EFFECTS OF PERCEIVED MARKET RISKS AND SOCIOECONOMIC VARIABLES ON CUSTOMER LOYALTY IN THE GLOBAL SYSTEMS OF MOBILE-TELECOMMUNICATION IN LAGOS STATE
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ABSTRACT
Customer loyalty has been a major issue in marketing. This concept is of great importance in the Global Systems of Mobile (GSM) telecommunication market. The rate of customer defection is very high in the GSM market, and this has necessitated the need to examine the factors that are likely to affect customer’s loyalty in the GSM market. This study examined the effect of perceived market risk and socio-economic variables on customer loyalty in the GSM telecommunication industry in Lagos state. The descriptive research design was adopted using cross-sectional survey method. The estimated population of Lagos state, which formed the population of this study, according to the National Population Commission in 2016 is 21 million. A sample size of 1600 subscribers of GSM services in Lagos state was selected, using multi-stage sampling techniques. Questionnaire was used to collect data, using previously validated scales to measure income, reference group, social class, family influence, perceived market risk and customer loyalty. A total of 861 copies of questionnaire were returned and used for data analysis. The data collected from the subscribers to GSM services in Lagos metropolis were analysed using the descriptive statistical tool. The hypotheses of the study were tested using Pearson correlation, one-sample t test and regression analysis. The study revealed that there was a statistically significant relationship between socio-economic factors, family influence, reference group, social status/class, income and customer loyalty. However, perceived market risk has no statistically significant relationship with customer loyalty. Despite the statistically significant relationships that reference group, social class, income and family influence had with customer loyalty, the extent of the relationships were very low, indicating that there were other variables that can affect customer loyalty in the GSM market, apart from socio-economic variables and this can make for future research. It was suggested that there is need for marketers of GSM services to look beyond repeat purchase. They should also see loyalty as customer being an advocate of their brand, because customers will believe the testimonies of others, than those of the marketers of a brand. Perceived market risk is a variable that affects customer loyalty, when some products are involved. However, this variable does not affect customer loyalty in the GSM market, because the GSM market is considered as low risk in this study.
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