RELATIONSHIP MARKETING: A NECESSARY TOOL FOR ORGANISATIONAL PERFORMANCE (A CASE STUDY OF TROPICS FINANCE AND INVESTMENT LIMITED)

ABSTRACT

An organization ability to enjoy long term competitive advantage is closely related to its capacity to win and retain customers.

The research work took a critical look into this statement from a relationship marketing perspective as a necessary tool for organizational performance.

In doing so, the existing system in the industry shall be examined to ascertain the problem there in so as to suggest possible solution to such problems.

To carry out a comprehensive  research work various literature were review which will consist of historical background of the organization; other issue to be examine include data gathering instrument, hypothesis testing to ascertain their validity and reliability  use of techniques.

Finally the entire study is summarized, the finding are noted and conclusion, are drawn for possible recommendation to be made. The recommendation are aimed of assist the entire service and manufacturing industry in management of relationship marketing and direction for further research are highlighted.

TABLE OF CONTENT

Title page                                                                         i

Certification                                                                     ii

Dedication                                                                       iii

Acknowledgement                                                            iv

Abstract                                                                           v

Table of contents                                                             vi

Chapter One - Introduction 

1.1   Background Introduction to the study                     1

1.2   Objective of the study                                              2

1.3   Scope of the study                                                   3

1.4   Statement of the problem                                        3

1.5   Purpose of the study                                                        4

1.6   Relevant of the study                                               4

1.7   Research of the Question                                         4

1.8   Research of the Hypothesis                                      5

1.9   Operational definition of key term                           6

Chapter Two: Literature Review

2.1   Historical background of the  organization              7

2.2   The concept of relationship marketing                     8

2.3   The principles of relationship marketing                 12

2.4   The approach plan to relationship marketing          13

2.5   The origin of relationship marketing                                15

2.6   The benefit of relationship marketing                      17

Chapter Three: Research Methodology

3.1   Introduction                                                             18

3.2   Characteristic of study population                           18

3.3   Sampling procedure                                                 18

3.4   Research instrument                                                       18

3.5   Data collection method                                            19

3.6   Standardization of research instrument                  19

3.7   Questionnaire administration                                  20

3.8   Data analysis technique                                          20

3.9   Limitation of study

Chapter Four: Data  Presentation and Analysis

4.1   Introduction                                                             21

4.2   Analysis of Respondents Bio- Data                          21

4.3   Analysis of Responses to section B                          24

4.4   Test of Hypothesis                                                   38

4.5   Standardization                                                       39

Chapter Five:

Summary of Finding, Conclusion and Recommendation

5.1   Summary of findings                                                       41

5.2   Conclusion                                                              42

5.3   Recommendation                                                     43

5.4   Suggestion for further studies                                  44

                References                                                               45

        Appendix                                                                 46

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND INFORMATION TO THE STUDY

Globalization and competition has placed more demand on customer services delivery across all organization. This is worsened by the hostile business environment and unpredictable nature of customers.

However, every organization must survive through attracting new customers and retaining old ones, among all tiers of staff having contact with the customer in order to build a lasting relationship.

Most organization, have come to realized that yesterday’s rule don’t hold any more, and management are faced with new and ever changing business circumstances that are out of their control. Gone are the days when one could invent a product, do a market research, then run advertisements to snag consumers, unfortunately those ways have charged, the advance technology is fueling a proliferation of products which makes it harder to stand out no matter how many advertisement are run.

The way to achieve a superior market position is to build a relationships with customers based on trust, responsiveness and quality. Many businesses have come to realized the need for sound relationship marketing as a necessity rather than a luxury and that marketing before laid emphasis on transaction rather than on relationship with customer/client, and by so doing they tend to focus on attracting new customers and fails to keep the existing ones.

Therefore, relationship marketing is the process of keeping existing customer happy and satisfied and constantly focusing on attracting new ones.

Relationship marketing comprehensively examines relationship in marketing and how it influence modern marketing strategy and practice towards achieving organizational objectives. It states that good customer services is the lifeblood of any organization which will always bring customer back, and a well satisfied customer will not only be loyal to the organization but will also serve as an advocate to the organization and market them to others.

The marketing goals and objectives of any organization is to win a considerable market share and be a market leaders, through the application of relationship marketing concepts this can be achieved.

