Disclaimer: This dissertation has been written by a student and is not an example of our professional work, which you can see examples of here.

Any opinions, findings, conclusions, or recommendations expressed in this dissertation are those of the authors and do not necessarily reflect the views of UKDiss.com.

Customer Relationship Management of Lloyds Banking Group

Info: 18118 words (72 pages) Dissertation
Published: 6th Dec 2021

Reference this

Tagged: ManagementBankingConsumer Decisions


This chapter provides the brief introduction of research. Furthermore, it also discusses the aims, objectives of the research questions and scope of the study.


Customer Relationship Management of Lloyds Banking Group PLC; A Critical Evaluation


Peter Drucker said, “The purpose of a business is to create customers”. Customer Relationship Management can be the single strongest weapon we have as manage to ensure that customers become and remain loyal. Customer Relationship Management, or CRM, is an essential part of modern business management. CRM concerns the relation between the organisation and its customers. Customers are the lifeblood of any company be it a global corporation with thousands of employees and a multi-billion turnover, or a sole trader with a handful of regular customers. CRM is the same in principle for both examples.

Globalization and technology improvements have pushed companies into hard competition. In this new era organisations are targeting on managing customer relationships, mainly customer satisfaction, in order to maximize revenues (Constantinos 2003). Today, marketing is not just developing, delivering and selling; it is shifting towards developing and maintaining equally long term relationships with customers (Buttle, 1996). This new business values is called relationship marketing (RM), which has involved significant interest both from marketing academics and practitioners (Gronroos, 1994).

The Greek philosopher, Epictetus said that “what concern me is not the way things are, but rather the way people think things are” (Szwarch, 2005, p.3). The concepts of consumer satisfaction were depending on the thinking of consumer. Research suggests that customer satisfaction, basic concept of relationship marketing, is important in achieving and retaining competitive advantage. Research studies have discovered that retaining current customers is much less expensive than attracting new customers (Desatnick, 1988; Stone et al., 1996; Bitran and Mondschein, 1997; Chattopadhyay, 2001; Massey et al., 2001). The best way to retain customers is to keep them satisfied, a number of studies have shown that customer satisfaction can guide to brand loyalty, repurchases intention and repeat sales (Day, 1984; Swan and Oliver, 1989; Oliver, 1999). Customer retention, in turn, seems to be related to profitability (Oliver, 1999).

Relationship marketing is becoming significant in financial services (Zineldin, 1995). If a bank develops and sustains a solid relationship with its customers, its competitors cannot easily replace them and so this relationship provides for a continued competitive advantage (Gilbert, 2003). Moriarty et al. (1983) has suggested relationship concept in the banking sector which states that banks can increase their profits by maximising the profitability of the total customer relationship over time, instead of looking for to get more profit from any single transaction. Perrien et al. (1992) observed severe competitive pressures that forces financial institution to restructure their marketing strategies by developing into long-term relationship with customers. And banking industry purely related to financial services, which needs to create the trust among the people.

This research is exploratory in nature and design. The data which is collected is going to be mostly primary data collected from the relevant persons within the bank. The data has gathered from the face to face interviews with the help of structured and semi-structured questionnaire with those persons. The above describe interviews has last 40 (fourty) to 45 (fourty five) minutes (approx). On the other hand the researcher has decided to collect primary data from random interviews of Lloyds Banking Group’s customers. Sample size is around 200 customers and of structured questionnaire.

But of course this research paper has relied on reviewing the various secondary data available from various researches such as books, magazines, website, previous research and publication etc. The collected data has been analysed by graphs, table and pi chart drawn from Microsoft excel.


The aim of the research is to study why CRM is important in bank, how the CRM works in banks and also the effectiveness of Lloyds Banking Group in obtaining long term customer relationship, customer loyalty, and customer satisfaction by the use of CRM. And also suggest feasible recommendations to Lloyds Banking Group to increase the customer satisfaction and market share by the effective use of CRM.


The followings are the objectives of this research;

  • To study how critically practised in Lloyds Banking Group
  • Analysis the data mining process of Lloyds Banking Group
  • To find out how the bank segments their customers
  • To analysis how the bank retaining their customers
  • To find out how does the bank measure customer Life Time Value
  • To verify the relationship between the customers and the Lloyds Banking Group


The scope of the study and research work has limited to Lloyds Banking Group only. This chosen level of aspects has stayed at large in the study so that it can be studied well and analyzed thoroughly to get a deeper understanding. Trying to cover too much ground may lead to a very superficial and confused analysis and may involve long time duration to complete the project work or report. Therefore a specified and narrow down approach with Lloyds Banking Group and an evaluation of its success has comprised with the researc


This chapter contains a review of literature relevant to the research. This literature review deals with, about CRM, the history and goals of an integrated banking CRM, the technological factor of CRM, the process cycle in banks, data warehouse technology, data mining process, how to analysis the data, customer segmentation process, communication strategies of bank to the customers etc.


Existing research states that ‘relationships are the base to the successful development and edition of new business viewpoint, though business have taken care of relationships with their customers for many centuries’ (Gronroos, 1994). Sheth and Parvathiyar, (1995) said that relationships demand much more than mere transactions. Rather, they symbolize strategic and tactical issues based on a new philosophical move that geared in the direction of long-term organisation survival.

According to Storbacka, (1994) relationship marketing got popular in 1990s but it has a long history under different names. In its starting, one-to-one marketing appeared in the mid 1990s, which transformed into Customer Relationship Management.

Parvatiyar and Sheth gave a static definition of CRM. “Customer Relationship Management is a comprehensive strategy and process of acquiring, retaining and partnering with selective customers to create superior value for the company and the customer” (Parvatiyar and Sheth 2000, p.6)

“What criteria determine who “How can we acquire this customer will be our most profitable in the most efficient and effective customers?” way?”

“How can we increase the “How can we keep this customer loyalty and the profitability for as long as possible?”

Of this customer?”


According to Puccinelli (1999) the financial services industry as entering a new era where personal attention is decreasing because the institutions are using technology to replace human contact in many application areas.

Sherif, 2002 advocated that, now global changes brought new trends, directions and new ways of doing business, which also brought new challenges and opportunities to financial institutions. In order to complete with newly increasing competitive pressures, financial institutions must recognize the need of balancing their performance by achieving their strategic goals and meeting continues volatile customer needs requirements. Different ways must be analyzed to meet customer needs.

Foss said that banks are highly focusing on CRM for the last five years that is expected to continue.

According to Peter (1998) and Chablo (1999) the main goals of an effective integrated CRM solution in the banking sector are to enable financial institutes to;

a) Widen customer relationship through acquiring new customers, identifying and targeting new segments and expanding in new markets.

b) Lengthen the existing relationship developing longer term relationships, increasing perceived value of products and introducing new products and

c) Deepen the relationship with customers initiating the cross selling and up selling opportunities, understanding the propensity of different customer segments to purchase and increase sales.

The implementation if CRM system in a bank helps the business organisation to obtain a complete picture of their existing customers, design both customer-oriented and market-driven financial products and services, as well as implement extensive and reliable financial marketing research and efficient campaigns, to achieve and enhance customer loyalty and profitability.

The above goals can be achieved through the seamless integration of information technology solutions and business objectives at every process of the bank business that affects the customer.


The main phases of CRM are as follows;

1. Customer selection or Segmentation

According to Dave Chaffey (2009), customer selection defining the types of customers that a company will market to. It means identifying different groups of customers for which to develop offerings and to target during acquisition, retention and extension. Different ways of segmenting customers by value and by their detailed lifecycle with the customer are reviewed.

Many companies are now only proactively marketing to favoured customers. Seth Godin (1999), says “Focus on share of customer, not market share fire 70 per cent customers and watch your profits go up!”

According to Efraim Turban (2008), the most sophisticated segmentation and targeting schemes for extension of customers are often used by banks, which have full customer information and acquire history data as they search for to boost Customer Lifetime Value (CLV) through encouraging increased use of products overtime. The segmentation approach used by banks is based on five main basics which in result are covered on top of each other. The amount of options used, and therefore the complexity of approach, will depend on resources obtainable, opportunities, capabilities and technology afforded by catalog.

i. Identify customer lifecycle groups

When guests use online services then they basically pass those seven or more stages. The organisations have clear these segments and establish the CRM infrastructure to categories customers in this manner; then they deliver focused messages, whichever by modified web messaging or by e-mails that are triggered routinely because of various rules. First-time guests recognized by a cookie placed on their PC. When guests registered, they are tracked through the residual stages. The customers who have purchased one or more products are one particular important group. The key challenge is for a company to encourage a customer to shift from the first product to the second and then go on. Explicit offers can be try to push customer for further products. In the same way, when customers turn into an inactive then the customer required follow-up.

ii. Identify customer profit characteristics

This is a conventional segmentation which is based on the nature of customer. For Business 2 Business Companies it includes sex, age and geography. It includes volume of the organisation and the type of sector or application, the organisation operates in.

iii. Identify behaviour in response and purchase

As shown in 2.2 through analysis of data base when customer progress through the lifecycle, company is capable to build up a detail reaction and buy history which judges the details of frequency, recency, group of product buy and monetary value. This approach is known as ‘RFM (Recency, Frequency, Monetary value) analysis.

iv. Identify multi-channel behaviour

In spite of of the eagerness of the company for online channels, various customers are chosen for using online channels and others customers are chosen conventional channels. This is, to an extent, be indicated by RFM and response examination since customers with a preference for an online channel is more reactive and make more use online. Customer who likes online channels is focused mostly by online communications such as e-mail, but when customer like conventional channels is focused by conventional communications such as direct mail or phone. This is known as ‘right-channelling’.

v. Tone and style preference

In a same way to channel liking, customers are respond in their own way to various types of message. Some customers like rational application, in that time a detailed e-mail may work best. On the other hand some customers are preferred an emotional appeal. Companies are test for this in customers or conclude it using profit description and response performance and then expand various inventive treatments consequently.

