Adiseshu-Customer Satsfaction(Hero Motocorp)
Post on 17-Sep-2015
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DESCRIPTIONMba project report on customer satisfaction full doc
1. INTRODUCTION TO THE PROJECT The project is all about measuring the customer satisfaction in Hero motors. For the past few years every company is trying to satisfy its customers. The emphasis is on ways of retaining customers, then on attracting new customers. It is easy to attract new customers then to retain old customers. So, companies are trying to focus on this aspect of customers satisfaction. The sale of a product does not end with the sale transaction but it is the point at which the original marketing concept starts. The marketer has to see that whether the customer satisfied with that particular product/service or not. The post purchase behavior is important for a marketer. If there is any cognitive dissonance in the minds of the customers then that is enough to lose a customer. Keeping this in mind the companies are giving more importance to customer satisfaction. This project work has been done to find out whether a customer is satisfied or dissatisfied, also to measure the level of the customer satisfaction and provide this feedback to the company. The first phase of the project involves the collection of information from the customers for interpreting the characteristics based on which the customer feels satisfied or dissatisfied. This information is collected by preparing a structured questionnaire. The questionnaire consists of both open-ended and closed-ended questions. The questionnaire is designed in such a way that a customer feels convenient to answer. The collated information through the questionnaire is analyzed and presented in a statistical form. The findings are listed and suggestions to solve problems faced have been given in the suggestion part.INTRODUCTION TO CUSTOMER SATISFACTION Whether the buyer is satisfied after purchase depends on the offers performance in relation to the buyer expectation. In general satisfaction are a persons feelings of pleasure or disappointment resulting from comparing a products perceived performance relation to his/her expectations. If the performance falls short of expectation, the customer is dissatisfied. If the performance matches the expectation customer is satisfied. If the performance exceeds the expectation the customer is highly satisfied. Customer satisfaction cannot be very difficult. After all you either satisfied with the services you receive or you are not. If you dont you are not. If it is that easy, then obtaining people's opinion about how satisfied they are with relatively straight forward matter- or is it? Customer satisfaction is a marketing tool and a definite value added benefit. It is often perceived by customers as important as the primary product or service your organization offers. It looks at what is involved from 3 different angles, the first is from the view of an organization wishing to understand, and measures, how satisfied its customer are with the products and services they receive from it. The second is from the perspective of a research agency that has been asked to obtain feedback from customers and about their experiences when dealing with companies. Finally it considers the issue from the perspective of consumers who participate in surveys, including both business customers and members of general public
MEANING OF CUSTOMER SATISFICATION Customer satisfaction is a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and part of the four prospective of balanced score card. In a competitive market place were businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy customer satisfaction drives successful private sector business. High performing businesses have developed principles and strategies for achieving customer satisfaction. This paper presents a framework or set of ideas for using customer satisfaction principles and strategies to improve the quality responsiveness, and possibility of public sector privately provided services in vulnerable communities The framework suggested that resident who live in tough neighborhoods can be supported through customer satisfaction strategies to become empowered individuals who informed perspectives influence decisions about what, how, when, and where services are available to them. Customer satisfaction is the customers response to the evaluation of the perceived discrepancy between prior expectation and the actual performance of the product as perceived after its consumption.
DEFINITION Cocotte, woodruff and Jenkins (1987) define customer satisfaction as "conceptualized as a feeling developed from an evaluation of the experience."HERE, the timing of satisfaction response is driving consumption. BUT there is general agreement with kotler (2003) that "customer satisfaction is a person's feeling of pleasure or disappointment resulting from comparing a products perceived performance in relation to his or her expectation." In short customer satisfaction is "The provision of goods or services which fulfill the customer expectation in terms of quality and service, in relation to price paid."
IMPORTANCE OF CUSTOMER SATISFACTION It costs at least 7 times more to source a new customer than it does to retain existing one a 'satisfied' customer tells 5-7 people in a year whilst a 'dissatisfied' customer will tell 14-15 people. Companies can boost profits anywhere from 25% to 125% by retaining a mere 5% more of their exciting customers. Totally satisfied customers were 6 times more likely to use that services and commend it than ' satisfied' customers. Customers who have a bad experience with you and do not complain are only 37% likely to still do business with you. Customers who have an opportunity to complain and the complaint is achieved are 95% likely to still do business with you.
FACTORS OF CUSTOMER SATISFACTION1. Service of quality2. reliability of service3. knowledge of the staff4. Being kept informed of progress5. The way service kept its promises6. The way the service handled any problem Friendliness of staff 7. How sympathetic staff were to your needs 8. Speed of enquiries 9. Number of time had to contact the service.
2. REVIEW OF LITERATURE Planning for the future to achieve the long-term objective is integral to the survival and growth of every business. Strategic planning today has to take into cognizance the rapid changes in technology, increased competitiveness and the turbulent business environment, also with the world becoming one big global village. Strategy covers every aspect of business from business reengineering, new business development, product development and brand positioning to advertisements promotional campaigns, media and publicity. It is a game of innovation. In fact, marketing people are involved in marketing 10 types of entities; goods, services, experience, events, persons, places, properties, organizations, information and ideas. Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. India is second largest manufacturer and producer of two-wheelers in the world. It stands next to Japan and China in terms of the number of two wheelers produced and domestic sales respectively. Indian two-wheelers industry made small beginning in early 50s when Automobile products of India (API) started manufacturing scooter in India. Hero was established on 13th of April 1984. The Indian two wheelers Industry can be broadly classified as scooter, motorcycles and mopeds/scooters. In last six years domestic two-wheelers has seen structural charges. This can be seen from the change in composition of two wheeler sales, where the motorcycles have gained market share from the scooter and moped or scooters segments.The consumer is now faced with proliferation of brand models. Getting new customers as well as retaining them is an important task of manufacturers. So service after sales is very important. A satisfied customer brings in more name and goodwill to the company, which is why customer satisfaction is given more importance in todays competitive world. A study on this aspect with Hero two-wheelers at Hero MotoCorp Ltd was made.
STATEMENT OF THE PROBLEMThis Project has been titled A comprehensive study Post purchase buyer behavior and satisfaction towards Hero Motors Bikes after the split with Honda."To study the new market of Hero motors after the split with Honda, the consumer response to the bike and needed improvement aria The study would help to understand the consumer satisfaction to their expectation. OBJECTIVESThis study was conducted keeping the following objectives in mind. 1. To study the factors which influence the purchase of Hero two-wheelers? 2. To know the customer level of awareness of Hero two-wheelers. 3. To know the various factors, which influence customers in purchasing, theyre two - wheelers? 4. To find the after sales service offered by Hero MotoCorp Ltd. 5. To know the customer level of satisfaction of Hero two-wheelers with respect to Hero MotoCorp Ltd.6. To find the profile of Hero MotoCorp Ltd two-wheeler customers. 7. To understand two wheeler sector in India. 8. How the split with Honda has affected Hero motors.
SCOPE OF THE STUDY1. This study helps the organizations to increase their service and product quality and in turn increase the market share, top and bottom line of the company.LIMITATIONSI have observed the following limitations in the course of my study.1. The areas which were selected wer