INTRODUCTION Customer satisfaction - SATISFACTION TOWARDS SUV’SMAHINDRA MAHINDRA 1 INTRODUCTION Customer satisfaction:

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  • CUSTOMER SATISFACTION TOWARDS

    MAHINDRA & MAHINDRA SUVS

    1

    INTRODUCTION

    Customer satisfaction:

    Customer satisfaction, a term frequently used in marketing, is a measure

    of how products and services supplied by a company meet or surpass

    customer expectation. Customer satisfaction is defined as "the number of

    customers, or percentage of total customers, whose reported experience

    with a firm, its products, or its services (ratings) exceeds specified

    satisfaction goals."

    It is seen as a key performance indicator within business and is often part

    of a Balanced Scorecard. In a competitive marketplace where businesses

    compete for customers, customer satisfaction is seen as a key

    differentiator and increasingly has become a key element of business

    strategy.

    "Within organizations, customer satisfaction ratings can have powerful

    effects. They focus employees on the importance of fulfilling customers

    expectations. Furthermore, when these ratings dip, they warn of problems

    that can affect sales and profitability.

    These metrics quantify an important dynamic. When a brand has loyal

    customers, it gains positive word-of-mouth marketing, which is both free

    and highly effective."

    Therefore, it is essential for businesses to effectively manage customer

    satisfaction. To be able do this, firms need reliable and representative

    measures of satisfaction.

    "In researching satisfaction, firms generally ask customers whether their

    product or service has met or exceeded expectations. Thus, expectations

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    are a key factor behind satisfaction. When customers have high

    expectations and the reality falls short, they will be disappointed and will

    likely rate their experience as less than satisfying.

    Purpose:

    A business ideally is continually seeking feedback to improve customer

    satisfaction.

    "Customer satisfaction provides a leading indicator of consumer purchase

    intentions and loyalty." Customer satisfaction data are among the most

    frequently collected indicators of market perceptions. Their principal

    used is twofold."

    "Within organizations, the collection, analysis and dissemination of these

    data send a message about the importance of tending to customers and

    ensuring that they have a positive experience with the companys goods

    and services."

    "Although sales or market share can indicate how well a firm is

    performing currently, satisfaction is perhaps the best indicator of how

    likely it is that the firms customers will make further purchases in the

    future. Much research has focused on the relationship between customer

    satisfaction and retention. Studies indicate that the ramifications of

    satisfaction are most strongly realized at the extremes." On a five-point

    scale, "individuals who rate their satisfaction level as '5' are likely to

    become return customers and might even evangelize for the firm. (A

    second important metric related to satisfaction is willingness to

    recommend. This metric is defined as "The percentage of surveyed

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    customers who indicate that they would recommend a brand to friends."

    When a customer is satisfied with a product, he or she might recommend

    it to friends, relatives and colleagues. This can be a powerful marketing

    advantage.) "Individuals who rate their satisfaction level as '1,' by

    contrast, are unlikely to return. Further, they can hurt the firm by making

    negative comments about it to prospective customers. Willingness to

    recommend is a key metric relating to customer satisfaction."

    Customer Satisfaction is the buzzword used by the business people for

    the success of organization in the present days. Due to increase in

    competition in every product line it becomes difficult for the companies

    to retain the customers for longer period, so to retain the customers for

    longer period the marketer has to do only one thing i.e. Satisfy the

    Customers.

    This project is done to know the level of customers satisfaction towards

    Mahindra and Mahindra Automobiles. The impact of automobile industry

    on the rest of the economy has been so pervasive and momentous. It plays

    a vital role in helping the nation to produce higher- value goods and

    services and in enhancing the skill and imposes tremendous demand for

    automobiles.

    A lot of car manufacturing companies are facing cut throat competition in

    the fields of technology and price.

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    MARKET

    The term market originated from Latin word macatus having a verb

    marcari implying merchandise ware traffic or a place where is

    conducted.

    In the broader sense, it is the whole of any region in which buyers and

    sellers are brought into contact with one another and by means of which

    the prices of the goods tend to be equalised easily and quickly.

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    DEFINITIONS

    According to Philip Kotler:

    Marketing is the social process by which individuals and group obtain

    what they need and want through creating and exchanging products and

    value with others

    According to American Marketing Association:

    Marketing is the activity, set of institutions, and processes for creating,

    communicating, delivering and exchanging offerings that have value for

    customers, clients, partners and society at large

    According to the Chartered Institute of Marketing:

    Marketing is The management process responsible for identifying,

    anticipating and satisfying customer requirements profitably

    According to University of Pennsylvania

    Marketing is the process of anticipating, managing and satisfying the

    demand for products, services and ideas

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    MEANING OF MARKETING

    Marketing is the process of communicating the value of a product or

    service to customers. Marketing might sometimes be interpreted as the art

    of selling products, but sales is only one part of marketing. As the term

    "Marketing" may replace "Advertising it is the overall strategy and

    function of promoting a product or service to the customer.

    FUNCTION OF MARKETING

    Buying and assembling

    Selling

    Transportation function of physical supply

    Storage

    Facilitating functions

    Financing

    Risking taking

    Standardization and grading

    Packing and packaging

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    NATURE OF MARKETING

    Marketing is consumer-oriented process

    Marketing is the guiding element of business

    Marketing is a goal-oriented process

    Marketing is a system

    SCOPE OF MARKETING

    Marketing is typically seen as the task of creating, promoting and

    delivering the goods and services to consumers and business. Markets are

    skilled in stimulating demand for a companys product, but this is too

    limited view of task marketers performs. Just as production and logistics

    professionals are responsible for demand management. Marketing

    managers seek to influence the level, timing, and composition of demand

    to meet the organisations objectives.

    Marketing people are involved in marketing 10 types of entities:-

    Goods, Services, Experiences, Events, Persons, Place, Properties,

    Organisation, Information and Ideas.

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    IMPORTANCE OF MARKETING

    Marketing helps in realization of objective for which the

    organization has been setup.

    Marketing helps the enterprise to adapt to the changing conditions

    and circumstances.

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