2. Customer acquisition

Processes used to add new customer. According to Turban (2008), customer acquisition refers to marketing activities intended to form relationship with new customers while reducing acquisition cost and targeting high-value customers. Service value and selecting the right path for various customers are essential at this stage and during the lifecycle.

The conventional manner to customer acquisition include a marketing manager developing a blend of mass marketing (billboards, magazine advertisements etc.) and direct marketing (mail, telephone, etc.) campaigns based on their knowledge of the particular customer base that was being focussed. Marketing campaign trying to pressure new customers to buy a particular type of diapers, the mass marketing ads might be determined in parenting magazines. The advertisements could also be positioned in more conventional publications whose readership demographics were alike to those of new parents.

Customer acquisition is comparatively similar to mass marketing. A marketing manager selects the demographics that they are involved in and after that works with a data vendor to obtain lists of buyers who meet those features. The data vendors have large database holding millions of eventual customers that can be segment based on explicit demographic criteria.

The idea of “similar demographics” has conventionally been an art rather than a science. Usually there are not hard-and-fast systems about whether two groups of buyers share the similar features. Most of the segmentation that took place in conventional direct marketing involves hunches on the division of the marketing professional.

3. Customer retention

Dafe Chaffey 2009 said that customer retention refers to the marketing actions taken by a company to keep its current customers. Identifying applicable offerings based on their personal needs and complete position in the customer lifecycle (e.g. purchase value or number) is key.

Customer retention strategy aims to keep a high percentage of valuable customers and a customer development strategy aims to boost the value of those retained customer to the organisation. Customer retention is based on customer loyalty. And customer loyalty is the point to which a customer will continue with a specific brand or vendor.

Customer acquisition to retain and extend create long-term customer relationship. We need to calculate customer satisfaction, as satisfaction drives loyalty and loyalty drives profitability. This relationship is exposed below;

The marketers aim is to push customers up the curve towards the affection zone. But the majority are not in that zone. Marketers must understand to achieve retention,why customers defers or are indifferent.

4. Customer extension

This technique is encouraging customers to increase their involvement with a company. According to Turban 2008, customer extension is increasing the range of products that a customer buys from an organisation. Sometime it is referred ‘customer development’.

Increasing the lifetime value (CLV) of a customer is the main objective of customer extension by encouraging cross-sell. For example a customer of Egg credit card may be offered the loan or a deposit account.

There are many of customer extension technique for CRM as follows;

  1. Re-sell: same type of products to existing customers-particular vital in some Business 2 Business background as re-buys or modified re-buys.
  2. Cross-sell: sell extra products which may be closely related to the original buy.
  3. Up-sell: this is mean, selling more expensive products.
  4. Reactivation: Customers who have purchased for some time or have lapsed can be encouraged to buy again.
  5. Referrals: generating sells from recommendation from existing customers.


Customer Lifetime Value (CLV) is also an important theory and practise of CRM. But the calculation of CLV is not straightforward. There are so many company, they do not calculate it. According to Dave Chaffey (2009) “Lifetime value is the total net benefits that a customer or group of customers will provide a company over their total relationship with the company”. CLV is based on estimating the income and costs related with each customer over a phase of time and then calculating the net present value in present monetary terms using a discount rate value applied over the stage.

Efraim Turban (2006) said there is various scale of complexity in calculating LTC. Those are exposed in 2.6. Option 1 is a realistic way or estimated proxy for future LTV, but the true LTV is the future value of the customer at individual level. CLV modelling at a segment level 4 is crucial within marketing since it answers the question;

How much can I afford to invest in acquiring a new customer?

  1. Lifetime value analysis helps marketers to:
  2. Create the true value of a company’s customer base
  3. Recognize and compare crucial target segment
  4. Calculate the effectiveness of another customer retention strategy
  5. Plan and calculate investment in customer acquisition programmes
  6. Make decisions about product and offers

2.7 gives an example of how LTV can be used to develop a CRM strategy for different customer groups. There are 4 (four) main types of customers are indicated by their present and future value as bronze, silver, gold and platinum. Separate customers’ groupings (circles) are recognized according to their current value (as indicated by current profitability) and future value as indicated by CLV calculation.

Every group will have a customer segmentation based on their demographics. Therefore this is used for customer selection. Within the four main value groupings, there are various strategies are developed for various customer groups. Few bronze customers such as group A and B practically do not have development potential and are usually unprofitable, therefore the objective is to reduce costs in communications and if they do not stay as customers this is acceptable. Some bronze customers like group C may have potential for growth; therefore for group C the strategy is to extend their purchases. Silver customers are focused with customer extension offer and gold customers are extended. Platinum customers are the best customers; therefore the communication is very important with these customers.


According to Davenport and Short, (1990); Porter, (1987) ‘information technology is an enabler to thoroughly redesign business process to achieve improvements in organisational performance’. ‘Information Technology help helps a business process by facilitating changes to job practices and establishing new techniques to link a customer with organisations, suppliers and stakeholders ‘ (Hammer and Champy, 1993).

Eckerson and Watson (2000) advocated that ‘CRM take full advantage of technology to collect and analyze data on customer patters, expand predictive models, interpret customer behaviour, proper respond with communications, and deliver product and service to individual customers. By using technology a company can create a 360 degree view of customers to find out from past interactions to optimize future ones.’

Peppard (2000) said that ‘the leading factors in CRM development is improvement in network infrastructure, client/server computing, and business intelligence applications. CRM collect, store, maintain and distribute customer knowledge all over the organisation. The effectual management of information has a vital role to play in CRM. In the case of calculating customer lifetime value, consolidated view, product tailoring and service innovation, the information is essential.’ Along with data warehouses, enterprise resource planning (ERP) system and the internet are the central infrastructures to CRM applications.

Fickel (1999) said ‘CRM applications link front office (e.g. marketing, sales and customer service) and back office (e.g. financial, logistics, operations and human resources) functions with the company’s customer touch point’.

A company’s touch point is “all of the communication, human and physical interactions your customers experience during their relationship lifecycle with your organisation. Whether an ad, Web site, sales person, store or office, touch points are important because customers from perceptions of your organisation and brand based on their cumulative experiences”

(Source; http://www.imediaconnection.com/content/4508.imc at 16/10/2009 on 15:25)

According to Eckerson and Watson (2000), ‘CRM integrated touch points is something like a common view of the customer. A separate information systems controlled these touch points. 2.8 demonstrates the relationship between customer touch point with back and front office operations’

Peppers and Rogres, (1999) said ‘In many companies, CRM is just a technology solution that extends divide databases and sales force automation tools to link sales and marketing functions in order to develop targeting efforts. On the other hand some organisations consider CRM as a tool that is exclusively designed for one-to-one relationship.’ According to Goldenberg (2000) ‘CRM is not just a technology applications for sales, marketing and service, but when CRM fully and successfully implemented, customer-driven, a cross-functional, technology-integrated business process management strategy that improves relationships and encompasses the whole organisation’.


According to Watson (2000) ‘data warehouse is a tools of information technology management that helps business decision makers to instant access of information of customer data throughout the organisation by combining all database and operational systems like sales and transaction, human resource, inventory, purchasing, financial and marketing system. Data warehouse pull out, clean, convert and manage large volumes of data from various systems and creating a historical record of all customer’.

Data warehousing technology is the most crucial part of CRM because it makes CRM possible. Shepard et al. (1998) said ‘a better understanding of customer behaviour is possible because data warehousing technology consolidates correlates and convert customer data into customer intelligence. Understanding of customers and their purchase patterns can improve information related to customer service interactions, billing and account status, back orders, product returns, product shipment, and internal operating cost. The capacity of a data warehouse to store hundreds and thousands of gigabytes of data make an analysis feasible as well as immediate.

Organisational benefits with a data warehouse are as follows;

  • exact and faster access of information
  • bad and duplicate data eliminate by quality data and filtering
  • customer profiling and retention modelling
  • it calculate total present value and estimate future value of every customer
  • it gives detail report


Peppers and Rogres, (1999) said that ‘the first analytical step of data mining is to describe the data. Data mining summarize its statistical attributes like standard deviations and means, visually review it by use of charts and graphs and distributes the value of the field in our data. But alone data description can not provide an action plan. We have to build a predictive model based on patterns determined from known results and after that we have to test the model on result outside the original sample. An ideal model should never be confused with reality, but it is useful guide to understanding our businesses’.

According to Eckerson and Watson (2000) ‘we can use data mining for both classification and regression problems. In first problem we can predict what type something will fall into. In second problems we are predicting a number like probability that a person will respond to an offer. In CRM process, data mining is often used to allocate a score to a particular customer. Data mining is also often using to recognize a set of characteristics, which is called profile. Data mining segments customers in to groups with similar behaviour like purchasing a particular product.’


Pound (2000) said that exploration and alteration process should be done by the banks on basis of customer information captured; this shows the full value of CRM initiatives. Banks set up a closed CRM cycle with the help of an integrated CRM solution, which composed of a set of continuous iterative process. It manages the whole customer related process for bank, analysing customer profile, customer data and life time value, which is helping to making marketing decision and optimizing the execution of marketing campaigns, customer service strategies and sales strategies across various channels during the bank.

