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.
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