Abstract
This paper investigates the role of gender in relationship marketing and the relationship marketing variables thatare important in stock brokerage business. A sample of 103 clients of stock brokerage firms operating in LagosState, Nigeria was examined. The ANOVA result shows that females are better relationship officers while theregression result indicated that gender identity has a significant influence (p-value = 0.025, t = 2.274) on thesuccess of relationship marketing but it is not a sufficient variable to predict the success of relationshipmarketing 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 stockbrokerage firms should consider females for relationship positions and should also put in place the facilities andinternal marketing programmes that are needed for its success.
Highlights
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)
This paper investigates the role of gender in relationship marketing and the relationship marketing variables that are important in stock brokerage business
The Analysis of Variance (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)
Summary
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). 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 important that firms focus on strategies that can create long-term relationship and strive to earn customer trust, loyalty and commitment (Eisinberg & Bell, 2007)
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