According to Professor Constantin Zopounidis (2002) CRM process cycle is based on a generic business view. It presents a continuous improvement of value between customers and banks across touch points. The main stages are as follows;

Customer data collection

Customer data analysis

Marketing strategy and action programs

Back-office Data External Data Touch-Point Data

Pound 2000 said that ‘recent banking data sources are extremely heterogeneous. Geographic information is dispersed due to continual acquisitions, mergers and reorganizations. For example a bank might use web site, ATMs, e-mail, sales, call centres and marketing automation applications that must be integrated in a unified environment of CRM banking. An effective multi-channels customer interface will not be possible without a centrally integrated warehouse driving the entire CRM process cycle. This should be update real time. The historical data should be recorded by it, which is used to create propensity models and customer life time value models to recognize past behaviour and action in order to take future marketing strategy’.


Kristin Anderson & Carol Kerr (2002), said that in banking transaction system data such as (e.g. Checking, Credit, Savings) are frequently organised around accounts, channels, products and other alike transactional concepts. This limits the bank ability on identifying the total relationship and unique customers. An Integrated CRM is a major goal it consolidates these “information islands” and separate solution, which forms an open cross-bank system from all executives, business area department officers and branch employees, shares the identical customer information. Integrated banking CRM structure can be obtained from this necessary basis of data supply.

Operation (contact) sources: Chou, Chou 2000, said the customer communication touch-point (ATM, Branch, Call-Centre, Internet-Banking, Mobile banking, personal contact, etc.)

Internal sources: Professor Constantion Zopounidis (2000) said internal sources that are the available information island, data bases and product oriented systems from other banks such as (Cards, Deposits, Investments, and loans etc.), Marketing campaign response, meta-data analysis and reliable data mining results.

External Sources: Professor Constanin Zopounidis 2002, said marketing researches that of external sources, infomediaries etc. Providing geo-demographic, psycho-graphic data and lifestyle, these can help to improve customer images


Heygate (1998), said Simple and sophisticated data analysis techniques are required for deriving the valuable customer insight from the data collected in a central customer warehouse. More advance data analytics includes OLAP (Online Analytical Processing) mining techniques and tools, these extracts applicable patterns or trends in the data.

According to Lawer (2000), key incorporated customer management insights provided by customer data analysis are customer segmentation/differentiation, concentration and distribution of customer’s value; share of purchases/profits, analysis of strategies that widen/lengthen/deepen customer relationship.

Hawkes 2000, advocated customer data analysis enables the recognition of customer’s profit and customers preferences for definite bank product and services, indicates the most suitable channels to reach the customers, and assesses the profitability and life time value of every personality.

Additionally, Delto 1998 said that the future manners of the consumers can be predicted by analysing their past behaviour. Customer statistics, profit and segmentation are the main amount produced of the analysis stage feeding the marketing strategy planning and completing process. Having easily accessible information to marketing makes the difference between a winning campaign and a failure.


Kristin Anderson and Carol Kerr 2002 advocated captured results and data of customer analysis support marketers to route marketing messages, processes and strategies. True values of data of Lloyd TSB are discovered by tools and process for marketing decision making, marketing decision making and CRM initiatives and campaign are deployed from converted information to customer knowledge.

Goal of marketing automation within CRM are which personalise and optimizes each customer contact from planning, execution, monitoring marketing strategies and action programmes.

Bryan Foss 2003 said it is critical for bank CRM not only to extract their data source to uncover patterns and insight but also to operationalise the system through the bank performance to turn the customer knowledge into importance creating achievement.

Merlin Stone 2003 advocated the grades from advertising and CRM activities and strategies continue the process knowledge acquisition enhancing the on-going assessment of marketing data intelligence, closing the feed-back loop. Hence, the final element of CRM process cycle is the valuation of the results of campaign driven by marketing data intelligence. It is crucial to measure performance and feed result back into the centre customer data warehouse, in order to convey greater customer aptitude in the future.

The extensive use of customer relationship management (CRM) application has provided companies with increasingly thorough insight into the productivity of their individual-level customer relationship. In history, this information has principally been used to make out the most productive customers and to define ways for serving them in a most favourable behaviour. These days however companies like Lloyds TSB have become more aware of unbeneficial clients and the fact that these associations can account for a significant share of their entirety customer base. Therefore Lloyds TSB practises a six step move towards for dealing with such unprofitable customers, a frame work that Lloyd TSB refers to as the ABCs of Unprofitable customer's management: Avoid their acquisition in the first place, Bear in mind potential release operation, Catch the potential of abandonment, Draw up a cost-benefit analysis, Ensure awareness with our atmosphere, and Facilitate biting the bullet.


.The aim of this chapter is to outline the methods used to collect primary and secondary data for the research. The primary data has been collected by using questionnaire, which is type of quantitative techniques. The secondary data has been collected from various relevant journals, database, textbooks and internet website


It is important to consider the appropriate model and measures to the aims and objective of the research. The main target of this research is to analyse how effectively Lloyds Banking Group practice CRM, how they maintain long term relationship between customers and bank, how Lloyds manage life time value of customers. This research has utilized primary data that has been collected from Lloyds Banking Groups' employees and customers.


According to Burns and Bush (1998) “Data and information collected from secondary research is previously collected by some other researcher for some other purpose”. Chisnall (2005) said “It involves collection of data that already exist”. Under secondary research, researcher has collected the information from relevant textbooks, journals, library database and internet websites.

Data can be two types, primary and secondary. Secondary data is accessible from in-house databases, publications, research agencies etc. secondary data can be further classified into external and internal data. External data is available syndicated and library resources while internal data is available within the organisation. The main advantage of secondary data is, it is inexpensive and its help researcher to save time. The main disadvantages of this data are inaccuracy, insufficiency and relevancy.

Everything has some advantages and disadvantages. Secondary data also has some advantages and disadvantages, which discusses as follows;



Usually cheap.

Secondary data was not collected exclusively to address the researcher's problem.

Obtain quickly.

Disparity of units-sometimes data collected in quantity units that do not match the required unit.

Boosting the existing primary research.

While collection, analysis and presentation there are some chances of may be high error.

Usually available.

The data collected may be out of date for the researcher to research.

Table 3.1: Advantages and Disadvantages of secondary research

Source: Adapted from Burns and Bush, 1998, pg.144

The objective of this research is to “Customer Relationship Management of Lloyds Banking Group; A Critical Evaluation” after getting in-depth knowledge of the CRM activities towards financial institution, the research relates the theory to the data mining, customer segmentation, customer lifetime value and overall practice of CRM in Lloyds Banking Group.

This research papers has rely on reviewing the various secondary data available from various resources like magazines, website, text books and publication etc.


According to Chisnall (2005) “The primary research involves observation, experimentation or questionnaire in order to collect new information about the market. Primary research includes qualitative and quantitative research.”

Qualitative research

According to Malhotra and Peterson (2006, pg. 150), “Qualitative research is an exploratory research methodology based on small samples that provides insights and understanding of the problem setting. Also its findings are not supported by statistical evidence, but it offers an insight and guidance to researcher”.

This research has conducted some Depth Interviews with Lloyds Banking Groups' employee.

Quantitative research

Quantitative research involves measurable data.

Quantitative research includes;


Questioning respondents is the basic of a survey. According to Malhotra and Peterson (2006, pg.181) “It is used when the research involves a huge number of people and asking them a sequence of questions. It can be conducted in person by telephone, through a mailed questionnaire or electrically through computer”.

In this research, questionnaire type of survey has been used by researcher. There are three type of question, which is as follows;

a) Open-ended questions

b) Closed-close ended questions

c) Scaled response questions

Open ended questions have not used this research. Only close ended questions and scaled response questions have been used in this research. Therefore closed-close ended question and scaled response question have been discussed below.

a) Closed-close ended questions

“Closed questions can be simple alternatives questions and multiple-choice questions. Under this question respondents are offered a choice of alternatives replies from which the respondents expected to select answer. In the simple alternative questions respondents have two choices, ‘Yes' or ‘No'. In the multi-choice questions respondents have range of choices” (Chisnall, 2005)

In this research researcher used simple alternative questions as well as multiple-choice questions when constructing the close ended questions to get a deeper understanding.

b) Scaled response questions

Burns and Bush (1998, pg 287) said, in this type of questions, a scale is developed by the researcher to measure the attributes of some construct under study and the response of the respondent is determined by rating the item on the scale”.

In this research five point ‘linkert scale' has been used, in which the respondents can rate up to point five in the scale.


According to Parasuraman (1991) in case of observation the respondent plays a little or no role in terms of interacting with the researcher.

This technique has not used in this research. Because survey technique is the best suited technique for the current research.

Research type

Methods available

Method selected by researcher

Qualitative research

Depth Interviews

Project Technique

Focus Group




Quantitative research

Surveys (Questionnaires)

Close-ended Questions

Scaled question

(Linkert Scale)







Table 3.2 Selection of primary research method


It is a common method to gather primary data. According to Malhotra and Peterson (2006, pg. 288) “A questionnaire is a formalised set of questions for obtaining information from respondents”.

Three factors are there, which helps the researcher to confirm a true response from a questionnaire. These three factors are as follows;

* The question of questionnaire must be able to understand by the respondents.

* The requested information must be able to provide by respondents.

* Respondents must be willing to provide the information (Chisnal, 2005)

While prepare the questionnaire the researcher always keeps these three factors in his mind to get error free response.


