CONSUMER SATISFACTION AND RETENTION; A KEY TO BUSINESS SURVIVAL
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TITLE PAGE
CONSUMER SATISFACTION AND RETENTION; A KEY TO BUSINESS SURVIVAL
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "consumer satisfaction and retention; a key to business survival" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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Before any business can succeed in winning customers and outperforming competitors, there is need to embark upon a thorough task. Generally, companies are facing toughest competitions in building customers, not just product. Many companies is of the opinion that it is the marketing or sales department jobs to procure customers, if they cannot, the company draws the conclusion that marketing people are not capable and competent; but intact marketing, is only one factor in attracting and keeping customers. The topic aids the researcher to improve and increase the sales volume of the organization. Its makes to know that the interest of consumer should be bear in mind and be properly monitored for success accomplishment thereby retaining them. The best marketing department in the world cannot sell product that are poorly made or fail to meet consumers need.
Therefore, the project concluded that if present economic system continue aid prosper, the marketing manager of Nigeria must uniformly have as their goal the satisfying of consumers desires.
Also the project recommended that the company must pay adequate and closer attention to its customer defection rate (the rate at which the company losses customers) by improving on its existing products quality. The company should motivate its employees (salesman) so as to serve the customer better.
TABLE OF CONTENTS
CHAPTER ONE
1.0 Introduction
1.1 Statements of the problem
1.2 Aims and Objectives of the study
1.3 Significance of the Study
1.4 Scope of the Study
1.5 Limitation of the Study
1.6 Definition of the term
CHAPTER TWO
2.0 Literature Review
2.1 Tools for tracking and measuring customer satisfaction
2.2 Deliverance customer value and satisfaction
2.3 Value Chain
2.4 Value – Delivering Network
2.5 Attracting and retaining customers
2.6 Attracting customer
2.7 Computing the cost of customer
CHAPTER THREE.
3.0 Research methodology
3.1 Population and sample size
3.2 Method of Data Collections
3.3 Method of Data Presentation
3.4 Method of Data analysis
CHAPTER FOUR
4.1 Historical Background of Berger Paints
4.2 Data Presentation, Analysis, and Interpretation
4.3 Testing of Hypothesis
4.4 Discussion of Findings.
CHAPTER FIVE
5.1 Summary, Recommendation and Conclusion
5.2 Summary of the Research findings
5.3 Conclusion
5.4 Recommendation
5.5 Appendix
5.6 References
CHAPTER ONE
1.0 INTRODUCTION.
In our society and the world at large companies are facing toughest competition ever. Before any business can go about winning customers and outperforming competitors, there is the need to do a thorough task of meeting and satisfying consumer needs. It is only customer centered consumers companies that are adapt at blaming customers not just product. So many companies think that it is the marketing or sales department’s job to gain customers. If they cannot, the company draws the conclusion that is; the marketing people are not very good and are not effective in discharging their duties. But marketing is only one factor in attracting and keeping customers. The best marketing department in the world cannot sell products that are poorly made or fail to meet consumers need.
The consumer is faced with an infinite number of choices in his buying behavior. He makes a decision on whether to spend his money or save it. If he chooses to spend it, he has a wide range of product choices available to him. Even within the relatively narrow field of paint industries the consumer has, from five to ten different brands of paints from which to choose in the average paint shop or depot, obviously, no one brand is going to be sold for long if it stops giving the customer what he wants. Hence, it is a total error for a marketing manager to believe that the consumer must buy his product.
The consumer bestows his favor on those who give him what he wants in product, price, promotion and convenience. The penalty for disobeying his mandate is almost certain failure. There are numerous illustrations of firms that refused to obey “Key consumer”, thereby incurring his wrath. At one time, the Waltham Watch Company was held in high esteem by watch buyers decided that the wrist watch was preferable to the pocket watch and subsequently, the consumers changed their buying habit, Waltham was a stubborn until the consumer forced it to do so by refusing to buy pocket watches. Meanwhile, key consumer decided that he wishes his wrist watch to do more than ten times, he wanted a fashionably styled time piece. The majority of firm in that country immediately entered a competitive race on a fashion basis, but not Waltham. His refusal to produce a properly style watch eventually caused its failure.
Obviously, the consumer seldom directly commands a manufacturer.
1.1 STATEMENT OF THE PROBLEM
The researcher must confine himself with the following inherent factors for prompt considerations”
- Of what quality and quantity would they prefer to buy?
- Is the price charged on the product not too high enough for them to bear?
- Is there any welfare package available for the consumer at all?
- Are company products readily available to any shortest possible notice from consumer?
- Are there any positive responses from consumer as to the prospect of the business?
The researcher must however bear in mind and proffer proficient solution and answers to these numerous questions if he is to guarantee himself of success or survival of the business entrusted to him.
1.2 AIMS AND OBJECTIVES OF THE STUDY
The objective of this research work is to improve and increase the sales volume of the organization as a whole. The study allow for freedom of information (FOI) by the consumer (Consumerism). This is done by evolving customer complaint department so as for them to disclose their displeasure and grievance about the services being rendered to them either in term of price, quality, quantity, test marketing, and prototype as highlighted in the statement of problem written earlier.
