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Satisfaction And Retention: A Key To Business Survival
[A CASE STUDY OF BERGER PAINTS NIGERIA PLC]
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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.
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