THE IMPACT OF CUSTOMER NEEDS ASSESSMENT ON BUSINESS PERFORMANCE
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ABSTRACT
THE IMPACT OF CUSTOMER NEEDS ASSESSMENT ON BUSINESS PERFORMANCE
This study aimed to determine the impact of customer needs assessment on business performance by focusing on three main objectives: evaluating how customer needs assessments influence strategic business decisions, examining the relationship between understanding customer needs and operational efficiency, and assessing the effect of accurately identifying customer needs on overall financial performance. A survey research design was employed, justifying its appropriateness due to its ability to gather data from a broad sample, ensuring comprehensive insights into the perceptions and experiences of the target population. Using Taro Yamane's formula for sample size determination, a sample of 385 respondents was derived from a population of employees in the consumer electronics sector of a major global company headquartered in Lagos. The reliability coefficient score of the survey instrument was 0.89, indicating high reliability. Findings revealed that thorough customer needs assessment significantly enhances strategic alignment, improves operational processes, and boosts financial outcomes. It was recommended that businesses invest in robust customer needs assessment frameworks to drive performance, ensuring sustained competitive advantage and customer satisfaction.
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