It guarantees the future of the business at a profit. The study enables the consumer to participate actively through their willingness to buy the product and play for the service rendered to them. As it is well known that consumer is a key, they dictate what business is i.e the prospect and exit of the business is to a large extent determined by him. The interest of consumer should be properly monitored for success accomplishment.
1.3 SIGNIFICANCE OF THE STUDY
The important of the study is that it broadens and widens the researcher’s knowledge. The topic chosen has really increases or improves the standard of living of the researcher. The study serves as an impetus to participate actively without allaying fears or panic in the field of practice. The study being “Consumer Satisfaction and Retention as a key to business survival” plays a dominant role in any business ramification.
The study of this research work is a pre-requisite in partial fulfillment of the requirement for the award of Higher National Diploma in Marketing. The research equally creates awareness to the society at large as regards what consumer satisfaction is all about in running of the organization in the respect that it helps in solving problems associated with the satisfaction of consumers how consumer can be valued at a profit.
1.4 SCOPE OF THE STUDY
The scope of this study is limited to paint industry. It is therefore imperative for the researcher to carry out all necessary enquiries and activities within the boundary specified in the study. The scope will also cover the conceptual aspect in terms of user, colour, behavior, reaction and modes, friends and relative.
The market scope covers Ilorin Township to immediate consumer areas. The industrial scope will cover all the manufacturers of paint product. But the case study of this research will be BERGER PAINT NIGERIA LIMITED. The geographical aspect of the scope is going cover Ilorin metropolis area directed to the consumer.
The area of interest will be on the number of sales recorded in the five consecutive years (2003 – 2008).
1.5 LIMITATION OF THE STUDY
This is varieties of problems faced white carrying out this research work. One of this is thane constraint. There is no adequate time or sufficient time for the researcher to visit and consult all necessary sales depots, distributors, and consumers of Berger paint Nigeria Limited, since they are not geographically sited in one region. In view of the limited time available for the final submission of this project work, the researcher has to limit the research finding to Ilorin depot of the company since they offer likely services or operations.
The researcher however came about finding solution to this problem by taking one advantage of the semester break given by the school authority to consult and gathered all vital information’s necessary and needed for this research work from their various district and sales outlet (Berger Paint Nigeria Limited) such as Lagos depot of the company and Ibadan respectively. This done so as to update, equipped, and enlightening the researcher on the topic chosen.
The researcher is also faced with some administration problems from the staff of Berger Paint Nigeria Limited. The staffs were always reluctant to grant interview being carried out by the researcher. The solution to this is achieved by re-orientate them and give a kind of incentives as motivation in order to change their lackadaisical attitude towards the researcher and their customer at large. Consumer satisfaction and retention. A key to business survival.
1.6 DEFINITION OF TERMS
(a) CONSUMERS: These are groups of individuals in an organization who are buyers for consumption purpose. They are not buying to make profit, but to satisfy basic or psychology needs or wants.
(b) TOTAL CONSUMER VALUE: This is the bundle of benefits consumer expect to derive from a given product or service.
(c) TOTAL CONSUMER COST: This is the bundle of cost consumer expect to incure in evaluating, obtained using, and disposing of the product or services.
(d) MARKETING: Marketing is the total system of interrelating business activities designed to play price, promote and distribute want, satisfying goods and services to prospective customers. (would be customers).
(e) SATISFACTION: Is all about pleasing the consumer by making available what they want, need at the right time, in the right place and with the right price. To provide them with what they want, needed or asked for.
(f) RETENTION: All the activities involved in finding and retaining consumers and growing the business.
(g) CONSUMER SATISFACTION: This is the way by which the consumer pleased with the company aim and objective to make profit. It is the way by which the company makes every effort to make goods and services available for the consumer at the right time, in the right place and at the right prices.
(h) BUSINESS SURVIVAL: This is all about the improvement or growth of the business. Meanwhile, the primary aim of any business is to minimize loss.
1.7 PROJECT WORK ORGANISATION
The work is organized as follows: chapter one discuses the introductory part of the work, chapter two presents the literature review of the study, chapter three describes the methods applied, chapter four discusses the results of the work, chapter five summarizes the research outcomes and the recommendations.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "consumer satisfaction and retention; a key to business survival" is also available. Order full work to download. Chapter two of "consumer satisfaction and retention; a key to business survival" consists of the literature review. In this chapter all the related work on "consumer satisfaction and retention; a key to business survival" was reviewed.
CHAPTER THREE: The complete chapter three of "consumer satisfaction and retention; a key to business survival" is available. Order full work to download. Chapter three of "consumer satisfaction and retention; a key to business survival" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "consumer satisfaction and retention; a key to business survival" is available. Order full work to download. Chapter four of "consumer satisfaction and retention; a key to business survival" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "consumer satisfaction and retention; a key to business survival" is available. Order full work to download. Chapter five of "consumer satisfaction and retention; a key to business survival" consist of conclusion, recommendation and references.
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