IMPACT OF RELATIONSHIP MARKETING STRATEGIES IN BUILDING CUSTOMER VALUE (The Study on Venus Remedies Limited)

Abstract

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 cho sen fro m one of top 7 hospitals here in Nepal. Study sho ws positive correlation between RM strategies and customer value. Multiple linear regression of adding social benefit and adding financial benefit with customer values sho ws the value of β1 (slope of adding social benefit RM strategies) and β 2 (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 follo w 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.