THE IMPACT OF CUSTOMER BEHAVIOR ON A BUSINESS’S GROWTH
This study examines the impact of consumer behavior on a company’s growth (a case study of Vivid Consuming pro, Afam Road Port harcourt). Proper research was conducted to determine if customers’ behavior is influenced by dissatisfaction with the services provided by the business, to determine the factors that influence the change in customers’ behavior towards an organization, to analyze the ways customers’ behavior affects the growth of a business, and to ascertain customers’ perceptions on how to maintain positive customers’ behavior toward their products.
The primary focus of the study is on customers between the ages of 18 and 40; the researcher interviewed clients and analyzed their comments attentively. After analyzing the results, it can be concluded that a company’s capacity to retain consumers affects its productivity.
1.1 CONTEXT OF THE STUDY
The secret to corporate success is providing clients with better solutions to their issues, treating them with respect, establishing an emotional connection with them, charging them fair pricing, and making it simple for them to identify what they need, pay for it, and go on.
The study of customer behavior is centered on consumer purchasing behavior, with the customer assuming the three separate roles of user, payer, and purchaser. Consumer behavior is difficult to predict, even for specialists in the industry, according to research. Relationship marketing has a deep interest in the rediscovery of the actual meaning of marketing through the reaffirmation of the significance of the customer or buyer (Peter C.
2003). In addition, consumer retention, customer relationships with management, and customization are given increased emphasis. There are two types of social functions: social choice and welfare functions.
The study of consumer behavior has become vital in the current environment. Consumers reign supreme in markets. Without consumers, no business can function. All company efforts culminate in the consumer and consumer happiness. The study of customer behavior is centered on consumer purchasing behavior, with the customer assuming the three separate roles of user, payer, and purchaser. Consumer behavior is difficult to predict, even for specialists in the industry, according to research. The study of Consumer Behavior is highly complicated due to the numerous variables involved and their propensity to interact and exert effect (Jobber).
& Geoff, 2000). The most significant general impacts on Consumer Behavior have been recognized as the three major portions of these variables. Consumer behavior is the study of when, why, how, and where individuals make purchases or do not. It combines psychological, sociological, and economic concepts. It seeks to comprehend the buyer decision-making process individually and collectively.
Buying situation, personal influences, and societal influences are highlighted as three more significant elements that influence customers’ purchasing decisions (Jobber & Geoff, 2000).
In today’s competitive retail climate, customer retention is a difficult endeavor. Those that are able to build and sustain competitive advantages with their customers are successful. Therefore, the focus of this study is on consumer behavior and its effect on corporate growth (a case study of Vivid Consuming pro, Afam Road Portharcourt).
1.2 DESCRIPTION OF THE PROBLEM
The capacity to retain consumers for an extended period of time is one of the greatest challenges faced by most businesses (Myers, 2009). Numerous elements, including cultural factors, societal factors, personal issues, etc., influence the purchasing behavior of buyers toward a specific product.
In an effort to combat these issues, retail establishments give customer cards with perks to their clients. If holding a company’s card is sufficient to encourage a client to make all of his purchases from that shop or firm, then how would a customer decide where to make purchases if he or she possesses two or more cards from various competitors? In such a case, it is necessary to determine which other elements influence a customer’s purchasing decision (Ghauri & Gronhaug, 2002).
The quantity of customers who patronize a business is impacted by unfavorable consumer behavior. A low number of consumers generates a low amount of revenue, which eventually hinders the growth and productivity of the business (Myers, 2009). These issues make it abundantly clear that a study on consumer behavior and its effect on business success is necessary.
1.3 OBJECTIVES OF THE STUDY
The overall purpose is to investigate how the behavior of customers affects the growth of a firm. The particular aims are:
Determine if consumer behavior is affected by dissatisfaction with the services supplied by the firm.
Determine the elements that impact the alteration of customers’ attitudes toward an organization.
To study the impact of consumer behavior on the growth of a business.
To determine the perceptions of customers regarding how to retain a good attitude towards their products.
1.4 RESEARCH QUESTIONS
The following are the research questions linked to this study:
Is customer behavior affected by dissatisfaction with the services provided by the business?
What elements influence the transformation of a customer’s attitude toward an organization?
How does the behavior of customers influence the growth of a business?
What do customers believe should be done to retain a positive customer attitude regarding their products?
1.5 Significance of the Research
This study’s conclusions will be applicable to business owners and student researchers.
THE IMPACT OF CUSTOMER BEHAVIOR ON A BUSINESS’S GROWTH