CHAPTER 1
INTRODUCTION
CHAPTER 1
INTRODUCTION
1.1 INTRODUCTION
TO THE STUDY
The meaning of customer
satisfaction has been commonly disputed as companies
Progressively attempt
to review it. Customer satisfaction can be experienced in a wide range
circumstances and linked with both products and solutions. It is a highly
individual evaluation that is significantly affected by customer expectations.
Satisfaction also is
based on the client`s encounter of both get in touch with the company [the
‘moment of truth’ as it is allied in business literature] and individual
results. Some scientists determine a pleased clients within the private
industry as “one who gets significant added value” to his/her
bottom lines –a meaning that may apply just as well to public services.
Customer fulfilment varies with regards to the situation and the product or
solutions.
The study uses a
questionnaire prepared for evaluating effectiveness of Customer satisfaction are
displayed in a table and pie diagram format. Conclusions are arrived on this
sample.
1.2 STATEMENT
OF PROBLEM
No
systematic study has been conducted so far about the Customer satisfaction in
M/s. TOYA PAINT PVT LTD So far. Therefore this study is an attempt to examine
it.
1.3 OBJECTIVES
OF THE STUDY
The main objective of
the study is to analyse customer satisfaction in TOYA PAINTS PVT. LTD The
specific objectives of the study are:
·
To examine the popularity of M/s. TOYA
PAINTS PVT. LTD.
·
To examine the consistency over product
quality in M/s. TOYA PAINT PVT. LTD.
·
To analyse the reliability of the
product.
·
To Identify the reasons for buying the
TOYA PAINTS
1.4 SCOPE
AND SIGNIFICANCE OF STUDY
The
scope of the study covers various factors affecting customer satisfaction and
limited to the customers of TOYA PAINTS. It also judges customers views about
the product
The study can be used as a tool to
develop customer satisfaction method and techniques form M/s. TOYA PAINTS PVT.
LTD.
1.5 CONCEPTUAL
MODEL OF STUDY
Customer
satisfactions are taken up to boost the sales of a product by the company.
A
company having production capabilities may produce a product and price is
according and sell through the dealers and retailers by its distribution
network.
Considering the fact that customers according
to the time need want and the purchasing power, it depends on product and place
the products favourably in the minds of the customers.
1.6 RESEARCH
METHODOLOGY
Ø Sample
Size: 75 customers in the M/s. TOYA PAINTS PVT. LTD.
Ø Sources
of Data: (a) Primary Data – Data collected through
structural questionnaires and
personal interviews (b) Secondary Data – The data regarding company
profile and industry profile collected from office records and internet.
Ø Tools
for Data Analysis: For analysis and interpretation of
primary data percentage analysis is used mainly due to qualitative nature of
data and Pie chart is used to represent them in pictorial form.
1.7 CHAPTER
LAY OUT
This
study is presented in 6 chapters
1. Introduction
2. Industrial
Profile
3. Company
profile
4. Theoretical
Framework
5. Data
analysis and Interpretations
6. Findings
and suggestions
7. Conclusion
1.8 LIMITATIONS
Limited Sample Size,
Limited time period, the data was primary nature so the degree of bias was
relatively high as the sample was randomly selected in the geographical territory of Kozhikode district
only .
CHAPTER 2
INDUSTRIAL
PROFILE
CHAPTER
2
INDUSTRY
PROFILE
2.1
INTRODUCTION
In this chapter the history and present status of Indian
paint industry, categories of paint, major players of paint industry, recent
developments are described.
2.2 INDIAN PAINT INDUSTRY
Foundation
for paint was laid in the year 1902 with the setting up of Shalimar Paints in
Calcutta. It was after the World War II, large number of paint manufacturing
units was set up in India. Since then the Indian paint industry has made
substantial progress. The paint industry has come to the recognition as an
important sector in the national economy in producing industrial coating and
decorative paints. Decorative paints available in wide range of combination
account for 70% of the coatings total production. While industrial paints share
the balance of 30%. This rate is diametrically opposite to the trend in the
industrialized countries where industrial paints account for 70% and Decorative
paints for the balance of 30%. The Indian paint industry is at the crossroads.
All most all-major paint companies have expanded or are expanding its capacity
substantially. With demand rising slowly competition is becoming increasingly
intense. The decreasing growth rate has made the paint companies to woo
customers aggressively. The customer is being offered 10% rebate in most
products, Unheard in the industry so far. Most companies have increased their
discounts to their dealers to unimaginable level dealers are offered higher
credit levels, flexibility in payment, foreign trips for selling even low value
products and the like. The increasing competition to offer solutions through
technology has made all the paint make as offer a large number of shades
through computerized colour dispensing system.
2.3
IMPORTANCE
OF PAINT
Generally
paints and coatings are applied to products to protect them from-:
·
Environmental Corrosion.
·
Protection of Food and Beverages in
metal cans.
·
Improve aesthetic appeal.
2.4
CATEGORIES
Paints
are classified into two broad categories-:
·
Decorative or Architectural finish
paints.
·
Industrial Paints.
2.4.1
Decorative or Architectural finish paints:
This
market can be further segmented on the basis of the following
·
Customer types : Institutional
/ retail or domestic use
·
Product features / categories: Distempers,
Enamels, emulsions etc.
·
Price: Premium,
Medium, Economy etc.,
2.4.2
Industrial Paints:
This
market can be further divided into the following four sub segments depending on
the end user profile.
·
Automotive paints.
·
Marine Paints.
·
Powder Paints
·
High Performance coatings
·
Other general industrial finishes.
In
India, decorative paints dominate with the share of 75% of the total paints
consumed while in developed countries Industrial paints have a share of 50 –
70%. Decorative Paints used in buildings include distempers, emulsions,
synthetic Enamels, Cement pains and Wood finishes. Interior Paints makeup of
the segment. The rest is made up of exterior paints mainly cement paints.
2.5 PLAYERS IN PAINT
INDUSTRY
2.5.1 DECORATIVE PAINTS
In
decorative paints Asian Paints dominates with a 37% market share and number two
player Goodlass Nerolac has a market share of 14%. These paints are by medium
technology and hence the unorganized sector has a major share. A recent estimate
shows that 2400 companies are in unorganized sector.
2.5.2
INDUSTRIAL PAINTS
Industrial
paints include automotive paints (original auto manufactures and refinishes),
Powder coatings marine paints high performance coatings and special purpose
finishes. These are technology intensive and hence the presence of the
unorganized sector is very limited. In fact, there is no presence of the
unorganized sector in the original paints. This can be explained by the fact
that to bag an order from automobile manufacturer collaboration with a well
known foreign paint company is a must Goodlass Nerolac is an un disputed leader
industrial paint. Till early 90’s paints were treated a s luxury items by the
governments this resulted in higher excise duty and higher end prices, leading
low consumption of paints in India. However the progressive reduction of the
excise duty from 40% in 93-94 to 18% in 96-97, the companies have passed on the
duty reductions as price cuts. However the per capita consumption of India is
still a merge of .5 kg compared to 26 kg in U.S and 1.2 kg in Thailand. As
already mentioned paints were viewed as luxury item by many even today. Their
productive value is not under stood and repainting is limited and if ever done
is once in 7 – 10 years. The government interest to protect all surfaces is
also low and the loss due to corrosion is estimated to be over Rs. 5000 crores
p.a. By the central Electro chemical Research institute at Karaikad, Tamilnadu.
With a view to emphasing the importance of protection through painting the
Indian paints Association (IPA) had brought slogan in 1995
“Paint
and Protect”. This slogan is popularized through various communications however
a lot needs to be done to reach the millions of customers effectively.
2.6
DEVELOPMENTS IN VARIOUS SEGMENTS
Two
significant developments took place in the last three years in the decorative
paints segment.
·
Advent of Computerized Colour Dispenser
·
Sudden increase of Exterior Market.
2.6.1
Colour Dispenser:
Traditionally
companies used to supply pre mixed shades to dealers who in turn offered to
their customers. Asian Paints brought in the manual colour dispensing concept
in 1998 and offered 151 shades through it. This was the first salvo in offering
in variety of shades. This concept took off and Asian Paints went about
establishing 2000 colour corners which would stock the 151 shades. Additional
shading requirements were catered by providing colours as
per
the demand after mixing the bases with strainers through colour dispenser other
companies followed it soon and Goodlass Nerolac introduced 301 shades under the
same concept. In 1995 Jhenson and Nichelson, the 5th ranking company in the
industry, pioneered the concept of CCD. And started installing them at dealer
shops with the support of TIKKURILA of FINLAND. The concept is similar to that
of the manual colour dispenser except that the dispensing is automatic pre
decided formula registered in the computer and the shades are offered instantly
shops to customers. Today Berger Paints is the 2nd Company to enter this system
offering 5000 shades a clear indication of the trend.
In the year 1997-98 has seen the introduction
of the concept by the two giants. Asian Paints and Nerolac. Today around 1000
dealer shops are installed this concept. CCD or it is called “AUTO COLOUR
DISOENCER” have helped the dealers to reduced their inventories offer a large
variety of shades instantly, consistently and accurately. Consumer have also
benefited by this concept as the shopping environment has changed dramatically
with the advent of CCD.
2.6.2
EXTERIOR MARKET
The
second development is the introduction of the 100% Acrylic Exterior paints and
the focus of major companies on the Exterior Paints market. Traditionally, the
exterior paint market was catered to by KILLICK NIXON and several other small
players. The main offered were cement paints in India. But the real change has
be thought by Asian Paint
Through
APEX – its 100% exterior paint market has started growing exponentially. In
1999 Nerolac introduced EXCEL in the category and offered qualitative product
at low material cost. Both Apex and Excel have propelled the exterior paints
growth by over 60% in 2002 and the trend is expected to continue for at least
of three more years. A major development in 1997-98 was the “Pay by scooter /
car” concept by companies. As practiced in western countries, in India also the
concept of taking care of the complete painting job has been under taken by
paint companies. Goodlass Nerolac has commenced this concept with Mahindra cars
by managing the entire paint shop and being paint on the basis of per painted
cars.
2.7 CONCLUSION
In this chapter
the history and present status of Indian paint industry,
categories of paint, major players of paint industry, recent developments were
discussed.
In the following chapter a detailed
analysis about the organization will be carried out.
CHAPTER 3
COMPANY PROFILE
CHAPTER 3
COMPANY PROFILE
3.1
INTRODUCTION
This chapter provides details of TOYA PAINTS PVT LTD. The corporate
mission, Vision and Motto are provided. Range of products provided by the
company is listed, Nature of product manufacture and succes factors of company
are provided.
3.2 COMPANY
PROFILE OF TOYA PAINTS PVT LTD
TOYA PAINTSPVT LTD is a small scale industry
started in the year 1993. It was started in a rented building at Unnikulam, [PO]
Poonoor, Kozhikode. The company is owned by
Mr. Nizar (Managing Director). The
company provides a wide range of products to markets allover Kerala. Since its
inception in 1993, TOYA has forged an enviable reputation of excellence and
quality in manufacturing product designed to meet the demanding standards of
architectural and building industry professionals. Today, that reputation is
the cornerstone of the company’s continued success.
3.2. TIMELINE OF TOYA PAINTS PVT LTD
1993- The
company was started as a small scale industry in a rented building.
2000-The
company due to its excellence in market purchase the rented area of 1 acre
made the property its asset.
2000-2015-
Company indtroduced a wide variety of products.
2016-Company
introduced white lock technology in paint products.
Vision
To provide
quality products to the customer at an affordable price.
Mission
To meet the
market demand and to achieve a prominent position in the Paint industry.
Motto
Quality
products at Affordable Price
3.3 RANGE OF PRODUCTS
The key to Toya’s reputation is its
solid commitment to excellence and quality. Toya products are technologically
advanced, made from high quality raw materials. The company emphasizes on waste
free production technology whereby environmental friendly products are
produced.
3.4 SUCCESS FACTORS OF THE FIRM
The key factor which
contributes to the success of the firm is detailed below.
White lock Technique
Introduction of white lock
technique was the latest change introduced by TOYA paints in their product. White
lock technique help to maintain the white colour of paints to a comparatively
longer duration of three years. This change introduced by the company rocketed
their sales
Good Employer-Employee Relations
The company always maintains
good employee-employer relations. The employees are well satisfied with
attitude of the management towards them. So there is no strike, labour
absenteeism and resignation.
Quality of the product
The company has reduced its
production its production cost by minimising staff and the unnecessary expenses
like large scale advertising and celebrity endorsement. This reduction of cost
production which company have achieved is utilised in improving the quality of
product. Company also conducts a periodical survey of the quality of product it
offers and changes
Affordable rates
Toya paints provide its
products at a rate that is affordable to even the daily labours. This factor of
Toya paints have made it consumer friendly.
3.4 CONCLUSION
In
this chapter, the corporate mission, Vision and motto, Range of products
provided by the company is listed; Nature of product manufacture was described.
Finally success factors of company were discussed. In next chapter, the
theoretical concepts of the study will be discussed
CHAPTER 4
THEORETICAL CONCEPTS
CHAPTER 4
THEORETICAL CONCEPTS
4.1
INTRODUCTION
In this chapter the concepts of consumer
satisfaction is discussed.Today
companies are facing their toughest competition ever.Companies can out do their
competition if they can move from a product and sales philosophy to a marketing
philosophy. The success of the companies lies in doing a better job of meeting
and satisfying customer needs. Only customer-centered companies are adept at
building customers, not just building products. Over 35 years ago, Peter
Drucker observed that a company’s first task is “to create customers.” But
today’s customers face a vast array of product and brand choices, prices, and
supplies. Now the customers started estimating which offer will deliver the
most value. Customers are value-maximizers, within the bounds of search costs
and limited knowledge, mobility, and income. They form an expectation
of value and act on it. Whether or not the offer lives up to the value
expectation affects customer’s satisfaction.
4.2 CONSUMER SATISFACTION
Customer satisfaction refers to the emotional response
that people feel after making a purchase from a company. The more positive the level of customer satisfaction,
the more likely the purchaser is to come back and buy again and to recommend
that company to others who are looking for what the seller has to offer. Word
of mouth and referrals are often the most promising ways for a business to
grow. Customer satisfaction (often abbreviated as CSAT, more correctly CSAT) is a term frequently used in marketing.
It 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."
The Marketing Accountability
Standards Board (MASB) endorses
the definitions, purposes, and constructs of classes of measures that appear in Marketing
Metrics as part of its
ongoing Common Language in Marketing Project.
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."
The importance of
customer satisfaction diminishes when a firm has increased bargaining
power. For example, cell phone plan providers, such as AT&T and Verizon,
participate in an industry that is an oligopoly,
where only a few suppliers of a certain product or service exist. As such, many
cell phone plan contracts have a lot of fine print with provisions that they would never
get away if there were, say, 100 cell phone plan providers, because customer
satisfaction would be far too low, and customers would easily have the option
of leaving for a better contract offer.
4.3 DEFINITION
Kotler (2000)
defined satisfaction as: “a person’s feelings of pleasure or disappointment
resulting from comparing a product are perceived performance (or outcome) in
relation to his or her expectations”.
According to Hansemark and Albinsson (2004),
“satisfaction is an overall customer attitude towards a service provider, or an
emotional reaction to the difference between what customers anticipate and what
they receive, regarding the fulfilment of some need, goal or desire”.
Hoyer and
McInnis (2001) said that satisfaction can be associated with feelings of
acceptance, happiness, relief, excitement, and delight. There are many factors
that affect customer satisfaction.
According to
Hokanson (1995), these factors include friendly employees, courteous employees,
knowledgeable employees, helpful employees, accuracy of billing, billing
timeliness, competitive pricing, service quality, good value, billing clarity
and quick service.
This is shown in figure below:-
4.4 PURPOSE
"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 use is twofold:"
1.
"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 company's goods and services."
2.
"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 firm’s 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 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."
4.5
THREE CS OF CONSUMER SATISFACTION
“Sustaining an
audience is hard,” Bruce
Springsteen once said. “It demands a consistency of thought, of purpose, and of
action over a long period of time.” He was talking about his route to music
stardom, yet his words are just as applicable to the world of customer
experience. Consistency may be one of the least inspirational topics for most
managers. But it’s exceptionally powerful, especially at a time when retail
channels are proliferating and consumer choice and empowerment are increasing. SUBSCRIBE
Getting
consistency right also requires the attention of top leadership. That’s because
by using a variety of channels and triggering more and more interactions with
companies as they seek to meet discrete needs, customers create clusters of
interactions that make their individual interactions less important than their
cumulative experience. This customer journey can span all
elements of a company and include everything from buying a product to actually
using it, having issues with a product that require resolution, or simply
making the decision to use a service or product for the first time.
It’s not enough
to make customers happy with each individual interaction. Our most recent
customer-experience survey of some 27,000 American consumers across 14
different industries found that effective customer journeys are more important:
measuring satisfaction on customer journeys is 30 percent more predictive of
overall customer satisfaction than measuring happiness for each individual interaction.
In addition, maximizing satisfaction with customer journeys has the potential
not only to increase customer satisfaction by 20 percent but also to lift
revenue by up to 15 percent while lowering the cost of serving customers by as
much as 20 percent. Our research identified three keys to consistency:
a) Customer-journey consistency
It’s well
understood that companies must continually work to provide customers with
superior service, with each area of the business having clear policies, rules,
and supporting mechanisms to ensure consistency during each interaction.
However, few companies can deliver consistently across customer journeys, even
in meeting basic needs.
Simple math
illustrates why this is so important in a world of increasingly multichannel,
multitouch customer journeys. Assume a customer interacts six times with a
pay-TV company, starting when he or she undertakes online research into
providers and ending when the first bill is received 30 days after service is
installed. Assuming a 95 percent satisfaction rate for each individual
interaction—whether measuring responsiveness, the accuracy of information, or
other factors—even this level of performance means that up to one in four
customers will have a poor experience during the on-boarding journey.
The fact is
that consistency on the most common customer journeys is an important predictor
of overall customer experience and loyalty. Banks, for example, saw an
exceptionally strong correlation between consistency on key customer journeys
and overall performance in customer experience. And when we sent an
undercover-shopping team to visit 50 bank branches and contact 50 bank call centres’,
the analysis was confirmed: for lower-performing banks, the variability in
experience was much higher among a typical bank’s branches than it was among
different banks themselves. Large banks typically faced the greatest challenge.
b) Emotional consistency
One of the most
illuminating results of our survey was that positive customer-experience
emotions—encompassed in a feeling of trust—were the biggest drivers of
satisfaction and loyalty in a majority of industries surveyed. We also found
that consistency is particularly important to forge a relationship of trust
with customers: for example, customers trusted banks that were in the top
quartile of delivering consistent customer journeys 30 percent more than banks
in the bottom quartile.
What is also
striking is how valuable the consistency-driven emotional connection is for
customer loyalty. For bank customers, “a brand I feel close to” and “a brand
that I can trust” were the top drivers for bank differentiation on customer
experience. In a world where research suggests that fewer than 30 percent of
customers trust most major financial brands, ensuring consistency on customer
journeys to build trust is important for long-term growth.
c) Communication consistency
A company’s
brand is driven by more than the combination of promises made and promises
kept. What’s also critical is ensuring customers recognize the
delivery of those promises, which requires proactively shaping communications
and key messages that consistently highlight delivery as well as themes.
Southwest Airlines, for example, has built customer trust over a long period by
consistently delivering on its promise as a no-frills, low-cost airline.
Similarly, Progressive Insurance created an impression among customers that it
offered lower rates than its competitors in the period from 1995 to 2005 and
made sure to highlight when it delivered on that promise. Progressive also
shaped how customers interpreted cost-reduction actions such as on-site
resolution of auto claims by positioning and reinforcing these actions as part
of a consistent brand promise that it was a responsive, technology-savvy
company. In both cases, customer perceptions of the brands reinforced
operational realities. Such brands generate a reservoir of goodwill and remain
resilient on the basis of their consistency over time in fulfilling promises
and their strong, ongoing marketing communications to reinforce those
experiences.
4.6 IMPORTANCE
Customer satisfaction is a marketing
term that measures how products or services supplied by a company meet or
surpass a customer’s expectation. Customer
satisfaction is important because it provides marketers and
business owners with a metric that they can use to manage and improve their
businesses. Here are the top six
reasons why customer satisfaction is so important:
§ It’s a leading indicator of consumer repurchase intentions and loyalty
§ It’s a point of differentiation
§ It reduces customer churn
§ It increases customer lifetime value
§ It reduces negative word of mouth
§ It’s cheaper to retain customers than acquire new ones
a) It’s a leading indicator of
consumer repurchase intentions and loyalty
Customer satisfaction is the best indicator of how likely a customer
will make a purchase in the future. Asking customers to rate their satisfaction
on a scale of 1-10 is a good way to see if they will become repeat customers or
even advocates. Any customers that give you a rating of 7 and above, can be
considered satisfied, and you can safely expect them to come back and make
repeat purchases. Customers who give you a rating of 9 or 10 are your
potential customer
advocates who you can leverage to become evangelists for your company.
Scores of 6 and below are warning signs that a customer
is unhappy and at risk of leaving. These customers need to be put
on a customer watch list and followed up so you can determine why their
satisfaction is low.
b) It’s a point of
differentiation
In a competitive marketplace where businesses
compete for customers; customer satisfaction is seen as a key differentiator.
Businesses who succeed in these cut-throat environments are the ones that make
customer satisfaction a key element of their business strategy. Picture two
businesses that offer the exact same product. What will make you choose
one over the other?If you had a recommendation for one business would that
sway your opinion? Probably, So how does that recommendation originally start?
More than likely it’s on the back of a good customer experience. Companies who
offer amazing customer experiences create
environments where satisfaction is high and customer advocates are plenty. This
is an example of where customer satisfaction goes full circle. Not only can
customer satisfaction help you keep a finger on the pulse of your existing
customers, it can also act as a point of differentiation for new customers.
c) It reduces customer churn
An Accenture global customer
satisfaction report (2008) found that price is not the main reason for customer
churn; it is actually due to the overall poor quality of customer service. Customer
satisfaction is the metric you can use to reduce customer churn. By measuring
and tracking customer satisfaction you can put new processes in place to
increase the overall quality of your customer service.
d) It increases customer lifetime value
A
study by Info Quest found that a ‘totally satisfied customer’
contributes 2.6 times more revenue than a ‘somewhat satisfied customer’.
Furthermore, a ‘totally satisfied customer’ contributes 14 times more revenue
than a ‘somewhat dissatisfied customer’. Satisfaction plays a significant role
in how much revenue a customer generates for your business. Successful
businesses understand the importance of customer lifetime value (CLV). If you
increase CLV, you increase the returns on your marketing dollar. For example,
you might have a cost per acquisition of $500 dollars and a CLV of $750. That’s
a 50% ROI from the marketing efforts. Now imagine if CLV was $1,000. That’s a
100% ROI! Customer lifetime value is a beneficiary of high customer
satisfaction and good customer retention.
e) It reduces negative word of mouth
McKinsey found that an unhappy customer tells
between 9-15 people about their experience. In fact, 13% of unhappy customers
tell over 20 people about their experience. That’s a lot of negative word of mouth. How much will that
affect your business and its reputation in your industry? Customer satisfaction
is tightly linked to revenue and repeat purchases. What often gets forgotten is
how customer satisfaction negatively impacts your business. It’s one thing to
lose a customer because they were unhappy. It’s another thing completely to
lose 20 customers because of some bad word of mouth. To eliminate bad word of
mouth you need to measure customer satisfaction on an ongoing basis. Tracking
changes in satisfaction will help you identify if customers are
actually happy with your product or service.
f) It’s cheaper to retain
customers than acquire new ones
This is probably the most publicized
customer satisfaction statistic out there. It costs six to seven times more to
acquire new customers than it does to retain existing customers.
4.7 CONCLUSION
In this chapter the concepts of consumer
satisfaction, its purpose & importance
is discussed in detail. In the following chapter the data collected from
the consumers of TOYA PAINT a product of
TOYA PAINTS PVT LTD will be analyzed and interpretations will be given.
CHAPTER 5
DATA ANALYSIS AND INTERPRETATION
CHAPTER 5
DATA ANALYSIS AND INTERPRETATION
5.1 INTRODUCTION
A questionnaire
was prepared for measuring customer satisfaciton and with regard to toya paints
and distributed among the customers of the paint specifically TOYA paint. The primary
data collected by simple random sampling by using questionaires was tabulated for analysis. Based on the
data, Interpretations were made. The questionnaire used for carrying out survey
is included in the annexure.
5.2 GENDER OF RESPONDENTS
Employees were
given questionnaire requesting them to fill up the gender. The data collected
is shown in the form of table and pie chart below. Table showing Gender of
respondents
Table showing
gender of respondents (a.1)
Opinion
|
No. of Respondents
|
Percentage of Respondents
|
Male
|
54
|
72
|
Female
|
21
|
28
|
Total
|
75
|
100
|
Inference: Above table
shows
·
72% of respondents are males .
·
28% percent are females.
·
It shows that majority of respondents
are males.
5.3 AGE OF RESPONDENTS
The age of the respondent was divided into
three different groups and were requested to specify which age group they
belong. The result is displayed in table form and Pie chart form.
Table showing
Age of respondents(a.2)
Age of Respondents
|
No. of Respondents
|
Percentage of Respondents
|
Below 30
|
28
|
37
|
30-40
|
35
|
47
|
Above 45
|
12
|
16
|
Total
|
75
|
100
|
Inference:
·
Above table shows 37% of respondents
are of the age group of below 30 years.
·
47 % of respondents are of 30-40 age group .
·
16% of the respondents are above 45
years.
·
Majority of the respondents are young
and between 30-40 years.
5.4 PRICE OF TOYA PAINT
The customers opinion about the price
of the product is classified into the five groups.The results of the survey is
displayed both in table and chart form and interpretations are given.
Table : Opinion of the respondents
about the price of Toya paint. (a.3)
Opinion of
respondents
|
No. Of
respondents
|
Percentage [%]
|
Strongly Disagree
|
26
|
35%
|
Disagree
|
36
|
48%
|
Neutral
|
6
|
8%
|
Agree
|
5
|
6.66%
|
Strongly Agree
|
2
|
2.66%
|
Inference:
·
48% of respondents are strongly
response the product is not highly priced.
·
38% of respondents disagreed .
·
8% respondents has neutral opinion.
·
6.66% of respondents agreed the product is
highly priced .
·
2.66% of respondents strongly agreed. Majority
of respondents are of the opinion that product is not highly priced.
5.5 QUALITY OF TOYA PAINT
The cutomers opinion about the quality of the Toya panits
are classified into the five groups. The results of the survey is displayed
both in table and interpretation are given.
Table :
Opinion of the respondents about the quality of product(a.4)
Opinion of the respondents
|
No. of respondents
|
Percentage [%]
|
Strongly disagree
|
21
|
28%
|
Disagree
|
9
|
12%
|
Neutral
|
2
|
2.66%
|
Agree
|
35
|
46.66%
|
Strongly agree
|
8
|
10.66%
|
The
chart showing opinion of the respondents about the quality of Toya paints.(a.4)
Inference:
·
Above table shows that the majority of
the respondents [46.66%] agreed that quality of Toya product is in tact with
quality standards.
·
10% of respondents strongly agreed.
·
28% of respondents strongly disagreed
and 12% are disagreed.
·
Only 2.66% of respondents gave neutral
response.
·
Majority of respondents are having an opinion
that TOYA PAINTS are good quality product.
5.6 RELIABILITY
OF TOYA PAINT
The customers opinion about the
reliability of Toya paints are classified into five group. The results of the
survey displayed both table and interpretations are given.
Table: opinion of respondents about the reliability of
Toya paints(a.5)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
21
|
28%
|
Disagree
|
9
|
12%
|
neutral
|
3
|
4%
|
Agree
|
34
|
45.35%
|
Strongly agree
|
8
|
10.66%
|
The chart showing the opinion of respondents about reliability
of Toya paints(a.5)
Inference:
·
The above table shows 43% of
respondents agreed and 10.66% of responents strongly agreed.
·
4% of respondents gave neutral opinion.
·
28% strongly disagreed,12% of respondents disagreed .
·
Majority of respondents agreed with the reliability of TOYA paints.
5.7 DURABILITY OF TOYA PAINT
Customers opinion about the durability of Toya paints are
classified into five group. The rusults of the survey displayed both table
format and graphical format are given.
Table: opinion of respondents about durability of Toya
paints(a.6)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
11
|
14.66%
|
Disagree
|
26
|
34.66%
|
neutral
|
3
|
4%
|
Agree
|
31
|
41%
|
Strongly agree
|
4
|
5.33%
|
The chart showing the opinion of respondents about duarability of Toya paints(a.6)
Inference:
·
The above table shows 41% of
respondents agreed and 5.33% of responents strongly agreed.
·
4% of respondents are of neutral opinion.
·
14% strongly disagreed,34% of
respondents disagreed .
·
Majority of respondents are satisfied
with the durability of TOYA paints.
5.8 COLOUR OF
TOYA PAINT
Customers opinion about the colour of Toya paints are
classified into five group. The rusults of the survey displayed both table
format and graphical format are given
Table: opinion of respondents about colour of Toya paints(a.7)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
31
|
41%
|
Disagree
|
35
|
46%
|
neutral
|
-
|
-
|
Agree
|
5
|
6.66%
|
Strongly agree
|
3
|
4%
|
The chart showing the opinion of respondents about colour
of Toya paints(a.7)
Inference:
·
The above table shows 6.66% of
respondents agreed and 4% of responents strongly agreed.
·
41%
strongly disagreed,46% of respondents disagreed .
·
Majority of respondents disagreed the different
colour availability of TOYA paints.
5.9 SIZE OF
TOYA PAINT
Have Toya in different size of paints? The Customers opinion about the siz
of Toya paints are classified into five group. The rusults of the survey displayed
both table format and graphical format are given.
Table: opinion of respondents about size of Toya paints(a.8)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
--
|
--
|
Disagree
|
9
|
12%
|
neutral
|
6
|
8%
|
Agree
|
49
|
65%
|
Strongly agree
|
11
|
14%
|
The chart showing the opinion of respondents about size
of Toya paints(a.8)
Inference:
·
The above table shows 65% of
respondents agreed and14% of responents strongly agreed .
·
12% of respondents disagreed and 8% of
respondents are of neutral opinion .
·
Majority of respondents agreed that Toya
paints are available in different size.
5.10 ODOUR OF
TOYA PAINT
Toya provide different
odour of paints? The Customers opinion
about the odour of Toya paints are classified into five group. The rusults of
the survey displayed both table format and graphical format are given.
Table: opinion of respondents about odour of Toya paints(a.9)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
31
|
41.33%
|
Disagree
|
29
|
38.66%
|
neutral
|
12
|
16%
|
Agree
|
2
|
2.66%
|
Strongly agree
|
1
|
1.33
|
The chart showing the opinion of respondents about odour
of Toya paints(a.9)
Inference:
·
The above table shows 31% of
respondents strongly disagreed and 38% of responents disagreed .
·
12% of respondents are of neutral opinion.
·
2% of respondents agreed and 1% of respondents
strongly agreed .
·
Majority of respondents strongly disagreed that Toya paints are not available in different odour.
5.11 AFTER
SALES SERVICE OF TOYA PAINT
The Customers opinion about the after sales service of
Toya paints are classified into five group. The rusults of the survey displayed
both table format and graphical format are given.
Table: opinion of respondents about after sales service
of Toya paints(a.10)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
0
|
0
|
Disagree
|
9
|
12%
|
neutral
|
16
|
21.33%
|
Agree
|
13
|
17.33%
|
Strongly agree
|
37
|
49.33%
|
The chart showing the opinion of respondents about after
sales service of Toya paint.(a.10)
Inference:
·
The above table shows 12% of
respondents disagreed and 21% of responents gave a neutral response.
·
17% of respondents agreed and 49% of
respondents strongly agreed .
·
Majority of respondents strongly agreed that
Toya paints provide good after sales service.
5.12 CUSTOMER
CARE SERVICE OF TOYA PAINT
The Customers opinion about the
customer care service of Toya paints are classified into five group. The results
of the survey displayed both table format and graphical format are given
Table TOYA
provides better customer care service. (a.11)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
3
|
4%
|
Disagree
|
7
|
9.33
|
neutral
|
32
|
42.66%
|
Agree
|
24
|
32%
|
Strongly agree
|
9
|
12%
|
Graphically presentation of Customer care service(a.11)
Inference:
·
The above table shows 4% of respondents
strongly disagreed and 9.33% of respndants
disagreed.
·
42% of respondents gave neutral opinion.
·
3 2% of respondents agreed and 12% of
respondents strongly agreed .
·
Majority of respondents neutral response.
5.13 PRODUCT
INNOVATION OF TOYA PAINT
Table: Toya knows better how to improve existing
products. (Product innovativeness)(a.12)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
0
|
0%
|
Disagree
|
9
|
12%
|
neutral
|
17
|
22.66%
|
Agree
|
33
|
44%
|
Strongly agree
|
16
|
21.33%
|
Graphically presentation of Product innovativeness(a.12)
Inference:
·
The above table shows 9.33% of
responents disagreed and 22.66% of
respondents gave a neutral response.
·
44% of respondents agreed and 21.33% of
respondents strongly agreed .
·
Majority of respondents agreed that Toya
Paints follow product innovativeness
5.14 TOYA’S HOME DECOR SERVICE
Table showing opinion of respondents as to Toya’s home
decor service(a.13)
Opinion of
respondents
|
No of respondents
|
Percentage[%]
|
Strongly disagree
|
1
|
1.33%
|
Disagree
|
9
|
12%
|
neutral
|
15
|
20%
|
Agree
|
13
|
17.33%
|
Strongly agree
|
37
|
49.33%
|
Graphically presentation of Service quality(a.13)
Inference:
·
The above table shows 1.33% of
responents strongly disagreed and 12% of respondents disagreed.
·
20% responendents gave neutral
response.
·
17% of respondents agreed and 49.33% of
respondents strongly agreed .
·
Majority of respondents are strongly agreed.
5.15 KNOWLEDGE
ABOUT FEATURES OF TOYA PAINT
Respondents were requested to react to the statement that
“ You can easily mention couple of features of toya paints ”. A five point likert
scale from strongly agree to highly disagree
was used to measure their response. The responses are recorded in both
tabular form and chart form. Inferences are arrived from the data.
Table showing respondents knowledge about features of toya paint(a.14)
Particulars
|
No. Of
Respondents
|
Percentage of
Respondents
|
Highly Agree
|
12
|
16%
|
Agree
|
34
|
45.33333333%
|
Neutral
|
10
|
13.33333333%
|
Disagree
|
16
|
21.33333333%
|
Highly Disagree
|
3
|
4%
|
Total
|
75
|
100
|
Chart Showing
respondents knowledge about features of toya paint(a.14)
Inference:
·
16% of the respondents strongly agree to the statement and 45.33% of the
respondents agree to the statement.
·
13.3% of the respondents have neutral opinion
to the statement.
·
21.3% of the respondents disagree to the
statement and 4% of the respondents highly disagree to the statement.
5.16 SUGGESTION
Table showing suggestion of
respondents(a.15)
Suggestions
|
No of
respondents
|
Percentage[%]
|
To produce variety of color
|
37
|
49.33%
|
To give more advertisements
|
33
|
44%
|
Neutral
|
5
|
6.66%
|
Graphically presentation of respondents sugeestions(a.15)
Inference:
·
The above table shows 49.33% of
responents suggested to provide variety of colours to the product.
·
44% respondents are suggested to give more
advertisement.
CHAPTER 6
FINDINGS AND
SUGGESTIONS
CHAPTER 6
FINDINGS AND SUGGESTIONS
6.1 FINDINGS
The major findings of the study are:
·
Most
of the respondents are satisfied about product durability of Toya paints. Only
16.66% respondents are strongly dissatisfied about product durability.
·
Almost
all of the respondents are satisfied about product availability & product size
of Toya paints.
·
66.66%
respondents of are satisfied and 13.33% respondents of are dissatisfied about
the service quality of Toya paints
·
Most
of the respondents are satisfied about the delivery performance of Toya paints.
·
Product
reliability is high. Most of the respondents are satisfied about product
reliability of Toya paints.
6.2 RECOMMENDATION / SUGGESTION
After conducting a study on consumer
satisfaction of Toya paints at Toya paints Pvt ltd Kozhikode, I have identified
some facts based on the study conducted; following recommendations are made for
consideration:
§ Should introduce retail outlets to
increase sales.
§ Toya Paints have to take strong
strategy against it key competitor
§ Toya Paints can reconsider its
discount policy and provide more discount to customers
§ The company should maintain its
marketing and promotional strategy.
§ Should rely on feedback from
customers to make variations in product.
§ Toya should produce variety of
colour paints.
CHAPTER 7
CONCLUSION
CHAPTER 7
CONCLUSION
1.1 SUMMARY
In the 1st
chapter, the research was described and sample size and data collection and
methods of anlysis were defined. The research was “A study on the customer
satisfaction with special reference to M/s. TOYA PAINTS PVT LTD. “. The
research was conducted by percentage analysis. A questionaire was developed
using Likert scale which is used for data collection.
In the 2nd
chapter, details regarding the Paint , history of paints, Indian paints market,
growth of exports of Indian paints and demand supply analysis of paints was
carried out. The paints industry was
analysed using Porter’s five forces model.
In the 3rd
chapter, the company profile of M/s. TOYA PAINTS PVT LTD was studied in detail
including the details of Toya group.
Working of various departments such as Production, Marketing, Finance and Human
Resource Mangement departments was studied in detail.
In the 4th
chapter, the theoretical concepts of HRM, training and development needs was
discussed. The systematic approach to training and development and the method
of measuring the effectiveness of training and development was discussed.
In the 5th
chapter, the data collected though questionnaire was analysed using percentage
method, tabulated and displayed it in pie charts using tables and charts. The
data was interpreted. Likert scale mean was found which indicates the overall
performance of the firm
In this chapter
the findings of the study, suggestions for improving the study further are
include. This chapter ends with a conclusion of the entire study.
APPENDIX
ANNEXURE I
QUESTIONNAIRE
Dear
Sir/Madam,
I am a student of Govt. Law College,
Calicut. I am doing 8th semester of BBA. LLB (Hons.) DEGREE. As part
of my curriculum, I have selected the subject “Consumer satisfaction in TOYA
PAINTS PVT LTD” as my project work. Thus, I am submitting my questionnaire to
your kind opinion. This questionnaire is only for study purpose.
Thanking you
Yours faithfully
SOJITH P K
QUESTIONNAIRE ON CUSTOMER
SATISFACTION IN TOYA PAINTS PVT LTD
Questionnaire
Customer satisfaction on Toya Paints
This
research is conducted for academic purpose only. So please do not hesitate to
answer. Your information will be kept confidential.
Personal Information
Age: below 30: …… 30-40: …… Above 45…
Sex: male....... Female......
|
Please
indicate your answers by filling in the box like √, which
Most
closely responds to your thinking.
Serial
Number
|
|
Strongly
Disagree
|
Disagree
|
Neutral
|
Agree
|
Strongly
Agree
|
1
|
The product is highly
priced
|
|
|
|
|
|
2
|
Toya provide good
quality product
|
|
|
|
|
|
3
|
Toya products are
easy to use.
|
|
|
|
|
|
4
|
Toya provides
consistency over product qualityt
|
|
|
|
|
|
5
|
Toya products are
more reliable
|
|
|
|
|
|
6
|
Toya paints are more
durable than those of other paints
|
|
|
|
|
|
7
|
Toya provide variety colour
|
|
|
|
|
|
8
|
Toya products are
available in different size
|
|
|
|
|
|
9
|
Toya provide variety
in odour
|
|
|
|
|
|
10
|
Toya provide after
sale services
|
|
|
|
|
|
11
|
Toya provide better
customer care service
|
|
|
|
|
|
12
|
Toya knows better how to improve
existing products.
|
|
|
|
|
|
13
|
Toyas home decor
service is more attractive than those of others.[service quality]
|
|
|
|
|
|
14
|
Toya provides better
customer care service.
|
|
|
|
|
|
15
|
Suggestions
|
|
|
|
|
|
|
|
|
|
|
Respondent’ signature [optional] …………
--------------------------------------THANK
YOU--------------------------------------
BIBILIOGRAPHY
Ø http://www.indianmirror.com/indian-industries/paint.html
