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TATA AIG INCUSRANCE COMPANY.
Ashvin rajani The university of Wales
Student id:____________
11/28/2010
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Ashvin rajani
The university of Wales
Student id:____________
Chapter- One
1. Introduction:-
A business is a relation between the service or product provider and the customer, so
it is essential for the service provider to supply those products or service which is
demanded by the customer. So any product or service that is not desired by the
customer will cause a great loss to the organization. So customer relationship and
customer satisfaction is very important factor for the success of the business.
In this exposition I focus on the customer satisfaction and the role of the manager in
improving the customer satisfaction which will give favorable outcomes to the
organization. With the advancement in the technology and the management strategies
in todays world the style of management has also changed and has improved their
style from those implement in the conservatory manner that is has approached the
self-protective strategies when it is important to retain the on hand customers
There are number of customers and also with different attitude and different
requirements so in order to maintain the customer relation that is the attraction and
retention of the customer is very critical task for the organization. So in order to
satisfy the large number of customers with different requirements is critical task for
the management. And if the customer demands are comprehended than it would be
easy for the organization to persuade the client to buy the product or service from the
source. The customers are considered as the most significant asset, in fact the
performance or the size of the business can be measured by the number of customers
the firm is handling.
It is said that if the service or goods provided is of good quality then the
organization will have a valuable and loyal customer.
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Ashvin rajani
The university of Wales
Student id:____________
To understand the effect of the above dissertation, the study in this thesis examinees’
the conservative methods and modern and updated journalism assembling the
technique in knowing the part of service quality, customer satisfaction and retention
of the on hand customer.
With the views that were expressed in olden journals and that with the updated
journals including the advancement of the technology and management strategies
regarding specific topics here we consider the customer satisfaction and maintaining
the customer relation. This dissertation will make an effort to draw attention towards
the important links for the success of the business; here for the research process an
insurance service provider Tata AIG from India has been selected.
1.1 Problem Background:-
Now a days every business is in establishing the business globally, so with the trend
of globalization and the increase of service providers, a lot of companies in the
Insurance field has understand the need of the customers and also there are several
companies that work according to the customer satisfaction, and it is considered that
the expenditure in attracting the new customer towards their service will cost them
more than in retaining and satisfying the on hand customers. Hence if the product or
the service provide is of superior quality then the new customers are bound to get
attracted from the feed back of the existing customers.(Amrit Tiwana,, Prentice
Hall, 2001).
1.2 Brief History of TALIC ltd:-
In this study we will decisively evaluate the statement stated above for a Life
Insurance organization TALIC (Tata AIG Life Insurance Company) Ltd India . Tata
AIG was pioneered by Jamsetji N. Tata also known as the father of the Indian
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Ashvin rajani
The university of Wales
Student id:____________
industry, he started a buy and sell business of Opium in Mumbai. The Tata group of
companies is amongst the most important business industries in India and it has
spread its business in various other sectors. The company is in service within six
continents and also spread its business in more than 85 Countries. The firm is serving
nearly about 80 nations across world comprising of 114 companies and causal in
seven diverse business sectors. The different sectors are automobiles, tele
communications, steel business , TCS in Information technology, tata power, and also
the consumer products and in hotel business. Tata group of Companies collectively
has about more than 2,50,000 human resources in its organization working all over. 1
1.3 Product and Services
TATA Groups performs in motors, insurance, communication, air-lines and many
more but their main business is in automobile sector and insurance sector. In this
dissertation I contemplate mainly on the Insurance sector of the TATA. So, I illustrate
underside its various insurance policies.
Children insurance plans
Tata AIG Life Invest Assure Superstar
Tata AIG Life Invest Assure Superstar is a uninvolved division linked endowment
plan that permits the children to protect a financial future for their childhood.
Tata AIG Life Assure Career Builder
This is a policy of getting the money back, it provides with financial aid at significant
phase of policy possessor child’s life, from schooling to their first steps into a new
profession.
Tata AIG Life Star kid
1 A brief introduction of the TATA companies is given in the report to verify it
related problem and issues raised in dissertation.
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This is an outstanding bestowal policy that guarantee the possessor that they can have
the funds to give their child the finest for his career & marriage.
Adults
Tata AIG Life LifePlus
This is a policy that permits the possessor to get back hi premiums if the holder
outlasts the period. And in case of natural demise of the possessor, the sum that has
been assured is given. And in case of death that is caused by accident the possessor
will get the amount twice of that has been assured.
Tata AIG Life Invest Assure Plus Advantage
The distinctiveness of this policy is that it has flexible insurance plan in which there is
a distinct premium paying tenure, it will also integrate the safety of a life insurance
policy providing and chance of getting substantially superior profits on possessorsinsurance premiums.
