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TITLE PAGE

SATISFACTION AND RETENTION: A KEY TO BUSINESS SURVIVAL IN NIGERIA

BY

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EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---

DECEMBER,2018

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APPROVAL PAGE

This is to certify that the research work, "satisfaction and retention: a key to business survival in nigeria" 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……………….        

……………………………….
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External Invigilator

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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.

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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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Something that satisfies a customer's need or want has value in the eyes of the consumer. Whether or not a consumer's will buy a product offering depends on whether what it cost than is greater or less than the product's perceived value. Furthermore, when choosing between similar offers, a consumer chooses the product that offers the biggest difference between value and cost. Costs to the customer include not only monetary cost, but everything associated to acquiring it, such as time and hassle. For example, having to go and pick up concert ticket you've already paid for online add an additional cost. Therefore even if your product is more expensive, it will never the less be chosen if it carries more value in the eyes of the customer.

TABLE OF CONTENTS
Title Page                                                                                          i
Certification                                                                                     ii
Dedication                                                                                        iii
Acknowledgement                                                                           iv
Table of Contents                                                                             vi
CHAPTER ONE: INTRODUCTION
1.1       INTRODUCTION TO THE STUDY                                                           1
1.2       STATEMENT OF THE PROBLEM                                                            2
1.3       AIM AND OBJECTIVES OF THE STUDY                                               3
1.4       SIGNIFICANCE OF THE STUDY                                                              4
1.5       SCOPE OF THE STUDY                                                                             4
1.6       LIMITATION OF THE STUDY                                                                  5
1.7       DEFINITION OF TERMS                                                                6

CHAPTER TWO
2.0       LITERATURE REVIEW                                                                              8
2.1       TOOLS FOR TRACKING AND MEASURING CONSUMER    11
2.2       DELIVERING CUSTOMER VALUE AND SATISFACTION     13
2.3       VALUE CHAIN                                                                                            14
2.4       VALUE DELIVERY NETWORK                                                   15
2.5       ATTRACTING CUSTOMERS                                                                    18
2.6       ATTRACTING CUSTOMERS AND RETAINING CUSTOMERS         18
2.7       COMPUTING THE COST OF LOST CUSTOMERS                                20
2.8       FORMULATION OF HYPOTHESIS                                                          21

CHAPTER THREE
3. 0      RESEARCH METHODOLOGY                                                     22
3.1       POPULATION AND SAMPLE SIZE                                              22
3.2       METHOD OF DATA COLLECTION                                             23
3.3       METHOD OF DATA PRESENTATION                            23
3.4       METHOD OF DATA ANALYSIS                                                  23

CHAPTER FOUR
4.1       HISTORICAL BACKGROUND OF THE CASE STUDIES         24
4.2    DATA PRESENTATION                                                 27
4.3 ANALYSIS OF DATA                                                        39
4.4    TESTING OF HYPOTHESIS                                40
4.5    DISCUSSION OF FINDINGS                                       41

CHAPTER FIVE
SUMMARY, RECOMMENDATIONS AND CONCLUSION
5.1    SUMMARY OF THE STUDY                                43
5.2    CONCLUSION                                                              44
5.3    RECOMMENDATIONS                                                 45
REFERENCES                                                                47
APPENDIX                                                                      48
          QUESTIONNAIRE                                                                              49

CHAPTER ONE: INTRODUCTION
1.1       INTRODUCTION TO THE STUDY
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 cllaming 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 needs.
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 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.

1.2       STATEMENT OF THE PROBLEM
The researcher must confine himself to 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.

1.3       AIM AND OBJECTIVES OF THE STUDY
            The objective of this research study is to improve and increase the sales volume of the organization as a whole. The study allows 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 pay 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.   

1.4       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 study 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.

1.5       SCOPE OF THE STUDY
The scope of this study covers  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, friendliness and relativeness.
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 covers 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).

1.6       LIMITATION OF THE STUDY
This are the varieties of problems faced white carrying out this research work. One of time 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 study, 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 staff were always reluctant to grant interview being carried out by the researcher. The solution to this is achieved by re-orientating them and give a kind of incentive 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.

1.7     DEFINITION OF TERMS
CONSUMERS: These are groups of individuals who are buyers for consumption purpose. They are not buying to make profit, but to satisfy basic or psychological needs or wants.
TOTAL CONSUMER VALUE: This is the bundle of benefits consumer expects to derive from a given product or service.
TOTAL CONSUMER COST: This is the bundle of cost consumer expects to incur in evaluating, obtained using and disposing of the product or services.
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).
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.
RETENTION: All the activities involved in finding and retaining consumers and growing the business.
CONSUMER SATISFACTION: This is the way by which the consumer is 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.

BUSINESS SURVIVAL: This is all about the improvement or growth of the business. Meanwhile, the primary aim of any business is to minimize loss.

1.8                                      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.

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CHAPTER THREE: The complete chapter three of "satisfaction and retention: a key to business survival in nigeria" is available. Order full work to download. Chapter three of "satisfaction and retention: a key to business survival in nigeria" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.

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