Iraz, R. (2006), “Customer Relationship Management in Small – Medium Enterprises: The Case of Turkish Tourism Industry”, Tourism Management, Vol.27 (6), PP. 1356 –63.

Page, M., Pitt, L. and Berthon, P. (1996), “Analyzing and Reducing Customer Defection”, Long Range Planning, Vol. 29, No.6, PP. 821 – 4.

Pan, S.L., Tan, C.W. and Lim, E.T.K. (2006), “Customer Relationship Management (CRM) in e – Government: A Relational Perspective”, Decision Support Systems, Vol. 42 (1), PP.237 – 50.

Petersen, MA and Rajan, R.G (1994), “The Benefits of Lending Relationships: Evidence from Small Business data”, Journal of Finance, Vol.49, NO.1, PP 3-37.

Priluck, R. (2003), “Relationship Marketing can Mitigate Product and Service Failures”, Journal of Services Marketing, Vol.17 (1), PP. 37 – 52.

Rajeev, K. Shukla Ajit Upadhyaya (2013), ‘Determinants of Customer satisfaction for Stock Broking Services – An Empirical Analysis”, Pacific Business Review International, Vol.5 (7), PP. 74-83.

Reck, R.F and Long, B.G (1988), “Purchasing A competitive Weapon”, Journal of Purchasing and Materials Management, Vol.24, No.3, PP 2-8.

Reichheld, F and Sasser, W (1990), “Zero Defections: Quality Comes to Services”, Harvard Business Review, PP. 105-11.

Reichheld, F.F (1993), “Loyalty-Based Management”, Harvard Business Review, Vol.71, No.2, PP. 64-73.

Reichheld, F.F (1994), “Loyalty and the Renaissance of Marketing”, Marketing Management, Vol.2, No.4, PP 10-21.

Reichheld, F.F (1996), “Learning from Customer Defections”, Harvard Business Review, Vol.74, No.2, PP. 56-61.

Reichheld, F.F (1996), “The Loyalty Effect”, Harvard Business School Press, Boston.

Reichheld, F.F and Kenny, D.W (1990), “The Hidden Advantages of Customer Retention”, Journal of Retail Banking, Vol.12, No.4, PP 19-23.

Reynolds, K.E. and Beatty, S. (1999), “Customer Benefits and Company Consequences of Customer – Sales Person Relationship in Retailing”, Journal of Retailing, Vol. 75, No.1, PP. 11 – 32.

Rosenberg, L. and Czepiel, J. (1983), “A Marketing Approach for Consumer Retention”, Journal of Consumer Marketing, Vol.1, (1), PP. 45 – 51.

Sharma, A and Sheth, J.N (1997), “Supplier Relationships: Emerging Issues and Challenges” Industrial Marketing Management, Vol.26, No.2, PP. 91-100.

Sheth, J.N. and Parvatiyar, A.(1995), “Relationship Marketing in Consumer Markers: Antecedents and Consequences”, Journal of the Academy of Marketing Science, Vol.23, No.4, PP. 255 – 71.

Storbacka, K., Strandvik, R. and Gronroos, C. (1994), “Managing Customer Relationship for Profit: The Dynamics of Relationship Quality”, International Journal of Service Industry Management Vol.5 (5), PP. 21 – 38.

Stum thiry (1991), “Building Customer Loyalty”, Train Development Journal, PP 34-36.

Terrence Levesque and Gordon, H.G, McDougall, (1996), “Determinants of Customer Satisfaction in Retail Banking”, International Journal of Bank Marketing, Vol. 14 (7), PP 12-20.

Tyler, K and Stanley, E (1999), “UK bank Corporate Relationships: large Corporate Expectations of Service” International Journal of Bank Marketing, Vol.17, No.1,PP. 158-70.

Zeithaml, V. (1981), “How Customer Evaluation Process Differ between Goods and Services”, In Donnelly, J. and George, W., (Eds), Marketing of Services, American Marketing Association, Chicago, IC.

Zeithaml, V., Parasuraman, A., and Berry, L.C. (1985), “Problems and Strategies in Service Marketing”, Journal of Marketing Vol. 49 (2), PP. 33 – 46.

Zhilin Yang and Xiang Fang (2004), Online Service Quality Dimensions and their Relationships with Satisfaction. A Content Analysis of Customer Reviews of Securities Brokerage Services”, International Journal of Service Industry Management, Vol.15, No.3, PP.302 – 326.

پاراگلایدر Full Text: PDF


  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.

ISSN : 2251-1555