ASSESSMENT OF MANAGEMENT PROBLEMS OF RETAIL BUSINESSES
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ASSESSMENT OF MANAGEMENT PROBLEMS OF RETAIL BUSINESSES
ABSTRACT
It is no longer news that the service industry around the world is recognising that THE CUSTOMER IS KING, and customer satisfaction is now a component of any business’s goals and objectives in order to thrive. In light of the foregoing
the purpose of this research is to demonstrate the influence of Total Quality Management (TQM) adoption on the performance of the banking industry, namely First Bank Plc, as well as the impact on customer satisfaction and profitability.
The research technique utilised both primary and secondary data collection methods. A single hypothesis was developed and tested using simple percentages and the Chi Square method.
Findings: The purpose of this research is to investigate the impact of total quality management in the banking industry, using First Bank as a case study. The findings suggest that its deployment enabled the bank to increase its performance in a variety of service areas.
According to the surveys given and completed, a substantial number of respondents (workers) believe that the application of TQM has enhanced the quality of their service delivery. A substantial number of consumers report that the bank has improved its ability to meet their demands.
The bank’s market share has increased as a result of TQM deployment. Most customers agree that the bank’s services now extend beyond their immediate needs.
The data suggest that FIRST BANK PLC’s implementation of TQM was a positive step forward. It has enhanced the bank’s fortunes by boosting its income through increased patronage and increasing its capital base through the public’s purchase of its shares, reflecting greater trust in the bank.
One of the proposals is that the government take an active role in implementing TQM in all of its agencies, ministries, and parastatals. This would help propel the public and commercial sectors into the twenty-first century and allow workers to compete more effectively with their colleagues throughout the world.
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