We have discussed on so many factors related to business like marketing, management, product management etc…. Today we are going to discuss on customer satisfaction which is most important factor of any small business and organization. We will talk some features related to customer satisfaction which can help us to provide more satisfaction to out customer.
Expectation and experience were positively and significantly distributed for economic and aesthetic values. In the case of economy, this might be due to the fact that the consumers mentally accepted the price of the product, while buying itself. Aesthetic value was also similarly observed during the purchase.
Service and durability were the values for which the difference between expectation and experience were found to be negative and this state might lead to an overall dissatisfaction. These areas, thus. Must be given immediate attention by the manufactures and attempts must be made to convert the negative disconfirmation state to positive disconfirmation to have satisfaction.
Managerial Implication
This study helps to Identify the gap. By taking appropriate action, customers can be satisfied. Customer satisfaction alone can retain the customers and ultimately, this acts as the base for new customers.
Saturday, January 31, 2009
Tuesday, January 27, 2009
Analysis
To identify the value dimensions of television, factor analysis was carried out. The eight factors having Eigen values greater than 1.0 were extracted. These eight factors represented by 65.8 per cent of the variance of the attributes considered for the study.
The factors identified were ‘technology, aesthetic value, durability, service, physical characteristics, status, economic value and functional value.
The priority of values identified by the respondents was studied using Friedman’s two-way ANOVA. The test confirmed the existence of significant differences among their perception levels of values at 1 per cent level. Further, non-parametric multiple comparison test was also done to identify the order of priority among the perceived values.
Expectation and experience levels of values derived by reducing the attribute using factor analysis were measured using 10 point scale. I was talking with owner of blinds store who are selling vertical blinds and roman shades online, he says that factor analysis helps them to find out the trend and interest of their clients in their blinds product.
From the paired‘t’ test economic and aesthetic values, durability, and service were found to be significantly distributed. Further, aesthetic and economic values were found to be positive. It implied that the experience levels for these values were distributed in the higher side than the expectation. But, in the case of durability and service the t-values were found to be negative which implied the experience of these values were negative but significant. Negative sign indicates that the experience of these values was found to be less than the expected level and the differences were also significant.
The factors identified were ‘technology, aesthetic value, durability, service, physical characteristics, status, economic value and functional value.
The priority of values identified by the respondents was studied using Friedman’s two-way ANOVA. The test confirmed the existence of significant differences among their perception levels of values at 1 per cent level. Further, non-parametric multiple comparison test was also done to identify the order of priority among the perceived values.
Expectation and experience levels of values derived by reducing the attribute using factor analysis were measured using 10 point scale. I was talking with owner of blinds store who are selling vertical blinds and roman shades online, he says that factor analysis helps them to find out the trend and interest of their clients in their blinds product.
From the paired‘t’ test economic and aesthetic values, durability, and service were found to be significantly distributed. Further, aesthetic and economic values were found to be positive. It implied that the experience levels for these values were distributed in the higher side than the expectation. But, in the case of durability and service the t-values were found to be negative which implied the experience of these values were negative but significant. Negative sign indicates that the experience of these values was found to be less than the expected level and the differences were also significant.
Monday, January 19, 2009
Methodology
To study the above specified objectives, first attempt was made to identify the values attached to the product television. Pre-test two was conducted with a sample size of thirty to standardize the questionnaire contains a list of 28 attributes relating to the product, television. The respondents were asked to indicate the level of importance attached to each attribute.
The second part of the questionnaire was intended to measure the expectation level of values identified by the pre-test I and the third part relating to the experience level of these values.
Corn-bach alpha was used to measure the reliability of the questionnaire. The alpha value reflected the high degree of internal consistency. With certain deletion of listed values the questionnaire was finalized for further study.
Sampling Design
The sample for the study was drawn from Annamalainagar by taking a random sample of 100 respondents, 79 were found to be fit for further analysis.
Tools for Analysis
The generated data had been duly analysed using the statistical tools viz., factor analysis, rank correction test for agreement, ANOVA and ‘t’-test.
The second part of the questionnaire was intended to measure the expectation level of values identified by the pre-test I and the third part relating to the experience level of these values.
