Improved Customer Churn and Retention Decision Management Using Operations Research Approach

The relevance of operations research cannot be overemphasized, as it provides the best possible results in any given circumstance, through analysis of operations and the use of scientific method thus, this paper explore the combination of two operations research models (analytic hierarchy process and Markov chain) for solving subscribers’ churn and retention problem peculiar to most service firms. A conceptual model for unraveling the problem customer churn and retention decision management was proposed and tested with data on third level analysis of AHP for determining appropriate strategies for customer churn and retention in the Nigeria telecommunication industries. A survey was conducted with 408 subscribers; the sample for the study was selected through multi-stage sampling. Two analytical tools were proposed for the analysis of data. These include: Expert Choice/Excel Solver (using Microsoft Excel) and Windows based Quantitative System for Business (WinQSB). This paper plays important role in understanding various strategies for effective churn and retention management and the ranking of churn and retention drivers in order of importance to stakeholders` decision-making. The study provided a framework for understanding the application of AHP and Markov chain for modeling, analysing and proffering solution to problem of churn and retention. The study recommends organizational strategies (corporate, business and functional) that reverse the churn alternatives with high priority and equally strengthen service delivery on high priority retention alternatives in order to ensure firms sustainable competitive advantage. An erratum to this article has been published as https://doi.org/10.5195/emaj.2017.131

Corporate Social Responsibility and Profitability of Nigeria Banks - A Causal Relationship

The rising cost of running business organizations in Nigeria and the lack of basic infrastructure, as well as divergent views in the literature regarding the type of relationship that exists between CSR and Corporate performance have necessitated this paper that examined the relationship between corporate social responsibility and profitability in the Nigerian banking industry using First Bank of Nigeria (FBN) Plc as the case study.  Annual reports formed the secondary source of data collection where the CSR expenditure and profit after tax for the period of 2001-2010 was used for the computational experiment. The data collected for this study were analysed using correlation and regression analysis. The hypothesis formulated was tested. The results of the regression analysis as showed the impact of corporate social responsibility expenditure on profitability in Nigeria banks which revealed (Beta= 0.945, p<.01). This means that for every unit change increment in the CSR expenditure will lead to .945 or 95% increase in the profit after tax of the company. The R-square was 0.893 which shows that CSR accounted for 89.3% of the variation in the profit after tax of First Bank Plc.The study concluded that there is positive relationship between banks CSR activities and profitability. The implications of this study include the need for banks to demonstrate high level of commitment to corporate social responsibility based on stakeholder theory in order to enhance their profitability in the long run. Keywords: CSR; banking; profitability; causal; stakeholder theory; Nigeri

An Application of Conjoint Analysis to Consumer Preference for Beverage Products in Nigeria

Conjoint analysis is a technique for establishing the relative importance of different attributes in the provision of a good or a service. In this study, conjoint analysis was applied to characterize beverage product preferences for customers’ information during buyer-seller purchasing decision interactions. It identify the influence certain consumers preferences have on beverage purchasing behaviour. Using focus group discussion, major attributes were specified. The attributes were then used to generate a plan card using the orthogonal array method. A conjoint based survey using 29 ranked beverages attributes formed the basis of the questionnaires that were randomly administered to 200 purchasers’ of beverages drinks between January and March 2013 to specify their preferences. Conjoint analysis was used and the result indicates that the preference range that would deliver the most utility for beverage consumers include products attributes such as reduced price (-0.478), cylindrical package (-5.822), moderately dissolving beverage granule (-1.833) and taste (-0.333). The findings conclude that producer need to take the issue of packaging serious in production by ensuring that their product is packaged in cylindrical container which will attract optimum attention of consumers thereby leading to profitability in the long run

Linear Optimization Techniques for Product-Mix of Paints Production in Nigeria

Many paint producers in Nigeria do not lend themselves to flexible production process which is important for them to manage the use of resources for effective optimal production. These goals can be achieved through the application of optimization models in their resources allocation and utilisation. This research focuses on linear optimization for achieving product- mix optimization in terms of the product identification and the right quantity in paint production in Nigeria for better profit and optimum firm performance. The computational experiments in this research contains data and information on the units item costs, unit contribution margin, maximum resources capacity, individual products absorption rate and other constraints that are particular to each of the five products produced in the company employed as case study. In data analysis, linear programming model was employed with the aid LINDO 11 software to analyse the data. The result has showed that only two out of the five products under consideration are profitable. It also revealed the rate to which the company needs to reduce cost incurred on the three other products before making them profitable for production

