The impact of relationship marketing with customers on the financial performance of the sunflower oil manufacturers in Serbia

Abstract

The purpose of this study is to investigate empirically how determinant attributes of price and brand, based on relationship marketing concept, influence customerperceived 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.