Most important part of research is question design. According to Denscombe (1998) “While designing the questionnaire, a researcher must fanatical in mind that questionnaire should be crisp and concise by asking only those questions which are vital to the research”. As Malhotra and Peterson (2006) suggested the funnel approach in the questionnaire, the researcher has been approached in this research.

There are two parts of the questionnaire. One is for Lloyds Banking Group's employees to do research with the help of bank's employees and other one is Lloyds Banking Group's customer to do customer survey. As the researcher feel during the research, for the security reasons bank staffs were not willing to answer entire questions. Therefore the researcher asked three general questions. On which the researcher tried his level best to collect the required information.

The second part of the questionnaire is for customer survey. The researcher asked questionnaire to the respondent in an arranged manner with four sections, A, B, C and D. the questions are made in easy language. Therefore it is easy to understand. Firstly researcher asked general questions from customers like how long they have been with Lloyds and average annual income then the questionnaire has narrow down to analysis the performance on individual relation ship, customer value and customer loyalty and bank's communication with customers. And the questionnaire which has designed offers confidentiality of information to all customers.

The data has been used in this research from authentic secondary source. Primary data has pull out from interviews with customers of this bank and the relevant persons within the company. And the conclusion and recommendations for the bank have based on a findings and analysis. No particular ethical issues regarding the research can be foreseen.

Section A

This section consists of general question. It is includes two questions. This includes the general questions like duration of relationship with Lloyds and average income of the customers. Under section A close-ended questions had asked and customers were asked to (√) in one of the boxes that was appropriate for them.

Section B

This section includes two numbers of questions. These questions consist of scaled response questions and one closed ended question. Questionnaires were a scaled questionnaire of 5 points. The researcher was done an evaluation of Linkert scale of 5 point. The scale had 5 points, described a below.

Strongly dissatisfied dissatisfied neutral satisfied strongly satisfied

1 2 3 4 5

In section B the customers were asked to (√) in one of the boxes, which they considered to be suitable. These five questions help researcher to analyse how Lloyds performing individual relationship with customers.

Section C

Section C consists of 3 questions, where all question were closed ended type. The customers of Lloyds were asked to (√) in one of box, which they considered to be suitable. Those questions were used to analyse the customer value and customer loyalty of Lloyds Banking Group.

Section D

Section D consists of 2 questions. The researcher was done an evaluation of Linkert scale of 5 point. The scale had 5 points, described a below.

Strongly dissatisfied dissatisfied neutral satisfied strongly satisfied

1 2 3 4 5

In this section the customers of Lloyds were also asked to (√) in one of box, which they considered to be suitable. Those questions were used to analyse the performance of communication between customers and Lloyds Banking Group.

Both questionnaires have been attached in appendices, which is chapter 10

Pilot testing of the questionnaire

According to chisnall (1997) ‘this is very crucial for every researcher to pilot-tested his or her questionnaire during all of the stages of development. This may involve redesigning of questionnaire several times, so that questionnaire would become specific, clearly understandable and capable of being respond by the customers and free from bias'.

Before the main survey the pilot survey was done by researcher. In this current survey the sample size was 200. The 10% of the main survey were used for pilot test. And that was 20 customers. After redesigning the shortcoming of the questionnaire, the researcher conducted survey of 6 customers for the accurate ness of question.

Questionnaire management methods

In the current research data has been collected from the relevant persons within the bank. According to my topic the researcher have chosen most appropriate 3(three) relevant banking officers from Lloyds Banking Group. They faced an interview with the researcher on face-to-face manner. They are Mr. Imran Mumtaz (Senior Banking Manager), Mr Darren Dowlut (Senior Marketing Manager) and Mrs. Ruth Leigh (Costomer Service Officer). The above describe interviews were last 40 (fourty) to 45 (fourty five) minutes (approx).

On the other hand the researcher decided to conduct other research out side the Lloyds Banking Group, to get maximum number of respondent in a short time. The researcher went to different branches of Lloyds Banking Group in London. The branches were East Ham, Ilford, Stratford and High Holborn. The survey was carried out between 25th of November 2009 to 23rd of December 2009. The researcher used the timing of the customers' survey between the opening hours to meet the bank customers.


According to Saunders et al, (2003) “Sampling techniques are the range of methods that enables the researcher to reduce the amount of data by considering data from a sub-group rather that all possible elements”.

a) Population

Saunders et al (2003) advocated that “Population is a set of cases from which a sample is used for the specific survey”. Sample population of the current research was the total number of the customers of Lloyds Banking Group.

b) Sampling frame

“Sampling frame is a list, map, index or record of a population from which a sample can be extract” Chisnall (2005). Sample frame of the current research were the total number of Lloyds Banking Group's customers.


Malhotra and Peterson (2006, pg.323) asid “sample is a subgroup of elements of the population selected for participation in the study”.

The target of this research was how effectively Lloyds Banking Group practice Customer Relationship Management. Research focused on customer lifetime value, customer segmentation, data mining and data warehouse technology, relationship between bank and customers and so on. Therefore the researcher focused on B2C (Business to Customers) retail banking sector. The sample size has taken 200 retail banking customers of Lloyds Banking Group.

Anderson, Black, Hair and Tatham (1998) mentioned that “for structural equation modelling sample size of 100 to 200 are sufficient”. So sample size of 200 customers has taken by the researcher. But the researcher surveyed more 12 customers to get complete response from 200 Lloyd's customers. Because the questionnaires were spread to 200 customers, but 12 customers were in the bank to open the new account, out of 200 customers.


According to Chisnall (1997) “The data collected from the research has to be processed by analysis, interpretation and tabulation”. Therefore the researcher analysed the data collected from questionnaire in chapter 6 (Discussion and Analysis) and displayed by graphs, pi chart and table which is enclosed in appendices, which is chapter 10.


This chapter deals with the information about the host company that is Lloyds banking Group and this chapter based on primary secondary data.


Lloyds Banking Group is providing a large range of banking and financial services to personal and corporate customers. It is a leading United Kingdom based financial services. It established in 1995 by the merger of Lloyds Bank, established in 1765 and traditionally considered one of the Big Four banks, with the TSB group which traces its origins to 1810”. (Source: http://www.mediacentre.lloydstsb.com/gr/overview.asp)

After the acquisition of HBOS in 2008, Lloyds TSB Group plc was renamed Lloyds Banking Group plc on 19 January 2009. But the bank operates as Lloyds TSB Scotland Plc in Scotland. This makes it the largest retail bank in United Kingdom. Lloyds Banking Group has a wide network of branches and cash machines, which is across England and Wales. Lloyds Banking Group offers 24 hours telephone and online banking services. Now a day Lloyds Banking Group has 16 million customers. UK Retail Banking, Insurance and Investment and Wholesale and International Banking these are the three activities that Lloyds Banking Group organised.

(Source: http://www.mediacentre.lloydstsb.com/gr/overview.asp)

“Lloyds Banking Group is quoted on the London Stock Exchange and it is one of the largest financial companies within FTSE 100. Lloyds Banking Group's capitalisation is £26.7 billion on 31st December 2007. The total group's assets were £ 353 billion at the end of 2007. Lloyds Banking Group has around 70,000 employees. And the total income for the 12 months to 31st December 2007 was £18 billion with profit before tax totalling £4 billion”.

(Source: http://www.mediacentre.lloydstsb.com/gr/overview.asp)

History of Banking Group

Lloyds Banking Group can draw its base back to 1765 in Birmingham with the foundation of Taylors and Lloyds. In 1865, this private bank was transformed into Joint Stock Company. And in 1889, it became Lloyds Bank Limited. It acquired the demutualised Cheltenham and Gloucester Building Society in 1995. The Revd. Henry Duncan of Ruthwell, Dumfriesesshire had been founded the first Trustee Saving Bank (TSB) in 1810. In 1985 the TSB Group was incorporated under the Companies Act. In 1995 the creation of the modern bank was announced. And in 1998, after the statutory process of integration had been finished Lloyds TSB commenced trading.

Three Scottish branches of Lloyds were absorbed into TSB Scotland. That had remained separate to TSB Bank in England and Wales. In 1991 TSB Northern Ireland was disposed to Irish Banks prior to merger. The bank does not have a presence in the province consequently. In 1992 TSB Channels Islands was integrated in to TSB Bank. In 1996 Lloyds Bank International merged into Lloyds Bank. While there was no longer any advantage in functioning individually.

In 2000 this group acquired the Scottish Widows Fund and Life assurance Society.

Lloyds Offshore Limited, a wholly owned subsidiary of Lloyds Banking Group, operates brances in Jersey, Guernsey and the Isle of Man, although Lloyds Banking Group (Gibraltar) Limited operates in Gibraltar, both deal as Lloyds TSB international.

(Source: http://www.lloydsbankinggroup.com/.asp)

Present situation of the company

The Financial Services Authority has given authorisation and regulation to Lloyds banking Group. Lloyds Banking Group is a member of the Financial Ombudsman Services, the Association for Payment Clearing Services, the Financial Services Compensation scheme and the British Bankers Association. It subscribes to the banking Code and Business Banking Code.

Lloyds Banking Group provides mortgages in England and Wales are administrated by Cheltenham & Gloucester Plc. Lloyds TSB Scotland and Cheltenham & Gloucester are member of the Council of Mortgage Lenders. On the other hand C&G are actually savings investment in Lloyds Banking Group. In 2009, it was announced that Lloyds TSB Scotland including additional branches of Lloyds TSB England and Wales are to be divested by Lloyds Banking Group under the TSB brand, jointly with branches (though not the name) of C&G. the process could take up to 4 years to complete.