Application of Queueing theory to port congestion problem in Nigeria

This paper stresses the importance of queueing theory to the problem of port congestion in order to enhancesustainable development of Nigeria ports. Nigeria Ports are characterized with incessant congestionproblem in the recent past. This has resulted in diversion of ships scheduled for Nigeria Ports to otherneighbouring country ports which has caused the country to lose a lot of revenue. The effectiveness of aPort is contingent upon loading and unloading of ships. The traffic movement through a port is a complexphenomenon because of the random nature of the arrival and service time of the ships. This requires asystematic approach in port planning and management. Queuing model was applied to the arrival andservices pattern which causes the problems of congestion and proffer solutions to the problem areas. It isalso used to predict the average arrival rate of ships to Tin Can Island Port and the average service rate pership in a month. The study to found out the number of berth in Nigeria port is adequate for the trafficintensity of vessels but other factors leading to port congestion were identified through the content analysisof the interview conducted with stakeholders at the port. Policy recommendations that could make Nigerianports to be cost effective, more attractive and enhance quick turnaround of vessels at the ports were made.Key words: Queue theory, port congestion, berth, arrival time, service time

REVERSE LOGISTICS AND MANAGEMENT OF WASTE PRODUCTS: THE NIGERIAN MANUFACTURING FIRMS EXPERIENCE

Purpose. The paper explores reverse logistics activities such as product return, reuse of materials, and waste disposal impacts on the management of waste products in the Nigerian manufacturing companies. This is with a view to examining the awareness of reverse logistics to the management of waste products in Nigeria and determines the importance of reverse logistics activities and process to the management of waste products of Nigeria manufacturing firms. Methodology. Using a cross-sectional survey research design, 300 staff of selected manufacturing firms that deal with waste product were selected in Lagos and a well-structured and validated questionnaire was administered. From this, 250 copies were returned, while 246 were valid for the purpose of analysis. Data generated were analysed using descriptive statistics, analysis of variance test of significance and Friedman rank test. Findings and Implication. The findings revealed that the respondents convinced that their reverse logistics activities arising from return of goods may be as very important to developing efficient and effective management of waste products of Nigeria manufacturing firms. The results also indicates that reverse logistics is highly significant in achieving the organizational goals (p < 0.05), company\u27s future success (F = 8.18, p < 0.05), the functioning of a manufacturing company (p < 0.05) and strategically positioning the company. The study therefore recommends the need for a growing focus on various sections of reverse logistics processes in waste products’ management of manufacturing company in order to achieve organisational goal and enhances sustainable business performance

Assessment of Knowledge Sharing Determinants in The Nigeria Universities Using Analytic Network Process

As a core process to knowledge management that aids innovation and regeneration of knowledge, knowledge sharing cannot be overemphasized owing to its importance in gaining competitive edge and sustaining competitive advantage. Therefore, this study examines factors influencing knowledge sharing using multi-criteria model. The research design is quantitative and analytical in nature through a survey of experts (Lecturers) with the usage of pairwise comparison questionnaire. Sample was drawn through multi-stage sampling procedure and 102 copies of questionnaires were retrieved and found fit for analysis. Data collected were modelled into clusters in line with ANP technique. The results show that institutional norms were better group of motivator for knowledge sharing while; individual barriers are more disastrous to knowledge sharing. Moreover, reflections of university mission, academic-industrial research and development excellence and quality teaching service delivery are both equally and moderately influenced by determinants of knowledge sharing. Therefore, based on the findings, academic staff are advised to be unbiased to knowledge sharing acts, while, policymakers are encouraged to demand the need for academic staff progress in career, intellectual benefits and financial rewards, and campaign against cultural differences and high job politics, in order to improve the flow of knowledge among academics for global competitiveness

