The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia
The purpose of this study is to investigate empirically how determinant attributes of price and brand, based on relationship marketing concept, influence customer perceived value as well as long-term profit in the Serbian sunflower oil industry. For the purpose of this study, a self-administrated qu...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt
2018-01-01
|
| Series: | Ekonomika Poljoprivrede (1979) |
| Subjects: | |
| Online Access: | https://scindeks-clanci.ceon.rs/data/pdf/0352-3462/2018/0352-34621801093A.pdf |
| _version_ | 1818827755438997504 |
|---|---|
| author | Anđelković Danijela Vujić Milan Liberakos Ana Zubac Danijela |
| author_facet | Anđelković Danijela Vujić Milan Liberakos Ana Zubac Danijela |
| author_sort | Anđelković Danijela |
| collection | DOAJ |
| description | The purpose of this study is to investigate empirically how determinant attributes of price and brand, based on relationship marketing concept, influence customer perceived value as well as long-term profit in the Serbian sunflower oil industry. For the purpose of this study, a self-administrated questionnaire was distributed to 125 respondents. This questionnaire has been created to collect primary data and it has a structure that reflects statements which show customers' satisfaction determinant attributes. A descriptive and multiple regression analysis was used to identify which factors of determinant attributes of customers' satisfaction influenced customer-perceived value. Therefore, we perceive the influence of satisfaction and its attributes as nonfinancial measures on financial measures which are related to enterprise performance. This study found that factors of determinant attributes of price and brand significantly and statistically influenced the satisfaction, whereas the manufacturer's brand has the greatest influence. Furthermore, analyzing the loyalty of customers as a second key factor of relationship marketing, the results of this study undoubtedly confirmed that only the brand significantly influenced customers' loyalty. The price represents a significant factor in providing immediate customers' satisfaction. But, in the long run, the focus of customers is on those oil manufacturers who have a powerful brand (corporate reputation). The study opens possibilities of discussion in the existing literature due to the fact that it reveals how determinant attributes of customers' satisfaction and loyalty influences the creation of superior value for the customer as well as the creation of long-term value for the enterprise. This study found that the process of creation enterprise's value was not based on a traditional formula, where it began with input and ended with the output. The mere input for the creation of enterprise's output emerges from interaction with customers. In this context, it's very important to take into account the economic effect between the consistent creation of superior value for the customer and long-term profit. Moreover, the importance of this study emerges from research results which show that modern market conditions impose the need for tailoring financial statements that are based on various interest groups. In this way, additional non-financial measures of success are provided as well as information in relation to those that can be obtained from existing basic financial statements. |
| first_indexed | 2024-12-19T00:48:36Z |
| format | Article |
| id | doaj.art-3b674f264128448488d676decf44a9bd |
| institution | Directory Open Access Journal |
| issn | 0352-3462 2334-8453 |
| language | English |
| last_indexed | 2024-12-19T00:48:36Z |
| publishDate | 2018-01-01 |
| publisher | Naučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, Bukurešt |
| record_format | Article |
| series | Ekonomika Poljoprivrede (1979) |
| spelling | doaj.art-3b674f264128448488d676decf44a9bd2022-12-21T20:44:10ZengNaučno društvo agrarnih ekonomista Balkana, Beograd; Institut za ekonomiku poljoprivrede, Beograd i Akademija ekonomskih nauka, BukureštEkonomika Poljoprivrede (1979)0352-34622334-84532018-01-01651931090352-34621801093AThe impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in SerbiaAnđelković Danijela0Vujić Milan1Liberakos Ana2Zubac Danijela3University Union 'Nikola Tesla', Faculty for entrepreneurial business and property management, BelgradeHigh Technology School of Vocational Studies, ArandjelovacUniversity Union 'Nikola Tesla', Business and Law Faculty, BelgradeHigher Technical Professional School, ZvečanThe purpose of this study is to investigate empirically how determinant attributes of price and brand, based on relationship marketing concept, influence customer perceived value as well as long-term profit in the Serbian sunflower oil industry. For the purpose of this study, a self-administrated questionnaire was distributed to 125 respondents. This questionnaire has been created to collect primary data and it has a structure that reflects statements which show customers' satisfaction determinant attributes. A descriptive and multiple regression analysis was used to identify which factors of determinant attributes of customers' satisfaction influenced customer-perceived value. Therefore, we perceive the influence of satisfaction and its attributes as nonfinancial measures on financial measures which are related to enterprise performance. This study found that factors of determinant attributes of price and brand significantly and statistically influenced the satisfaction, whereas the manufacturer's brand has the greatest influence. Furthermore, analyzing the loyalty of customers as a second key factor of relationship marketing, the results of this study undoubtedly confirmed that only the brand significantly influenced customers' loyalty. The price represents a significant factor in providing immediate customers' satisfaction. But, in the long run, the focus of customers is on those oil manufacturers who have a powerful brand (corporate reputation). The study opens possibilities of discussion in the existing literature due to the fact that it reveals how determinant attributes of customers' satisfaction and loyalty influences the creation of superior value for the customer as well as the creation of long-term value for the enterprise. This study found that the process of creation enterprise's value was not based on a traditional formula, where it began with input and ended with the output. The mere input for the creation of enterprise's output emerges from interaction with customers. In this context, it's very important to take into account the economic effect between the consistent creation of superior value for the customer and long-term profit. Moreover, the importance of this study emerges from research results which show that modern market conditions impose the need for tailoring financial statements that are based on various interest groups. In this way, additional non-financial measures of success are provided as well as information in relation to those that can be obtained from existing basic financial statements.https://scindeks-clanci.ceon.rs/data/pdf/0352-3462/2018/0352-34621801093A.pdfsunflower oilpricebrandrelationship marketingsatisfactionfinancial performances |
| spellingShingle | Anđelković Danijela Vujić Milan Liberakos Ana Zubac Danijela The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia Ekonomika Poljoprivrede (1979) sunflower oil price brand relationship marketing satisfaction financial performances |
| title | The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia |
| title_full | The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia |
| title_fullStr | The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia |
| title_full_unstemmed | The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia |
| title_short | The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia |
| title_sort | impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in serbia |
| topic | sunflower oil price brand relationship marketing satisfaction financial performances |
| url | https://scindeks-clanci.ceon.rs/data/pdf/0352-3462/2018/0352-34621801093A.pdf |
| work_keys_str_mv | AT anđelkovicdanijela theimpactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT vujicmilan theimpactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT liberakosana theimpactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT zubacdanijela theimpactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT anđelkovicdanijela impactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT vujicmilan impactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT liberakosana impactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia AT zubacdanijela impactofrelationshipmarketingwithcustomersonthefinancialperformanceofthesunfloweroilmanufacturersinserbia |