Innovative Relationship Marketing and Service Quality Toward Competitive Advantage Among Ghanaian Banks

Abstract

It has become crucial for companies to proactively consider how to draw in and then keep customers. The goal of the study is to determine whether Ghanaian banks have successfully employed innovative relationship marketing as a tactic through superior customer service to acquire a competitive edge. This study utilized a cross-sectional design and used simple random selection to choose 130 customers, while the purposive sampling method was used to select five Ghanaian banks. Data were gathered via a self-reported survey (questionnaire). To present the results, structural equation modeling was employed. Structured equation modeling (PLS-SEM) with SmartPLS 3.0 was used to examine the data. This study has added to the body of knowledge by demonstrating how innovative relationship marketing may be used to gauge service quality and gain a competitive edge. The study’s conclusions suggest that the resource-based paradigm is appropriate for representing both tangible resources like physical resources and intangible resources like customer service excellence. The study findings demonstrated that inventive relationship marketing improved service quality significantly, giving banks a competitive edge.