INTERNATIONAL JOURNAL OF MANAGEMENT SCIENCE AND BUSINESS ANALYSIS
VOL. 28 NO. 7 – JUNE, 2023 EDITION
CAMBRIDGE RESEARCH AND PUBLICATIONS INTERNATIONAL,
Africa (Nigeria): CAHDC, University of Nigeria, Nsukka, Enugu State, Nigeria.
THE MEDIATING EFFECT OF CUSTOMER SATISFACTION ON THE RELATIONSHIP BETWEEN SERVICE QUALITY AND CUSTOMER RETENTION OF JAIZ BANK PLC IN THE NORTHWEST, NIGERIA
MUHAMMAD LUKMAN LAWAL; ALIYU MAMMAN; & SULEIMAN ABUBAKAR SADIQ
Department of Business Administration, Federal University, Dutsinma, Katsina State, Nigeria.
As more conventional banks in Nigeria get license for operating non-interest windows as seen in the case of Sterling Bank PLC and Suntrust Bank Nigeria Limited, Nigerian banks operating strictly non-interest banking like Jaiz bank and Taj bank therefore have a stiffer competition to face from conventional banks in the country unlike before. A lot of studies have attempted to investigate the impact of service quality on customer retention in non-interest banking in Nigeria. However, existing studies rarely considered the possible mediating role of customer satisfaction in this nexus. Consequently, this study investigated the relationship between service quality reposed in the CARTER-servqual framework and retention of customers of Jaiz Bank Plc in northwest, Nigeria. To diverge from most of the existing Nigerian studies on the subject, this study considered the mediating role of customer satisfaction as an indirect factor in the service quality-customer retention nexus. 520 structured questionnaire was designed to elicit information on the perception of Jaiz bank’s customers about their services in northwest Nigeria. The retrieved questionnaires were analyzed using Partial Least Squares (PLS)-Structural Equation Model (SEM), PLS-SEM. The empirical results of the study revealed that while service quality – measured by compliance, assurance, reliability, tangibles, empathy and responsiveness (CARTER) – has a significant impact on retention of Jaiz bank customers in northwest Nigeria, customer satisfaction mediated the relationship between service quality and customer retention and had a much more significant impact. Based on its findings, the study, recommends, among other things, that management of Jaiz bank Plc extends its coverage to other parts of Nigeria while paying important attention to CARTER as a fundamental service quality framework for ensuring that they continue to retain their existing customers and attract new ones.
Keywords: Service Quality, Customer Satisfaction, Customer Retention, Non-interest banking, Northwestern Nigeria, PLS-SEM.
TAKAFUL INSURANCE AND BUSINESS CONTINUITY: A CASE FOR SMES IN NIGERIA
OBINNA CHARLES CHILEKEZI
Department of Entrepreneurship, Faculty of Management Sciences, Joseph Ayo Babalola University, Ikeji Arakeji, Osun State, Nigeria
Nigeria has a large Moslem population is a motivating factor for growing Takaful Insurance in the country as some of these Moslems do not buy conventional insurance for their risks and those of their business. There are many Moslems that owe SMEs who do not buy insurance protections for their businesses on the ground that the provision of conventional insurance is not in tandem with Shari’ah provisions. The government in a bid to increase the insurance penetration in the country decided to introduce both microinsurance and Takaful insurance in 2016. Part of the National Insurance Commission argument for the introduction of these classes of insurance is that it will help deepening insurance penetration in Nigeria. The general objective is of this study is to examine the impact of Takaful insurance among small and medium enterprises while the specific objective is to identify the impact of Takaful insurance on business continuity of Small and Medium Enterprises in Nigeria. The Ex-post facto design was used for the investigation. This design assumed the form of an experimental design where an existing case is observed for some time in order to ‘study’ or ‘evaluate’ it. The purposive sampling technique was adopted for the work. The findings indicate that Takaful insurance provides protection against fortuitous losses those small and medium sized business owners who do not believe in conventional insurance and that also it has helped improve business continuity of SMEs in Nigeria.
