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Consumers Satisfaction And Retention A Key To Business Survival Success
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1.2 STATEMENT OF THE PROBLEM
In the cause of research, answer will be provided to the following research question problems
1. Of what quality and quantity would they prefer to buy?
2. Is the price charged on the product not too high enough for them to bear?
3. Is there any welfare package available for the consumer at all?
4. Are company products readily available to any shortest possible notice from consumer?
5. 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 AIMS AND OBJECTIVES OF THE STUDY
i. To know whether the price charged on the Berger paint product is too high and ambiguous or not.
ii. To know if Berger Paint product is readily available for the consumers
iii.
To ascertain if there is any package available for the
consumers/customers who are frequent users of the Berger paint product.
iv. To know the quantity and quality rate which the consumers want to buy.
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 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.
1.5 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 (2007 – 2012).
1.6 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 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.
1.7 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 incur 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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