Published on Nov 30, 2023
The modern concepts of marketing realized that measuring consumer needs or behavior was not enough." Consumer Satisfaction" should be the core and then the correct perception on which marketing policies of our organization should be built. "Management must think of itself not as producing products but as providing customer creating value satisfaction."
Customer satisfaction has a vital role in sustaining and improving hold on the market. Brief descriptions about the various measures that are needed to improve customer orientation have also been dealt with. Consider the fact todays customer face a plenitude of products in every category. Customer will be having high and raising expectation of quality and service. In the face of their vast choices, the customer will gravitate to the offering that the best meet their individual needs and expectation. They will buy one of the bases of their perception value.
Therefore it is not surprising that today's winning companies are those succeed best in satisfying indeed delighting their target customer. They pay extreme attention to quality and service to meeting and even exceeding customer expectation. They complete vigorously and at the co-operated smartly with their strategy partners in their supply and distribution chain. They pursue efficiently and yet are responsible and flexible.
Customer satisfaction is the outcome felt by buyers who have expectation. Customers are satisfied when their expectation are met and delighted when their expectations are exceeded. Satisfied customers remain loyal longer, buy more, and are less sensitive and talk favorable about the company. From this it is clear that the satisfied customer will be less sensitive towards the fluctuating price and offensive marketing typically cost more than defensive marketing, because it requires much effort and cost to induce satisfied customers to switch away from their current suppliers. We should also consider the fact that "the cost of attracting a new customer may be five times the cost of keeping the current customer happy." Therefore the companies are intending in developing stronger bones and loyalty with their customers. Need for the Study
• To identify the satisfaction level of customer towards different types of service attributes, by identifying their critical factors.
• To study about the bank about their customized products and services, according to the consumer's needed.
• To study the experience and expectations of the existing customers.
• To study to improve the current standards of services.
• To study the scope of introducing new types of services.
To study about the business tactics followed to stand against the competitors.
This Study will help us to understand the consumer's satisfaction about banking services and products. This study will help banks to Understand, how a consumer selects, organizes and interprets the Quality of service and product offered by banks. The market is more aware and realistic about investment and returns From financial products. In this background this study tries to analyze The customer satisfaction towards banking services in general and IOB In particular.
This study is limited to the customers with in Chennai city. The study will be able to reveal the preferences, needs, satisfaction of the customers regarding the banking services, It also help banks to know whether the existing products or services they are offering are really satisfying the customers' needs.
Formal survey has emerged as by far the best method of periodically the customer satisfaction. The survey are not marketing tools but an information-gaining tool. Enough homework needs to be before embarking on the actual survey. This includes:
Defining Objectives of the Survey
Design Survey approach
Develop questionnaires and forms
Administer Survey (Email, Telephone or Post)
Method of compiling data and analysing the findings
Format of the report to present the findings
There is no point in asking irrelevant questions on a customer satisfaction questionnaire. The basic purpose is to find out what we are doing right or wrong. Where is the scope for improvement, where do we stand vis-à-vis other suppliers. How we can serve the customer better?
Survey forms should be easy to fill out with minimum amount of time and efforts on customer's part. They should be designed to actively encourage the customer to complete the questions. Yet they must provide accurate data should also be sufficiently reliable for management decision making. This can be achieved by incorporating objective type questions where customer has to "rate" on scale of say 1 to 10. For repeated surveys, you could provide the rating that was previously accorded by the customer. This works like a reference point for the customer.
Space should always be provided for the customers own opinions this enables them to state any additional requirements or report any shortcomings that are not covered by the objective questions. Normally, we deal various personnel at various levels in the customer's organization-the buyer, user, receiving inspector, finance and purchase person etc. surveying a number of respondents for each customer gives a complete perspective of customer satisfaction. It may be necessary to device a different questionnaire for each of them. Respondents must be provided a way to express the importance they attach to various survey parameters. Respondents should be asked to give a weighting factor, again on a rating scale of say, 1 to 10, for each requirement. This gives a better indication of relative importance of each parameter towards overall customer satisfaction and makes it easier for suppliers to prioritize their action plans by comparing the performance rating (scores) with importance rating
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