Organizational Currency and Customer Service Management in the Pharmaceutical Industry in Nigeria
Keywords:
Customer Service Management, Organizational Currency, Performance Currency, Relationship Currency, Social Exchange Theory
Abstract
This paper examined organizational currency and customer service management in the Pharmaceutical industry in Nigeria. The study was poised to establish the relationship between organizational currency and customer service management in the Pharmaceutical industry in Nigeria.It proffered an organizational currency model with performance currency and relationship currency as dimensions of the predictor variable (organizational currency) and customer service management as the criterion variable. A cross-sectional survey research design was used and data was generated fromthe nine (9) quoted pharmaceutical firms in Nigeria listed in the Nigerian Stock Exchange (NSE) 2020. The Spearman rank correlation coefficient was utilized to test the hypotheses with the aid of the Statistical Package for Social Sciences (SPSS) version 21.0 .The research hypotheses were rejected due to the evidence of a significant relationship between the variables. Therefore, the study in consonance with its findings affirmed that organizational currency (performance and relationship currency) significantly and confidently relates with customer service management.The study recommends that firms in the Pharmaceutical industry in Nigeria should consistently develop their performance and relationship currencies in order to maintain adequate customer service management and achieve organizational objectives.
References
1. Administrative Professionals (ASAP),(2018). Why Relationship Currency Matters. Retrieved on 20th May,2020 from: https://www.asaporg.com/articles/leadership/why-relationship-currency-matters.
2. Agus, A., & Hassan, Z. F. (2008). The strategic supplier partnership in a supply chain management with quality and business performance. International Journal of Business and Management Science, 1(2), 129.
3. Aluko, M.A.O, Akintola, G.O.& Shola, F. (2004). Globalization and the manufacturing sector: a study of selected textile firms in Nigeria. Journal of Social Sciences, 9 (2), 45-56.
4. Bagic, E.(2015). Why Your Career Needs Relationship Currency. Retrieved on 19th May, 2020 from:https://www.forbes.com/sites/elenabajic/2015/06/12/why-your-career-needs-relationship-currency/#4ae341f251c4.
5. Bill, W., Paul, C.,Yuanfei, K., Baofeng, H., & Sanjay, M.(2016). Enablers of supply chain integration: interpersonal and inter-organizational relationship perspectives. Industrial Management & Data Systems, 116 (4),838-855.
6. Brain, O.(2018). The Devaluation of our Organizational Currency: It is our Fault, our Problem, and our Job to Fix it. Retrieved on 19th May, 2020 from: https://www.linkedin.com/pulse/devaluation-our-organizational-currency-fault-problem-brian-owens-1e/.
7. Carsten, D. (2003). Transport Management. Retrieved on 3rd June, 2020 from:https://gc2.gizde/ibt/opt/site/ilt/regionaportale/sadc/inhalt/logistics/module-01/16components.html.
8. Chipunza, C., Samuel, M.O. & Mariri, T. (2011). Leadership style, employee motivation and commitment:Empirical evidence from a consolidated retail bank operating in a distressed economy. African Journal of Business Management, 5(20), 8337-8346.
9. Computer Hope, (2018). Currency. Retrieved on 19th May, 2020 from: https://www.computerhope.com/jargon/c/currency.htm.
10. Coolen, A.R. & Bradford, D.L.(2004). The Influence Model: Using Reciprocity And Exchange To Get What You Need. New York, John Wiley & Sons.
11. Coyle, J.J.,Langley,C.J.,Novack, R.A.& Gibson, B.(2016).Supply Chain Management; a Logistics Perspective. United States, Cengage Learning.
12. Deviney, D.E.(1998).Outstanding Customer Service: The Key to Customer Loyalty. Virginia Beach; United States of America, Coastal Training Technologies.
13. Donohoe, A.(2019). Employee Performance Definition. Retrieved on 19th May, 2020 from: https://bizfluent.com/facts-7218608-employee-performance-definition.html.
14. Edward, H.F.(2002). Supply Chain Strategy; The Logistics Of Supply Chain Management. United States: Mc Graw Hill Company Inc.
15. Enyonam, A. A.(2011). Effect of Customer Service on Customer Satisfaction, A Case Study Of Fidelity Bank, Adum, Kumasi. Retrieved on 10th June, 2020 from: http://dspace.knust.edu.gh/xmlui/bitstream/handle/123456789/4232/ENYO%27S%20THESIS-COMPLETE%20PDF.pdf?sequence=1.
