05-07-2014, 03:05 PM
A Study on Strategies for marketing agro Products
A Study on Strategies for marketing agro Products.docx (Size: 68.99 KB / Downloads: 16)
INTRODUCTION OF 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. 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. 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 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. For this reason, a luxury resort, for example, might receive a lower satisfaction rating than a budget motel—even though its facilities and service would be deemed superior in 'absolute' terms."
COMPARISON BETWEEN PRIVATE & NATIONAL BANK
The business of banking is as old as the civilization itself. As early as 2,000 B.C., the Babylonians used their temples for lending at higher rates of interest against gold and silver which had been left with them for safe custody. In ancient times, the main functions of the banks related to granting of loans to individuals or the state in times of crisis. Banking institutions during pre-independence period primarily consisted of Indigenous banks, sahukars, nidhis, loan offices etc. In 1850, the passing of joint stock company act greatly helped in establishment of many commercial banks. Later on in 1921, the Imperial Bank of India and in 1935 RBI was also established. Banking business has since evolved many folds to recent techno savvy form. Banks these days provide a variety of services ranging from opening a savings account to internet banking, granting loans to selling insurance, providing locker facilities to transferring money abroad. Their customers come from all classes of society from a salaried group to a Multi National Corporation having its business activities all
around the world. The banks have to satisfy all the customers belonging to different social groups. The banking has therefore become more complex and requires specialized skills. People working in banks act as a bridge between the bank and the customer. They are the people who face customers directly and are the first ones to know what customer actually needs. As a service provider their role becomes very important in shaping bank’s perception in customer’s mind. As services can make or break a customer, much emphasis is laid upon service delivery by most of the banks. The link between service quality and customer satisfaction has been subjected to intense scrutiny by a few service quality researchers (Bolton and Drew, 1994; Bitner and Hubbert, 1994). As survival of the fittest has become the order of today, every bank is trying woe the best customer who is common for all. Retaining the existing customers and attracting new ones has become all the more difficult especially for public sector banks (Bhatt, 1990). At this backdrop, a study on bank’s perception in the mind of customers and comparative analysis of services of private and public sector bank sounds interesting. Such analysis will provide the banks with a quantitative and qualitative estimate of their services as perceived by their customers.
INTRODUCTION OF HDFC BANK
HDFC Bank Limited (BSE: 500180, NSE: HDFCBANK, NYSE: HDB) is an Indian financial services company and was incorporated in August 1994, after the Reserve Bank of India allowed establishing private sector banks. The Bank was promoted by the Housing Development Finance Corporation, a premier housing finance company (set up in 1977) of India. HDFC Bank has 1,986 branches and over 5,471 ATMs, in 996 cities in India, and all branches of the bank are linked on an online real-time basis. As of 30 September 2008 the bank had total assets of Rs.1006.82 billion.[3] For the fiscal year 2010-11, the bank has reported net profit of 3,926.30 crore (US$863.79 million), up 33.1% from the previous fiscal. Total annual earnings of the bank increased by 20.37% reaching at 24,263.4 crore (US$5.34 billion) in 2010-11.
RESEARCH METHODOLOGY
Research is a process in which in-depth study of the problem is carried out. This requires investigation to be conducted based on collection and compilation of data along with its interpretation and presentation. The research activity help to the researcher in testing of hypothesis and establishing relationship between variables, by this researcher can identify the methods for solution of the research problems. The research is a fact finding process, which is influence the decision to be taken. This also provide an opportunity to check the effectively of the decision taken. The research is a scientific process and it is required to be conducted in proper sequences, which include activities right from identification of research problem, formation of hypothesis, testing of hypothesis, observation and relationship of variables and drawing conclusions.
The word research is composed with two syllabuses re and search as defined re means again and search means examine closely and carefully. So research means it is systematic study and investigation in some field of knowledge, undertaking to established facts.
DATA COLLECTION METHOD
There are several ways of collecting the appropriate data which differ considerably in context of money costs, time and other resources at the disposal of the researcher. Selection of the data collection method should be based on nature, scope and object of enquire; Availability of funds, time factor: Precision required. While deciding about the method of data collection to be used for the study, the researcher should keep in mind two types of data, primary and secondary data. The data required for this study is collected through both the sources Primary and Secondary.
SAMPLING
Sampling may be defined as the selection of some part of an aggregate or totality on the basis of which a judgment or inference about the aggregate or totality is made. Sampling is used in practice to save the time and money. But the only requirement is, sample should be truly representative of population characteristics without any bias so that it may result in valid and reliable conclusions
UTILITY OF RESEARCH
Research study will be useful to students, researcher, investors & professionals who have taken the home loan.
The result of research will be utilized by people of different sectors readily. It will be helpful for the people to know details of Home loan required conditions and obligations towards institute and borrower