SATISFACTION AND RETENTION: A KEY TO BUSINESS SURVIVAL (A CASE STUDY OF BERGER PAINTS NIGERIA PLC)
INTRODUCTION It's difficult to over-stress the importance of customer satisfaction. Sustained profitability is only possible through building customer value and satisfaction. Profit comes as a consequence of building customer value. As Henry Ford said: "Business must be run at a profit... else it will die. But when anyone tries to run a business solely for profit, then also the business must die, for it no longer has a reason for existence." Value Defined Something that satisfies a consumer's need or want has value in the eyes of the consumer. Whether or not a consumer will buy a product offering depends on whether what it costs them is greater or less than the product's perceived value. Furthermore, when choosing between similar offers, a consumer will choose the product that offers the biggest difference between value and cost. Costs to the customer include not only monetary costs, but everything associated to acquiring it, such as