16. Farner,S., Luthans, F.& Sommer, S.M. (2001). An empirical assessment of internal customer service. Managing Service Quality,11(5), 350-358.
17. Gage, K. (2017). The Purpose of a Relationship. Retrieved on 20th May, 2020 from: https://medium.com/@krisgage/the-purpose-of-a-relationship-50b9a2b6d694.
18. Giang,V. (2019).Most People Focus on the Wrong Measure of Success. Retrieved on 19th May,2020 from: https://www.fastcompany.com/90335145/most-people-are-focused-on-the-wrong-measure-of-success.
19. Harris, C. A. (2014). Strategize To Win: The New Way To Start Out, Step Up, Or Start Over In Your Career. Canada, Avery Publishing Group.
20. Hassan, I. A. Y. (2013). Customer service and organizational growth of service enterprise in Somalia. Educational Research International, 2(2), 79-88.
21. Haupt, P. (2002). The SAARF Living Standard Measure (ISM). Separating Myth From Reality. Retrieved from:www.SAARF.ca.za/lsmarticle.html. Accessed on 11th June, 2020.
22. Hyoung-kyu, C. (2013). The Concepts, Consequences, and Determinants of Currency Internationalization. Japan, National Graduate Institute for Policy Studies.
23. Ikoni, J. O., Olaniyi, A. Alawode & Iranloye,T.A.(2014). Pharmaceutical industry capacity utilization in Nigeria. African Journal of Pharmacy and Pharmacology,8(21),579-585.
24. Ivan T. R. & Cary, L. C. (2015). Personnel Psychology and Human Resources Management: A Reader for Students and Practitioners. Newyork, Wiley.
25. Kaňovská, L. (2010).Customer services: A part of market orientation. Economics and Management,15, 562-565.
26. Karen, S. C. & Eric, R. (2014). Social Exchange Theory, New York, Kluwer Academic/Plenum Publishers.
27. Karimi, J., Somers, T. M., & Gupta, Y. P. (2001). Impact of information technology management practices on customer service. Journal of Management Information Systems, 17(4), 125-158.
28. Kent, I. (2017).Why Relationships Are the Currency of Life. Retrieved on 20th May,2020 from: https://influencemagazine.com/Practice/Why-Relationships-Are-the-Currency-of-Life.
29. King, M. (2018). Why Working Hard Is Not Enough To Get Ahead. Retrieved on 19th May,2020 from: https://www.forbes.com/sites/michelleking/2018/01/09/why-working-hard-is-not-enough-to-get-ahead/#6712d1664b67.
30. Kossoff, L. (2005). Organizational Currency. Retrieved on 19th May, 2020 from: https://m.smallbusinessadvocate.com/small-business-article/organizational-currency-1056.
31. Lawson, E.W. & Gray, E.F.(2011). Project Management: The Managerial Process. The United States Of America, McGraw-Hill Companies, Inc.
32. Lawson, K.(2016). What Do We Mean by Personal Relationships? Retrieved on 20th May,2020 from: https://www.takingcharge.csh.umn.edu/what-do-we-mean-personal-relationships.
33. Leonard, K.(2019). Importance of Employee Performance in Business Organizations. Retrieved on 19th May, 2020 from: https://smallbusiness.chron.com/importance-employee-performance-business-organizations-1967.html.
34. Liebowitz, J. (2016). Successes and Failures of Knowledge Management. United States of America, Morgan Kaufmann.
35. Lim, E.(2020). Performance Currency and its Importance in Managing Upwards. Retrieved on 19th May,2020 from: https://singapore.uli.org/performance-currency-and-its-importance-in-managing-upwards/.
36. MacDonald, S.(2020). 5 Ways To Deliver Excellent Customer Service. Retrieved on 12th June,2020 from: https://www.superoffice.com/blog/five-ways-to-deliver-excellent-customer-service.
37. Mckinney, P.(2020). What Is Customer Service? - Definition, Types & Role in Marketing. Retrieved on 19th May,2020 from: https://study.com/academy/lesson/what-is-customer-service-definition-types-role-in-marketing.html.
38. McNamara, C. (2019). Customer Service Management: Guidelines and Resources. Retrieved on 20th May,2020 from: https://managementhelp.org/customers/service.html.
39. Mcray, J. (2015). Leadership Glossary: Essential Terms for the 21st Century. California, Credo Reference. Mission Bell Media.
