EXPLORING CUSTOMERS DISSATISFACTION AND ITS IMPACT ON CUSTOMERS LIFETIME LOYALTY IN THE NIGERIAN BANKING SECTOR (A STUDY OF SELECTED BANK CUSTOMERS IN LAGOS STATE)

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ABSTRACT

Customer satisfaction has emerged as a major area of concern for researchers, theorists and managers in organisations due to its importance. Every organization thus endeavours to ensure customer satisfaction in order to gain the loyalty of their customers. Therefore, the study examined the impact of customer satisfaction on customer loyalty in the Nigerian banking sector. 120 questionnaires were distributed while 110 questionnaires were analyzed. The data was analyzed using statistical package for social sciences while the hypotheses were tested using correlation analysis. From the findings, it shows that there is a significant relationship between customer satisfaction and customer loyalty. Based on the findings, it was recommended that banks should pay more attention to customer satisfaction.

Keyword: Customer Satisfaction, Customer Loyalty and Nigerian Commercial Banks.

TABLE OF CONTENTS

Title page i

Certification ii

Plagiarism Attestation iii

Dedication iv

Acknowledgement v

Abstract vi

List of figures vii

Table of contents viii

CHAPTER ONE: INTRODUCTION

1.1 Background to the Study 1

1.2 Statement of the Problem 3

1.3 Aims and Objectives of the Study 5

1.4 Research Questions 5

1.5 Research Hypothesis 6

1.6 Definition/Operationalization of concepts 6

1.7 Significance of the Study 8

References 9

CHAPTER TWO

2.1 Introduction 10

2.2 Theoretical Framework 10

2.2.1 The expectancy-disconfirmation paradigm theory 11

2.2.2 The attribute-based approach to satisfaction theory 12

2.2.3 The brand and customer loyalty 13

2.3 Customer Satisfaction 15

2.3.1 Determinants of Customer Satisfaction 19

2.3.2 Customer Expectation 22

2.3.3 Customer Perception 23

2.3.4 Measuring Customer Satisfaction 24

2.3.5 Importance of Customer Satisfaction 27

2.3.6 Benefits of Customer Satisfaction 28

2.4 Customer Loyalty 29

2.4.1 Determinants of Customer Loyalty 33

2.4.2 Outcomes of Customer Loyalty 37

2.5 Relationship between Customer Satisfaction and Customer 39

Loyalty

2.6 Empirical review 41

References 45

CHAPTER THREE: RESEARCH METHODOLOGY

3.1 Introduction 48

3.2 Conceptual Framework 48

3.3 Research Design and Strategy 49

3.4 Measures of Dependent, Independent and Related Variables 50

3.5 Population of Study 50

3.6 Sampling Procedures and Techniques 51

3.7 Method of Data Collection 51

3.8 Method of Data Analysis 52

3.9 Discussion of Validity and Reliability Test 52

3.10 Delimitation and Limitation of the Study 53

References 54

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1 Introduction 55

4.2 Results Questionnaire Analysis 55

4.2.1 Presentation, Analysis and Interpretation of Demography 55

4.2.2 Results and Analysis of Questionnaire Items Relates 57

to Research Questions

4.2.3 Results and Analysis of Questionnaire Items Specific 65

Research Hypothesis

4.3 Discussion of Results 73

CHAPTER FIVE: SUMMARY OF THE STUDY AND RESEARCH

FINDINGS, CONCLUSIONS, RECOMMENDATIONS

AND SUGGESTIONS FOR FURTHER STUDIES

5.1 Introduction 75

5.2 Summary of the Study and Research Findings 75

5.3 Conclusion 76

5.4 Recommendation 77

5.5 Contribution to Knowledge 78

5.6 Suggestion for Further Studies 78

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EXPLORING CUSTOMERS DISSATISFACTION AND ITS IMPACT ON CUSTOMERS LIFETIME LOYALTY IN THE NIGERIAN BANKING SECTOR (A STUDY OF SELECTED BANK CUSTOMERS IN LAGOS STATE)

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