This document provides a literature review on research related to customer satisfaction and technological innovation in the banking sector. Several studies found that there is a positive relationship between technology and customer satisfaction in banking. Factors like accessibility, convenience, security, privacy, content, design, speed and fees of e-banking platforms influence customer satisfaction. Satisfied customers are more likely to remain loyal to their bank, recommend the bank to others, and purchase additional banking products. However, customer financial literacy is still relatively low. Technological innovation can improve customer satisfaction but also increases costs for banks.
these slides gives depth knowledge regarding consumer behavior. Marketing manager and students of Marketing can increase their knowledge regarding this aspect.
Customer Loyalty Comprehension
Meaning and definition of customer loyalty, Significance of Customer Loyalty, Customer Loyalty Ladder,
Loyalty Principles, Benefits of Customer Loyalty, Customer Loyalty and its relationship with customer
satisfaction, Customer retention and Brand Loyalty, Factors affecting customer loyalty formation, Rai-Srivastava model of customer loyalty formation, Drivers of Customer Loyalty.
Whether for-profit or nonprofit, customer retention strategies are the same. Here are seven strategies to retain your customers that you should consider.
these slides gives depth knowledge regarding consumer behavior. Marketing manager and students of Marketing can increase their knowledge regarding this aspect.
Customer Loyalty Comprehension
Meaning and definition of customer loyalty, Significance of Customer Loyalty, Customer Loyalty Ladder,
Loyalty Principles, Benefits of Customer Loyalty, Customer Loyalty and its relationship with customer
satisfaction, Customer retention and Brand Loyalty, Factors affecting customer loyalty formation, Rai-Srivastava model of customer loyalty formation, Drivers of Customer Loyalty.
Whether for-profit or nonprofit, customer retention strategies are the same. Here are seven strategies to retain your customers that you should consider.
customer loyalty is very important for a company or a brand, these slides contain the detail about loyalty, customer loyalty, types of customer loyalty and loyalty status...
created by:
Umair Ahmad
umair.100@hotmail.com
A detailed investigation to validate the popular marketing concept of custome...Charm Rammandala
Understanding customers expectation is one of the fundamental factor’s to retain in the business, whether the business is a service provider or a manufacturer. Simply because if a business fails to understand the customer needs and satisfy the expectations, its running the risk of losing customers instead of gaining. Unsatisfied customer is a liability for any business as it will bring numerous negative outcomes. Apart from losing the business of affected customers, the bad reviews, blog posts and word of mouth will put off many more potential customers.
The notion of customer is always right is a century old concept and it’s becoming more relevant to the current market conditions than ever.
The purpose of this essay is to take an in-depth look in to the concept of customer is always right and evaluate how relevant said concept to the modern market conditions
Customer Satisfaction VS. Customer RetentionAhmad Heshmat
it explains the difference between retention and satisfaction, and typed of loyal customers, and also discuss reasons behind churn, specially for telecom industry. (if you want to download,it is open now :)
The Secrets to Increasing Customer Retention and RenewalsSocious
Learn how to create a sustainable system for boosting customer retention and renewals.
In this presentation, you’ll learn:
- How to leverage higher engagement
- 6 key elements of B2B customer retention
- Actionable strategies to increase customer retention and renewals
Find out if your business has all of the major symptoms of high customer churn.
Watch the video: http://web.socious.com/secrets-to-increasing-customer-retention-renewals
Impact of Service Quality on Customer Loyalty of Domestic Pumpspaperpublications3
Abstract: Service quality deals with the customer expectation and actual treatment. Better the service quality, higher will be the customer satisfaction. This can gain more and more customers and more loyal customers. The major advantage of loyal customers is that these customers will not leave because of any small reason or any minor fluctuations in company’s performance. This study is restricted to a single product domestic pump and will investigate the role of service quality in creating loyal customers.
Keywords: Service quality, Customer loyalty, Domestic pumps.
Title: Impact of Service Quality on Customer Loyalty of Domestic Pumps
Author: FAZEEN RASHEED A K
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
How to make decisions on advertising that drives brand linkBeloved Brands Inc.
Brand leaders who are good at advertising can get great ads on the air and keep bad ads off the air.
You need to make decisions to find the sweet spot where your brand’s advertising is both different and smart.
To be different, you need to achieve a branded breakthrough, using creativity to capture consumers. Gain their attention amid the market clutter and link your brand closer to the story.
To be smart, you need a motivating message to communicate the main message memorable to connect with consumers, and make the ad stick enough to move them to see, think, feel, or act differently than before they saw the ad.
In our Beloved Brands book, I outline principles for achieving attention, brand link, communication, and stickiness—the model I call the ABC’s. I show examples of some of the best ads in the history of branding to support those principles. I hope to challenge your thinking about your brand’s advertising.
