Vol 12 Iss 2 Cover

STRATEGIC MARKETING PLANNING AND CUSTOMER SATISFACTION: A PERSPECTIVE FOR SUSTAINABLE DEVELOPMENT OF DEPOSIT MONEY BANKS IN NIGERIA

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ABSTRACT
Banking is becoming essential service and this explains why customer satisfaction is paramount for banks to remain in business., Therefore dissatisfaction of customers in the critical sector are capable of influencing behavioural outcomes and general non-performances at all levels. It is in this respect that this study investigated strategic marketing planning and customer satisfaction of selected deposit money banks in Lagos State, Nigeria. The study adopted descriptive survey research design, with target population of 70,380 customers. A multi-stage sampling technique was used in administration of research instrument for the study. The sample size of 1.490 was determined using Watson (2001) formula. A structured questionnaire was used for data collection, with the Cronbach’s Alpha coefficients for the constructs ranged between 0.785 and 0.979, with response rate of 90.2% and data were analysed using descriptive and inferential (Pearson product moment correlation and regression) statistics. Findings revealed that organisational mission and objective has positive and significant effect on customer attraction (β = 0.439, t = 19.368, R2 = 0.218, P < 0.05), in selected deposit money banks of Lagos State, Nigeria. There was a positive and significant effect of environmental scanning on customer values in selected deposit money banks of Lagos State (β = 0.945, t = 23.724, R2 = 0.295, P < 0.05). Product and service development has a positive and significant effect on customer quality in selected deposit money banks of Lagos State (β = 0.725, t = 28.480, R2 = 0.377, P < 0.05). Market development has positive and significant influence on customer patronage in selected deposit money banks of Lagos State (β = 0.936, t = 6.396, F = 1325.926, R2 = 0.497, P < 0.05). The study concluded that strategic marketing planning adoption or practice promotes customer satisfaction of selected deposit money banks in Lagos State, Nigeria, it is therefore recommended that there should be proper organisational mission and objective that would attract customers, adequate application of environmental scanning in order to discover customer values, as well as product and service development with strong bearing on customer quality. Also, effective market development that enhances customer patronage must be put in place with other variables identified.

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