40. Mwangangi, P. W. (2016). Influence of logistics management on performance of manufacturing firms in Kenya. Ph.D Thesis Submitted to the Jomo Kenyatta University of Agriculture and Technology, Kenya, 1-195.
41. Njagi, M. M. & Ogutu, M. (2014) Role of supply chain integration on supply chain performance in Kenyan State Corporations. International Journal of Current Business and Social Sciences, 1 (2), 188-204.
42. Obukohwol, E.O., Olele, E. H. & Buzugbe, P.N. (2018). Assessing efficiency in the pharmaceutical sector of Nigeria. CBN Journal of Applied Statistics, 9(2) 131-148.
43. Okpara, G. S. (2002). Contemporary Marketing: Topical and Tropicalised. Enugu, John Jacobs Publishers.
44. Onyeonoru, I. (2003). Globalization and Industrial Performance in Nigeria. Africa Development, 28(3)45-51.
45. Pharmapproach, (2020). Pharmaceutical Industries in Nigeria: Challenges and Prospects. Retrieved on 19th May,2020 from: https://www.pharmapproach.com/pharmaceutical-industries-in-nigeria-challenges-and-prospects.
46. Poi, E.L. (2018). Inventory planning and agricultural productivity in Rivers State. RSU Journal of Strategic and Internet Business, 3 (2), 280-294.
47. Rouse, M.(2020). Currency. Retrieved on 19th May, 2020 from: https://whatis.techtarget.com/definition/currency.
48. Rouse, M.(2020). CRM (Customer Relationship Management). Retrieved on 4th August, 2020 from: https://searchcustomerexperience.techtarget.com.
49. Thibaut, J., W. & Harold K., K. (1959). The Social Psychology of Groups. New York: John Wiley & Sons.
50. Tilokachai, V., Sophatsathit, P., & Chandrachai, A. (2012). Establishing Customer Service and Logistics Management Relationship Under Uncertainty. Retrieved on 19th May,2020 from: www.wrbrpapers.com>static>.
51. Ugbam, O.C. & Okoro, E.A. (2017). A strategic study of the Nigerian pharmaceutical sector: organizational leadership, market-share, and competitive performance. International Journal of Business, Humanities and Technology, 7(1), 1-10.
52. Welday, D.(2018). How to Build Up Your Relationship Currency. Retrieved on 19th May,2020 from: https://www.ahigherlife.com/how-to-build-up-your-relationship-currency/.
53. Wu, I.L., Chuang, C.H. & Hsu, C.H. (2014). Information sharing and collaborative behaviors in enabling supply chain performance: a social exchange perspective. International Journal Production Economics, 148(2), 122-132.
54. Yap, B. W., & Khong, K. W. (2006). Examining the effects of customer service management (CSM) on perceived business performance via structural equation modelling. Applied Stochastic Models in Business and Industry, 22(5‐6), 587-605.
2. Agus, A., & Hassan, Z. F. (2008). The strategic supplier partnership in a supply chain management with quality and business performance. International Journal of Business and Management Science, 1(2), 129.
3. Aluko, M.A.O, Akintola, G.O.& Shola, F. (2004). Globalization and the manufacturing sector: a study of selected textile firms in Nigeria. Journal of Social Sciences, 9 (2), 45-56.
4. Bagic, E.(2015). Why Your Career Needs Relationship Currency. Retrieved on 19th May, 2020 from:https://www.forbes.com/sites/elenabajic/2015/06/12/why-your-career-needs-relationship-currency/#4ae341f251c4.
5. Bill, W., Paul, C.,Yuanfei, K., Baofeng, H., & Sanjay, M.(2016). Enablers of supply chain integration: interpersonal and inter-organizational relationship perspectives. Industrial Management & Data Systems, 116 (4),838-855.
6. Brain, O.(2018). The Devaluation of our Organizational Currency: It is our Fault, our Problem, and our Job to Fix it. Retrieved on 19th May, 2020 from: https://www.linkedin.com/pulse/devaluation-our-organizational-currency-fault-problem-brian-owens-1e/.
7. Carsten, D. (2003). Transport Management. Retrieved on 3rd June, 2020 from:https://gc2.gizde/ibt/opt/site/ilt/regionaportale/sadc/inhalt/logistics/module-01/16components.html.
8. Chipunza, C., Samuel, M.O. & Mariri, T. (2011). Leadership style, employee motivation and commitment:Empirical evidence from a consolidated retail bank operating in a distressed economy. African Journal of Business Management, 5(20), 8337-8346.
