Market Orientation Practices And Customer Satisfaction in Ghanaian Banking Sector

Abstract

As competition intensifies in the Ghanaian banking industry, understanding the concept of market orientation is critical for effective design and implementation of customers’ satisfaction. Staying top always demand that organisations must be market-oriented to be able to deliver superior customer services. Market orientation as a strategies focuses on discovering and meeting the express and latent needs of customers. The objective of this study was to determine the relationship between market orientation and customer satisfaction of Ecobank and GCB bank in Ghana. The study adopted the cross sectional research design to ascertain whether there exist any association between market orientation and customer satisfaction of the banks. The study population comprised the managers and employees’ of the two banks in Greater Accra region. A sample size of 150 were targeted out of which 120 were contacted for the data collection. A structured, and self-administered questionnaire were designed in collecting the data. The data collected from the study respondents were analyzed with the aid of the (SPSS). Descriptive statistics were used and the relationships between market orientation strategies and customer satisfaction were explored using regression analysis and exploratory factor analysis. The study established that there was a significant positive relationship between market orientation practice and customer satisfaction in the Ghanaian banking sector. The study also revealed strong relationship between the components of MO and CS. The study recommended that banks should make conscious effort to recognize and take into consideration their customers' needs as well as competitors moves and actions. Banks in Ghana should effectively analyze their competitor strengths and weaknesses and make efforts to counter the actions by providing superior products and services to their customers. The bank managers and employees also need to identify what their institutions would do well if they develop inter-functional coordination capabilities, which will support the competitive behavior of service quality and innovation.