An Assessment Of The Effect Of Customer Loyalty (Cl) On Product Life Cycle (Plc) In The Nigerian Market. (Case Of Selected Perfectly Competitive Products)
Journal Title: International Journal of Business and Management Invention - Year 2018, Vol 7, Issue 8
Abstract
This research study seeks to assess the effect of customer loyalty (CL) on Product Life Cycle(PLC). Customer’s repeat purchase for a particular product from an array of products is taken to mean customer loyalty. Consistent re patronage for a product is evidence of demand and means that the life cycle of the product in the market is favourable. The area of study is the Abeokuta metropolis, the capital of Ogun State and the area sampling technique was employed where three markets were selected for study. The use of questionnaire was adopted to solicit responses from one hundred and eighty respondents from these three markets. The study is a survey research while the Pearson Correlation Coefficient was employed to test three hypotheses. Findings revealed that customer loyalty significantly affect product life cycle. Secondly, product attributes or qualities significantly affect product life cycle. Thirdly, firms benefits significantly from product life cycle. Recommendations are that firms should closely monitor its product life cycle in the market place and strengthen product attributes or qualities that motivate customer loyalty in order to positively impact on its PLC.
Authors and Affiliations
Omoare E. O. , G. A. Adegbite, A. O. Opeoluwa, C. C. Onwuliri, A. A. Akinremi
Keywords
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