EFFECTIVENESS OF CAPITAL MARKET DERIVATIVES IN HOUSING DELIVERY OF NIGERIA EMERGING MARKET

The capital market is unarguably the most robust institution in any economy notable for mobilizing the necessary fund for financing long-term productive project. It controls relatively large amounts of capital and represent the largest institutional providing long-term credits for capital project like real estate that requires huge capital outlay. This study therefore, attempts an investigation into the effectiveness of capital market derivatives in housing delivery in Lagos. An empirical survey research was conducted in Lagos, using a random sampling technique with a structured questionnaire to collect data from 147 respondents comprising 89 stockbrokers and 58 real estate developers in Lagos mega-city. Data collected were analyzed with SPSS using descriptive and inferential statistics. The result revealed that 56.7% of the observed variations in housing delivery (R2= 0.567; p< 0.05) is explained by capital market derivatives, which suggests that, proper utilization of capital market derivatives will enhance and improve housing delivery in Nigeria. However, this is not been adequately used by developers of real estate projects in the study. Thus, the study recommends amongst other remedial steps that a synergetic effort should be created between the capital market and real estate developers which will enhance effective housing delivery, the development of people and the Nation

Customer Loyalty and Integrated Marketing Communications among Subscribers of Telecommunication Firms in Lagos Metropolis, Nigeria

Strategies for improving customer loyalty are a sine qua non for attracting new customers and retaining old ones in order to improve firms’ sustainable competitiveness. However, choice of marketing communication mix would differ between firms and across industries. This study examines the influence of integrated marketing communications (IMC) dimensions on customer loyalty to mobile telecommunication service among competing firms in telecommunication service industry. Using cross-sectional survey research design, multistage sampling procedure (stratified, quota and simple random) sampling techniques, data was collected from 150 respondents out of which n = 134 copies of the retrieved questionnaires. The data was analysed using descriptive and inferential statistics (correlation and regression), while hypotheses were tested using the analysis of variance (ANOVA). The results show a significant relationship between customer loyalty and direct marketing (r = .375**); publicity (r = .514**); sales promotion (r = .470**) and advertising r = .562**) respectively. The multiple regression result indicates R2 value of .483, meaning that integrated marketing communication dimensions accounted for 48.3% variance in customer loyalty. The study therefore recommends IMC as a strategic tool for targeting subscribers to patronize and retain them with a mobile telecom service provider for a long time. It further suggests that managers in the industry should prioritize their strategies on the basis of IMC dimension that makes the greatest contribution to the criterion of interest, with beta and high coefficient in their budgetary allocation for the optimal promotional mix to achieve the organisational goal both in short and long-run

Employee Motivation, Recruitment Practices and Banks Performance in Nigeria

Many organisations recognizes the use of human resource as a major influence to their success. And with today’s competitive environment, it is imperative for organisations to find ways to be more effective and efficient in utilizing their resources so as to improve their general performance. Hence, there is need to recruit and retain highly qualified and motivated employees in order to remain competitive in the unstable environment. This study evaluates the relationship between recruitment practices, employee motivation and their impact on organisational performance focusing on the Nigerian banking industry, with a view to investigating factors that motivate employees of Nigerian banks and the methods banks adopt to motivate their employees. The study also assesses recruitment and selection methods used by Nigerian banks to select effective employees. The study is a cross-sectional in time and the primary data collected from a conveniently selected sample of 60 employees each of the seven selected banks. Face-to-face survey and interview was carried out in order to achieve the research objectives and back up theoretical findings. Using correlation and thematic analysis, the results indicated that there was a strong positive relationship between employee motivation, recruitment practices and organisational performance. Findings from the analysis identified that bank employees are mostly extrinsically motivated; although intrinsic factors also motivate them, it is not as motivating as extrinsic factors. The banks also provide more of extrinsic motivators to increase the performance of their employees. The banks make use of various methods of employee selection, by dividing the methods into stages. In addition, recruiting is mostly undertaken through recruitment agencies or advert placements. The study provides future recommendations that banks in Nigeria should be firmer in their selection processes; this will allow them to identify unsuitable applicants and make room for effective employees who will improve the efficiency of the bank and be motivated. At the same time, this research also suggests that the bank should provide more accessible motivational incentives for its employees in order to boost their performance because unmotivated employees are of no use to any organisation