Keywords: Business Continuity, Risk Management, Shari’ah, SMEs, Takaful insurance
AN ASSESSMENT OF GOVERNMENT POLICIES ON EASE OF DOING BUSINESS AND THE DEVELOPMENT OF SMALL MEDIUM SCALE ENTERPRISES IN DELTA STATE
EZENYILI, EDWARD NWANZE; AND ADEKUNLE AJISEBIYAWO, PhD
Department of Political Science and Public Administration, Igbinedion University, Okada, Edo State, Nigeria.
Small and Medium-Scale Enterprises (SMEs) are one of the veritable drivers of sustainable development in the modern World, particularly in emerging economies. Nigerian governments have long recognised the importance of SMEs to the country’s economic growth and this is beginning from mid-1960s, a new approach to SME development began to emerge in the country. Under Buhari administration (2015-2023), the Federal Government realised the obvious relevance of SMEs to the economy which necessitated policy reforms and responses that included its policy on Ease of Doing Business. This paper was therefore set out to investigate the impact of Federal Government policy on Ease of Doing Business on the growth of Small and Medium Scale Enterprises (SMEs) in Delta State. The paper was anchored by two theoretical orientations; Practical theory and PESTLE analysis. This paper adopted a descriptive and analytical method relying on information from secondary sources to drive the objective of determining the extent to which Federal Government policies on Ease of Doing Business has contributed to the development of SMEs in Delta State. Meanwhile, the paper found that the business environment is not still favourable to support the growth of SME sector in Delta State, in spite of the introduction of policies on Ease of Doing Business by the Federal Government. The paper observed that more needed to be done by the governments, the SMEs and other stakeholders to enhance the business environment for the growth of SMEs in Delta State and Nigeria in general. Consequently, it was recommended, amongst others, adopt policies towards maintaining a favourably low commercial and micro-finance banks’ lending rate to SMEs, reduce the bureaucratic regulatory regime, accelerate provision of modern business infrastructure in the form of incubation centers, roads, affordable and reliable power supply and facilitate modern technology adoption and innovation.
Keywords: Delta State, Ease of Doing Business, Government, Public Policy, Small and Medium Enterprises.
FINANCING AGRICULTURAL MARKETING AS A PARADIGM FOR SUSTAINABLE ECONOMY IN POST-COVID-19 ERA
NWOKENKWO, OLUBUNMI BEN1; KEHINDE, SAMSON OLADEJO2 & BELLO, BABATUNDE SIKIRU3
1&3Department of Marketing, Federal Polytechnic, Bida. 2Department of Banking & Finance, Federal Polytechnic, Bida
This paper examined agricultural marketing financing as a paradigm for sustainable economy in Post-COVID-19 pandemic era with a rippling effect on world economies and developing countries being the worst hit. The writers employed survey research design and where primary data were collected with questionnaires administered to 25 each of rural farmers in Kuchi, Jima, Bussu road and Ilorin road axis of Bida town with a total of 85 returned. Stratified and simple random sampling methods were used to select and classify the representative members of the farmers. Findings revealed that Agricultural marketing has role to play in achieving economic sustainability. Also, Agricultural marketing benefits can bring about sustenance of livelihood. A 5 point Likert scale was used to determine the mean and standard deviation that was used to analyze the data collected, the result revealed that the first stated hypothesis is rejected and the Alternate hypothesis accepted, meaning that Agricultural marketing has role to play in achieving economic sustainability. It is recommended that adequate budgetary provision and releases should be made to fund policy initiatives, timely and adequate information on agricultural produce marketing should be provided by the extension services officers. Also, a review should be conducted of subsisting schemes on agricultural marketing policies of existing agencies to make them more supportive of farm output.