(Source: Adopted from http://uk.finance.yahoo.com/q/pr?s=LLOY.L)

Lloyds Banking Group is a dynamic banking group. On the one hand, retail and commercial banking are operates by this group. Lloyds Banking Group offering account management for business and private individuals, asset management, debit and credit cards and even mortgage loans with the help of C&G. on the other hand, Lloyds Banking Group has been established outstanding efficiency in insurance sector through Scottish Widows. In the field of insurance Lloyds Banking Group offering life insurance, pensions, investment funds, general insurance (like car, house, and travel). Lloyds Banking Group has 2200 branches in Great Britain. And it also has locations in Asia and Europe.

(Source: Adopted from http://uk.finance.yahoo.com/q/pr?s=LLOY.L)

As Zineldin (1995) said 2Relationship marketing is becoming important in financial services in 1990s”. And Customer Relationship Management is a very new idea in financial sector. But Lloyds Banking Group has already developed an enhanced model of Customer Relationship Management. It including the real time delivery of detailed customer information to bank's front line staff. In a wide pilot this CRM model delivered an improvement in customer satisfaction as well as increased 12% in sale. Lloyds Banking Group has increased their sales and service staff by 1500 during 2001 (approximately) just because of high quality of CRM technology and programme.

(Source: adopted from http://www.investorrelations.lloydstsb.com/media/pdf_irmc/ir/2000/2000_LTSB_results_PEllwood.pdf)

Lloyds Banking Group's Strategy

Through developing the long term customer relationship, Lloyds Banking Group's strategy is remains to grow the business. Bank's businesses are focused on extending the depth and reach of bank's customer relationship, enhancing product to build competitive advantage. This enable bank to get its vision of being the best financial organisation in the UK.

Bank's key for driving more income and more business growth, it has to focus on improving personal, commercial and corporate customers' relation although developing and creating new products that meet the needs of existing customers and attract new customers as well.

(Source: adopted from http://www.mediacentre.lloydstsb.com/gr/overview.asp)


This chapter will present the result of the primary research, which is about the data collected from the employees and customers of Lloyds Banking Group using questionnaires, a type qualitative and quantitative method technique.


According to Sharp J. A., Peters J. and Howard K. (2004, pg.113) “Data analysis is the ordering and structuring of data to produce knowledge”. Again they said “Statistical method enjoys a special position in research because they grew up through attempts by mathematicians to provide solutions to problems of defining and building of knowledge noted by philosophers”. They said this in same book at page 114.


Q.1: How can the definition and benefits of CRM in Lloyds Banking Group is described?

Lloyds Banking Group looks at Customer Relationship Management as integrating the activities of sales, marketing and service to accomplish a common goal. Lloyds Banking Group applies Customer Relationship Management from consumer to consumer base by offering the right product or service to right consumer at the right time. Lloyds Banking Group always looks right products or services that fit the consumers' needs and right time when consumers actually need that products or services. According to Lloyds this is not only depends on its internal environment that includes its management goals although it is closely looks its external environment, multi channels environment (new technologies), competitors and level of consumers' satisfaction.

Lloyds Banking Group looks forward to its goals by achieving long term relationships and satisfied customers I the globally changing competitiveness, which is supported by Sherif (2002). He said “Focus on managing customer relationships and in particular satisfaction, in order to efficiently maximize revenues”.

Source: Adopted from face-to-face interviews.

Q.2: How can the Customer Relationship Management processes in Lloyds Banking Group is described?

While dealing with customers Lloyds Banking Group has 2 major activities. Firstly enhance customer relationship and satisfaction level of customer by collecting data, analysing and forming new and modifying old strategies at the central level. Secondly Lloyds gets knowledge about customers at the branch level.
Customer Segmentation

The purpose of Lloyds Banking Group's CRM is to rate consumers by their attractiveness and for that they are using Profitability Segmentation Model. Bank is wished for “build fences around the profitable customers," and to attract "look-alike" customers. Less attractive customers must either be cross-sold advantageous products, or be tally into less costly service channels. The main objective of Profit Segmentation Model is to identify those customers who are essentially gainful, others that have the prospect to become gainful if cross-sold. This model also identifies those consumers whom the bank does not want as they are naturally not making money.

By segmenting the customer according to their profitability like , “A”, “B”, “C”, Lloyds Banking Group has always choose profitable customers as a means to boost up performance with existing bank process. Lloyds Banking Group considers this believe as a generally valuable vision and segmentation approach to Customer Relationship Management. The money making segmentation model is replaced with a need segmentation model.

Source: Adopted from face-to-face interview

Customer Lifetime value (CLV)

Customers have been segmented according to their financial need and profitability. Based on the customer's transaction history the company has recognized 200 sub-segments within the 6 segments of targeted market. Every month customers are evaluated and then scored on basis of two areas: ‘their likelihood to purchase various products' and ‘their likelihood to respond to various types of offers'. Then these consumer's buy leads are assigned to a sales channel: ATM, mail, email, bank branch, call centre, or personal bankers. And then the consumers are targeted in terms of how and when the offer has presented and the customer response to it. To increase the correctness of the new prediction, each new response has been incorporated in the system.

Lloyds Banking Group has a huge range of products which are aimed to build a long life relationship with the company. Lloyds Banking Group here applies a Customer Life Cycle. The bank has an account facility for young people under age of 19 who are interested to save money. Then when the customer begins college or university they are automatically qualify to Recent Graduate Account which allows them to get student loans from the bank. And when the customer starts to work they can go for any of the current or savings account facility offered by the bank. The customer may wish to buy property, and so take out a mortgage. Customer could take out a car loan, to buy a vehicle to get you to work. As the customer advance in his career he begins to save for his own family, and saves for their own children's education. Customer embark upon a number of savings plans and schemes, and ultimately Lloyds Banking Group offer Customer pension plan. In this way the bank does business with customers throughout their whole life.

Marketing Campaign

As like the Customer Relationship Management, marketing campaign has equal important in every operational area. This marketing campaign is the very first method that Lloyds Banking Group has used to test different analysis and techniques.

The overall marketing campaign has described on 5:1 it shows the partiality determination and targeting the first step of the whole activity. Before attempting the approach on a large scale roll out different experimental campaigns have been designed and carried out to test effectiveness of the approach.

By meeting the sales forces in the branch offices an educational process has been introduced, by distributing an explanation booklet and publishing on the internet a note on the whole process of marketing campaign. In order to track the customer under promotion, system interface has been modified. It also helps to enable the sales people in the branch office to complete the sales on promoted customers as well as to record the fact that the sale was an end result of the promotion.

So far the bank has used two different to promote, firstly: the sales person of the branches and secondly: call-centers. The activities of call-centers are supported by specific software package. The total campaign has supported by the specific Marketing campaign management software. This software uses both the data's from data warehouse and also manage itself a smaller local database, for the campaign data to be stored temporarily. Data's such as list of customers, date of promotion, responses etc. has been copied manually into the data warehouse when the campaign has been completed.

As described in the , Large Scale Lloyd's infrastructure the first step is the Cluster Analysis, which basically classifies the clusters or the group of similar customers, than it is formed as campaign Design. The campaign designs the potential for each clusters or groups of customers. Campaign design model completely impacts the profitability. The third step comes to supporting materials, this is basically it produces scripts, training and sales support materials. Fourth position comes to test campaign; this executes the test campaign to evaluate the effectiveness of the Marketing campaign. This stage also refines the total data and indicates if anything is not to the mark.

The next and fifth position is known by roll out campaign which executes the campaign on a large scale and the last stage is the measurement; it is determines measurement taken from the track branch performance and also measure the response, determines the campaign profitability.

Q.3: How can the CRM technologies in Lloyd bank is described?

Lloyd has different type of computer application for different level, like front-end applications which is used by the employees at bank used while interacting with the customers. The analytical applications are used by the higher management while forming the strategies. And finally, they use the databases to store customer information for future use.

Lloyds is using these technologies to interact with its customers shown in table below:

CRM is a customer-centric process which helps the bank to maintain all the relevant data for its customer; otherwise it is quite difficult to handle with all the information manually.

Data Warehouse and Data Mining

Lloyds Banking Group's data warehouse is frequently occupied with both operational system and intermediate sources obtained by pre-processing data. These data include demographic data like age, sex, culture, marital status etc.; ownership of bank's product or services data and also some variable data like risk, profit, liabilities, and assets. This also includes the segmentation of the customers. New data are temporarily placed in an intermediate and then it has pre-processed and transferred to the warehouse.

With the help of the above the importance of the Data Warehouse stems can be analysed. A consequence of strategic analysis is carried out by the help of continuously updated data as well as the analytical methods and tools described. The CRM group analyses the results and designs the action plans, such as campaign, promotional activities, special marketing initiatives etc. then the newly developed plan is implemented with the help of different channel of the bank to reach the customers. Evolution of the end results complete the cycle. The results became an integral part of the description of the bank-customer relationship in the warehouse. The end results can be reused in the future analyses and in future marketing plans. It is easy to understand that the Data Warehouse cannot actually be built 'once for all' but is a kind of living structure continuously enriched and updated as the Relational Marketing activity develops. Following shows general structure of Relational Marketing Activity.

Lloyds Banking Group is using Kognitio WX2 as analytical software for data mining from Kognitio. Lloyds Banking Group believes this as a powerful competitive weapon and therefore investing heavily in the human resources needed to develop these analyses. The Analytical Software is derived from the Data Warehouse through the following steps: 1) Raw data processing: data selection, data extraction, and data verification and rectification 2) Data modeling and variable pre-processing: variable selection, new variable creation, variable statistics, variable discrimination.