Tata AIG Life Health Investor
This policy is about offering a round off advantage on identification of twelve illness
that are critical and a cover in case of unfortunate decease, the policy provides a
100% pay back of premium in a condition if the customer does not claim.
Retirement Planning
Tata AIG Life Easy Retire
This is a policy of instant pension plan with Return of Purchase Price (RoPP), this
plan can be acquire through a single premium expense. The plan offer for pension
payments which is compensated all over the life time of an pensioner.
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Ashvin rajani
The university of Wales
Student id:____________
Tata AIG Life Apex Pension Plans
This plan will offer a policy guaranteeing the plus potential of the fairness of markets
and protecting the financier interest by providing a good Net Asset Value on maturity.
Tata AIG Life Invest Assure Future Plus
This is an entity that will connect pension plan with a single purpose - to conserve and
increase policy holder’s contentment even after they retire from job. Invest Assure
Future plus is developed as a commissioned to meet retirement resolution in order to
accomplish their needs of money accumulation, expansion and without a doubt
multiplication of the asset.
1.4 Research Questions
When looking at Customer Satisfaction, one tends to wonder about the aspects of
what customer satisfaction entails, and how companies go about setting and makinggoals to achieve maximum customer satisfaction. There are some major questions
that an outsider may yearn to ask when looking into the subjects of Customer
satisfaction. These questions are referred to as research questions in this paper and
can be worded as follows
1. How are customers satisfied who have bought TALIC insurance policies
during the past 10 years?
2. Are price satisfactions and service satisfactions two distinct drivers of
customer satisfaction which hinders loyalty and their relative importance
differ?
3. Does prices satisfaction or service satisfaction stronger influence on
customer’s satisfaction or firm’s performance?
4. To analyze whether it is more profitable for the firm to improve the
satisfaction of existing customers or to create new customers?
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Ashvin rajani
The university of Wales
Student id:____________
1.5 Research Aim & Objectives
Objective and aim of choosing this topic is to determine the level of satisfaction of
customers with TALIC and also define customer satisfaction as a profitable for both
customer and companies. And other objectives are to examine company’s profitability
who fails to achieve customer satisfaction at some level. So that we carry forward
research in such sense:
• To critically appraise the literature on customer satisfaction.
• To examine level of customer satisfaction who bought policies in the last 10
years with TALIC Ltd.
• To compare the customer’s satisfaction of TALIC Ltd against different
insurance sectors such as LIC India (Life insurance Corporation of India),
Bajaj Allianz, Reliance, Birla sun life insurance etc by filling questionnaire
with TALIC’s customers and other companies customers.
• To identify key factors that influence customer satisfaction with Tata AIG Life
Insurance Company Ltd?
1.6 Purpose of Research:-
The main intention of this study is to investigate the significance and effectiveness of
customer satisfaction level in the TALIC ltd India. The analysis would be made byassessing customer opinion about they receive services with the company through
questionnaire. Data will be collected and analyzed through interviews with
experienced senior line manager. Historical data about company would be collected
and analyzed to find about improvement company has received with improving
customer satisfaction level. In accordance with the outcomes recorded after the
analysis, this study will try to suggest few steps in achieving well progressed
companies performance through increased in customer satisfaction. Another core
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The university of Wales
Student id:____________
objective is to critically evaluate the literature review of Customer satisfaction. The
main questions are,
Research question Related objective
Q 1- Is there customers are satisfied
by purchasing insurance policies with
TALIC ltd?
Review the literature on measuring
Customer satisfaction and concept to
understand the basic model of
measurement and to identify a model /
method of measuring customer
satisfaction (CS) in the case of TALIC ltd
India?
Q 2- Does increase the level of
customer satisfaction help in
increasing firm’s performance?
Critical analysis of out comes from
research and literature available in order
to evaluate customer satisfaction in the
case of TALIC ltd India.
Q 3- Is there a relationship between
the customer’s satisfaction and the
firm’s productivity?
To evaluate the different literature
available on different related issue, and to
define customer’s satisfaction and
TALIC’s productivity.
Q 4- Analyzing which is more
profitable for the firm among the cost
occurred on the improving customer
satisfaction and one time sales?
To evaluate methods used in the customer
satisfaction company to measure
(a) changes in Customer Satisfaction and
(b) new sales generated
1.7 Scope of Research
The span of my research point outs the edge set for research. This research has been
carried out only for Tata AIG Life insurance corporation ltd level critical study and
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Ashvin rajani
The university of Wales
Student id:____________
Chapter- Two
2. Literature Review:-
Literature review shares the different views of authors and that will help us to lead
towards a particular conclusion (Cormack 2000). Walsh and Wigens (2003) identify
three main reasons for performing a literature review - To clarify the research
problem, this helps to focus the research idea more clearly. To help in the decisionsregarding development of the methodology, this can give the researcher a good idea
of how the area can be investigated. To improve the understanding of the research
topic, this gives the researchers knowledge and understanding of the theories and
evidence that currently exists.
