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Antecedents of Customer Loyalty in Private Commercial Banks of Bangladesh

Authors: Md Zohurul Anis¹*, Ahasanul Haque², Nur Fariza Binti Mustofa³

Received: 05 April 2024 / Accepted: 29 April 2024 / Published online: 30 June 2024

Abstract

Bangladesh’s economy being a small one is home to a huge number of private commercial banks offering homogenous products giving rise to fierce competition within the industry. Gaining substantial customer loyalty can help bank companies survive the competition in the industry. This study tried to review the impact of service quality and perceived value as the antecedents of customer loyalty for private commercial banking customers in Bangladesh. The study reveals that service quality and perceived value positively influence customer loyalty and that the positive impacts are significant as found in prior studies. Additionally, this study suggested that private commercial banks in Bangladesh ought to continually gratify customers by ensuring the quality of service and enhancing perceived value, thereby gaining customer loyalty. As the implication, this study highlighted to the scholars and professionals in the banking industry may resort to the findings of the study for having a better understanding of how the different relevant factors give rise to customer satisfaction, which in turn creates customer loyalty, and how they influence each other as well. The outcomes of the study will assist the practitioners in which innovative and distinctive marketing strategies are to be devised to enhance customer loyalty.

Keywords: Antecedents, Customer Loyalty, Private Commercial Banks, Bangladesh

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Journal

Marketing Signals Influencing Consumer Trust in OnlinePurchase Context : An Empirical Paper

Authors: Nur Farihah Bt. Isamudin1, Amirah Bt. Ahmad Suki2*

Received: 02 April 2024 / Accepted: 22 April 2024 / Published online: 30 June 2024

Abstract

Consumer trust is crucial in online purchase decisions, particularly for luxury goods as it involves few risks such as authenticity status, information asymmetry and the nature of online shopping which is absence of feel and touch. Based on signaling theory, this study aims to analyze four factors known as marketing signals which are brand reputation, online reviews, money-back guarantee and site aesthetics on consumer trust in the context of online purchase of personal luxury goods. Using SPSS and AMOS, this study analyzed 214 data collected from consumers in Malaysia who intend to purchase or has experience purchasing personal luxury goods online through either one of various online platforms such as official brand website, third-party platforms and social media commerce. The results from the analysis showed that brand reputation and online reviews positively and significantly influence consumer trust. However, money-back guarantee and site aesthetics were found to have non-significant influence on consumer trust. Luxury marketers must ensure to build strong brand reputation in order to gain consumer trust to purchase online. In addition, luxury marketers can also consider incorporating online reviews in their own unique way to enhance consumer trust while maintaining the luxury identity online.

Keywords: Luxury goods, Online Purchase, Signaling Theory, Consumer Trust, Malaysia

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Journal

Entrepreneurial Mindset in Post Era of Covid-19

Authors: Dr. A. K. M. Ahasanul Haque

Received: 02 May 2024 / Accepted: 05 May 2024 / Published online: 30 June 2024

Abstract

A mindset of entrepreneurship is essential for both social and economic progress. Recently, very few scholars have concentrated on developing a strong entrepreneurial attitude. This short essay highlights the need to comprehend the thinking of businesses in post era of Covid-19 global health crisis. 

 

A variety of contexts lend itself to the use of an entrepreneurial mindset, including employment development, academic success, and non-profit and social endeavors (Canziani and Welsh, 2021). It involves more than just starting a company. It is the ability to spot opportunities for problem-solving without requiring the creation of novel technology, specialized training, or wide access to venture capital (Fernandez, 2021). This mindset starts and drives such behaviour when a person links his or her interests and abilities with the main goal of improving oneself or their immediate surroundings. 

 

Consumer demands have changed significantly since the Covid-19 period, which has forced many firms to reinvent themselves and develop new frameworks for risk and crisis management. More than ever, businesses need hypothesis-driven business models (Gasparin et al., 2020). These models ought to be mostly based on intuition, disruption, and insight, and they should cycle through trial and error until the requirements are met. Organizations must be able to identify long-term goals and make the appropriate decisions since doing so will not be feasible. 

 

Since it will be extremely impossible to foresee needs in this environment, leaders must manage the Coronavirus (Covid-19) as a whole event to address evolving medical, financial, economic, supply chain, and psychological ramifications in order to succeed in a lengthy remote context. Organizations need to take into account various business and operating models, including risk and crisis management frameworks, to remain adaptable in a highly unpredictable environment. By taking steps to develop an entrepreneurial mindset, International Journal of Innovative Research and Publications

 

marketers may, if needed, tap into a talent pool of creativity, ingenuity, imagination, innovation, and problem-solving skills. Innovation needs to be encouraged if plans that have already been put into action are to be modified quickly. It is advisable to develop future scenarios in several iterations, continuously modifying the model to account for shifting underlying assumptions.