Consumer Satisfaction And Retention; A Key To Business Survival (A Case Study Of Berger Paints Nigeria Plc)
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”
- 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.
1.2 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.
1.4 Scope of the Study
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
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.
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).
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.
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.
5.0 Summary, Recommendation and Conclusion
5.1 Summary of the Research Findings
This research work has helped in discovering that:
- The aspect of service rendered by the company which is most dissatisfying to the consumer is the late arrival of order (goods) from the company. While that which its most satisfying to the consumer is the cordial customer company relation.
- The researcher was able to establish that consumer satisfaction and retention has a positive effect on the image building of the company and sales return of the company.
- It was discovered that most consumer’s purchases Berger paints mostly because of its quality with little regards to its price. If consumers are to go by the prices of the company’s brand of paints which is quite exorbitant when compared to other brands in the industry. Most consumers would stop burying the company’s brands of paint. Therefore, the emphasis herein on quality rather than price.
- It was observed that Berger paints is not readily available in the market. Consumer still meet some difficulties in getting their orders from the company.
- From all indications, the company controls about 25% of the paints market in Nigeria.
- Through this study, the researcher was able to establish that consumers are satisfied with the company’s brand of paints and services.
Conclusively, the premise is that, consumer will buy from the form. They perceive offers as to the highest consumer satisfaction. Therefore, companies that always strive to satisfy their consumers in terms of product quality and customer-company relation which consequently leads to good corporate image, acquisition of more loyal customers and ultimately enhanced profit growth for the company.
Finally, if the present economic system continue aid prosper, the marketing manager of Nigeria industries must uniformly have as their goal the satisfying of consumers desires.
Based on the findings in this research work, the followings are recommended.
The company as a matter of urgency should improve its distribution so as to make its products available to consumers or users at their convenient place to purchase and at the right time. The company needs to furnish the market and their customer with the latest information and keep them abreast of their new products and what the company has in stock for them. At the same time, the prices of the products of the company has to be reduced if they want paint users to patronize them. This can be achieve through local sourcing of raw materials. Government on its parts should help the industries by reducing duties and tariffs paid on importation.
For the fact that loyal customer account for a substantial amount of the company’s profit, the company should not risk losing a customer by ignoring or jettison their grievances or reservations over price. The company must mandate every sale person to write a full report on each lost customer and all the steps taken are directed towards restoring satisfaction. Winning back lost customer is an important marketing activity often costs less than attracting first time customer.
The marketing director of the company should be deeply interested in the customer because basically the markets which he hopes to sell are made up of people. Without people, there is no demand for tremendous flow of different brands of paint pouring out of the company, if the market efforts are to be successful, they must at all time customer oriented.
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.
Consumer Satisfaction And Retention; A Key To Business Survival (A Case Study Of Berger Paints Nigeria Plc)
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