SATISFACTION SURVEY OF HOT & COLD Group Members: Alok Kumar Prachi Bhushan Palak Singhal Swati Sharma Romi Rani Nandita Sharma Rahul Sahu
Customer Satisfaction “Customer satisfaction is a measure of how products and services supplied by a company meet or surpass customer expectation” “Satisfaction surveys are the cornerstone of a formal feedback process that measures satisfaction with products and services. ”
Research conducted by Bain & Companyfound that an increase of 5% in customerretention can increase profits by 25% to95%. The same study found that it costssix to seven times more to gain a newcustomer than to keep an existing one
CUSTOMER SATISFACTION • Satisfaction Survey Allows Business to :- To know how well the business process is working To know where to make changes to create improvement, if changes are necessary Determine if the changes led to improvement
HOT & COLD About Hot and Cold: • It started operations about 10 months ago becoming the favorite hangout for the population of BIT. • The need for a fast food joint was long being felt in the campus.
SWOT ANALYSIS • Strengths: • Weaknesses: • Only fast food joint in • Prices quite high for the campus. student population. • Modern ambiance to • Limited menu choices. attract youth, only of a • Most items listed are kind in campus. not available at times. • Positioned at a • Lack of well trained favorable location, staff. near the main campus building.
Opportunities: Threats:• Improvement in the • The outlets at the menu can lead to communication Point ( increased sales, youth near the main prefer variety. entrance) cater more or less the same customer needs at• Much scope for much lower prices. improved infrastructure and services( eg: • Lack of well Installation of air coordinated staff can conditioner etc.) lead customers searching the options
SATISFACTION SURVEY OFHOT & COLD • Assess performance, assign priorities and allocate resources By conducting a representative survey of customers at Hot & Cold, it is possible to identify the products that will sell well and bring in more profits By doing this, it becomes easier to assign priorities to the products during sales
• Increase customer orientation in the company. “The satisfaction surveys help keep a finger on the pulse of the customer and thus, aligns the company’s working in tune with the customers’ needs which ultimately proves beneficial to both parties”
• To highlight the publicly perceived strengths and weaknesses Satisfaction surveys can be used as defining attributes of a particular product or service. This will help in assessing the longevity of a product and also helps in pushing for improvements from within the company towards the product
• To understand how the company stands against its competitors in the market Customer satisfaction surveys can include comparative ranking, where the customer indicates his/her preference for a particular product over another. A similar kind of exercise will help Hot & Cold gauge how the customer views the products in comparison to other competing outlets in campus.
Objectives of the Research • Intends to determine an improved marketing strategy for Hot & Cold based on customer feed back. • To understand the main factors which lead to customer satisfaction in Hot & Cold • To identify those factors which are not yet up to the mark of customers’ expectation and need improvements.