Both Smith (1997) and Hek (1996) express the opinion that a critical evaluation of the
literature must be included and not merely a descriptive account. They claim that
some discussion of the previous work is needed if the paper is not to appear trivial and
lacking in depth.
The literature review performed by the researchers used mainly journals. Although
journals are frequently used by researchers, not all journals publish original research
(Cormack 2000). Although journals can provide accurate and up to date knowledge,
for the purpose of literature review a wider range of sources could be utilised.
2.1 Referencing
The references used were mainly of a primary source which Tarling et al (1998)
suggests offer more credibility. Many of the items used within the literature review
were also dated; a general timeline for most academic or evidenced-based practice is
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Student id:____________
to go back in the literature at least 3 – 5 years, although some research projects
warrant going back 10 years or more.
A search of Customer satisfaction level at TALIC ltd database has revealed several
research articles relevant to this particular topic which although support the findings
of this research, offer more up to date knowledge on the subject.
One of the questions LoBiondo-Wood and Haber (2006) suggest to ask when
critiquing a research article is ‘Does the literature search seem adequate? in view of
the dated literature used and the material being confined to journals, the reader may
conclude that the background information appeared inadequate.
2.2 What is customer satisfaction?:-
As explained by Nigel hill and Jim Alexander (2005) customer
satisfaction can be interpreted as it is the measure of how ones organization total
product or service will perform in accordance with the aspect of customer satisfaction.
. This literature covers the whole course of customer satisfaction extent,
it covers all the aspects of manipulating a assessment to portrayal conclusions and
also includes the formative accomplishment after the survey. And many more
journalism include the subject matter such as customer service, value. This literature
review initiates by investigating some basic perception essentially for customer
satisfaction, such as performance gap, lifetime customer values, retaining the existingcustomer and loyalty.
2.3 Performance gap:-
The performance gap model of service quality developed by Parasuraman,
Berry and Zeithaml in 1985 with the four different gaps between customer
expectation and the performance the firms. But in 2003 Zeithaml come out with the
fifth overall gap which was leading by that four specific gap. The five different
performance gap are describe in the below figure 2.1
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Figure 2.1: Service gaps [source: Nigel hill, Jim Alexander (2006), “Customer
satisfaction and loyalty measurement”, Pg. no.-006]
1.> The promotional gap:- it is the failure of the business organization to
accomplish the prospect fashioned in the mentality of customers, it may be chiefly by
marketing communications. In the impatience to be successful and to persuade
customers by selling the reimbursement of their product or service companies can
very effortlessly form prospect in the minds of customers that will be hard to
accomplish.
2.> The understanding gap: - the gap arise due to the imprecise perceptive of
customer needs and precedence by the managers of the organization. If the
requirements of the customers are not understood, then it is very difficult to sell the
product or the service that is of desired by the customers and thereby creating loss to
the organization. Many associations looking for the dealings of customer satisfaction
achieve this problem by falling to comprise in the survey a section which explains the
importance of the customer.
Gap 1
The
promotional
gap
What is said
about the
services
differs from
the standards
actually
delivered
Gap 2
The
Understandi
ng gap
Managers’
perception of
customers’
expectations
are
inaccurate
Gap 3
The
Procedural
gap
Customers’
expectations
are not
translated into
appropriate
operating
procedures/syst
ems
Gap 4
TheBehavioral
gap
The services
that is
delivered is
different
from the
specification
for the
service
Gap 5
ThePerception
gap
The level of
service
perceived by
customers
differs from
the service
actually
provided
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The Service Quality Gap
The difference between customers’ expectations of a service and
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The university of Wales
Student id:____________
3.> Procedural gap:- this gap deals that if it is just assumed that the
organization does have a full perceptive of the requirements and desires of customers
it will cause failure to convey customer satisfaction, if it have not interpret
customers’ outlook into suitable working actions and system.
4.> Behavioral gap:- this can be understand as at times organizations have
apparent measures which are well coordinated to customers necessitate and
precedence but even then the organization fails to attain a constantly high intensity of
customer satisfaction this is because employees are unsatisfactorily skilled or not
trained to follow the actions to the letter at all times.
5.> Perception gap:- there may be a possibility that the above stated gaps
does not exist, but then to the customer survey demonstrate an undesirable level of
discontent. It is due to the customer’s sensitivity over the performance of ones
organization may fluctuate from actuality.
A customer having discontentment toward ones organization due to some kind of
misfortune may have a wrong interpretation and it is also undesirable for the
organization, so it takes lot of effort in developing the relation again. This theories of
performance gap is relevant to this research report for analysis how is the
performance of the TALIC in order to satisfied its customer as well as what are the
market targets in relevant to company targets.