To analysis how the bank retain their customers

Lloyds has realized that generating new customer has some associated costs. These includes cost of advertising, following up, sales demos, travel and meeting cost etc. but retaining of a customer can minimize those associate cost as the customer is already aware of bank's processes and can predict a certain quality of output.

Lloyd's customer retention strategy is discussed as follows:

The following lifecycle has shown that in different time period different customers has contributed to the business.

Source: adopted from http://www.genroe.com/articles/113-bank-customer-retention-strategies


The largest group of customer retention strategies that has been implemented in the new section of the customer lifecycle is on boarding. On boarding is the process of attach a customer with an organisation and make them sure that their personal data is correct. Through this customer understands the products they have purchased and how to quickly contact the organisation.

It has been found out that those customers who are properly on boarded will stay with the company for a longer period of time and will spend more money than other customers.


Lloyd's retention strategy to retain their existing customer is to classify different types of customers (silent attrition, ideal and unhappy) and then create an appropriate plan to change the behaviour.

The customers in silent attrition are those, who have still an account in the bank but they are not using that account at this moment. For example, credit card account, a customer may have his account in the bank but he is not using his credit card. And for these customers the bank determines why they are no longer using the products and create initiatives to change their behaviour.


Exiting customers are those, who have started the process of moving their business to another organisation or are in the process of considering the move. The first step of bank customer retention strategies is to identify the segment those particular customers are from.

Request for loan payouts details may be consider as an indicator of customer's move.

To retain those customers the bank has need to understand the product drop cycle, i.e. the order in which customers drop their products before they leave. And with the help of these information Lloyds creates an effective customer retention strategy to target those customers.


Winback strategy is aimed at recapturing customers that have left the organisation. Bank's customer retention strategy is the most expensive and lowest ROI (Return of Investment) strategy. It is hard to bring back those customers who have already left to the other organisation.


The researcher wants further to clarified the Customer relationship Management process by its definition, types and classification of Customer Relationship Management applied to survey.

According to Efran Turban (2008), “CRM is a customer centric approach that targeted on making long term and sustainable relationship with customers, which include value for the customers and company”.

Tan et al (2002) and Payne (2005) said that ‘there are three types of CRM activities, which are; operational, analytical and collaborative. Operational Customer Relationship Management is involved typical business functions that including marketing and sales management, customer satisfaction, customer services, customer value and customer loyalty. Analytical Customer Relationship Management related to activities, which capture, store, extract, process, analyze, interpret and report customer data. And all communication, coordination and collaboration between customers and companies are deals with Collaborative Customer Relationship Management'.

The researcher implemented the above classification on to the research survey. He collected data from customers to cover operational customer relationship management, collected data from employee to cover analytical customer relationship management and collected data from employees and customers both to cover collaborative customer relationship management.

The following customer survey questionnaires, graphs, charts are stated on the appendices chapter 10. The analyses of the findings of customer survey are stated on next chapter 6.


In the previous chapter, the research findings were discussed. This chapter will discuss about the data analysis from using graphs, tables and charts, which are shown in appendices. Therefore this chapter will make a comparison of analyzed data of Lloyds Banking Group and Literature review.


Lloyds Banking Group has started to focus on implementing and developing customer relationship management system accordingly as rapidly decreasing inflation rate and changing economic conditions scenario. Presently around sixteen millions customers are doing business with Lloyds Banking Group and the total number of employees is currently around 76000. The significance for the bank of managing long-term relationships with consumers has been drive of the joint projects which Kognitio has been developed. The routinely collecting and cleansing data has been focused as a problem of this projects as realizing the importance of customer information availability. The undertaken project by the bank with the strength that has been characterized the whole customer relationship management development. The project has promoted a enormous participation of the branches, that is the portfolio managers and campaigns managers have been launched for popularizing between branch employee the importance of collecting and maintaining consistent customer data.


Swift's (2001) advocated that “there are four stages of Customer Relationship Management process cycle; knowledge Discovery, Marketing Planning, Customer Interaction and Analysis and Refinement. The process of analyzing customer information to recognize investment strategies and market opportunities is the first stage. And customer interaction stages is the key stroke phase to carry out and manage communication with customers with applicable information and offers using a diversity of interaction channels and front office applications. Specific customer offers and allocation channels are defined by marketing planning. Analysis and Refinement stage is to continue to study from customer dialogs that company has received by capturing and analysing data from customer interactions”. The contrasts of this theory are as follows;

Knowledge Discovery

Lloyds Banking Group is discovering knowledge of their customers by collecting information from data warehouse and meetings with customer. Swift (2001) has same view.

Market Planning

Lloyds Banking Group analyse the collected information which finally helps to outline a strategy and to launch the right offer, at the right time.

Customer Interaction

At this stage different channels and front office application are used for customer related information and offers.

When it comes to customer offers, Lloyds Banking Group offers the majority of its services to all customers. But there are some unique offers that the bank gives only to the selected consumers by using channels. The feeling of Lloyds is that different customers have different business setup and it is better to use different channels to bring most of the customer segment. The customer can use the internet and phone around the clock and can use the service of bank.

Analysis and Refinement

Lloyds analysis stage includes not only just apply Customer Relationship Management but follow it up. Lloyds Banking Group looks Customer Relationship Management as integrating the activities of sales, service and marketing to achieve a common goal. Lloyds Banking group looks right service that fits the customer's needs at right time, when consumer actually needs the service. According to Lloyds Banking Group it not just looks into its internal environment that is include its management goals, but also deeply monitors its external environment, multi-channel environment (new technologies), competitors and level of customer satisfaction which is explained theoretically by Sehrif (2002). According to Sehrif (2002) ‘to struggle with newly rising competitive pressures, bank (financial institution) must identify the need of examination their performance by gaining their strategic goals and meeting continues volatile customer requirement and needs'.

In the changing competitiveness Lloyds banking group looks towards its goals by having long term relationship and satisfying customers, which is supported by Sherif (2002) by saying ‘target on managing long-term customer relationships and in particular customer satisfaction, in order to maximize revenue efficiently'.

Lloyds Banking Group follows 2 major activities while dealing with customers. Firstly, to enhance customer relationship and satisfaction level, Lloyds collecting customer information, analyzing and forming new and modifying old strategies at the central level. Secondly Lloyds Banking Group collects knowledge regarding customers at the level of branch.

According to Darren Dowlut Senior Personal Banking Manager “when it comes to perform Customer Relationship Management, we take following steps and feel that all steps in the Customer Relationship management application. Every step is important and no step can work without the help of the other”

Lloyds uses phone, website, email, branch, direct mail and advertising channels to interact with customer. Because Lloyds feels that different customers have different business setup. Therefore it is good to develop different channels to bring most of the customer segment.

Lloyds Banking group bring most of the customer segment by using different channels. But Lloyds is not using any networking site to bring any customer segment. Using social networking site is becoming important. The nature of 21st century is that customers and the business models essential to meet up the customer's requirements. And it has become more and more important strategy and technology for Customer Relationship Management execution. Social networking platform allows organisations to communicate and interact with customers. This latest Customer Relationship Management process allows organisation to make devoted communications channels with consumers. Submit queries, track order and so on can do by customers through their networking site.

Lloyds Banking Group takes help from CRM for marketing, sales and supported system which is supported by Dr. Robert Shaw (1999). According to Dr. Robert Shaw “looking Customer Relationship Management as integrating the performances of sales, marketing and service to attain a common goal. Lloyds Banking Group feels it is not only looking for its internal environment that is including management goals. But it is also closely monitors its external environment, multi channel environment (new technologies), competitors and satisfaction of customer. This is theoretically compared with Sehrif (2002) “to fight with newly rising competitive pressures, bank must be familiar with the need of balancing their performance by achieving their strategic goals and meeting customer needs”.

Lloyds banking Group is follows a common marketing strategy for all segment of customers. This is not suitable with Lloyd's current segmentation scenario. Lloyds is doing business with large number of customer but comparatively higher income people or high income people do not prefer Lloyds. There are no specific reason behind it, accept other banks are offering extra facilities to attract this type of customers but Lloyds has no specific marketing strategy to acquire these customers for the specific segmentation.


According to Reynolds (2002), “the most ordinary technology options comprise Data Marts, Tactical Databases, Integrated Customer Relationship Management Solutions and Data Warehouses”. Reynolds also said that “Customer Relationship Management technology helps a organisation to archive, develop and share customer information all through a organisation to determine customer specific need, recognize most profitable and risky customer, offer personalized sight of the organisation to consumers, standardized customer care deliver and efficient deliver.

Bank is using different type of applications at different levels. For example the higher management uses analytical applications that is use for forming a strategy, front end applications is used by the employees at the bank uses to communicate with customers and finally for the future use the data bases are used to store customer information.

Lloyds banking Group views Customer Relationship Management technology as a customer centric process. It is help full to automate the overall system. Or else it is not possible to handle all the information manually.


After analysis the findings of section A, are stated on Appendices. Please refer to page no: …………… it has been found that the Lloyds Banking Group is success to make a long term relationship with customer. In current situation when customers are doing business with many different banks at a time and switching over from one bank to other. In this competitive market 15.5% Lloyd's customers are banking with Lloyds from more than six years. Along with 29% customers are banking with Lloyds from three to six years and 32% customers are doing business from one to three years. That means Lloyds Banking Group understanding individual needs and Lloyds giving relevant facilities to customers which is boosting Lloyd's customer retention program. Still Lloyds Banking Group has to concentrate to increase cross-selling and up-selling their product.

