MARKET PENETRATION STRATEGIES AND CUSTOMER RETENTION IN THE HOSPITALITY INDUSTRY IN BAYELSA STATE, NIGERIA

Authors

  • Dr. Banabo Ekankumo Department of Business Education Isaac Jasper Boro College of Education, Sagbama, Bayelsa State, Nigeria 
  • Otobo Perearau Department of Business Education Isaac Jasper Boro College of Education, Sagbama, Bayelsa State, Nigeria

Abstract

ABSTRACT

This study investigates the relationship between market penetration strategies, and customer retention in the hospitality industry in Bayelsa State, Nigeria. The study was guided by three specific objectives, three research questions and three hypotheses. The correlation design was adopted in the study.  The study population comprised customers patronizing hospitality establishments in Bayelsa State, Nigeria. The total number of people that made up the population of the study was 10,000 customers based on the annual footfall data of hospitality establishments in Bayelsa State. A stratified random sampling technique was employed to select a representative sample of customers from different hospitality establishments in Yenagoa metropolis of Bayelsa State. The sample size was determined using a confidence level of 95% and a margin of error of 5%, resulting in a sample size of 385 respondents. A structured questionnaire was used as the primary instrument for data collection. The reliability of the questionnaire was tested using the Cronbach's alpha coefficient, which yielded a coefficient of 0.87, data were analyzed using statistical software, such as SPSS (Statistical Package for the Social Sciences). The findings indicate that price penetration strategies, market promotional strategies, and market segmentation strategies all play significant roles in influencing customer retention. Customers express a preference for competitive pricing, promotional offers, and tailored services, which contribute to their satisfaction and likelihood of return to hospitality establishments. Based on these findings, recommendations are provided to hospitality businesses in Bayelsa State to improve customer retention and foster long-term relationships with their clientele.

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Published

2024-07-07

How to Cite

Dr. Banabo Ekankumo, & Otobo Perearau. (2024). MARKET PENETRATION STRATEGIES AND CUSTOMER RETENTION IN THE HOSPITALITY INDUSTRY IN BAYELSA STATE, NIGERIA. BW Academic Journal, 1(2), 118–129. Retrieved from https://bwjournal.org/index.php/bsjournal/article/view/2031