A study of customer’s attitudes to cross selling by banks with particularly reference to the practice in Libya: Marketing

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GRIN Verlag, May 8, 2010 - Business & Economics - 84 pages
Examination Thesis from the year 2009 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: passed, University of Sheffield (Business School), course: MA Marketing , language: English, abstract: Cross selling is the key value-add to the banking industry globally. This industry has seen major reforms and developments over the years. Particularly in the Libyan market, ever since it started in 1951, the banking industry has flourished and now matches the international competitors in terms of providing at par services. Cross selling activities have also developed to similar extent. This research work studies the cross selling function of the Libyan banks from the customers point of view. The Literature section of the research focuses on the core theories of marketing that focus on the cross selling or the sales aspect. The author focuses the discussion on the services marketing concepts and highlights difference in services marketing as compared to marketing of tangible products. The theory of Ansoff highlights how can the banks in Libya focus on expansion strategies and look to acquire new markets or customers. The customer behaviour analysis and the buyer behaviour theories discuss the importance of the study to the customer within any market. Secondary Research focuses on the current marketing practices in the Libyan banking market. It highlights the competitive environment of the Libyan banks. The services offered by the Libyan banks are at par with the international competitors. This section also focuses on cultural impact on the banking industry and explains how the products or services need to be altered to meet the need of the cultural changes. Primary research focuses on judging the customer satisfaction level of the Libyan banks. This satisfaction is measured in light of the cross selling activities of the banks and it serves as a good feedback mechanism for the Libyan banking industry. In the final section of the research the author has concluded with the key highlights of the work. In the discussion of how the research meets the objectives that were set, the author brings out the key theories that can be focussed on while planning a cross selling activity. The recommendations for this work encourages a further study which can be much more detailed and look at customer behaviour and segmentation more closely. This work can be referred by the banking industry as a feedback on their performance and help further improve their cross sell programs and customer attitudes towards these programs.
 

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