Brand link is not just about more of your brand, but rather the right engagement of your brand, and the placement of your brand. Sometimes less is more, when you tell stories.
This type of thinking is in my Beloved Brands book, can be found on Amazon https://lnkd.in/eF-mYPe or on Apple Books: https://lnkd.in/ekQ-n9X
Brand loyalty management is important given the enormous investments and impact on the bottom line taking into account the fact that generating new brand users costs 6-10 more than keeping existing brand users. In contexts where brands need to be supported heavily by employees / people (service, B2B, ...), big negative impact of employee turnover on customer brand loyalty. Short-term oriented vision hampers development of customer brand loyalty (e.g. focus on sales figures of current quarter).
customer loyalty is very important for a company or a brand, these slides contain the detail about loyalty, customer loyalty, types of customer loyalty and loyalty status...
created by:
Umair Ahmad
umair.100@hotmail.com
A detailed investigation to validate the popular marketing concept of custome...Charm Rammandala
Understanding customers expectation is one of the fundamental factor’s to retain in the business, whether the business is a service provider or a manufacturer. Simply because if a business fails to understand the customer needs and satisfy the expectations, its running the risk of losing customers instead of gaining. Unsatisfied customer is a liability for any business as it will bring numerous negative outcomes. Apart from losing the business of affected customers, the bad reviews, blog posts and word of mouth will put off many more potential customers.
The notion of customer is always right is a century old concept and it’s becoming more relevant to the current market conditions than ever.
The purpose of this essay is to take an in-depth look in to the concept of customer is always right and evaluate how relevant said concept to the modern market conditions
Customer Satisfaction VS. Customer RetentionAhmad Heshmat
it explains the difference between retention and satisfaction, and typed of loyal customers, and also discuss reasons behind churn, specially for telecom industry. (if you want to download,it is open now :)
The Secrets to Increasing Customer Retention and RenewalsSocious
Learn how to create a sustainable system for boosting customer retention and renewals.
In this presentation, you’ll learn:
- How to leverage higher engagement
- 6 key elements of B2B customer retention
- Actionable strategies to increase customer retention and renewals
Find out if your business has all of the major symptoms of high customer churn.
Watch the video: http://web.socious.com/secrets-to-increasing-customer-retention-renewals
Impact of Service Quality on Customer Loyalty of Domestic Pumpspaperpublications3
Abstract: Service quality deals with the customer expectation and actual treatment. Better the service quality, higher will be the customer satisfaction. This can gain more and more customers and more loyal customers. The major advantage of loyal customers is that these customers will not leave because of any small reason or any minor fluctuations in company’s performance. This study is restricted to a single product domestic pump and will investigate the role of service quality in creating loyal customers.
Keywords: Service quality, Customer loyalty, Domestic pumps.
Title: Impact of Service Quality on Customer Loyalty of Domestic Pumps
Author: FAZEEN RASHEED A K
ISSN 2349-7807
International Journal of Recent Research in Commerce Economics and Management (IJRRCEM)
Paper Publications
How to make decisions on advertising that drives brand linkBeloved Brands Inc.
Brand leaders who are good at advertising can get great ads on the air and keep bad ads off the air.
You need to make decisions to find the sweet spot where your brand’s advertising is both different and smart.
To be different, you need to achieve a branded breakthrough, using creativity to capture consumers. Gain their attention amid the market clutter and link your brand closer to the story.
To be smart, you need a motivating message to communicate the main message memorable to connect with consumers, and make the ad stick enough to move them to see, think, feel, or act differently than before they saw the ad.
In our Beloved Brands book, I outline principles for achieving attention, brand link, communication, and stickiness—the model I call the ABC’s. I show examples of some of the best ads in the history of branding to support those principles. I hope to challenge your thinking about your brand’s advertising.
Brand link is not just about more of your brand, but rather the right engagement of your brand, and the placement of your brand. Sometimes less is more, when you tell stories.
This type of thinking is in my Beloved Brands book, can be found on Amazon https://lnkd.in/eF-mYPe or on Apple Books: https://lnkd.in/ekQ-n9X
Brand loyalty management is important given the enormous investments and impact on the bottom line taking into account the fact that generating new brand users costs 6-10 more than keeping existing brand users. In contexts where brands need to be supported heavily by employees / people (service, B2B, ...), big negative impact of employee turnover on customer brand loyalty. Short-term oriented vision hampers development of customer brand loyalty (e.g. focus on sales figures of current quarter).
Though lead generation for business purposes can be a rather
daunting task, there are various simple ways that can be adopted to
keep the exercise as simple as possible. This time tested methods
have proven to be very useful for those attempting the further their
business forays or expand current business opportunities.