1.2   OBJECTIVE OF THE STUDY

The performance of an organization in the service industry is literally affected by their marketing strategy. The objective of this study will be to identify.

i.            What relationship marketing is and how it is being administered.

ii.          The effect it has on organizational performance.

iii.        What makes up relationship marketing.

1.3   SCOPE OF THE STUDY

This research work is designed to analyze and examine the role of relationship marketing in the service industry and will be concentrated on the customer and some staff of Tropics finance and investment company Ltd, this is because the organization is rated as an highly service provider in the industry.

1.4      STATEMENT OF THE PROBLEM

This study is aimed at finding solution to the following questions.

i.      Does the application of relationship marketing have a    significant impact on the organizational performance?

ii.     Does the relationship element improve the quality of      customer service in organization?

iii.    Has there been any rejection of the company product     since the operation of relationship marketing?

iv.    Is customer relationship marketing profitable?.

1.5      PURPOSE OF THE STUDY

It is to comprehensively examine customer relationship in organization and how it influence modern marketing practice in the serve industry. It is designed to

i.            Examine the contributory factors for organizational performance.

ii.          Analyze the impact of relationship marketing as an effective tools for organizational performance in a global market.

iii.        Make recommendation for further improvement where necessary.

1.6      RELEVANT OF THE STUDY

The successful practice of relationship marketing will make organizations to have competitive advantages over other firms.

It will also allow, for identification prioritization and exploitation of opportunities which will help organization to produce and offer service that suit their customers needs.

Finally, relationship marketing will make organizations to understand their customer buying habit so as to satisfy them and at the same time fulfilling the objectives of the organisation.

1.7      RESEARCH QUESTIONS

The following are the questions that this study will provide answers:

1.          Relationship marketing, does is it really exist?

2.          Which marketing strategy will help organization to

achieve their objectives?

3.          Will customer relationship marketing makes organisation

to survive in a competitive environment?

4.          Can relationship marketing makes organization to

understand their customer better?

5.          What are the factors or policies that will affect the

practice of relationship marketing?

1.8      RESEARCH HYPOTHESIS

For the purpose of the research, in order to validate or reject the statement that relationship marketing is a necessary tool for organisational performance, the following hypothesis will be tested.

1.     H₁ Relationship marketing will have a positive impact on

organisational performance.

2.     H₂ The application of the element of relationship marketing will affect the profitability of the organization positively.

3.     H₃ That the kind of business engaged in will not determine the marketing policy to be adopted. 

1.9          OPERATIONAL DEFINITION OF KEY TERMS

1.          MARKETING: this is the performance of all business

activities that direct the flow of goods and services from the production point to the consumer at a profit.

2.          RELATIONSHIP: It is the contacts or dealing between or

among individuals or groups to achieved a certain objectives that will be beneficial to parties involve.

3.          RELATIONSHIP MARKETING: its ability to know and

merge customers needs and wants with company objectives at the planning stage so as to satisfy their needs.

4.          ORGANISATION: it can be described as a mechanism or

structure that enables human being to work effectively together.

5.          PERFORMANCE: the ability to excel in a given task.

6.          OBJECTIVES: the aim trying to be achieve in business.

7.          ORGANISATIONAL PERFORMANCE: can be described

 as the process whereby the actual performance of the organization is measure vis-à-vis the standard set to determine the level of variation.

Buyers has the right to create dispute within seven (7) days of purchase for 100% refund request when you experience issue with the file received. 

Dispute can only be created when you receive a corrupt file, a wrong file or irregularities in the table of contents and content of the file you received. 

ProjectShelve.com shall either provide the appropriate file within 48hrs or send refund excluding your bank transaction charges. Term and Conditions are applied.

Buyers are expected to confirm that the material you are paying for is available on our website ProjectShelve.com and you have selected the right material, you have also gone through the preliminary pages and it interests you before payment. DO NOT MAKE BANK PAYMENT IF YOUR TOPIC IS NOT ON THE WEBSITE.

In case of payment for a material not available on ProjectShelve.com, the management of ProjectShelve.com has the right to keep your money until you send a topic that is available on our website within 48 hours.

You cannot change topic after receiving material of the topic you ordered and paid for.