2.4 Service profit chain:-
To understand about the service profit chain author Zeithaml (2000 p.73)
explains that, a positive relation was measured in the investigation on the direct
affiliation between quality of service and earnings. In a partial number of studies and
has no special effects in other studies so due to this reason the potency and limitation
of the associations will be discussed. Storbacka, Strandvik and Gronroos (1994
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p.21)dispute regarding the service quality text, a number of hypothesis that have been
made regarding how quality show the way towards enhanced productivity.
The figure above illustrate us about customer relation and service, that if the
service once provided is of excellent quality then the organization is bound to get the
loyal customers that will make the profit of the organization. This is shown in the
figure in the green colour the right hand side of the representation from peripheral
service assessment through to increase the growth and income of the organization.
Further we are going to examine the three significant factors of the Service
Profit Chain and that is significance of value and customer satisfaction other is the
relation between customer satisfaction and loyalty consequently loyalty and
productivity.
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Student id:____________
Figure critics about that if the organization offers excellent service quality
then it is obvious for the organization to cover a money-making customer for life. On
the contrary the representation advocates that in order to accomplish a profitable
customer for lifetime for the organization, it necessitates passing throughout the chain
in order to build up from value to prosperity. This theories are used to acknowledge
how the customer are reacting from the services providers as which factors helps
companies to offer better productivity and quality. Thus for this reason this theories
are used in the report for analysis of price satisfaction or services satisfaction in the
market.
2.5 Service quality and customer satisfaction relationship:-
Further we are going to see the relation between the service quality and
customer satisfaction, it is critical to customer satisfaction. Service quality can be
interpreted as an assess of potency of the organization, to measure the quality of
service level provided is satisfying customer demands. To provide a good quality of
service is the get way in accomplishing the customer requirements. (Lewis and
Booms (1983) in Ziethalm and Berry 1985 p.42)
As explained by Gronroos (1984 p.37) The eminence of the service is reliant on two
significant inconsistent aspect that is predictable service and apparent service. The
apparent service is the consequence of the customers view of a collection of service
proportions, it can be technical or functional in character . Gronroos also said that to
make clear that In response to attain customer satisfaction, the organization or any
work force management has to equivalent the predictable service and the alleged
service.
The rapport between quality of service being offered by the organization and
customer satisfaction has been printed on by Liljander and Strandvik (1994). The
model furthermore seems that the opinion against the link linking Service quality and
customer satisfaction. As shown below in the figure it depicts how service quality andsatisfaction may not relate with each other directly. It means that even if the quality of
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Student id:____________
1. “Tangibles: The manifestation of substantial amenities, paraphernalia, and
human resources, A means distinctive of service commodities is their
intangibility. since the service patron often give the impression of being to
any tangible contamination which possibly will be used as sign of the quality
of the service stipulation.
2. Reliability: The ability of the organization to perform according to the
presumed planned that are set by the organization to give their valuable
customers, it is the reliability that will improve the customer satisfaction.
3. Responsiveness: The keenness to facilitate customers and make available at
the appointed time service by the organization is known as the responsiveness
of the organization. The SERVEQUAL defines it as the requirement of
customer
4. Assurance: The knowledge and courtesy of employee and their ability to
inspire trust and confidence”. It is the degree of trust and confidence that the
customer feels that the service provider is competent to supply the service.
Mostly, this stems from the degree of confidence that the customer has in the
service provider’s staff. The customer will not be satisfied if he/she does not
feel about the competence of the service provider.
5. Empathy: Providing compassionate and individualized concentration toconsumers is the empathy of the organization of to offer better quality of the
service.
The more the service supplier can observe effects from the customer’s point of
observation, the better Geoff Lancaster, Frank Withey 2008
Moreover the objective of SERVQUAL is to determine the breach involving the
intensity of customer expectation of service and their acuity of real paradigm of
service deliverance that is as cording to the definite extent (Parsuraman 1988 cited
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Student id:____________
in Jabnoun & Saad 2004). Further we see that when their supposed service is more
than expected service then it is alleged that the quality of the service is satisfactory
(Parsuraman, Gupta & Jain, 2004). However most probably it is not appropriate to
vague such as assurance policy consequently to determine the breach between the
customer satisfaction and the service the examiner utilizes another four proportions in
support of quantifying the relation.
The pro’s of SERVQUAL in service industry was explained by Buttle, 1994 cited in
Jabnoun & Saad 2004
· To weigh up various aspect such as reliability, responsiveness, assurance
and empathy of standard of service quality it is functional tool for calculating
satisfaction and space.
· The tool was found out to be precise in different service circumstances
· It has also been verified that to infer likewise difficulties for assorted reader
its give consistent denotation.
· It has harmonized examination system to assist construe the outcomes.