As well, customer loyalty is the single most important element to
retain within a business relationship. A lot of positive elements can be
derived from a well established loyal customer base. Huge amounts of
money is periodically allocated to advertising, primarily to garner a
bigger market share of consumers, but with the existence of a loyal
customer base, this expenses can be channeled towards other better
and more beneficial areas.
Gerald Pilcher
gerald-pilcher.com
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
Show drafts
volume_up
Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
1. 1
CHAPTER - I
INTRODUCTION
Customer Satisfaction
In marketing, customer is very often referred to as a “king”. Customers are value
maximizes. Consumer satisfaction is defined by Webster’s dictionary as – “Fulfillment of
a need or want.” Satisfaction is a person’s feelings of pleasure or disappointment,
resulting from comparison of a product’s perceived and actual performance in relation to
his or her expectations. So, consumer’s satisfaction is a function of the product’s
perceived performance and the consumer’s expectation.
Satisfaction is often a subjective phenomenon and depends on the consumer’s
state of mind both at the time of purchase and more importantly at the time of
consumption. It is important because in a large number of cases, some degree of past
purchase dissonance is evident among consumers.
Many companies are aiming at high satisfaction because customers who are just
satisfied find it easy to switch when a better offer comes along. Those who are highly
satisfied are much less ready to switch. In fact, emphasis has shifted from mere
satisfaction to delight of customers. High satisfaction or delight creates an emotional
affinity with the brand and the supplier, not just a rational preference. The result is high
customer loyalty.
2. 2
Philip Kotler says, “Of the dozens of categories of human action-working.
Sleeping, walking, eating, breathing, buying and so forth-the one of primary interest to
the marketer is buying. The buyer’s decision-making process can be very simple or very
elaborate”. As pinpointing a consumer’s buying decision in hard, it could be determined
by his multi-dimensional personality.
Hence, from the fact that all of us are consumers one way or another, the
marketing manager must identify and measure the importance of his customers.
Richard Graves in his book “More about Creating Customers”, write as that “to
understand why customer satisfaction is the most potent factor in sales making (provided
distribution and other matters are attended to adequately) it is necessary to recognise,
first, that a customer’s friends are commonly in the same social, income, vactional
interest and age group…. A mother with a baby in arms will freely talk to another mother
(although a stranger to her) with a baby, things from patent baby food to bay soaps and
powder. This principle is universal. Therefore once on customer’s needs or wants are
arrived at, it would be generally applied to a whole group and the satisfaction will be
reached by the fulfilling of that one customer fully by the provision of a particular
product that lives up to the expectations of that one consumer”.
Satisfied customers lead to word-of-mouth publicity. In fact, it can spread faster
than advertising. Besides, for high value products, people may like to go by the
3. 3
experience of owners of particular brands. Hence, existing customers, if satisfied, can be
important ambassadors of positive brand image. So also feedback from the existing
customers can be very rewarding. A company may not always be right in whatever it
does. A feedback from customers can help the company restructure the various
components of its marketing mix. Some of today’s most successful companies are
raising expectations and delivering performances to match. These companies are aiming
for total customer satisfaction (TCS).
SERVICES:-
A number of experts have attempted to define the services but no single definition has
been accepted universally. Services are human efforts which provides succor to the
needy. It may be education to a student.
‘‘Services can also be defined as an action of organization that maintains and improves
the well being and function of people’’.
Customer empowerment has become a way of life for many companies that have had to
adjust to a shift in power with their customer relationship.
Customer relationship management is the process of carefully managing detailed
information about individual customer and all customers ‘‘touch point’’ to maximize
customer loyalty.
4. 4
TYPICAL INTEGRATED BEHAVIOR MODEL
Market mix All other Stimuli
Inter-personal variables
- Motive
- Perception
- Levels
- Attention
- Passions
Inter-personal variables
- Social class
- Reference group
- Culture
Need-want awareness
Postpone
Decision
Evaluate alternatives
Search for information
Does product meet criteria
and expectation?
Does person have ability
to purchase?
Purchase Product
Are lower cost
substitutes
available
Is credit possible
where needed?
No
Yes
No
Yes
RESPONSE
Post – purchase
decisions
5. 5
Profit versus Consumer Satisfaction
Some writers think that the businessman’s operational interpretation of customer
orientation has not approached the philosophical meaning of promising customer
satisfaction as the ultimate goal of marketing. According to one of them. “One apparent
reason is that the attempt to provide customer satisfaction may conflict directly with the
most basic operational goal of business- to earn a satisfactory rate of return on its
shareholders’ investment.”
