CUSTOMER SATISFACTION AND ORGANIZATIONAL PROFITABILITY IN THE MILLENNIUM: AN OVERVIEW OF THE NIGERIAN PRIVATE SECTOR

Agburu J.I.

Department of Business Management

Benue State University, Makurdi, Nigeria

ABSTRACT

Organizational breakthroughs in the contemporary third world economies in general and in Nigeria in particular seem to be in a dire need of customer satisfaction strategies. Genuine breakthroughs in these companies cannot emanate from the blues, but must spring into being by a dint of relevant strategic formulation and implementation targeted at attaining an optimal level of customer satisfaction. Unequivocally too, long term corporate profitability must consistently be driven by high customer satisfaction tempo. The main thrust of the study was to investigate the relationship between customer satisfaction and corporate profitability in the millennium with a concentration on the present-day Nigerian economy. Specifically, the study was on some selected indigenously-owned and managed companies in Benue State of Nigeria with emphasis on Makurdi metropolis. Methodologically, the simple survey design was applied. Data analysis was based on non-parametric methods. Specifically, simple percentages and Kolmogorov-Smirnov test statistic were employed. The main findings were: (1) the companies were lagging in terms of customer satisfaction epitomised in low retention levels & decreasing degree of customer loyalty (2) the companies were not making breakthroughs in profitability and (3) the corporate efforts lacked relevant strategic orientations capable of transforming these organizations. The major recommendations are that: (a) these firms strategise in relevant ways to attain high levels of customer satisfaction (b) the firms adopt integrated marketing schemes with a view to wooing and retaining customers consistently and (c) the companies popularise their products via advertisements, research and development and the like.