· Utilization of this mechanism is supportive for customer and employees to
accomplish partial quantity of items.
Regardless of the disagreement in support of SERVQUAL several critic broadly
disparage the purpose of SERVQUAL dimension on a variety of intangible and
working foundation. Several disapproval in opposition to the magnitude narrates to
extrapolative control of the tool, extent of questionnaire, space score and soundness of
the five dimension configuration. (Babakus & Boller, 1992; Cronin & Taylor,
1992, Shepherd & Thorp, 2000; Teas, 1994 SERVQUAL device has subjected to
various quantity of hypothetical and functioning censure. The chief disapproval has
been raise as
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Primary the SERVQUAL range demands extremely large data compilation task. The
design of the tool is extensive questionnaires to determine consumer anticipation and
sensitivity in the direction of performance of organization that will have an impaction
on the organization and customer response. SERVQUAL has been disapproving for
concentrating on the progression of service deliverance relatively subsequent result of
the service encounter. The main staid are apprehensive with the amount of
proportions and steadiness from various circumstances.
Profit Impact of Marketing Strategies research
Due to the impaction of the marketing strategies on the profit of organization
the research initiated with this fact, the study of relation between the quality of service
and profit was then measured. The Profit Impact of Marketing Strategies (PIMS)
cross-sectional business record (Zeithaml, 2000 p.71). The foremost reimbursement
of the PIMS catalog is to facilitate the investigators to examine the brunt of service
quality on economic outcomes subsequent to scheming for the cause of other
variables such as cost. (Zeithaml, 2000 p.71).
One of the most important disapproval of PIMS study is, “professed service
excellence is accounted from the organizations perception to a certain extent than the
customer’s outlook. (Zeithaml 2000 p.74). This model is used to analyze the whole
market strategies of different companies as well as TALIC in the research report.
Customer perceived value model (CPV model)
Another area of theory that service quality encompasses is the value that a
customer derives from an organization. Gronroos (1997) developed a model to
illustrate this:
Fig.2.4
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The nominatives are benefits to the consumer, such as a restaurant meal, which is then
divided by the denominatives. These are the sacrifices a consumer makes, such as
price paid, time and effort. If the consumer believes that they got value out of the
encounter, the relationship moves on to how satisfied they are. This models is used or
implied in this research for looking what are the customer expectation which
satisfaction gives customer more influenced as hinder to fall in that categories so the
model was used in TALIC Company for further analysis of behavior of customer
Defection analysis
Defections analysis shows that continuous enhancement in service eminence is
not a expenditure but a speculation in a purchaser who create more turnover than the
margin on a on one occasion deal (Reicheld and Sasser 1990 p.107). Figure. 3
below, shows that as defection rates are lowered from 20% to 10%, “the average life
span of its relationship with a customer doubles from five years to ten and the value of
that customer more than doubles” (Reicheld and Sasser 1990 p.107). The link
between defections analysis also stems all the way through to profitability, as shown
by MBNA America “a 5% improvement in defection rates increases its average
customer value by more than 125%” (Reicheld and Sasser 1990 p.107).
Fig.2.5
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(Reicheld and Sasser 1990)
Basic Model
The fundamental representation depicts the expansion and utilization of
consumer satisfaction questionnaires. The framework materializes as shown in figure
and demonstrates the development in all-purpose. Each stage of the course includes
explicit steps, with each of them considering the significant constituent in the
perceptive of consumers beliefs.
Step-1
Determine
customer
requirements.
Step-2
Develop and
evaluate
questionnaire.
Step-3
Use
Questionnaire
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STEP-1 In the first step of the procedure identification of the customers
requirements or excellence dimensions is carried out. The imperative distinctiveness
of a goods or services is determined. The step not only recognizes the eminence of
product and services and quality proportions, however also discovers precise pattern
of these dimensions.
Here the examiner comprise acquaintance of customer necessities for the two main
cause. First is to offer a enhanced perceptive of the customers characterization the of
services and products. And secondly awareness of customer requirements resolve
facilitates the expansion of the customer satisfaction questionnaire. The questions in
the questionnaire are supposed to determine the relation between customers
satisfaction and the service provided to them.
STEP-2 the second step is to build up the questionnaire. This step is criticaland contains various definite components. The main objective of the idea of
questionnaire is to facilitate the estimation of definite information.
STEP-3 here the utilization of the customer satisfaction questionnaires is
depicted. every utilization permits us to acquire precise information about the
customer’s opinion. The practice of this step permits us to know about customer
satisfaction and loyalty customer further evaluating the customer satisfaction. The
methods or process steps are implied to carry out the research in the company as
which things satisfied as what are their requirements and how the company uses it
resources to satisfy the customer more better.