Although consumer satisfaction is the basic tent of the marketing concept. “If that
were the case,” as Kotler has very succinctly said, “it (company) would simply put out
the best product and service in the world and price it below cost. Thereby it would create
substantial customer satisfaction- but it would also be out of business.” As such, it should
be very clear to every corporate management, whether operating in the public or the
private sector, that profit is the basic condition of, as distinct from motive and apart from
profiteering, the corporate existence, stability and growth, notwithstanding any
suggestions to the contrary. If profit as a condition of business is sacrificed at the alter of
‘maximum’ consumer satisfaction, the very existence of business and thereby, even the
‘minimum’ consumer satisfaction, will be threatened. Consumer satisfaction expectations
are often reflected in their sacrifice preparedness in terms of money against their rating of
products. This may be known by a carefully planned consumer research capable of
monitoring, for example, consumer price expectations.
6. 6
CUSTOMER SATISFACTION IMPORTANT
Customer satisfaction is a marketing term that measures how products or services
supplied by a company meet or surpass a customer’s expectation.
Customer satisfaction is important because it provides marketers and business owners
with a metric that they can use to manage and improve their businesses.
In a survey of nearly 200 senior marketing managers, 71 percent responded that they
found a customer satisfaction metric very useful in managing and monitoring their
businesses.
Here are the top six reasons why customer satisfaction is so important:
1. It’s a leading indicator of consumer repurchase intentions and loyalty
2. It’s a point of differentiation
3. It reduces customer churn
4. It increases customer lifetime value
5. It reduces negative word of mouth
6. It’s cheaper to retain customers than acquire new ones
Characteristics of a Customer-oriented Organization
- A written customer-based mission statement.
- Customers are always put in front.
- Thorough market and customer service planning.
- Commitment to the quality of service.
7. 7
- Integrated approach and people’s involvement.
- Customer research and feedback.
- Setting and monitoring service standards.
Understanding the customer
Satisfying the customer call for a lot of research and analysis and a careful,
systematic and thorough study is most essential. Practically in all cases, satisfying the
need or a want is anticipated and therefore becomes the reason for purchase. Therefore,
whether the product is going to live up to the consumer’s satisfaction will be determined
by the principles as laid down by Graves:
1. The inherence ability of the product to perform as anticipated.
2. Advertising.
3. The promises direct or implied, of the salesman.
4. The consumers’ use (or abuse) of the product as intended by the manufacturer.
Reasons for the Creation of a Dissatisfied Customer:
The following are the reasons for the creation of a dissatisfied consumer:
1. Unfulfilled promises made by the salesman
2. Failure to inform customers as to condition of service.
3. Failure of one product to perform as anticipated loses customers for a whole
range of other products.
4. Over-enthusiasm can lead to exaggerated claim and disappointed customers.
5. When research becomes too academic to be of value.
8. 8
Role of Production Manager in Achieving Customer Satisfaction
Production manager is also playing an important role in attaining customer
satisfaction. He is the one who has to support and direct the sales personnel in such a
manner to achieve customer satisfaction. The production manager only makes all the
analysis and decisions as to where to sell, when to sell and how to sell, etc. this is because
the sales person can concentrate mainly on servicing the customer. To achieve this,
production manager performs a lot of functions such as improving the existing product or
service, developing new products, introducing the products, finding out potential areas
for their products, etc.
Measurement of Customer Satisfaction
Satisfaction derived by the customer from products they purchased is to be
measured. Measuring customer satisfaction is one of the keys to customer retention. This
will enable the marketer to change themselves as per the requirements of customers. A
highly satisfied customer generally stays loyal longer, buys more as the company
introduces new products and upgrades existing products, talks favourably about the
company and its products, pays less attention to competing brands and is less sensitive to
price, offers product or service ideas to the company, and costs less to serve than new
customer because transactions are routine. However, the link between customer
satisfaction and customer loyalty is not proportional.
The measurement of customers’ satisfaction can be done in any the following ways:
9. 9
1. At the time of rendering service, front- line personnel may be asked to gather
information as to customer satisfaction. Such personnel should do their duty
carefully and should be bold enough to report failures to management. This
measurement will be of very much helpful to over come the difficulties if any arise
in the way of achieving customer satisfaction.
2. Customers may also be encouraged to contact the management when things go
wrong. For instance, Indian Oil Corporation has opened customer service cell to
gather the opinion of customers about its service.
3. Questionnaire either direct or mailed may be given to customers for the purpose of
collecting their level of satisfaction about the service or product purchased.
4. Managers may also select few customers randomly and contact them over the phone
to collect the information about the extent of customer satisfaction.
5. Sales coupons with discount offer may be mailed to customers who purchased
goods from the firm, along with a questionnaire so that recipient will be very much
impressed and induced to fill in and return the questionnaire.