9. Computer Hope, (2018). Currency. Retrieved on 19th May, 2020 from: https://www.computerhope.com/jargon/c/currency.htm.
10. Coolen, A.R. & Bradford, D.L.(2004). The Influence Model: Using Reciprocity And Exchange To Get What You Need. New York, John Wiley & Sons.
11. Coyle, J.J.,Langley,C.J.,Novack, R.A.& Gibson, B.(2016).Supply Chain Management; a Logistics Perspective. United States, Cengage Learning.
12. Deviney, D.E.(1998).Outstanding Customer Service: The Key to Customer Loyalty. Virginia Beach; United States of America, Coastal Training Technologies.
13. Donohoe, A.(2019). Employee Performance Definition. Retrieved on 19th May, 2020 from: https://bizfluent.com/facts-7218608-employee-performance-definition.html.
14. Edward, H.F.(2002). Supply Chain Strategy; The Logistics Of Supply Chain Management. United States: Mc Graw Hill Company Inc.
15. Enyonam, A. A.(2011). Effect of Customer Service on Customer Satisfaction, A Case Study Of Fidelity Bank, Adum, Kumasi. Retrieved on 10th June, 2020 from: http://dspace.knust.edu.gh/xmlui/bitstream/handle/123456789/4232/ENYO%27S%20THESIS-COMPLETE%20PDF.pdf?sequence=1.
16. Farner,S., Luthans, F.& Sommer, S.M. (2001). An empirical assessment of internal customer service. Managing Service Quality,11(5), 350-358.
17. Gage, K. (2017). The Purpose of a Relationship. Retrieved on 20th May, 2020 from: https://medium.com/@krisgage/the-purpose-of-a-relationship-50b9a2b6d694.
18. Giang,V. (2019).Most People Focus on the Wrong Measure of Success. Retrieved on 19th May,2020 from: https://www.fastcompany.com/90335145/most-people-are-focused-on-the-wrong-measure-of-success.
19. Harris, C. A. (2014). Strategize To Win: The New Way To Start Out, Step Up, Or Start Over In Your Career. Canada, Avery Publishing Group.
20. Hassan, I. A. Y. (2013). Customer service and organizational growth of service enterprise in Somalia. Educational Research International, 2(2), 79-88.
21. Haupt, P. (2002). The SAARF Living Standard Measure (ISM). Separating Myth From Reality. Retrieved from:www.SAARF.ca.za/lsmarticle.html. Accessed on 11th June, 2020.
22. Hyoung-kyu, C. (2013). The Concepts, Consequences, and Determinants of Currency Internationalization. Japan, National Graduate Institute for Policy Studies.
23. Ikoni, J. O., Olaniyi, A. Alawode & Iranloye,T.A.(2014). Pharmaceutical industry capacity utilization in Nigeria. African Journal of Pharmacy and Pharmacology,8(21),579-585.
24. Ivan T. R. & Cary, L. C. (2015). Personnel Psychology and Human Resources Management: A Reader for Students and Practitioners. Newyork, Wiley.
25. Kaňovská, L. (2010).Customer services: A part of market orientation. Economics and Management,15, 562-565.
26. Karen, S. C. & Eric, R. (2014). Social Exchange Theory, New York, Kluwer Academic/Plenum Publishers.
27. Karimi, J., Somers, T. M., & Gupta, Y. P. (2001). Impact of information technology management practices on customer service. Journal of Management Information Systems, 17(4), 125-158.
28. Kent, I. (2017).Why Relationships Are the Currency of Life. Retrieved on 20th May,2020 from: https://influencemagazine.com/Practice/Why-Relationships-Are-the-Currency-of-Life.
29. King, M. (2018). Why Working Hard Is Not Enough To Get Ahead. Retrieved on 19th May,2020 from: https://www.forbes.com/sites/michelleking/2018/01/09/why-working-hard-is-not-enough-to-get-ahead/#6712d1664b67.
30. Kossoff, L. (2005). Organizational Currency. Retrieved on 19th May, 2020 from: https://m.smallbusinessadvocate.com/small-business-article/organizational-currency-1056.
31. Lawson, E.W. & Gray, E.F.(2011). Project Management: The Managerial Process. The United States Of America, McGraw-Hill Companies, Inc.
32. Lawson, K.(2016). What Do We Mean by Personal Relationships? Retrieved on 20th May,2020 from: https://www.takingcharge.csh.umn.edu/what-do-we-mean-personal-relationships.