6.> Dominant model
The foremost representation in customer satisfaction investigation is
foundation on the disconfirmation of opportunity archetype (Oliver, 1980; 1997).
According to Matzler representation satisfaction is produced in the course of a
cognitive assessment of supposed presentation with purchase prospect. Supposed
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presentation can be greater than that is expected, ensuing in optimistic substantiation,
or if it is inferior than it is supposed to be desired expectations than this will cause a
loss in the business., with the success of product or the service provided by the
organization advocates towards the assessment results in temperate contentment or
unconcern ( Oliver & DeSarbo, 1988). The rapport involving the enhanced
performance and customer’s satisfaction on the whole usually has be well thought-out
as linear and symmetric.
The study shows that there is strong aspect of relationship that is getting utter
complicated. The current examination shows the customer satisfaction and it states
that service or product characteristic is related to the three main aspects impact on
customer satisfaction that is fundamental issue, performance feature, and anticipation
feature (Anderson & Mittal, 2000 Matzler & Hinterhuber, 1998; Oliver, 1997;
Kano, 1984).
So the researcher as well experiments with Kano’s model of customer
satisfaction (Kano, 1984). As explained by to Kano’s the structure or model of
customer satisfaction disagree that the affiliation between contentment and on the
whole fulfillment can be asymmetric, depending on the category of product or service
it is given power. This form of customer satisfaction Is considered to be the
fundamental aspects, the essential factors of the aspect is that the requirement that the
customers discontentment, apparently the customer satisfaction should not be
satisfied. Is a minimum requirement that is to be accomplished? Anticipation feature
are the aspect that amplify customer satisfaction if communicate but do not cause
dissatisfaction in case if it is t purchase. Anticipation feature astonish the customer
and produce ‘‘delight’’. Performance of the organization draws towards satisfaction
provided that the performance of the organization is enhanced.
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2.7 Types of Loyalty
As explained by Jim Alexander, Nigel Hill loyalty is of numerous form, a lot
of reasons. The correct denotation of the declaration loyalty is involving very little
commitment, loyalty or obligation. Monopoly loyalty is a tremendous instance,
anywhere the customers have small or no alternative, and the loyalty of the customer
is fixed. Incentivzed loyalty has probably been the mainly highlighted by the
marketing approach in current years. It is probable to have an impaction on consumer
who is not paying their possessed funds, recurrent business brochures can be taken for
interpretation.. Habitual Loyalty might be the largest part that is regular form of
reiterates trade.
So as far as the types are considered doesn't matter what the loyalty type is and
the relationship of the customer, there will be dissimilar level of customer loyalty andthese differences are depicted in the literature as shown in the figure in ladder form .
Figure espouses the tree loom as this graphically corresponds to the archetypal extend
of customer from first to last levels. The measure of customer loyalty can be as shown
(Figure: level of customer loyalty ladder)
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• Suspects take into account all the customers who are in requirement of the
product or service type in the market. Suspects are almost not sentient towards
the product or service they are buying rather they are in fondness or
purchasing.
• Prospects prospective patrons who might have been known or are attracted
towards the organization but have not yet purchased
• Customers are the buyers of the products and services from the organization.
• Clients are the recur patrons who have an attachment with the organization
and are loyal to the organization may be due to the supremacy of the service or
the product..
• Advocates are the clients who are in favor of the organization with the
impaction of the service and product and they promote the organization.
• Partners form a healthy customer- supplier relationship which is persistent as
both parties see business as equally advantageous.
2.8 The Relationship between Satisfaction and Loyalty:-
Here we are going to learn about the relation between loyalty and satisfaction of the
customer an organization, Oliver (1997 p.13) characterize satisfaction as felling of
the consumer’s accomplishment reaction. It is a decision to facilitate a product or
service mark, provided by the organization is being satisfactorily accomplishing the
customer’s requirements.
“The existing contentment exemplar is in foundation on the supposition that
customer’s measures are based on their insight of excellence of the service or product
and it gives them contentment, it gives a feeling that the customers are getting to
perform and desire, and that a faithful consumer is more lucrative than a less
dedicated customer. (Storbacka, Strandvik and Gronroos 1994 p.21). Hill and
Alexander (2006 p.1) disagree that, “it is fetching conventional that there is a well-
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built link among satisfaction, retention and profitability of the customers. Griffin
(2002 p.191), says that “customers whose troubles and complaints have been rectified
efficiently turn out to be your most faithful customers. As shown exceeding, there are
further more literature that is in concern with the customer satisfaction and
performance.
Though it’s judgment of author Keiningham 2005; there is a strong linkage between
the satisfaction and loyalty of the customers. He says that the connection is not simple
and it is not linear. He also states that the connection among satisfaction and loyalty
of customer, we need to think on the relations of the satisfaction and loyalty of the
customer as if the existing customers are well nurtured then the new customers are
bound to get attracted.