Some caution in measuring customer satisfaction
When customers rate their satisfaction with an element of the company’s
performance-say, delivery-the company needs to recognize that customers vary in how
they define good delivery. It could mean early delivery, on time-time delivery, order
10. 10
completeness, and so on. Yet, if the company had to spell out every element in detail,
customers would face a huge questionnaire.
Companies should also note that managers and salespeople can manipulate their
ratings on customer satisfaction. Another danger is that if customers know that the
company will go out of its way to please customers, some customers may express high
dissatisfaction (even if satisfied) in order to receive more concessions.
It is not sufficient if a product enjoys a good market share. If the company sits
back, one fine day it might find that the market share enjoyed by it was only a mirage
created by artificial market conditions. It is essential for companies to periodically assess
customer satisfaction levels and take remedial action if needed. Some indicators of a
satisfied customer base are:
- Repeat orders in a competitive market.
- A positive word-of-mouth reference about the product to likely users in the
industry.
- Response the product receives to any new launch.
- Interest shown by visitors to the stall in industrial exhibitions.
- Brand awareness and recall. If the customer is loyal/satisfied, the product will
be on the top of his mind.
11. 11
Consumerism :
The literal meaning of consumerism is to pay more attention on consumer rights.
Sometimes consumerism is referred to as Consumerist Movement. It is an important
force which affects the business concerned.
According to Ralph Nadar, the Father of Modern Consumerist Movement,
“Consumerist movement means an organized movement of citizens and government to
strengthen the rights and powers of buyers in relation to sellers.”
Causes of consumers:
The major cause of emergence of consumerism has been identified as rising
prices, poor product performance and service quality, product shortages and deceptive
advertisements. Consumerism induces the government to act to protect and safeguard the
interests of consumers by influencing marketing decisions and operations of companies.
Recommen
ds
Continue
to buy
Customer
Satisfied
Buy more
High image
High product of
section exception Highprice
Customer
What do we
want to
happen
Why will it
happen?
What will make
customer
12. 12
Customer Retention
Technical Assistance Research Programme (TARP), an American market research
company has examined how customer satisfaction is influenced by a company’s approach
to customers’ complaints and their performance in recovering from their mistakes. It has
taken many leading service companies to conduct the study. TARP categorized the
customers into five as below:
1. Complaining customers left dissatisfied-This is due to low quality and low service
provided by the provider. As a consequence, the firm can’t retain them
2. Complaining customers left feeling cheated-This is also on account of low quality
and service provided by the firms. It is impossible to retain such customers.
3. Non-complaining customers with problems-This is because of medium service and
quality provided by the firms. Such people will normally be willing to have
continued relationship with the firm.
4. Complaining customers fully satisfied-This is also because of medium service and
quality provided by the firms. But unlike previous category, they will have the
habit of complaining the firms regarding their dissatisfaction about the service so
provided. It will be easy for any firms to retain such customers.
Fully satisfied customers without problems-This is because of high quality and
high service provided by the firms. It will not be a problems for the firms to retain such
customers and can maintain cordial relationship with them.
13. 13
STUDY PROFILE
Exide Industries Limited is a storage battery producing company and a life
insurance company headquartered in Kolkata, India. It is the largest manufacturer
of automotive and industrial lead-acid batteries in India and fourth largest in the
world. It has plants in India and Sri Lanka and dealership network in 46 countries
spanning across 5 continents. Exide also has four major lead-acid battery recycling
facilities — two of which are in the United States, and Spain and Portugal each
have one as well. The company claims that 99 percent of lead processed through
these facilities is recycled.
In January 2013, Exide Industries acquired 100% of the equity capital of ING
Vysya Life Insurance. In May 2014, the name of ING Vysya Life Insurance
Company Limited was changed to Exide Life Insurance Company Limited.
Popular Areas
Exide Battery Dealers in Chidambaram
Exide Battery Dealers in Annamalainagar
Exide Battery Dealers in Pichavaram
Exide Battery Dealers in Ammapet
Exide Battery Dealers in Perampattu
Bazaar Street Chidambaram HO
Exide Battery Dealers in Usupur
14. 14
CHAPTER - II
REVIEW OF LITERATURE
Ameme, B., & Wireko, J. (2016) claimed in his research that in today’s
competitive world where technology plays a very important role and if we talk about
banking sector or industry there is a positive relationship between technology and
customer satisfaction. They also stated that satisfaction of customers is not merely
introducing innovative products and services rather it is much more than that. They also
found that if the bank wants to become the market leader in the competitive environment
it must use the innovation approach in all the aspects like products and services. Also
there is a significant relationship between technological innovation and cost. As the
innovation increase the cost is also increase.
Machogu, A. M., & Okiko, L. (2015) research brought to light that with e-banking
complexities on customer satisfaction. Results shows that there are factors which leads to
customer satisfaction particularly in e-banking, which is one of the very important and
fast growing way of doing banking. Factors are accessibility, convenience, security,
privacy, content, design, speed, fees and charges have influence on customer satisfaction
where the other factors notified have no significant influence.