33. Leonard, K.(2019). Importance of Employee Performance in Business Organizations. Retrieved on 19th May, 2020 from: https://smallbusiness.chron.com/importance-employee-performance-business-organizations-1967.html.
34. Liebowitz, J. (2016). Successes and Failures of Knowledge Management. United States of America, Morgan Kaufmann.
35. Lim, E.(2020). Performance Currency and its Importance in Managing Upwards. Retrieved on 19th May,2020 from: https://singapore.uli.org/performance-currency-and-its-importance-in-managing-upwards/.
36. MacDonald, S.(2020). 5 Ways To Deliver Excellent Customer Service. Retrieved on 12th June,2020 from: https://www.superoffice.com/blog/five-ways-to-deliver-excellent-customer-service.
37. Mckinney, P.(2020). What Is Customer Service? - Definition, Types & Role in Marketing. Retrieved on 19th May,2020 from: https://study.com/academy/lesson/what-is-customer-service-definition-types-role-in-marketing.html.
38. McNamara, C. (2019). Customer Service Management: Guidelines and Resources. Retrieved on 20th May,2020 from: https://managementhelp.org/customers/service.html.
39. Mcray, J. (2015). Leadership Glossary: Essential Terms for the 21st Century. California, Credo Reference. Mission Bell Media.
40. Mwangangi, P. W. (2016). Influence of logistics management on performance of manufacturing firms in Kenya. Ph.D Thesis Submitted to the Jomo Kenyatta University of Agriculture and Technology, Kenya, 1-195.
41. Njagi, M. M. & Ogutu, M. (2014) Role of supply chain integration on supply chain performance in Kenyan State Corporations. International Journal of Current Business and Social Sciences, 1 (2), 188-204.
42. Obukohwol, E.O., Olele, E. H. & Buzugbe, P.N. (2018). Assessing efficiency in the pharmaceutical sector of Nigeria. CBN Journal of Applied Statistics, 9(2) 131-148.
43. Okpara, G. S. (2002). Contemporary Marketing: Topical and Tropicalised. Enugu, John Jacobs Publishers.
44. Onyeonoru, I. (2003). Globalization and Industrial Performance in Nigeria. Africa Development, 28(3)45-51.
45. Pharmapproach, (2020). Pharmaceutical Industries in Nigeria: Challenges and Prospects. Retrieved on 19th May,2020 from: https://www.pharmapproach.com/pharmaceutical-industries-in-nigeria-challenges-and-prospects.
46. Poi, E.L. (2018). Inventory planning and agricultural productivity in Rivers State. RSU Journal of Strategic and Internet Business, 3 (2), 280-294.
47. Rouse, M.(2020). Currency. Retrieved on 19th May, 2020 from: https://whatis.techtarget.com/definition/currency.
48. Rouse, M.(2020). CRM (Customer Relationship Management). Retrieved on 4th August, 2020 from: https://searchcustomerexperience.techtarget.com.
49. Thibaut, J., W. & Harold K., K. (1959). The Social Psychology of Groups. New York: John Wiley & Sons.
50. Tilokachai, V., Sophatsathit, P., & Chandrachai, A. (2012). Establishing Customer Service and Logistics Management Relationship Under Uncertainty. Retrieved on 19th May,2020 from: www.wrbrpapers.com>static>.
51. Ugbam, O.C. & Okoro, E.A. (2017). A strategic study of the Nigerian pharmaceutical sector: organizational leadership, market-share, and competitive performance. International Journal of Business, Humanities and Technology, 7(1), 1-10.
52. Welday, D.(2018). How to Build Up Your Relationship Currency. Retrieved on 19th May,2020 from: https://www.ahigherlife.com/how-to-build-up-your-relationship-currency/.
53. Wu, I.L., Chuang, C.H. & Hsu, C.H. (2014). Information sharing and collaborative behaviors in enabling supply chain performance: a social exchange perspective. International Journal Production Economics, 148(2), 122-132.
54. Yap, B. W., & Khong, K. W. (2006). Examining the effects of customer service management (CSM) on perceived business performance via structural equation modelling. Applied Stochastic Models in Business and Industry, 22(5‐6), 587-605.
Published
2021-08-12
How to Cite
Chikere, P. C., & Poi, E. L. (2021). Organizational Currency and Customer Service Management in the Pharmaceutical Industry in Nigeria. International Journal on Economics, Finance and Sustainable Development, 3(8), 47-60. https://doi.org/10.31149/ijefsd.v3i8.2088
Section
Articles
2.png)
