Antecedents for Creating Loyal Relationship with Retailers: A Study on the Pharmaceutical Industry of Bangladesh
Purpose: The study looked at a variety of factors that go into building a loyal relationship between a company and its retailers in Bangladesh's pharmaceutical industry.
Research methodology: Ten (10) hypotheses were established based on the literature review. Furthermore, the convenience sampling technique was used to choose the samples. Data were collected from 50 different retailers. In addition, the loyalty-building aspects were assessed using the questionnaire established through an exploratory study. The data were analyzed with SPSS 22.0with the aid of Microsoft excel.
Results: Nine out of ten variables were favorably connected with creating a loyal relationship with pharmaceutical retailers, according to the findings of the study.
Limitations: This study focused only on Dhaka and Cumilla cities of Bangladesh.
Contribution: The conclusion of the study is crucial and the outcome will have a long-term impact on how pharmaceutical companies use various types of tactics in loyalty-building programs with retailers.
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
- Adamson, I., Chan, K., Handford, D. (2003). Relationship Marketing: Customer Commitment and Trust as A Strategy for the Smaller Hong Kong Corporate Banking Sector. International Journal of Bank Marketing, 21(6), 347–358. Doi: 10.1108/02652320310498492
- Adiza,G.R.,Alamina,U.P.,Aliyu,I.S.(2020). The influence of socio-cultural factors on the performance of female entrepreneurs. International Journal of Financial, Accounting, and Management, 2(1),13-27.
- Alhawari, S. (2015). An empirical study on customer retention and customer loyalty. International Journal of Information Systems and Change Management, 7(3), 183-202.
- Amegayibor, G, K., & Korankye, C, O. (2021). Customer satisfaction and the influence of quality service aspects: A case study of a cooperative union in Cape Coast, Ghana's Central Region. Annals of Management and Organization Research, 2(4), 253-269.
- Alvarez, B. A., & Casielles, R. V. (2005). Consumer evaluations of sales promotion: the effect on brand choice. European Journal of Marketing.
- Anderson, E. W., Fornell, C., & Lehmann, D. R. (1994). Customer satisfaction, market share, and profitability: Findings from Sweden. Journal of Marketing, 58(3), 53-66.
- Angelova, B., & Zekiri, J. (2011). Measuring customer satisfaction with service quality using American Customer Satisfaction Model (ACSI Model). International Journal of Academic Research in Business and Social Sciences, 1(3), 232.
- Areni, C. S., Duhan, D. F., & Kiecker, P. (1999). Point-of-purchase displays, product organization, and brand purchase likelihoods. Journal of the Academy of Marketing Science, 27(4), 428-441.
- Authority, D. D. R., Index, E. E. V., & Agreement, F. F. T. CMH Commission on Macroeconomics and Health DCC Drug Control Committee DCO Drugs (Control) Ordinance, 1982 DDA Directorate of Drug Administration DGDA Directorate General of Drug Administration.
- Bloemer, J., & De Ruyter, K. (1998). On the relationship between store image, store satisfaction and store loyalty. European Journal of Marketing.
- Braga, F. D. A., Isabella, G., & Mazzon, J. A. (2013). Do digital wallets as a payment method influence consumer in their buying behavior. XXXVII Encontro Da ANPAD, 1-16.
- Briesch, R. C. B. R. A. (2012). Sales Promotions. doi:10.1093/oxfordhb/9780199543175.013.0024
- Brodie, R. J., Ilic, A., Juric, B., & Hollebeek, L. (2013). Consumer engagement in a virtual brand community: An exploratory analysis. Journal of Business Research, 66(1), 105-114.
- Campón-Cerro, A. M., Hernández-Mogollón, J. M., & Alves, H. (2017). Sustainable improvement of competitiveness in rural tourism destinations: The quest for tourist loyalty in Spain. Journal of Destination Marketing & Management, 6(3), 252-266.
- Chow, T.W.(2020). Leader versus manager: Lessons from top business executives. Annals of Management and Organization Research,2(1),53-65.
- Cook, S. C., & Yurchisin, J. (2017). Fast fashion environments: consumer’s heaven or retailer’s nightmare? International Journal of Retail & Distribution Management.
- d’Astous, A., & Jacob, I. (2002). Understanding consumer reactions to premium?based promotional offers. European Journal of Marketing.
- David, M. and Sutton, C. (2011). Social research: An Introduction.Los Angeles: Sage.
- Empen, J., Loy, J.-P., & Weiss, C. (2015). Price promotions and brand loyalty: Empirical evidence for the German ready-to-eat cereal market. European Journal of Marketing.
- Faisal, M. (2019). Pharmaceutical Industry of Bangladesh: A Multi-Billion Dollar Industry. Eastern Bank Limited Securities Ltd, Dhaka.
- Farquhar, J. D. (2004). Customer retention in retail financial services: an employee perspective. International Journal of Bank Marketing.
- Gomez-Mejia, L.R., Haynes, K., Nunez-Nickel, M., et al. (2007) Socioemotional Wealth and Business Risk in Family Controlled Firms: Evidence from Spanish Olive Oil Mills. Administrative Science Quarterly, 52, 106-137. https://doi.org/10.2189/asqu.52.1.106.
- Guielford, J. P. (1965). Fundamental Statistics in Psychology and Education. New York: McGraw-Hill.
