(BUSINESS RESEARCH METHODS)
APRIL: - 2013
SESSION: - 2012 - 2013
Department of Management Studies
MY project report gives brief study, on what are Customer Satisfaction and the techniques of achieving Customer Satisfaction. It focuses on customer’s perceptions. Many firms are interested in understanding what their customers thought about their shopping or purchase experience, because finding new customers is generally more costly and difficult than servicing existing or repeat customers. Such researches provide a wider scope to the firms in the terms of high customer satisfaction.
TABLE OF CONTENTS
Meaning of Customer Research
Why Organizations Focus on Customer Satisfaction?
Need of Customer Research
Business Techniques of Customer Research
Why Measure the Customer Satisfaction?
Customer Satisfaction Measurement
Need for Measuring Customer Satisfaction
Review of Literature
“Customer Satisfaction is a business term of how the products and the services supplied by the company meet or surpass the customer expectation. It is the key performance indicator within the business.” …Berlin Asong
WHY ORGANIZATIONS FOCUS ON CUSTOMER SATISFACTION?
Businesses monitor customer satisfaction in order to determine how to increase their customer base, customer loyalty, revenue, profits, market share and survival. Although greater profit is the primary driver, exemplary businesses focus on the customer and his/her experience with the organization. They work to make their customers happy and see customer satisfaction as the key to survival and profit. Customer satisfaction in turn hinges on the quality and effects of their experiences and the goods or services they receive.
NEED OF CUSTOMER SATISFACTION
The most important asset of any organization is its customers. Satisfied customers pay their bills promptly which greatly improves cash flow – the lifeblood of any organization.
BUSINESS TECNIQUES OF CUSTOMER SATISFACTION
One of the key customer satisfaction techniques is the need to provide front line employees with the ability to respond to customer situations quickly without the need to ‘ask for permission’. Innovation drives customers' satisfaction. As customers' needs keep changing, an innovation-driven company is capacitated to exceed customers' expectations. To provide after sale services.
Listen actively and carefully.
Anticipate that the customer will be asking questions. They may be easy, they be hard. But encourage them anyway. If you cannot provide an answer, promise to find out the answer from someone who can. Be patient, look from the customer's point of view and work from there. This point of view will always give you the best outlook on the situation. Always keep a smile on your face when dealing with customers which can lead to customer satisfaction. This positive attitude can rub off and turn a potentially negative situation into a positive experience.
WHY MEASURE THE CUSTOMER SATISFACTION?
Customer satisfaction is tied directly to profitability. Well-established research by Bain & Company found that, for many companies, an increase of 5% in customer retention can increase profits by 25% to 95%. The same study found that it costs six to seven times more to gain a new customer than to keep an existing one.
CUSTOMER SATISFACTION MEASUREMENT
A basic and effective base line customer satisfaction survey program should focus on measuring customer perceptions of how will the company delivers on the...
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