The study is done to assess the correlation between the various forms of relationship marketing (RM) strategies and the resulting customer value. This study explains the various social and financial needs of the doctors from the pharmaceutical company perspective. This study helps to consider the best RM strategies to build better customer value. Questionnaire and personal interview method were considered to collect the data. Sample doctors were chosen from one of top seven hospitals here in Nepal.
Study shows positive correlation between RM strategies and customer value. Multiple linear regression of adding social benefit and adding financial benefit with customer values shows the value of β1 (slope of adding social benefit RM strategies) and β2 (slope of adding financial benefit RM strategies) with 0.2679836 and 0.4662382 respectively, means that various relationship marketing strategies shows direct positive relationship with customer value.
The study find that the pharmaceutical company need to care and socially satisfy their customer needs. For that, occasional initiation of phone call to their customer is necessary. Conflict or problem if any, needs to be handled properly. Good follow through on commitment is necessary. But adding financial benefit RM strategies like marketer expertise, regular communication/or company’s presentation and academic investment (in terms of academic conference sponsorship, books etc.) are more preferred.
Table of Contents
I. BACKGROUND OF THE STUDY
1.1 Contextual Information
1.2 Rationale of the Study
1.3 Statement of Problem
1.4 Objective of the Study
1.5 Scope of the Study
1.6 Limitations of the Study
II. RESEARCH METHODOLOGY AND DESIGN
2.1 Research Methodology
2.1.1 Research Design
2.1.2 Nature and Source of Data
2.1.3 Sample and Sampling Method with Rationale
2.1.4 Details of the Tools
2.1.5 Data handling, statistical tools used for data analysis
III: DATA INTERPRETATION AND FINDINGS
IV: SUMMARY AND CONCLUSION
4.1 Summary and Conclusion
4.2 Direction for Further Research
Research Objectives and Themes
The study aims to investigate the impact of various relationship marketing (RM) strategies, specifically adding social benefits and adding financial benefits, on the development of customer value from the perspective of doctors prescribing for Venus Remedies Limited in Kathmandu. The central research question focuses on how these RM strategies correlate with customer value and which specific approaches are most effective in satisfying doctor needs and building brand loyalty.
- Correlation and regression analysis of RM strategies and customer value.
- Identification of social and financial factors influencing doctor prescription behavior.
- Evaluation of marketer expertise, communication, and academic investment as relationship drivers.
- Assessment of the impact of social and financial benefits on customer retention and satisfaction.
Excerpt from the Book
1.1 Contextual Information
Correlation-regression analysis is done to study the impact of various relationship marketing (RM) strategies conducted by Venus Remedies Limited in building values to their customers here in Kathmandu. The strategies used are adding social benefits and adding financial benefits to the doctors, who prescribe Sulbactomax injection or are their potential customer. Venus is a Chandigarh (India) based multinational pharmaceutical company having its operation across 74 countries globally. The prescriber and pharmaceutical marketer relationships are assessed here. Adding social benefit and adding financial benefit factors are correlated-regressed against building of customer values.
The relationship marketing is often attributed to Berry (1983). RM is the process of identifying, developing, maintaining and terminating relational exchange with the purpose of enhancing performance (Gronroos 1997; Sheth and Parvatiyar 2000). Smart marketers build long - term, trusting and win - win ‘relationships’ with valued customers. They promise and deliver high quality, good service, at fair price to the other parties over time.
Company delivers maximum value to its customers to grow at fiercely competitive market. Customer value is the psychological perceptions in the mind of customer. It helps the customers to perceive that given product offers highest customer delivered value.
Value in essence is more than pricing and reimbursement. It’s about getting under the skin of the key customers. It helps to understand what the company is being measured on and what their key priorities are. It is about showing the relevance of products to their customer needs.
Summary of Chapters
I. BACKGROUND OF THE STUDY: Defines the scope of relationship marketing strategies used by Venus Remedies Limited in Kathmandu and introduces the fundamental concepts of customer value and relational exchange.
II. RESEARCH METHODOLOGY AND DESIGN: Details the quantitative and qualitative research methods, including questionnaire distribution and personal interviews, used to test the hypothesis regarding RM strategies.
III: DATA INTERPRETATION AND FINDINGS: Presents the statistical analysis of collected data, including box plots, regression models, and normality tests to evaluate the impact of social and financial benefits.
IV: SUMMARY AND CONCLUSION: Synthesizes the research findings, confirming a positive correlation between RM strategies and customer value, and suggests future research directions.
Keywords
Relationship Marketing Strategies, Customer Value, Social Benefit, Financial Benefit, Pharmaceutical Marketing, Correlation-regression analysis, Doctor Prescription Behavior, Sulbactomax, CRM, Customer Satisfaction, Customer Retention, Academic Investment, Healthcare Marketing, Quantitative Analysis, Qualitative Study.
Frequently Asked Questions
What is the core focus of this research paper?
The paper examines the impact of relationship marketing (RM) strategies, specifically social and financial benefits, on building customer value for doctors who prescribe pharmaceutical products in Kathmandu.
What are the primary themes investigated in this work?
Key themes include the correlation between relationship marketing and customer value, the identification of social and financial needs of prescribing doctors, and the effectiveness of different marketing tools like academic investment and regular communication.
What is the primary objective of the study?
The goal is to explore how different forms of RM strategies influence the perceived value of doctors towards Venus Remedies Limited and to identify effective measures for maintaining customer loyalty.
Which scientific methodology is utilized in this study?
The study employs a mixed-method approach using both quantitative analysis (questionnaires with Likert scales, multiple linear regression, and correlation analysis) and qualitative analysis (structured personal interviews).
What does the main body of the work cover?
The main body details the research design, the selection of hospitals and doctors, the statistical tools used (like STATA for regression analysis), and the comprehensive interpretation of data collected from these sources.
Which keywords best characterize this research?
The work is best defined by keywords such as Relationship Marketing Strategies, Customer Value, Social Benefit, Financial Benefit, and Pharmaceutical Marketing.
How does the study validate the effectiveness of the marketing model used?
The study uses rigorous statistical tests, including the Shapiro-Wilk test for normality, Breusch-Pagan for homoskedasticity, and a Ramsey RESET test to ensure the regression model is correctly specified and robust.
What specific role does academic investment play in the findings?
The qualitative analysis reveals that academic investments—such as sponsoring conferences and providing medical literature—are highly preferred by doctors as a significant factor in building their professional relationship with the company.
- Arbeit zitieren
- Sanjeev Pradhan (Autor:in), Diwash Gurung (Autor:in), 2018, The impact of relationship marketing strategies on building customer value, München, GRIN Verlag, https://www.grin.com/document/425406