- Hickling, J. A., & Miller, C. L. (2008). Cigarette pack and advertising displays at point of purchase: community demand for restrictions. International Journal of Consumer Studies, 32(6), 574-578.
- Hirschman, E. C. (1979). Differences in consumer purchase behavior by credit card payment system. Journal of Consumer Research, 6(1), 58-66.
- Hollenbeck, J. R., DeRue, D. S., & Guzzo, R. (2004). Bridging the gap between I/O research and HR practice: Improving team composition, team training, and team task design. Human Resource Management, 43(4), 353–366. https://doi.org/10.1002/hrm.20029
- Homsud, S., & Chaveesuk, S. (2014). Understanding a proposed model of customer loyalty formation in B2C e-commerce. International Journal of Future Computer and Communication, 3(3), 191.
- Hoyer, W. D., MacInnis, D. J., & Pieters, R. (2001). Consumer Behaviour. Houghton Mifflin
- Iglesias, M. P., & Guillén, M. J. Y. (2004). Perceived quality and price: their impact on the satisfaction of restaurant customers. International Journal of Contemporary Hospitality Management.
- Keiningham, T. L., Cooil, B., Aksoy, L., Andreassen, T. W., & Weiner, J. (2007). The value of different customer satisfaction and loyalty metrics in predicting customer retention, recommendation, and share?of?wallet. Managing Service Quality: An International Journal.
- Khan, M. M. R. (2020).Strategic human resource management in facilitating the organizational performance: birds-eye view from Bangladesh. Annals of Management and Organization Research,2(1), 13-24.
- Kotler, P., & Armstrong, G. (2012). Principles of marketing 14th edition. New Jearsey: Pearson Education Inc, 67.
- Kumar, V., & Leone, R. P. (1988). Measuring the effect of retail store promotions on brand and store substitution. Journal of Marketing Research, 25(2), 178-185.
- McIlory, A. and Barnett, S. (2000). “Building customer relationships: do discount cards work?”, Managing Service Quality, 10 (6): 347-355
- McMullan, R., & Gilmore, A. (2008). Customer loyalty: an empirical study. European Journal of Marketing.
- Milliron, Woolf and Appelhans (2012). 'A Point-of-Purchase Intervention Featuring In-Person Supermarket Education Affects Healthful Food Purchases', Journal of Nutrition Education and Behavior, 44(3), 225-232.
- Nunnally, J.C. (1978).Psychometric Theory. 2nd Edition, New York: McGraw-Hill.
- Nguyen, N., & LeBlanc, G. (1998). The mediating role of corporate image on customers’ retention decisions: an investigation in financial services. International Journal of Bank Marketing.
- Peattie, S., & Peattie, K. (1994). Promoting financial services with glittering prizes. International Journal of Bank Marketing.
- Rowden, R.W. and Conine Jr., C.T. (2005) The Impact of Workplace Learning on Job Satisfaction in Small US Commercial Banks. Journal of Workplace Learning, 17, 215-230.
- Rust, R. T., Lemon, K. N., & Zeithaml, V. A. (2004). Return on marketing: Using customer equity to focus marketing strategy. Journal of Marketing, 68(1), 109-127.
- Rust, R. T., & Zahorik, A. J. (1993). Customer satisfaction, customer retention, and market share. Journal of Retailing, 69(2), 193-215.
- Shimp, T. A. (1997). Advertising, promotion, and supplemental aspects of integrated marketing communications: South Western Educational Publishing.
- Srinivasan, S., Pauwels, K., Hanssens, D. M., & Dekimpe, M. G. (2004). Do promotions benefit manufacturers, retailers, or both? Management Science, 50(5), 617-629.
- Thompson, F. M., Newman, A., & Liu, M. (2014). The moderating effect of individual level collectivist values on brand loyalty. Journal of Business Research, 67(11), 2437-2446.
- Uddin, B. (2021). Consumers’ purchase behavior in Bangladesh: green products perspectives. Journal of Sustainable Tourism and Entrepreneurship, 1(4), 305-318
- Vera, J. (2015). Perceived brand quality as a way to superior customer perceived value crossing by moderating effects. Journal of Product & Brand Management.
- Wijaya B. S. (2013). Dimensions of Brand Image: A Conceptual Review from the Perspective of Brand Communication. European Journal of Business and Management. ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online), Vol 5, No.31, 2013 DOI: 10.13140/ejbm.2013.55.65.55
- Woodside, A. G., & Waddle, G. L. (1975). Sales effects of in-store advertising. Journal of Advertising Research, 15(3), 29-33.
- Xu, Y., & Huang, J.-S. (2014). Effects of price discounts and bonus packs on online impulse buying. Social Behavior and Personality: An International Journal, 42(8), 1293-1302.
- Zachman, J. A., & Folker, C. (2009). Kohl's Department Store: fastest growing retailer in 2007. Journal of the International Academy for Case Studies, 15(3), 109.
- Zeithaml, V. A. (1988). Consumer perceptions of price, quality, and value: a means-end model and synthesis of evidence. Journal of Marketing, 52(3), 2-22.
- Zywicki, T., J. (1999). Institutions, Incentives, And Consumer Bankruptcy Reform. George Mason University: School of Law.
- Retrieved fromhttps://www.law.gmu.edu/assets/files/publications/working_papers/05-07.pdf