Term Paper
Volume : 1 | Issue : 11 | November 2012
ISSN - 2250-1991
Research Paper
Management
Customer Satisfaction on Products of Private Sector Insurance Companies - A Study with Reference to Kotak Mahindra Life Insurance Company Limited, Jorhat Branch *Sarat Borah
* Associate Professor, Department of Business Management, CKB Commerce College, Jorhat, Assam
ABSTRACT The modern concept of marketing emphasizes on the satisfaction of customers. Marketing begins and end with the customers. Customers are the King in business. The study analysis the sevice quality perception of 50 customers in Jorhat, Assam chosen from Kotak Mahindra Life Insurance Company to access their satisfaction level and also identify service factors which have the maximum impact on customers’ satisfaction. For choosing the sample, non-probabilistic judgment-cum-convenience sampling technique was used. The finding of the study shows that most of the customers are satisfied.
Keywords :Relationship Marketing, Customers’ Expectation, Satisfaction
1. Introduction: Customer is the ‘king’ of any business whether it may be big, medium or small. Due to overgrowing competition, increase in consumer literacy level, awareness of customers about their rights, increase in standard of living are forcing insurance companies to review their service strategy. Rendering quality service is very much essential to satisfy and retain the customers. ‘There are strong relationships between service quality improvement, customer satisfaction and economical success.’(sahel and Tooraj 2011). 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. In a competitive market place where business competes for customers, Customer satisfaction is seen as a key differentiator and has become a key element of business strategy. Kotler (2004) defined customer satisfaction as ‘a person’s feeling of pleasure or disappointment resulting
ISSN - 2250-1991
Research Paper
Management
Customer Satisfaction on Products of Private Sector Insurance Companies - A Study with Reference to Kotak Mahindra Life Insurance Company Limited, Jorhat Branch *Sarat Borah
* Associate Professor, Department of Business Management, CKB Commerce College, Jorhat, Assam
ABSTRACT The modern concept of marketing emphasizes on the satisfaction of customers. Marketing begins and end with the customers. Customers are the King in business. The study analysis the sevice quality perception of 50 customers in Jorhat, Assam chosen from Kotak Mahindra Life Insurance Company to access their satisfaction level and also identify service factors which have the maximum impact on customers’ satisfaction. For choosing the sample, non-probabilistic judgment-cum-convenience sampling technique was used. The finding of the study shows that most of the customers are satisfied.
Keywords :Relationship Marketing, Customers’ Expectation, Satisfaction
1. Introduction: Customer is the ‘king’ of any business whether it may be big, medium or small. Due to overgrowing competition, increase in consumer literacy level, awareness of customers about their rights, increase in standard of living are forcing insurance companies to review their service strategy. Rendering quality service is very much essential to satisfy and retain the customers. ‘There are strong relationships between service quality improvement, customer satisfaction and economical success.’(sahel and Tooraj 2011). 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. In a competitive market place where business competes for customers, Customer satisfaction is seen as a key differentiator and has become a key element of business strategy. Kotler (2004) defined customer satisfaction as ‘a person’s feeling of pleasure or disappointment resulting
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