Academic journal article International Journal of Marketing Studies

Gender and Relationship Marketing in Nigerian Securities and Stock Brokerage Firms

Academic journal article International Journal of Marketing Studies

Gender and Relationship Marketing in Nigerian Securities and Stock Brokerage Firms

Article excerpt

Abstract

This paper investigates the role of gender in relationship marketing and the relationship marketing variables that are important in stock brokerage business. A sample of 103 clients of stock brokerage firms operating in Lagos State, Nigeria was examined. The ANOVA result shows that females are better relationship officers while the regression result indicated that gender identity has a significant influence (p-value = 0.025, t = 2.274) on the success of relationship marketing but it is not a sufficient variable to predict the success of relationship marketing strategy as the R-Square value is low (0.049). In addition, all the variables (trust, communication, commitment, support and cooperation) were found to be important. Therefore, it is recommended that stock brokerage firms should consider females for relationship positions and should also put in place the facilities and internal marketing programmes that are needed for its success.

Keywords: Gender, relationship marketing, trust, communication, commitment, support and cooperation, clients, stock brokerage firm

1. Introduction

The increasing rate of the incidence of globalization of markets and competition in rapidly developing economies has resulted into a shift from short term sales and transaction orientation to relationship marketing (Berry & Parasuraman, 1991). Relationship plays an important role in the service industry (Gummenson, 1994). It has been observed that many exchanges, particularly in the service industry are relational in nature (Berry, 1983; Gronroos, 1994; Gummenson, 1994; Sheth & Parvatiyar, 2000). The purpose of relationship marketing is to acquire and retain customers by providing good quality customer services that can generate repeat purchases (Kotler & Armstrong, 1999). Relationship marketing activities are very important in the financial service industry because significant amount of money, risk and confidential information are pivotal to financial services (Gilbert & Choi, 2003; Aaltonen, Markowski & Kirchner, 2008). It is therefore important that firms focus on strategies that can create long-term relationship and also strive to earn customer trust, loyalty and commitment (Eisinberg & Bell, 2007).

Relationship marketing has been widely investigated in the literature especially its impact on business performance (Gronroos, 1994; Palmatier, Dant, Grewal & Evans, 2006). The empirical studies in relationship marketing have focused on investigating the associations among the relationship marketing variables (Morgan & Hunt 1994; Gabbarino & Johnson, 1999; Sirdeshmukh, Singh & Sabol, 2002); the relative importance of relationship marketing variables (Dixon-Ogbechi, Haran & Aiyeku, 2009; Dixon-Ogbechi, Aiyeku, Haran & Adekoya, 2011) and customers' perception of relationship marketing activities of firms (Verhoef, 2003; Chao, 2008; Dixon-Ogbechi, Haran & Aiyeku, 2010). However, few empirical investigations have been conducted to explore gender issues in relationship marketing (Bristor & Fischer, 1993, Kara & Constanza, 2001). This paper attempts to fill this gap in the literature by examining if females are better than males in building and sustaining customer relationship. It has also been noted that the differences in behaviour between males and females as well as the hierarchical implications of those differences are evident (Costa, 1994). Gender identity therefore may be a potential individual variable that could influence the extent to which a relationship marketing program or effort will be successful (Kara & Constanza, 2001).

1.1 Objectives of the Paper

The objectives of this paper are to:

Investigate if females are more efficient in each of the relationship marketing constructs than their male counterparts.

Examine if gender identity has any influence on the success of a relationship marketing strategy.

Ascertain the relationship marketing variables that are important in stock brokerage business. …

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