AN ASSESSMENT OF CONSUMER SATISFACTION AS A KEY TO INDUSTRIAL GROWTH AND DEVELOPMENT
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This study researched into consumer satisfaction as a key to industrial growth and development.
It examined the significant impact of consumer satisfaction on the industrial growth and development.
Marketing survey was conducted to elicit opinion on profusely formulated hypothesis.
The study discovered that effective consumer satisfaction improved the growth and development of an industry as opposed to the tentative hypothesis. it was concluded that consumer satisfaction serve as a key to industrial growth and development.
1.1 BACKGROUND TO THE STUDY
Every business organization aims is to prosper, increase sales and maximize profit, trying by all means to ensure the occurrences of losses are perfectly controlled.
More so, they want to make effective use of available resources most profitably so their aims and objectives will be achieved (profit maximization).
Many sellers make the mistake they offer than to the benefit attained form the product of customers.
They see themselves as products producers and seller rather than provision of solution to the customers needs.
Means while every consumers intention is to choose the right product and services form reliable producer that on can meet their request and also provide product and serviced that can effectively maximize their satisfaction at a reasonable and affordable prices .
Customer’s satisfaction depends on a products perceived performance in delivery value relative to buyer’s expectations.
Consumer which to get the right product of the right quality at the right price, at the right time from the right sources and derive the right maximum satisfaction.
They do emphasize on the contraction of price and quality.
That is, they want the cheap price and at the same time, the original product and services.
Consumers can only patronize the producers, and seller’s of the product when the benefit of the goods purchase from them is highly satisfactory and efficient meant for what it is needed.
They also tell others about their good experiences with the product. With these, seller is able to achieve their profit maximization objective as their sale volume increase tremendously.
1.2 STATEMENT OF THE PROBLEMS OF THE STUDY.
The premise for the problems or the question of the study which prompted this research topic is expressed in the following questions.
1. Why does organization wind up shortly after springing up?
2. Why do competitors gain more grounds than the innovation?
3. what are the causes of losses and low profitability even, when much is expected
4. Why do organizations embark on mass retrenchment programme?
5. Why do organizations flourish more than others in the same industries?
6. why do some individual prefers an outfit to another :
7. even when better quality is offered by the reject outfits the aforementioned questions gave birth to the study of consumers gave birth to the study of consumer
1.3 AIMS AND OBJECTIVES OF THE STUDY
The aims of this study are to evaluate consumer satisfaction as a key to industrial growth and development.
To achieve this aim, therefore the following objective shall be pursued.
1. To examine why some organization flourish more than the others.
2. To identify the causes of loss and low profitability.
3. To find the rationale behind organization retrenchment program.
4. To ascertain why organization wind –up shortly after spring up.
1.4 SIGNIFICANT OF THE STUDY
The research work is of great significant to the researchers as it helps in winding the researcher’s knowledge via reviewing different literature on the topic.
The study is also relevant to industries particularly dangote group of company plc Ilorin in assisting to its customers behaviour and discovering area of dissatisfaction for necessary amendment to be made to maintain and increase its customers.
It is hopeful that the study will add to the knowledge on the study and useful for future researchers who might want to improve from were we stopped as reference.
Finally the study will enhance the generally appreciation of consumers satisfaction as a necessary key for industrial growth and development