Keywords: Agricultural marketing; Paradigm; Economic sustainability; Post-COVID 19; Era; Nigeria
THE RELEVANCE OF INTELLECTUAL CAPITAL IN BUSINESS ORGANIZATION
SAMUEL ABRAHAM ADEGBILE1 ZAHRADDEEN ABBAS BELLO2 PETER IRMIYA YAKURA3
Department of Accountancy, Federal Polytechnic Mubi, P. M. B. 35, Mubi, Adamawa State.
The paper assessed the relevance of intellectual capital in business organization. Intellectual capital is one of the most critical factors that bring about development and competitiveness in organizations. Intellectual capital represents a non-physical claim to future benefits. Although the research work is a non-survey. The researchers conclude that for intellectual capital items to be recognized in financial statements, they must be identifiable and measurable. Hence, intellectual capital items such as employees’ skill and competencies cannot be measured and hence, they are not shown fully in financial statements. Therefore, proper utilization of intellectual capital may change organizations from being ordinary businesses to being the industry leaders.
Keywords: Intellectual Capital, Innovation, Value Creation and Business Performance
EFFECT OF EMPLOYEE APPRAISAL ON ORGANIZATIONAL PERFORMANCE: A STUDY OF FEDERAL POLYTECHNIC, MUBI NIGERIA
*HABU JINGI UMAR; *NWADIUKO OKIKE AZU; AND **FATIMA SULE
*Department of Office Technology Management, Federal Polytechnic Mubi, Adamawa State. **National Lottery Trust Fund, Abuja Nigeria.
The nonchalant attitudes of public sector workers towards their duties and responsibilities have become a matter of great concern to the government at all levels and other well-meaning Nigerians. There has been a persistent public outcry in the mass media indicting public sector employees for their negative attitude to work which has led to low productivity. The main objective of the study was to examine the effect of employee appraisal on organizational performance in Federal Polytechnic, Mubi. The data collected for this study was subjected to descriptive statistics and hypotheses were tested using regression statistics with the help of Statistical Package for Social Sciences (SPSS) at 0.05 level of significance. The findings of this study revealed that there exist significant and positive influence between perceived feedback and employees’ organizational performance. However, employees’ perceived accuracy shows insignificant influence on employees’ organizational performance meanwhile perception appraisal practices revealed negative significant influence on employees’ organizational performance. Therefore, the study recommended that management should ensure that Performance Employee Appraisal (PEA) provide technology feedback that should be fair and satisfactory. Various appraisal method should be introduced to encourage objectivity and eliminate biasedness in the appraisal of employees.
Keywords: Effect, Performance Appraisal, Employee Performance, Feedback, Perception.
IMPACT OUTSOURCING ON FIRM’S PERFORMANCE: A STUDY OF TUYIL PHARMACEUTICAL COMPANY, ILORIN KWARA STATE
*KAYODE ABIODUN DANGANA Ph.D; **OLORUNMAIYE OLATUNBOSUN; ***ABDULRASAQ RASHEED; & ***JIMOH MUTIAT OMOLARA
*Procurement and Supply Chain Management Department, Kwara State Polytechnic, Ilorin. **School of Business, the Federal Polytechnic, Ado Ekiti. ***Department of Procurement and Supply Chain Management, the Federal Polytechnic, Offa
This study examined the impact outsourcing on firm’s performance, using Tuyil pharmaceutical company located in Ilorin metropolis as the case study. With the population of 435, sample size of 205 employees was arrived at using Krejcie and Morgan (1970) table of sample size determination. Multiple linear regressions analysis was employed on data collected. Among the findings were that there is significant relationship between the hiring and firm’s sustainability with a p-value of .000 and Beta=.540. Also, contracting has significant effect on firm’s sustainability with a p-value of .000 and Beta .429. The study concluded that outsourcing measured by hiring, contracting have a significant and positive influence on organizational performance. This implies that outsourcing enables organizations to focus on their core business objective, reduce and control operating costs, improve the firm’s focus, help the firm gain access to world-class capabilities and as well as help an organisation in sharing risks, among others. The study recommended that Firm should endeavor to provide more frameworks for selecting outsourcing vendors that will benefit the organizations in the area of need to avoid financial crisis. Organization managers should agree that successful outsourcing requires a shift in their mindset, which means that they should manage their outsourcing vendors and workers in order to improve on efficient product/service quality and as well as product/service delivery and the organization performance, among others.