Jones and Sasser (1995), give explanation about the competition in the market and the
impaction of that aspect on the relation with the customers. The figure downwards
reveals the sharp curvature showing absolutely content customers; it shows the level
of satisfaction. There could be other side of the coin in this testimony that from this
explore, the contentment extent range may perhaps be seen as a feeble sculpt to
calculate satisfaction, as ‘4’ on the satisfaction range can be out looked as inconsistent
.
.Reichheld (2003) explains that a lesser trustworthy customer has even less
dependable revenue of determining faithfulness through conservative customer-
satisfaction actions. The research shows that contentment has a deficient in a
constantly confirmable relationship to definite customer behavior and growth.
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A finding by Xerox has devastated the conservative insight, their study depicted that
the customers who were absolutely satisfied were six times more expected to
repurchase Xerox products than its contended patrons. Only pleasing consumers who
can make choices according to their requirements is not adequate to built loyalty
The author says that only those customers who are fully satisfied with the
organization are loyal towards it.
Fig. 2.6
Jones and Sasser (1995)
With all the critics customer satisfaction has a considerable role in retaining the
customers, the realism is that it is not possible to please each and every customers, it
also depends on the requirements and mind set of customer and, most awful of all is it
is difficult to retain every contented customer (Woo and Fock 2004). Griffin (2002 )
also says that only satisfying single-handedly is not adequate to make a loyalcustomer .
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Fig.-2.6
Attitude Loyalty depends on the mentality of the consumer, and trustworthiness
happen when a customer has an emotional or psychosomatic affection to a business.
(Bowen and Chen 2001) explains that the customers who are excessively loyal to the
organization are sometimes harmful for the organization and also some time
beneficial as they may believe extremely of a business and advocate it to friends
excluding themselves as expensive for them.
Where as behavioral loyalty is set on the basis of computable behavior and further
elongated term (Hobbs and Rowley 2008). It is focused additionally towards
recurrent repeat acquisition rather than a strong affecting connection to the product or
service (Uncles, Dowling and Hammond 2003).
To develop loyalty amongst the customer behavior, the customer should provide with
excellent service that will bring favorable outcomes. As explained by Heskett et al
(2008) it stated that constancy consequences is straight from customer contentment.
On the other hand, Palmer, McMahon-Beattie, and Beggs (2000) express their view
in contradiction that loyalty which is the consequence of recurring behavior is weak.
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Keiningham, Wallard (2005) disagree that it is incorrect to take for granted that
recurring purchase is n equality with loyalty.
2.10 Relationship between loyalty, behavior and customer satisfaction:-
Dick and Basu (1994) argue that loyalty is viewed in stipulations of the power of
association connecting attitude and behavior and also that factual constancy have to
consist of both attitudinal and behavioral elements. Griffin (2002) also disagrees to
affection to a business (attitude) and recur purchase (behavior) is crucial for constancy
or loyalty. on the other hand, Keiningham, (2005 p.144) dispute to the fact for
numerous corporation the preponderance of consumers who would be well thought-
out equally attitudinally and behaviorally dedicated would not be advantageous.
Fig-2.7
Jones and Sasser (1995)
The replica classify customer according to satisfaction, loyalty and behavior.
The model can be associated to the loyalty – profitability association by assessing the
group. It can be squabble with the intention of in the longer relationship with the
organization, terrorists be able to influence customers and prospective customers
associations with an association in the course of passing on their bad incident. While
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Jones and Sasser (995 p.96) explains that the amongst the most loyal customer who
is wholly contented and remain recurring to the organization providing him the
service, satisfying with the relationship in the as Griffin (2002 p.5) states that profit
depends on the loyalty of the customer, like if the customer remains loyal for a long
time then it is boon to get advantage further which will reverse of it if the customer is
not loyal.
A company can collect from the single customer; missionary are those
customers that are so contended and loyal that they do anything for the promotion of
the company. It is believed that it is the customer’s loyalty or the effect of the
customers that helps the organization increment of the productivity. (Reichheld 2003
Page-49).
The mercenary is a purchaser who confronts the satisfaction-loyalty rules eventhough with the complete satisfaction it seems that the loyalty is being lacking in the
company client relationship (Jones and Sasser 1995 p.97). Thus it disagrees against
the satisfaction-loyalty relationship in the (SPC). For instance the hostages are
persons who have occurrence of the nastiest so this aspects the corporation has to
propose and must acknowledge i(Jones and Sasser 1995 p.97).(Keiningham, et al
2005 p.89) said that the hostages are normally called as the loyal one.
In verdict of what produce a detainee customer the literature has hesitate
winning a solution point which once more have establish a weakness in the SPC, so
even though a customer is neither contented nor of one owns free determination
trustworthy Keiningham, (2005 p.7) goes on top of disagree that the authentic
remedy is to know about the customer an to provide him with he best of the survive
that a company can provide him.