Chochol'áková, A., Gabcová, L., Belás, J., & Sipko, J. (2015) research stated that in
comparison with dissatisfied customers, satisfied customers were significantly more like
by to recommend their bank to their friends and to consider using their current bank in
15. 15
the future, and they are more resistant to offers from other banks. Loyal customers are
more interested in the services of their own banks when considering investments in all the
aspects such as in the financial market, deposit their own savings to their own bank, take
out a mortgage from their own bank and use other banking products and services from
their current bank. According to a research by Ernst & Young (2012), the financial
literacy of ordinary bank customers is still relatively low, but personalized
recommendations still work well here. According to the results of our research, loyalty of
customers with different intensities transforms into a potential purchase of additional
banking products. The biggest potential interest of the bank customers was in depositing
savings in the bank and in mortgage loans. The intensity of interest in the purchase of
investments and other products was relatively low. Findings of Deloitte research
(2012a), only 17% of respondents in the Czech Republic have changed their bank in the
past or have accounts in two different banks, in comparison with Slovakia where 52% of
respondents changed their account to another bank (12% in Poland, 28% in Hungary and
42% in Romania)
Kaur, N., & Kiran, R. (2015) founded in their research which was on public, private
and foreign shows that customer are more satisfied with the services quality of the
foreign banks then the private and public banks.
Kundu, S., & Datta, S. K. (2015) research found regarding e-service quality, customer
satisfaction and trust they found that there is a significant relationship among e-service
quality, trust and customer satisfaction. Internet banking service quality has huge impact
16. 16
on trust. They also researched that in case of internet banking privacy and fulfillment are
the main factors of service quality which have influence on trust. Also banks should be
more concerned about the privacy of individual transaction of the customers. According
to Ernest and young 2012 survey showed that price factor was the main concern for 50
percent customers.
Zeinalizadeh, N., Shojaie, A. A., & Shariatmadari, M. (2015) opined that out of the
nine customer satisfaction factors fees and loan, prompt service and appearance are the
major factors which have more significant impact on customer satisfaction followed by
interest rate and accessibility of bank and availability of service which have less impact
on the satisfaction on the banking customers.
Rahi, S. (2015) research findings show customers are more loyal towards those banks
who are facilitating internet banking services. Also good brand image build relationship
between banks and customer and enhance the customer loyalty toward bank. He also
concluded that those banks that are giving the internet banking services to their
customers, loyalty of those customers are more towards the banks. He also suggested that
if the brand image also plays a significant role between loyalty of the customers and
internet banking. The role of brand image is positive in making a positive relationship
between customers and internet banking.
17. 17
Pareek, V. (2014) research opined with a remark that out of several factors few causal
fundamental factors like product attributes, employee characteristics, customer
convenience,
bank tangibles, cost of transactions and customer communication contributes in customer
satisfaction in Indian banks. Interestingly convenience one of the 4 P.s i.e. marketing mix
was found to be an unimportant in deciding customer satisfaction in Indian banks
(studied banks).
Vyas, V., & Raitani, S. (2014) opined that there are many drivers of switching behavior
in the banks. Particularly they found nine critical factors which contribute in switching
the banks. One very interesting driver is customer satisfaction in all the drivers which
contribute in the switching behavior of customers. So again we can’t ignore that customer
satisfaction of the major factors
among. Banks should come out with the strategies that increase the customers
satisfaction.
Suriyamurthi, S., Mahalakshmi, V., & Arivazhagan, M. (2013) stated that in the
cutthroat competition where every bank is focusing on retaining and attracting new
customer, relationship marketing is the key element which should be adopted by the
banks. They also found that banking sector is one of the major service sector and the
business of banks is more or less dependent on the customer services and satisfaction.
Banks should increase their services and make good relationship with the customer.
18. 18
Gupta, A., & Dev, S. (2012).opined satisfaction of customer is dependent on variable
then independent variable. These dependent variables largely depend on service quality,
ambience, involvement, accessibility and financial factors of the bank. According to the
findings of the research. The impact of nearness of bank and financial factors on
customer satisfaction is not up to the mark.
Sharma, N. (2012) research study used the 17 variables related to the quantitative
aspects of e-banking. Study on rural customers satisfaction from e-banking was found to
be significant. Research suggests that satisfactions in rural customers are quite satisfied in
e-banking services. So, in order to improve the tendency to use e-banking channels in
rural areas the use of local languages during dealings should be promoted as well as
publicized. Her research also suggest that ATM is one of the important channel out of all
alternate banking channels for securing patronage of rural customers.