Corn-bach alpha was used to measure the reliability of the questionnaire. The alpha value reflected the high degree of internal consistency. With certain deletion of listed values the questionnaire was finalized for further study.
Sampling Design
The sample for the study was drawn from Annamalainagar by taking a random sample of 100 respondents, 79 were found to be fit for further analysis.
Tools for Analysis
The generated data had been duly analysed using the statistical tools viz., factor analysis, rank correction test for agreement, ANOVA and ‘t’-test.
Friday, January 16, 2009
Customer Satisfaction-1
It is necessary to satisfy the expectation levels of different values and identify whether there is any gap between expectation and experience of such values. If needed action plan to fill the gap is to be taken to satisfy the customers. Satisfaction of a customer is the base of retaining the customers and helps to acquire new customers. Customer data management and data updating which leads towards customer satisfaction is most important part of customer relationship management software.
Expectation (E1) and Experience (E2) value
To retain the customers, it is highly important to verify how far these perceived values are satisfied. By nature, customers tend to compare the actual experience with their expectation based on the benefits they derive, while using the product. If the expectation is higher than the experience (E1 > E2) it is said to be negative disconfirmation, if the expectation is equal to the experience it is confirmation (E1 = E2); and if the expectation is less than the experience, it is said to be positive disconfirmation (E1 < E2). Negative disconfirmation leads the dissatisfaction to satisfaction.
Objectives
The main objectives of the study are:
1. To measure the level of expectations of values
2. To measure the experience level of the values
3. To identify whether there is any significant difference between the values expected and experienced.
Expectation (E1) and Experience (E2) value
To retain the customers, it is highly important to verify how far these perceived values are satisfied. By nature, customers tend to compare the actual experience with their expectation based on the benefits they derive, while using the product. If the expectation is higher than the experience (E1 > E2) it is said to be negative disconfirmation, if the expectation is equal to the experience it is confirmation (E1 = E2); and if the expectation is less than the experience, it is said to be positive disconfirmation (E1 < E2). Negative disconfirmation leads the dissatisfaction to satisfaction.
Objectives
The main objectives of the study are:
1. To measure the level of expectations of values
2. To measure the experience level of the values
3. To identify whether there is any significant difference between the values expected and experienced.
Monday, January 12, 2009
Customer Satisfaction
We have discussed on so many factors related to business like marketing, management, product management etc…. Today we are going to discuss on customer satisfaction which is most important factor of any small business and organization. We will talk some features related to customer satisfaction which can help us to provide more satisfaction to out customer.
The Base for Customer Acquisition and Retention
A product is a bundle of values. The values may be comfort, safety, pride, economy etc. Each product may offer a combination of some values. The values priority may vary from individual to individual. Even for an individual the values priority may vary from product to product. Further, priority of values varies based on the situation.
Application
It is necessary to satisfy the expectation levels of different values and identify whether there is any gap between expectation and experience of such values. If needed action plan to fill the gap is to be taken to satisfy the customers. Satisfaction of a customer is the base of retaining the customers and helps to acquire new customers.
The Base for Customer Acquisition and Retention
A product is a bundle of values. The values may be comfort, safety, pride, economy etc. Each product may offer a combination of some values. The values priority may vary from individual to individual. Even for an individual the values priority may vary from product to product. Further, priority of values varies based on the situation.
Application
It is necessary to satisfy the expectation levels of different values and identify whether there is any gap between expectation and experience of such values. If needed action plan to fill the gap is to be taken to satisfy the customers. Satisfaction of a customer is the base of retaining the customers and helps to acquire new customers.
Friday, January 9, 2009
Advances in Database Marketing-1
Because of the complexities of B2B marketing and the intricacies of corporate operations, the demands placed on any marketing organization to formulate the business process by which such a sophisticated series of procedures may be brought into existence are significant. It is often for this reason that large marketing organizations engage the use of an expert in marketing process strategy and information technology (IT), or a marketing IT process strategist. We can take example of Term Life Insurance Rates providing business and vertical blinds, roller shades and natural wood blinds Company who are doing businesses B2C. For them database marketing is much important and cost effective too. Although more technical in nature than often marketers require, a system integrator (SI) can also play an equivalent role to the marketing IT process strategist, particularly at the time that new technology tools need to be configured and rolled out.
