APPRAISING CONSUMER SATISFACTION AND RETENTION AS A KEY TO BUSINESS SURVIVAL
|BANKING AND FINANCE|
No of pages
|MS Word & PDF|
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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.
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”
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.
1.2 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.