Section A also shows that most of the customers of Lloyds are medium and comparatively low income people. The total number of customers of Lloyds is presently around sixteen millions. Lloyds Banking Group is doing business with large number of customer but according to survey competitively high and high income people do not prefer Lloyds very much. The researcher has tried to explore the reasons behind this. Why competitively high and high income people do not prefer Lloyds. There is no particular reason behind it. Only one issue that can researcher consider that is Lloyds Banking Group does not has a specific marketing strategy or any specific offer to attract those segmented customer. Lloyds marketing campaign is very general which is for every segment. But many others bank are giving extra facilities to those segmented customer to attract them. Lloyds Banking Group has to concentrate to competitively high and high income people segment. Lloyds has to implement a specific marketing campaign and offer some facilities to acquire those customers.

Section B showing that 36.5% of the Lloyds customers are believe that, their complaints may not be used to improve their service. Moreover 11% of customers strongly believe that, their complaints may not be used to improve their service. That indicates a large number of customers are not satisfied with the way Lloyds improving their services. Even 44.5% customers are saying that Lloyds does not have the ability to understand and clarify the specific need of customers. Therefore the survey is showing that lot of dissatisfactions is existing in large number of customers. Lloyds need to improve the performance on individual relationship.

Section ‘C' shows the customer value and customer loyalty of Lloyds Banking Group. According to this survey 60.5% customers are using only two products of Lloyds. And only 9% are using three products in addition to 5.5% and 2.5% customers are using four and five products accordingly. This picture does not fit with Lloyd's customer retention strategy. Lloyd's strategy is to establish a long term relationship with customers. It not feasible to maintain long term relationship with-out improves their up-selling and cross-selling performance. This can be also represented that the bank is unable to satisfy the wants and needs of the customers. The bank is far behind to full fill the expectation of the customers. At the end regarding customer value it can be said that the over all customer value of the bank is dissatisfied.

Regarding the recommendation of the bank, it showed a noticeable response. 84% of the respondent agreed that they would like to recommend this bank to the others. They showed that it had a best word of mouth response. While only 16% of the customers said that they will not recommend this bank to others. It is the advantages of the bank that it has a best recommendation. The customers' recommendation of the banks is showing possibility of a positive forth coming business result.

Regarding the consideration of Lloyds as primary bank, it showed a positive response. 58.5% of the respondent said that they consider Lloyds as primary bank while 41.5% customers said that they do not consider Lloyds as primary bank.

Section C shows that despite of low performance of bank on individual relationship with customers there are a high percentage of customers are considering Lloyds as their primary bank. It is a positive sign of customer loyalty.

Section D shows customer view towards Lloyd's communication with customers. The highest customers' percentages of 43.5% are strongly satisfied and 31.5% customers are satisfied with the frequency of communication Lloyds practice. Lloyds mainly uses direct mail, e-mail and telephonic call to maintain communication with customers.

However regarding the convenience and easiness to communicate with Lloyds it shows a noticeable response. The highest customers' percentages of 40.5% are neutral with this statement. The second highest customers' percentages of 34% customers are satisfied with convenience and easiness to communicate with Lloyds. The above survey of section D shows those customers showing the degree of satisfaction of Lloyds Banking Group with the convenience and easiness to communicate with bank. Customers can communicate with bank through telephone, internet at any time and physically visit any branch between the working hours.

Researcher analysis indicates that there is dissatisfaction among the bank's performance on individual relationship and customer value. Despite of dissatisfaction from the service quality, it has found that there are high customer loyalties. It has found that there are a gap between the customer's perceived benefit and perceived cost. The customer loyalty of the bank is the most influencing factors that lead the bank to have successful business.


This chapter involves the overall conclusion of the research. This chapter produce the conclusion compared and contrasted with the findings of the research and literature review. It summarises the aims and key findings and acknowledges the limitation of the research.


Preparing to fast declining inflation rate scenario and the shifting global economic circumstances Lloyds Banking Group has stated accordingly to target on improving a Customer Relationship Management system. The significance for the bank of control the relationships with their customers has been the drive of the joint projects, which have been developed with Kognitio. Kognitio supports Lloyds to data mining. Lloyds advocated that they have gained more competitive advantage due to the use of that data mining technology from Kognitio. The researcher found that the bank fully understand the technology in the best possible way. They are using most popular and easily accessible channels for communicate with customer. This research finding says that Lloyds Banking Group is fully using the technology that Reynolds (2002) described as.

From the above findings it can be stated that large number of customers are associated with the bank for longer period. According to customer survey 32% of customers are doing business with Lloyds from 1 - 3 years and that is the highest percentage. And 29% and 15.5% customers are associated with Lloyds from 3-6 years and more than 6 years accordingly. Please refer Appendix B, pg. no…….the total number of customers is presently around sixteen millions that is the huge number the bank is dealing with.

Research findings also indicate that there is dissatisfaction among the bank's performance with individual relationship. It is also found that there is a gap between the customers perceived cost and customers perceived benefit. In spite of dissatisfaction, it is found that there is high customer loyalty. This is contradicts Kaufman's (1998, p.5) theory. According to him “the goal of buying decision or customer decisions are depend on the single value or combination of the values of worth, wants and need”.

As a marketing aspect the researcher has found that Lloyds banking Group does business with large number of customers but most of them are medium earning customers and low earning customers. Only 6% customers of Lloyds are high earning customers. Please refer Appendix B, pg. no…..But there is no specific marketing strategy or campaign to attract the higher earning customers. Lloyds Banking Group's marketing strategy is general for all.

The researcher found that Lloyds Banking Group has applied the Customer Relationship Management Process that is a condition for managing customers as individuals not as part of a segment. Lloyds has clearly applied customer centric approach. Also Lloyds Banking Group is struggling for maintaining a long term relationship with customers.

It is also found by researcher that a number of products offered by the Lloyds Banking Group, which it targets at its customers for long term relationship with the company. Therefore Lloyds apply customer life cycle.

Finding has also exposed that Lloyds has high degree of strong recommendation. Also customers are loyal to the bank and want to stick with the bank. The customer loyalty which has the bank is the most influencing factors that can lead Lloyds Banking Group to have a successful business.


7.2.1 Objective 1: To study how critically practised CRM in Lloyds Banking Group

This objective of the research is fulfilled in chapter 5 and chapter 6 of this research. The function of CRM is to segment customers by their attractiveness. To meet this purpose Lloyds banking Group uses profitability segmentation models. According to Darren Dowlut Senior Personal Banking Manager “Lloyds looks to build fences around the profitable customers and to attract look-alike customers”. On the other hand there are some another strategy for the less attractive customers that is be cross sold profitable product to the less attractive customers. Or else be corralled the less attractive customers into less costly service channels.

To apply a customer life cycle, Lloyds Banking Group offers a number of products that targets its customer for their life time relationship with bank.

Lloyds Banking Group maintains satisfactory communication with customers. But Lloyds have a low customer value. Please refer Appendix B pg. no…..it is exposed that 60.5% and 22.5% customers are using only 2 and 1 product or service of this bank accordingly. And 9%, 5.5% and 2.5% customers are using 3, 4 and 5 products or services accordingly. Therefore Lloyds have to concentrate to enhance up selling and cross selling their product. There is the positive thing for Lloyds is customers are loyal to bank and they want to stick with bank. It is also exposed that Lloyds marketing campaign is general for all segment of customers. There is no specific marketing strategy for specific segmented customer. This research exposed that customers are dissatisfied regarding Lloyd's performance on individual relationship. As a technological aspect Lloyds uses sophisticated and modern technology for practise of Customer Relationship Management.

7.2.2 Objective 2: Analysis the data mining process of Lloyds Banking Group

The Kognitio has been designed Data Warehouse and Data Analytic model for the Lloyds banking Group. The data warehouse of Lloyds is frequently populated together from intermediate sources obtained by partial pre processing of raw data and operational systems. In implementing data warehouse an incremental approach has selected by Lloyds Banking Group where business strategy is incorporated with the help of development of information system. Develop and evaluates a set of business intelligence rules by Lloyds Banking Group with the help of data mining. Lloyds build target its marketing strategy with the help of these business rules for maximum response to produce a required level of response, profitability and revenue. Lloyds has some other business examples which are as follows;

To estimate the value of customer defection (this is for customer recovery and service reason)

A schematic description of customer acquisition (this is for focused marketing and Customer relationship management steps)

Abuse interference (this is for investigation of occurrence of fraud to reduce losses)

Monitoring threat of loss (customer scoring and credit sanction decision making done by here)

This objective of the research is fulfilled in chapter 5.

7.2.3 Objective 3: To analysis how the bank segment their customers

As the researcher said before, Lloyds banking Group uses profitability segmentation models. And Lloyd's segmentation process is pretty concentrated. Lloyds follows few steps to do the segmentation. These steps are as follows;

Lloyds divide their customer into applicable and quantifiable segment.

Lloyds looks for measuring the profitability of each segment

Lloyds choose the high profitable segment which is suitably served by the bank

Lloyds out line a plan, which supports marketing strategy to the target segment

Designate sufficient resources to meet above

At last Lloyds calculates and checks performance of every segment and taking action as required.

This objective is satisfied by the chapter 5 of the research.