Ganguli, S., & Roy, S. K. (2011) Research opined that in fast driven technology world
banks should adopt the technology which can lead to customer satisfaction and loyalty.
Keeping this in mind they researched on four dimensions like customer service,
technology security and information quality, technology convenience, and technology
usage easiness and reliability. Results states that there is significant relation between
customer service, technology usage easiness and reliability and customer satisfaction. On
the other hand they found the positive relation between technology convenience and
customer satisfaction. So it was found that technology play an important role in satisfying
the customer specifically in the case of banking.
19. 19
Singh, J., & Kaur, G. (2011) research suggested that customer satisfaction is the
outcome of seven determinants namely social responsibility, employee responsiveness,
appearance of tangibles, competence, and reliability. services innovation, , positive word-
of-mouth. According to their study customer satisfaction if influenced by social
responsibility, positive word-of-mouth, and reliability. they also founded that relationship
marketing is the important tool which can significantly increase the customer satisfaction.
Other factors like employee behavior, their friendliness, politeness, cooperation,
promptness, efficiency, knowledge level, trustworthiness, and appearance also play an
important role in satisfying the customer.
Munusamy, J., Chelliah, S., & Mun, H. W. (2010) claimed of their research shows that
service quality is a very important dimension of customer satisfaction in banking
industry. All the determinants of service quality like reliability, assurance, tangibility,
empathy and responsiveness shows significant relationship with customers. They also
state that intangibility intension is very difficult to measure then tangibility particularly in
case of service quality. Customer needs, wants, preferences change any point of time
without giving some hints to industry.
Mishra A, (2009) stated that customer satisfaction majorly depends on the provision of
an approach for the manager so that higher customer satisfaction for the future could be
obtained by the bank. Also in his research he used the demographical characteristics of
the customers to know about the satisfaction level of the customers.
20. 20
Rod, M., Ashill, N. J., Shao, J., & Carruthers, J. (2009) research findings suggests that
online banking positively influences customer perception. So bank management focus
should be on good customer service quality in terms of reliability, responsibility,
tangibility and empathic. This study was also found to be significant that online
information system quality is very important predictor of overall banking service quality.
Lopez, J., Kozloski Hart, L., & Rampersad, A. (2007) Research claimed that by using
the one of the service quality tool in which customer satisfaction was measured on the
basis of ten dimensions. Results significantly show that out of ten six dimensions namely
reliability, responsiveness, tangibles, access, communication, and credibility shows the
positive impact on customer satisfaction.
Molina, A., Martín-Consuegra, D., & Esteban, Á. (2007) brought to light that it is very
important to have good relations with the customers which leads to increase in business.
Also in their research they stated that satisfaction of customers is depends on service
policy satisfaction, on accessibility and on the front line employee satisfaction. So
positive relationships with the customers always lead to financial success to the bank for
long run.
21. 21
CHAPTER - III
RESEARCH METHODOLOGY
Research, according to Redman and Mory is as a “Systematized effort to gain
new Knowledge”.
In the words of Slesinger and Stephenson, “research is, the manipulation of things,
concept or symbols for the purpose of generalizing to extend, correct or verify knowledge
whether that knowledge aids in construction of a theory or in the practice of an art”.
The search for knowledge through objective and systematic method of finding a
proper and feasible solution to a problem is popularly known as research.
In this chapter, the methodology followed in conducting the research has been
described. Details regarding the research design, data collection, questionnaire, sampling
plan, area of the study and statistical tools used have also been given. Finally the
Limitations of the study have also been briefed.
Research Design:
“A research design is the arrangement of the conditions for collection and analysis
of data in a manner that aims to combine relevance to the research purpose with economy
in procedure”
22. 22
Research design is purely and simply the framework or plan for a study that guides
the collection and analysis of the data. The research design indicates the methods of
research i.e. the method of gathering information and the method of sampling. The design
decisions happen to be in respect of:
What is the study about?
Why is the study being made?
Where will the study be carried out?
What type of data required?
Where can the required data are found?
What period of time will the study include?
What will be the s ample design?
What techniques of data collection will be used?
How will the data be analyzed?
In what style will the report be prepared?
OBJECTIVES OF THE STUDY
To Study the consumer brand preference towards power inverter
To Study consumer behaviour towards inverter
To study motivating factors
23. 23
LIMITATIONS OF THE STUDY
Though the research has been properly planned and well executed, there are
certain limitations, which are inherent in nature and are out of control. The
following are the limitations.
The respondents’ responses are causal in nature but in some times the difficulty
faced by the investigator where some peoples, hesitated to give their opinion.
The correctness of information provided by the respondents in the personal data
could not be established.
Some of the peoples were having little difficulty in answering the questionnaire.
