The interrelationship of stock ownership and customer relationship volume: Case of a Nordic retail bank

Journal of Financial Services Marketing

Volumn 14, Issue 3, 2009, Pages 203-217

  Aspara, Jaakko ^a   Nyman, Henrich ^b   Tikkanen, Henrikki ^c  

^a HELSINKI SCHOOL OF ECONOMICS   (Finland)

^b HANKEN SCHOOL OF ECONOMICS   (Finland)

^c Department of Marketing and Management   (Finland)

Author keywords

Customer loyalty; Customer relationship management; Customer relationship volume; Investors; Shareholders; Stockowners

Indexed keywords

EID: 71249091839     PISSN: 13630539     EISSN: 14791846     Source Type: Journal    
DOI: 10.1057/fsm.2009.18     Document Type: Article

References (42)

1. Schoenbachler, D. D., Gordon, G. L. and Aurand, T. W. (2004) Building brand loyalty through individual stock ownership. Journal of Product & Brand Management 13 (7) : 488-497.
2. Vogelheim, P., Schoenbachler, D. D. and Gordon, G. L. (2001) The importance of courting the individual investor. Business Horizons 44 (January - February) : 69-76.
3. Aspara, J., Nyman, H. and Tikkanen, H. (2008) Infl uence of share ownership on repeat patronage. Journal of Customer Behaviour 7 (2) : 149-163.
4. Aspara, J. and Tikkanen, H. (2008) The impact of company identifi cation on individual's investment behavior. In: M. Anttila and A. Rajala (eds.) Fishing Business Nets - Keeping Thoughts on the Horizon Helsinki. Finland: Helsinki School of Economics, pp. 198 - 221.
5. Aspara, J. and Tikkanen, H. (2009) The role of subjective product and brand evaluations in the stock market: Stock investment willingness beyond expected fi nancial returns. Marketing Meets Wall St, Academic Conference at Emory University's Goizeuta Business School; 23-24 January, Atlanta, Georgia.
6. Aspara, J. (2009) Aesthetics of stock investments. Consumption Markets and Culture 12 (2) : 99-131.
7. Aspara, J. (forthcoming) Stock ownership as a motivation of brand-loyal and brand-supportive behaviors. Journal of Consumer Marketing.
8. Aspara, J. and Tikkanen, H. (2008) Interactions of individuals ' company-related attitudes and their buying of the companies ' stocks and products. Journal of Behavioral Finance 9 (2) : 85-94.
9. Frieder, L. and Subrahmanyam, A. (2005) Brand perceptions and the market for common stock. Journal of Financial and Quantitative Analysis 40 (1) : 57-85.
10. Clark-Murphy, M. and Soutar, G. N. (2005) Individual investor preferences: A segmentation analysis. Journal of Behavioral Finance 6 (1) : 6-14.
11. Candler, A. (2005) Shareholders: An unexplored opportunity for Australian fi nancial institutions. Journal of Financial Services Marketing 9 (3) : 287-295.
12. Berry, L. L. (1983) Relationship marketing. In: L.L. Berry, G.L. Shostack and G.D. Upah (eds.) Emerging Perspectives on Services Marketing. Chicago, IL: American Marketing Association, pp. 25 - 28.
13. Dwyer, F. R., Schurr, P. H. and Oh, S. (1987) Developing buyer-seller relationships. Journal of Marketing 51 (2) : 11-27.
14. Grönroos, C. (1994) From marketing mix to relationship marketing: Towards a paradigm shift in marketing. Management Decision 32 (2) : 4-20.
15. Sheth, J. N. and Parvatiyar, A. (2000) The evolution of relationship marketing. In: J.N. Sheth and A. Parvatiyar (eds.) Handbook of Relationship Marketing. London: Sage, pp. 119 - 148.
16. Morgan, R. M. and Hunt, S. D. (1994) The commitmenttrust theory of relationship marketing. Journal of Marketing 58 (3) : 20-38.
17. Reinartz, W., Krafft, M. and Hoyer, W. D. (2004) The customer relationship management process: Its measurement and impact on performance. Journal of Marketing Research 41 (3) : 293-305.
18. Webster Jr, F. E. (1992) The changing role of marketing in the organization. Journal of Marketing 56 (4) : 1-17.
19. Reichheld, F. F. (1996) The Loyalty Effect: The Hidden Force behind Growth. Cambridge, MA: Harvard Business School Press.
20. Payne, A. and Frow, P. (2005) A strategic framework for customer relationship management. Journal of Financial Services Marketing 69 (4) : 167-176.