7.2.4 Objective 4: To analysis how the bank retain their customers

Statistics of bank clearly declare that acquiring new customers is more expensive to bank than retaining existing customers. Bank loses average 20 percent of their customers on every year. Therefore in recent circumstances customer retention is become most essential to Lloyds Banking Group. This objective is already satisfied by chapter 5 of this research. Here the researcher summarizes the general steps, which Lloyds usually follows. Lloyds feels that each steps build on the others in a linear manner. And it eventually leads to develops customer loyalty.

Engagement of customer: a shared communication between the bank and the customers through interaction.

Experience of customer: consumers' sight of all communication with the bank including delivery channel, product, technology, process, people across the whole relationship.

Satisfaction of customer: expectations are on range of the customers, as the customers can understand the bank is meeting their needs.

7.2.5 Objective 5: To verify the relationship between the customers and the Lloyds Banking Group.

This objective has satisfied by the chapter 5 of the research.

Lloyds Banking Group maintains a satisfactory communication with customers. But customers have dissatisfaction toward bank's performance on individual relationship. High percentages of customers are using only two products or services, which is not a satisfactory number of Lloyds. Lloyds have to concentrate to improve up-selling and cross-selling their products. The customers of Lloyds Banking Group are loyal to bank and they want to stick with bank. It is also exposed that Lloyds marketing campaign is general for all segmented customers. There are no specific marketing strategies for specific segmented customers.


This chapter is the last chapter of the research; this chapter provide the recommendation for the managing implication in the Lloyds Banking Group. At the end, the chapter provide recommendation for the future research.


It has been learnt from this research that comparatively higher earning customers and higher earning customers do not prefer Lloyds. Only 13% comparatively higher earning customers and 6% higher earning customers are doing business with Lloyds. Therefore Lloyds Banking Group should target the higher earning customer through attractive offers as few other banks do. Halifax is giving £5 every month to those customers who pays in £1000 or above by either his/her salary and monthly transaction. First Direct member of HSBC Group offers £100 rewards to the customers whose first three months transaction is £1500 or above either by salary or daily use. After three months, if the customer is not satisfied First Direct will give another £100 reward and will help to switch to the desired bank. These are the way different banks are attracting higher income level customers. They make their marketing strategy according to their current strategy of segmented customer. Lloyds should implement specific marketing strategy for specific type of customers, which is suitable to their present customer segmentation scenario.

The researcher recommend to Lloyds Banking Group to provide CRM on ‘Facebook' platform to allow Lloyds to communicate with customers on the social networking site which is very popular now a day. Lloyds will be capable to allow customers to track orders, submit queries etc on their facebook pages. Many facebook profiles have been already launched by many companies. Facebook CRM will allow bank to make devoted communication channels by such a way of dealings with consumer. Facebook has passed the phase of just being seen as a social networking site to an influential communication intermediate for business. Facebook CRM allows business to tie together with the fame of the site and unlock a novel communication channel with customers.

Lloyds Banking Group should implement reward program. Sophisticated and contemporary reward programs are inspirational easy customer acquisition to customer retention. It will allow customers to earn points every swipes his or her debit card. Credit card reward program has become old idea. Reward program on debit card is a new concept. In this program, the more point's customers collect the more reward customers earn like credit card reward program. Through this reward program customer will get reward points for every transaction through Lloyd's alternate banking channels. Customer will allow paying bills, placing a term deposit, recharging prepaid mobile and transferring funds through any Lloyd's alternative banking channels. And customers can earn these points every time customer swipes debit card. And customer will also allow cash in these points. The researcher recommend to Lloyds Banking Group to provide this reward program. As reward program help to retain customer that leads customer loyalty and on the other hand in this present situation while customer are doing business with different banks, then this reward program attract customer to do business with Lloyds Banking Group. It will improve the percentage of customers who will consider Lloyds as a primary bank.

Lloyds Banking Group should implement Mobile Customer Relationship Management. It is CRM but any where, any time and on mobile gadget. In 21st century Mobile CRM becoming important because of business idea essential to meet up the customer's requirements, has become an gradually more important strategy and technology for Customer Relationship Management execution. It will sustain improvements in sales efficacy or even support sales position. Mobile CRM will grip customer intelligence provision or customer intelligence gathering. It will also develop customer value and customer contact.

This has not been academic exercise. Mobile Customer Relationship Management is something that is essential for business at 21st century. As faster bank realize that, the faster the bank will begin its program. Mobile Customer Relationship Management extends CRM capabilities to Blackberry or windows Mobile mechanism, delivering the similar rich functionality with real time expediency of wireless.

The bank's benefits of Mobile CRM:

  • Customer information will get through real time access
  • Entire marketing, customer service and sales functionality
  • Customer value will improve
  • Remote order entry will be easer
  • Customer contact will improve




I am Sajal Saha, a student of MBA in information Management from the College of Technology London. This questionnaire is being carried out as part of MBA programme at the University of Wales, Lampeter. Please allow your valuable minute to complete the question below analysis the “Customer Relationship Management of Lloyds Banking Group Plc: A Critical Evaluation”. I assured you that all information will be used for the research purpose only and will be kept confidential.

Q.1: How can the definition and benefits of CRM in Lloyds TSB Bank is described?

Q.2: How can the CRM processes in Lloyds TSB Bank is described?

a) Lifetime value of customer

b) Customer segmentation

c) Marketing Campaigns

Q.3: How can the CRM technologies in Lloyds TSB bank is described?

a) Data Warehouse

b) Data Mining

(Thank you for your valuable time and co-operation)


I am Sajal Saha, a student of MBA in information Management from the College of Technology London. This questionnaire is being carried out as part of MBA programme at the University of Wales, Lampeter. Please allow your valuable minute to complete the question below analysis the “Customer Relationship Management of Lloyds Banking Group Plc: A Critical Evaluation”. I assured you that all information will be used for the research purpose only and will be kept confidential.

General Question:

Section A: please (√) where appropriate:

1. How long have you been with Lloyds TSB?

Less than 1year: 1 to 3 years:

3 to 6 years: more than 6 years:

2. Your Average Annual Income:

Less than 10,000 11,000 - 20,000

21,000 - 30,000 31,000 and above

How Lloyd TSB performing on individual relationship:

Section B: Please rate the questions from 1 to 5, where 1 is completely dissatisfied and 5 are completely satisfied.

3. Do you believe your complaints may be used to improve their service:

1. 2. 3. 4. 5.

4. Ability to understand and clarify the specific needs of your:

1. 2. 3. 4. 5.

Customer Value and Customer Loyalty

SECTION C: Please (√) where appropriate:

5. How many no of service do you use please indicate in no's:

1 2 3 4 5 or More

6. Would you recommend this bank to others:

Yes: No:

7. Would you consider Lloyd TSB as primary Bank:

Yes: No:

Communication with customer:

SECTION D: Please rate the Question from 1 to 5, where 1 is completely dissatisfaction and 5 is completely satisfied.

8. Does Lloyd TSB frequently communicate with you:

1. 2. 3. 4. 5.

9. Is it convenient and easier to communicate with Lloyd TSB:

1. 2. 3. 4. 5.

(Thank you for your Valuable time and co-operation)



General Question:

Section A: please (√) where appropriate:

1. How long have you been with Lloyds TSB?

Less than 1year: 1 to 3 years:

3 to 6 years: more than 6 years:

Response from Q.1


Less then 1 Year

1-3 Years

3-6 Years

More than 6 Years








(In Percentage)





2. Your Average Annual Income:

Less than 10,000 11,000 - 20,000

21,000 - 30,000 31,000 and above

Response from Q.2


Less than 10,000

11,000 - 20,000

21,000 - 30,000

31,000 and Above








(In Percentage)





How Lloyd TSB performing on individual relationship:

Section B: Please rate the questions from 1 to 5, where 1 is completely dissatisfied and 5 are completely satisfied.

3. Do you believe your complaints may be used to improve their service:

1. 2. 3. 4. 5.

Response from Q.3


Strongly Dissatisfied




Strongly Satisfied









(In Percentage)






4. Ability to understand and clarify the specific needs of your

1. 2. 3. 4. 5.

Response from Q.4


Strongly Dissatisfied




Strongly Satisfied









(In Percentage)






Customer Value

SECTION C: Please (√) where appropriate:

5. How many numbers of services do you uses please indicate in numbers?

1 2 3 4 5 or More

Response from Q.5















(In Percentage)






Customer Loyalty:

SECTION D: Please (√) where appropriate:

6. Would you recommend this bank to others:

Yes: No:

Response from Q.6









(In Percentage)



7. Would you consider Lloyd TSB as primary Bank

Yes: No:

Response from Q.7









(In Percentage)



Communication with customer:

SECTION E: Please rate the Question from 1 to 5, where 1 is completely dissatisfaction and 5 is completely satisfied.

8. Does Lloyd TSB frequently communicate with you:

1. 2. 3. 4. 5.

Response from Q.8


Strongly Dissatisfied




Strongly Satisfied









(In Percentage)






9. Is it convenient and easier to communicate with Lloyd Banking Group?

1. 2. 3. 4. 5.

Response from Q.9


Strongly Dissatisfied




Strongly Satisfied









(In Percentage)






Cite This Work

To export a reference to this article please select a referencing stye below:

Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.
Reference Copied to Clipboard.

Related Services

View all

Related Content

All Tags

Content relating to: "Consumer Decisions"

The consumer decision making process involves how consumers identify their needs and gather and process information prior to a purchase. Consumer decisions involve how the emotions and preferences of consumers can impact their buying decisions.

Related Articles

DMCA / Removal Request

If you are the original writer of this dissertation and no longer wish to have your work published on the UKDiss.com website then please: