A Study in Factors Affecting Customer Satisfaction

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CHAPTER 1

INTRODUCTION

1.1 INTRODUCTION TO THE STUDY

Customer satisfaction is defined as the measurement of how a company’s products or services meet or surpass its customer’s expectations. It is also a measure of how the customer perceives the way the company’s representatives dealt with his or her needs. Customer satisfaction plays an important role in determining the likelihood of an organization’s success and profitability over the long term. It is an important way of business to develop customer loyalty that in turn builds repeat business through customer retention. Generally speaking, there are three different levels of customer satisfaction: Dissatisfied customers who are seeking for another supplier; satisfied customers who will buy from the company in the future and loyal customers who will remain so despite competitive offers. Unless a business organization develops a base of satisfied customers, it will be difficult if not impossible to remain viable in the market place. Moreover, any business not focused on satisfying its customers will be at the mercy of competitors who will eventually satisfy that persons needs and desires. Taking prompt action to resolve a customer’s problems can make the 85% of them repeat customers. It costs on the average six times as much to find a new customer as it does to keep an existing one happy. This underscores the importance of customer 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. The study Factors Influencing Customer Satisfaction Of Mahindra’s Passenger Vehicles At TVS & Sons, Maradu, Ernakulam helps to find out the satisfaction level of customers towards the company’s product and services of the Mahindra through TVS & Sons, cochin. It tries to suggest the management of TVS & Sons, Cochin, the ways through which the customers can be satisfied and the way at which the Mahindra can satisfy their customers by making very small changes in their products.

1.2 INDUSTRY PROFILE

INDUSTRY PROFILE; AUTOMOBILE INDUSTRY

The history of the automobile begins as early as 1769, with the creation of steam engined automobiles capable of human transport. In 1806, the first cars powered by an internal combustion engine running on fuel gas appeared, which led to the introduction in 1885 of the ubiquitous modern gasoline- or petrol-fueled internal combustion engine. Cars powered by electric power briefly appeared at the turn of the 20th century, but largely disappeared from use until the turn of the 21st century. The early history of the automobile can be divided into a number of eras, based on the prevalent means of propulsion. Later periods were defined by trends in exterior styling, and size and utility preferences. In the beginning automobile industry was dominated by steam powered engines. The vehicles were expensive and difficult to maintain. The incidences of frequent boiler explosions and other safety problems has made the prospective buyers from the passenger cars. Commercial history of the automobile started with the invention of gasoline powered internal combustion engines. The German inventor Karl Benz invented the first gasoline powered internal combustion vehicle in 1885 at Mannheim, Germany. Commercial production of the Benz started in 1885. Panhard ET Levassor of France was the first company exclusively builds and sells automobiles from 1889.

The early 1900’s saw so many automobile companies came into existence in a number of European countries and United States. The first automobile produced in US was the curved dash’s old mobile. It had a three horse power machine and sold 5,000 by 1904. In 1960’s a big invention in...
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