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Archives of Business Research – Vol. 9, No. 6
Publication Date: June 25, 2021
DOI:10.14738/abr.96.10352. Pathmananathan, P. R., & Aseh, K. (2021). Analysis of Factors That Influences Customer Retention in Unit Trust Industry. Archives
of Business Research, 9(6). 153-167.
Services for Science and Education – United Kingdom
Analysis of Factors That Influences Customer Retention in Unit
Trust Industry
P. Ravindran Pathmananathan
Unies Group
Khairi Aseh
Unies Group
ABSTRACT
Relationship Marketing has been perceived as an incredible method to fabricate a
restrictive long haul relationship with their customers in the present powerful
worldwide commercial center. Service quality is becoming increasingly important
to a growing number of businesses. A unit trust's prosperity relies upon the skill
and experience of the organization that oversees it. The aim of this research is to
emphasise the significance of service quality in unit trust industry. This research
was conducted using a questionnaire that was distributed to 200 customers of unit
trust agents in Penang. It can be concluded that relationship marketing is
essentially corresponded with service quality and consumer loyalty as well as client
retention.
Keywords: Relationship Marketing, Unit Trust, customer, service quality, satisfaction,
retention
INTRODUCTION
In every single significant industry today; business isn't tied in with creating, selling and
conveying items as a customary business does (Brito, 2011; Gilbert and Choi, 2003). This was
surely the customary and demonstrated strategy for business for a significant period of time.
In the present time, it is the point at which the supporters of the customary 4Ps marketing
approach for example value, item, spot and advancement, who depended on twigging at least
one of the promoting blend components have had undesirable encounters of regarding clients
as a 'group' of homogeneous market (AMS,2018; Ahmad, 2000). This is on the grounds that the
age of today are no more the age where individuals who can be bunched effectively or credited
with a specific attributes or purchaser conduct as how it was done previously. It has turned into
a situation where purchaser reaction and practices are no more in the scope of consistency that
can aid any promoting system.
It is an immediate impact of this developing enthusiasm for showcasing a relationship that the
dive of much scholarly research has been coordinated towards building up an unmistakable
comprehension of what comprises a viable promoting relationship. Every one of these explores
has attempted to unyield and observationally inspect the procedures by which such
connections are created and kept up. Without a doubt, answers to these examination issues can
possibly profit advertisers' relationship showcasing endeavors (Watson and Johnson, 2010;
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Foster and Cadogan, 2000). These exploration answers are as of now being used to assist
developing clients to the organizations.
Overview of Unit trust
A unit trust is an unincorporated common store structure that enables assets to hold resources
and give benefits that go directly to singular unit proprietors as opposed to reinvesting them
once again into the reserve. This is a type of speculation for some, these days as the good
premium have pulled in the majority to put resources into them. How does this reserve work?
The venture subsidize is set up under a trust deed. With this setup, the speculator is successfully
the recipient under the trust (Choong and Thim, 2012; Farah et al., 2018).
A unit trust is a sort of aggregate venture bundled under a trust deed. Unit trusts give access to
a huge scope of securities. These are offered in Guernsey, Jersey, Fiji, Ireland, New Zealand,
Australia, Canada, Namibia, Kenya, Singapore, South Africa, the UK, the Isle of Man and Malaysia.
The accurate meaning of what a unit trust is in these wards fluctuates. In Asia, a unit trust is
basically is equivalent to a shared reserve (Choong and Thim, 2012). In Canada, be that as it
may, a unit trust is an unincorporated store that is set up explicitly to enable salary to course
through to unit holders - in spite of the fact that these speculations are all the more normally
called pay trusts (Abdullah, 2009).
Malaysian unit trust showcase developed as early year 1959 where the pioneer of this market
was built up by an organization called Malayan Unit Trust Ltd. On 6 May 1960, this organization
expected its name to Singapore Unit Trusts Limited (SUT). SUT turned into a part organization
of the Permodalan National Berhad (PNB) Group subsequent to being obtained by PNB
International Limited (Labuan) in 2000, (an entirely possessed auxiliary of PNB). PNB, a
definitive investor of SUT, is one of the biggest resource supervisors in Malaysia with financial
specialists surpassing 11.6 million unit holders and absolute assets under administration of
more than RM 255 billion. The improvement of unit trust assets in Malaysia has experienced
into four stages that are The Formative Years 1959 – 1979, the Period from 1980 – 1990, the
Period from 1991 – 1999 and the Period from Current to Present (Abdullah, 2009).
Objectives
1. To highlight how service quality lead to customer satisfaction and thus ultimately
customer retention.
2. To present a detailed critique on how customer satisfaction leads to customer retention.
3. To evaluate how relationship marketing is important in increasing customer satisfaction
in the unit trust industry.
LITERATURE REVIEW
Relationship Marketing
Relationship marketing was at first introduced by Berry (1983) to uncover a long haul and
enduring technique to promoting. It featured a long haul thought, focusing on conservation of
clients. It depends on holding clients who will offer long haul focal points and will be
advantageous. The relationship promoting depends on protecting a client as opposed to getting
the most recent business (Oluwaseun, 2018; Congram, 1987). In the scholarly field, various
renowned meetings just as some exceptional issues of critical diaries have added to the present
dimension of importance of relationship showcasing. Outstanding is a progression of