KEYWORDS: Outsourcing, Hiring, Contracting, Sustainability
THE ROLE OF INVESTMENT APPRAISAL/CAPITAL BUDGETTING TECHNIQUES IN EVALUATING THE PROFITABILITY OF PROJECTS: A REVIEW OF LITERATURE
*MAIMUNA BULAMA; & **DANLADI IBRAHIM MUSA
*Department of Business Administration and Management, Federal Polytechnic Damaturu- Nigeria. **Department of Banking and Finance, Federal Polytechnic Damaturu- Nigeria
Capital budgeting is a step by step process that businesses use to determine the merits of an investment project. It provides techniques which play key role for choosing worth funding projects. Any business that seeks to invest its resources in a project, without understanding the risks and returns involved, would be held as irresponsible by its owners or shareholders. Furthermore, if a business has no way of measuring the effectiveness of its investment decisions, chances are that the business will have little chance of surviving in the competitive marketplace. The aim of this paper is to examine the role of investment appraisal or capital budgetting techniques in determining the profitability of proposed projects. The paper relies heavily on journal articles, textbooks and other relevant materials for reviews and findings. Based on the extant literature, it was found out that the capital budgeting techniques commonly used in evaluating the profitability of projects are- pay-back period, accounting rate of return, net present value, internal rate of return, and profitability index. It was also found out that most companies, especially the small manufacturing firms do not make use of sophisticated investment appraisal techniques. They largely rely on the non-discounting techniques, which ignores the time value of money. Large firms are more inclined towards using sophisticated techniques rather than their small counterparts. This research adds to the body of knowledge on capital budgetting in general. It is expected to assist management in choosing the best capital budgeting technique in the evaluation of its future investment projects. Finally, useful suggestions and recommendations were provided on how companies can improve their decisions on investment and thus their level of profitability.
Keywords: Investment, Investment Appraisal, Appraisal Techniques, Discounted/Non-discounted Techniques, Profitability
ADVERTISING TOOLS’ CHOICE AND THE MARKETING OF CONSUMER PRODUCTS
OGUNDEJI, SUNDAY TOLULOPE1 & ADEYEMI, ABIODUN OLANREWAJU2
Department of Marketing, Federal Polytechnic, Bida Niger State1. Department of Mass Communication, Federal Polytechnic, Bida Niger State2
Advertising is a form of mass communication that is paid for by the seller who wants to communicate about his product or service to the customers. Consumer market has been one of the most rapid growing markets in the world for the last decade; to continue to be competitive; marketers require effective advertising tools and that become a vital technique for marketers to stimulate consumer demands towards purchasing any brand. This study examined two tools of advertising (telemarketing and billboard ads) and their impacts on the marketing of consumer products. The study adopted survey research design because the method is capable of providing information on the attitudes, feelings, beliefs, behaviour, personal characteristics and other descriptive terms of respondents. The population comprised of the 25 major distributors of consumer products in Bida and all of them were considered for the study since they are within manageable size for the researcher. Structured questionnaires were designed to obtain primary data from the distributors and they were analysed using SPSS and path analysis with two models. The results of the study indicated that billboard advertising affects significantly, the marketing of consumer products; also, telemarketing has a positive and significant impact on marketing of consumer products. It was therefore concluded that telemarketing has a major effect on the marketing of consumer products and it has positive and significant effect on their sale. It was therefore recommended that marketing intermediaries and marketers should continue to use telemarketing to advertise their products as the tool has proven to be dependable and potent to move products closer to the customers. Also, management of firms should make sure that their choice of advertisement tools is such that will cut across all segments of their customers.
Keywords: Advertising; Tools; Choice; Marketing; Consumer; Products.