21. Bem, D. J. (1972) Self-perception theory. In: L. Berkowitz (ed.) Advances in Experimental Social Psychology. New York, NY: Academic Press, pp. 1 - 62.
22. Du, R. Y., Kamakura, W. A. and Mela, C. F. (2007) Size and share of customer wallet. Journal of Marketing 71 (April) : 94-113.
23. Fader, P. S. and Schmittlein, D. C. (1993) Excess behavioral loyalty for high-share brands: Deviations from the Dirichlet model for repeat purchasing. Journal of Marketing Research 30 (4) : 478-493.
24. Bowman, D. and Narayandas, D. (2004) Linking customer management effort to customer profi tability in business markets. Journal of Marketing Research 41 (4) : 433-447.
25. Perkins-Munn, T., Aksoy, L., Keiningham, T. L. and Estrin, D. (2005) Actual purchase as a proxy for share of wallet. Journal of Service Research 7 (3) : 245-256.
26. Keiningham, T. L., Perkins-Munn, T. and Evans, H. (2003) The impact of customer satisfaction on share-of- Wallet in a business-to-business environment. Journal of Service Research 6 (1) : 37-50.
27. Leverin, A. and Liljander, V. (2006) Does relationship marketing improve customer relationship satisfaction and loyalty? International Journal of Bank Marketing 24 (4) : 232-251.
28. Oliver, R. L. (1999) Whence consumer loyalty? Journal of Marketing 63 : 33-44.
29. Raju, J. S., Srinivasan, V. and Lal, R. (1990) The Effects of brand loyalty on competitive price promotional Strategies. Management Science 36 (3) : 276-304.
30. Danet, B. and Katriel, T. (1989) No two alike: Play and aesthetics in collecting. Interpreting Objects and Collections 2 (3) : 253-277.
31. Pearce, S. M. (ed.) (1994) Interpreting Objects and Collections. London and New York: Routledge.
32. Keltner, B. (1995) Relationship banking and competitive advantage: Evidence from the US and Germany. California Management Review 37 (4) : 45-72.
33. Zeithaml, V. A., Rust, R. T. and Lemon, K. N. (2001) The customer pyramid: Creating and serving profi table customers. California Management Review 43 (4) : 118-142.
34. Dibb, S. and Meadows, M. (2004) Relationship marketing and CRM: A fi nancial services case study. Journal of Strategic Marketing 12 (2) : 111-125.
35. Storbacka, K. (1997) Segmentation based on customer profi tability - Retrospective analysis of retail bank customer bases. Journal of Marketing Management 13 (5) : 479-492.
36. Rust, R. T. and Zahorik, A. J. (1993) Customer satisfaction, customer retention, and market share. Journal of Retailing 69 (2) : 193-215.
37. Ryals, L. (2005) Making Customer relationship management work: The measurement and profi table management of customer relationships. Journal of Marketing 69 (4) : 252-261.
38. Barnes, J. G. (1997) Closeness, strength, and satisfaction: Examining the nature of relationships between providers of fi nancial services and their retail customers. Psychology and Marketing 14 (8) : 765-790.
39. Customer satisfaction was measured as a sum index on a customer's responses to the following three items: (1) ' Based on all your experience with The Bank, how satisfi ed are you overall? ' (1= ' Very dissatisfi ed ', 10= ' Very satisfi ed '); (2) ' To what extent does The Bank meet your expectations? ' (1= ' Not at all ', 10= ' Fully '); (3) ' Try to imagine the perfect bank. How far from or close to this ideal is The Bank? ' (1= ' Very far ', 10= ' Cannot get any closer '). The reliability of this scale was good: the scale achieved an Alpha score of 0.941.
40. Aspara, J. and Tikkanen, H. (forthcoming) The role of company affect in stock investments: Towards blind, undemanding, non-comparative, and committed love. Journal of Behavioral Finance.
41. Lovett, M. J. and MacDonald, J. B. (2005) How does fi nancial performance affect marketing? Studying the marketing-fi nance relationship from a dynamic perspective. Journal of the Academy of Marketing Science 33 (4) : 476-485.
42. Watson, B. (1949) Selling the product to stockholders. Journal of Marketing 14 (1) : 76-79.