New advances in cloud computing and marketing's penchant for both outsourcing services to third-party agencies and avoiding involvement in the creation of complex technological tools has provided a fertile soil for Software as a Service (SaaS) providers to centralize the marketing database under a hosting service model that incorporates functions from CRM Software, content management and business intelligence under one offering to automate the marketing process.
New advances in cloud computing and marketing's penchant for both outsourcing services to third-party agencies and avoiding involvement in the creation of complex technological tools has provided a fertile soil for Software as a Service (SaaS) providers to centralize the marketing database under a hosting service model that incorporates functions from CRM Software, content management and business intelligence under one offering to automate the marketing process.
Wednesday, January 7, 2009
Advances in Database Marketing
While the idea of storing customer data in electronic formats to use them for database-marketing purposes has been around for decades, the computer systems available today make it possible to gain a comprehensive history of client behavior on-screen while the business is transacting with each individual, producing thus real-time business intelligence for the company. This ability enables what is called one-to-one marketing or personalization.
Today's Customer Relationship Management (CRM) systems use the stored data not only for direct marketing purposes but to manage the complete relationship with individual customer contacts and to develop more customized product and service offerings. However, a combination of CRM, content management and business intelligence tools are making delivery of personalized information a reality.
Marketers trained in the use of these tools are able to carry out customer nurturing, which is a tactic that attempts to communicate with each individual in an organization at the right time, using the right information to meet that client's need to progress through the process of identifying a problem, learning options available to resolve it, selecting the right solution, and making the purchasing decision.
Today's Customer Relationship Management (CRM) systems use the stored data not only for direct marketing purposes but to manage the complete relationship with individual customer contacts and to develop more customized product and service offerings. However, a combination of CRM, content management and business intelligence tools are making delivery of personalized information a reality.
Marketers trained in the use of these tools are able to carry out customer nurturing, which is a tactic that attempts to communicate with each individual in an organization at the right time, using the right information to meet that client's need to progress through the process of identifying a problem, learning options available to resolve it, selecting the right solution, and making the purchasing decision.
Friday, January 2, 2009
Database Marketing – 5
Laws and regulations
As database marketing has grown, it has come under increased scrutiny from privacy advocates and government regulators. For instance, the European Commission has established a set of data protection rules that determine what uses can be made of customer data and how consumers can influence what data are retained. In the United States, there are a variety of state and federal laws, for example, for online blinds, vertical blinds and roman shades company, who doing business online, the Fair Credit Reporting Act, or FCRA, (which regulates the gathering and use of credit data), for term life insurance industry the Health Insurance Portability and Accountability Act (HIPAA) (which regulates the gathering and use of consumer health data), and various programs that enable consumers to suppress their telephones numbers from telemarketing.
Evolution
While the idea of storing customer data in electronic formats in order to use them for database-marketing purposes has been around for decades the computer systems available today make it possible to have the complete history of a client on-screen the moment he or she calls. Today's Customer Relationship Management systems use the stored data not only for direct marketing purposes but to manage the complete relationship with this particular customer and to further develop the range of products and services offered.
As database marketing has grown, it has come under increased scrutiny from privacy advocates and government regulators. For instance, the European Commission has established a set of data protection rules that determine what uses can be made of customer data and how consumers can influence what data are retained. In the United States, there are a variety of state and federal laws, for example, for online blinds, vertical blinds and roman shades company, who doing business online, the Fair Credit Reporting Act, or FCRA, (which regulates the gathering and use of credit data), for term life insurance industry the Health Insurance Portability and Accountability Act (HIPAA) (which regulates the gathering and use of consumer health data), and various programs that enable consumers to suppress their telephones numbers from telemarketing.
Evolution
While the idea of storing customer data in electronic formats in order to use them for database-marketing purposes has been around for decades the computer systems available today make it possible to have the complete history of a client on-screen the moment he or she calls. Today's Customer Relationship Management systems use the stored data not only for direct marketing purposes but to manage the complete relationship with this particular customer and to further develop the range of products and services offered.
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