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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
CUSTOMER SATISFACTION TOWARDS
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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
CUSTOMER SATISFACTION TOWARDS
MAHINDRA & MAHINDRA SUVS
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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.
CUSTOMER SATISFACTION TOWARDS
MAHINDRA & MAHINDRA SUVS
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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.
CUSTOMER SATISFACTION TOWARDS
MAHINDRA & MAHINDRA SUVS
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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
CUSTOMER SATISFACTION TOWARDS
MAHINDRA & MAHINDRA SUVS
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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
CUSTOMER SATISFACTION TOWARDS
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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.
CUSTOMER SATISFACTION TOWARDS
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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.