Getting opinion from respondent is difficult task, because of their busy schedules.
The researcher was carried out in a short span of time, where in the researcher
could not widen the study.
SCOPE OF THE STUDY
To find the company position in the market
This will help for future preference
The study help to understand satisfaction level of the customers
The study helps to know the past present and future position of the company. The
researcher makes an attempt to know how far the company has achieved its
objective
24. 24
DATA COLLECTION
Data refer to the facts, figures, or information collected for a specific purpose.
There are two types of data, namely
Primary Data:
Primary data are those which are new and original in nature. These data are the
first hand information generated to achieve the purpose of the research.
Secondary Data:
Secondary data are those data which are not new and original in nature. These data
are obtained from published or unpublished sources.
In this study, primary data were collected by conducting direct structured
interview using questionnaire. The entire customer were asked the same questions in the
same form and they were informed the purpose of study.
Information Research
Primary data
Collection
Secondary data
Collection
Personal
interview
Internet Literature study
25. 25
Research Instrument:
The data were collected by using questionnaire as a research instrument.
About the Questionnaire:
In order to systematically collect the primary data the questionnaire is used. A
questionnaire is a schedule consisting of a number of coherent questions related to the
assorted aspects of the topic under this study. Therefore, the data required for the study
was collected through a questionnaire.
The Data collected through such filled-in questionnaire have been used for further
analysis.
Sampling Plan:
Sampling plan is to be decided about the sampling unit, sample size, sampling
method.
Sampling Unit:
The survey was conducted from the exide batteries in chidambaram. in this, there are
nearly 200 customer are working. For this study 100 customer were been selected.
Sampling Method:
For this study the samples were drawn using convinces sampling or probability
sampling is based on the theory of probability. This implies that the sampling items are
independent.
26. 26
Sample size:
Sample size of the study was selected from the sampling unit. Total estimated
sample size is 100.
Analysis:
Analysis was done on data collected and the results were tabulated using
Statistical Package for Social Science (SPSS).
Analysis of the data:
“Analysis of data involves a number of closely related operations that are
performed with the purpose of summarizing the collected data and organizing these in
such a manner that they will yield answer to the research questions or suggest hypothesis
had initiated the study”. For this study, the data collected through questionnaires have
been tabulated. By using the statistical tools, the data have been analyzed. Interpretations
have been drawn based on the analysis. The findings are observations are the result and
outcome of the interpretations made during the course of analysis.
Presentation of the report:
Tables and figures have been used wherever necessary to facilitate the analysis
and interpretation Explanations for the tables were given for the tables wherever
necessary. The research report contains finding of facts, analysis of the facts,
interpretations, conclusion and recommendations.
27. 27
Statistical tools applied:
Social research invariably necessitates the use of statistical analysis. Several
statistical tools are used for the purpose of presenting the result in brief language and the
complex and complicated problems can be studied is a very simple way. It is useful to
reduce the complex data in the form of tables.
There are several methods used for the analysis of data, now-a-days sophisticated
computerized statistical packages like SPSS, MS-Excel and others available for data
analysis. In this researchers have preferred SPSS statistical packages.
Percentage Analysis
Chi-Square Test
Percentage Analysis
Percentage refers to a special kind of ratio. Percentages are used in making
comparison between two or more series of data to describe the relationships. Percentages
can also be used to compare the relative terms, the distribution of two or more series of
data
No of Respondents
Percent = 100
Total no of Respondents
28. 28
Tests of Significance
A very important aspect of the sampling theory is the study of tests of significance
which enable us to decide on the basis of the sample results if:
1. The deviation between the observed sample satisfaction and the hypothetical
parameter value is significant.
2. The deviation between two sample statistics is significant.
Chi-Square Test
The Chi-square test whether we are given a set of observed frequencies obtained
under some experiment and we want to test if the experimental result supports a
particular hypothesis or theory.
The formula for computing chi-square is as follows.
The steps involved chi-square tests are as follows:
1. Observed frequencies O are tabulated.
2. Expected frequencies E are calculated.
3. The difference between observed and expected frequencies are obtained and
square of these difference are tabulated (O-E )2.
4. The values of (O-E )2 obtained in step 3 are divided by the respective expected
frequency and the total (O-E )2 / E is obtained.
Chi-square = ∑ {(O-E)2
/ E}
29. 29
5. The calculated of X2 is compared with the table value of X2 for given degree at a
certain level of significance (generally 5percent or 1percent level selected).
By degrees of freedom we mean the number of classes to which the value can be
assigned arbitrarily if at the 5percent or 1percent level of significance the calculated
value of X2, the difference between theory and observation is considered to be
significant. On the other hand, the calculated value of X2 is not considered as significant
i.e., it is regarded as due to fluctuations of sampling and hence ignored.