ISSN Print: 2381-1196  ISSN Online: 2381-120X
International Journal of Investment Management and Financial Innovations  
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Effect of Marketing Strategy on Customer Loyalty in the Nigerian Oil and Gas Industry: The Mediating Role of Consumer Perceived Value
International Journal of Investment Management and Financial Innovations
Vol.1 , No. 4, Publication Date: Sep. 28, 2015, Page: 94-104
1643 Views Since September 28, 2015, 5095 Downloads Since Sep. 28, 2015
 
 
Authors
 
[1]    

Magaji Nanle, Department of Business Administration and Marketing, Babcock Business School, Babcock University, Ilishan-Remo, Ogun State, Nigeria.

[2]    

Awolusi Olawumi Dele, Department of Business Administration, Elizade University, Ilara-Mokin, Ondo State, Nigeria.

[3]    

Akinsuru Sydney, Department of Business Administration and Marketing, Babcock Business School, Babcock University, Ilishan-Remo, Ogun State, Nigeria.

 
Abstract
 

In competitive markets, customer loyalty is the result of successful marketing strategy that creates value for consumers. The purpose of this paper is to evaluate the effects of marketing strategy on customer loyalty; and the mediating role of consumer perceived value in the Nigerian oil and gas companies. To achieve these objectives, an empirical study was conducted via the administration of 550 self-administered copies of questionnaire to a randomly customers of ten (10) Oil and Gas Companies, maintained from a business-to-business national service provider. Using the framework from Lee and Green (2011), data collected was subjected to regression and correlation analysis. Findings based on the survey revealed that marketing strategy positively affected both performance measures (customer loyalty and consumer perceived value) in the Nigerian oil and gas companies. Specifically, apart from promotion(β=0.10), in descending order, the results suggest that, product (β=0.34), price (β=0.34), and place (β=0.34) are the key marketing strategies that influenced both customer loyalty and consumer perceived value in the Nigerian oil and gas industry. The findings also indicate partial mediation of consumer perceived value, between marketing strategies and customer loyalty. The model provides predictive implications on improved consumer perceived value and customer loyalty, given the activities of some factors manifesting marketing strategies. Hence, to improve both consumer’s perceived value and customer loyalty, oil and gas companies could control their marketing strategies.


Keywords
 

Marketing Strategy, Customer Loyalty, Consumer’s Perceived Value, Regression Analysis, Oil and Gas Industry, Nigeria


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