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Number of authors has studied about the relationship between the customer
satisfaction and loyalty with the organization that will yield enhanced productivity for
the organization. (Storbacka, Strandvik and Gronroos 1994 p.34). (Hill and
Alexander 2006 p.19) recommend the notion of loyalty is entrenched in the precedent,
put emphasis on uniqueness such as commitment, obligation, compulsion and
commitment. It is completely improbable for most money-making venture to look
forward to their customers to encompass such approach towards the organization.
According to (Keiningham, et al 2005 p.16), the enthusiastic method in which
administration has sanctioned the potentials of patron constancy can hardly be
comprehended. Keiningham (2005 p.28) goes against disagreement that the
consequences are obvious that it is very difficult to maintain the customer loyalty
even though time and money is spend on them.
2.11 Summary of literature:-
Numerous studies have been made on the fact of service quality and its
outcomes in accordance to enhanced productivity and also enhanced customer
satisfaction. The associations in the service profit chain had depicted results that
showed positive effect on the customer satisfaction on the reception of superior
service. It has shown the effect of profitable customer and to a level a beneficial
consumer for lifetime. Helgesen (2006 ) has explained about the affirmative
affiliation among customer satisfaction and loyalty, also give the impression to be a
optimistic liaison involving the enhancement customer loyalty and customer
profitability. Even as Bolton (1998 )\ has shared his views that customers that are in
long relationship with the organization are having privileged preceding increasing
satisfaction evaluation and it is less with that with the customers who are not in long
term relationship.
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on the other hand, as concerning the ‘for life’ component of the declaration to
the affiliation involving service quality and productivity has a limitation number of
studies made on it and it is not necessary that the customer may be thought of as a
beneficial customer for the entire life of business. Keiningham, 2005 gives an idea
about the conventional promotion has only in recent times revealed the conception of
lifetime customers and their values accordingly.
To know the level of the satisfaction among the customers the examiners has
to take into consideration of all the designs that has been so far name to measure the
customer satisfaction. But among them the foremost model for determining the
customer satisfaction is the dominant model of customer satisfaction.
Te model is having the foundation of the disconfirmation of the requirements
or the desires of the archetype (Oliver, 1980). In accordance with this K. Matzler
framework is satisfaction is fashioned through knowledge that is formed according to
the hypothesis and also with the experience of supposed presentation with pre-
purchase anticipation.
The apparent performance can be superior than as it was expected that gives a
positive outcome for the organization, that is the satisfaction and if it is in
contradiction then it is the discontentment among the customer. If the expectation of
the service or goods provider is fulfilled that is the service has attain fair response in
the market tenth outcome is considered as the moderate satisfaction. Oliver &
DeSarbo, 1988). The association flanked by attribute-level performance and largely
satisfaction is measured as linear and symmetric. There are proofs of the linear and
the symmetric aspects which complex relation. The latest study also showed that the
customer satisfaction falls on different categories like basic factor, factor of
performance and excitement factor. (Anderson & Mittal, 2000; Gale, 1994;
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Johnston, 1995; Matzler 1996; Matzler & Hinterhuber, 1998; Oliver, 1997;
Kano, 1984).
2.12Theoretical Frameworks:-
Below shown table indicates research question and related literature review.
Research question:
How are customers satisfied who have
bought TALIC insurance policies during
the past 10 years?
Relevant theories from literature
review:
In this the performance gap
theories is used because this wouldallowed us to know how the TALIC had
performed in satisfying its customer as
what level of the gap is measured
between the customer expected and
customer provided services
According to author, Kotler
(1997) describes customer satisfaction in
general terms is “It is a feeling of
happiness or dissatisfaction of a person
resulting from comparing a product’s
supposed performance (or outcome) in
relation to his or her expectations.”
Parsuraman et al states that
the goal of SERVQUAL is to measure
gap between customer expected level of
service and their perception of actual
standard of service delivery on the
basis of defined dimensions. In this
Research question:
Does prices satisfaction or service
satisfaction stronger influence
customer’s loyalty or firm’s
performance?
Relevant theories from literature
review:
In this there are different models suchas product marketing strategies and
CPV that is consumer perceived value
which is been focused so that one can
analyzed how the satisfaction of
customer are been review.
Reicheld and Sasser developed
defections analysis which shows that
“continuous improvement in service
quality is not a cost but an investment
in a customer who generates more
profit than the margin on a one-time
sale”.
Research into customer satisfaction
suggests that service or product
attributes fall into three categories with
a different impact on customer satisfaction: basic factors, performance
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research researcher use dominant model
satisfaction is formed through a cognitive
comparison of perceived performance
with pre-purchase expectations.
Perceived performance can be greater
than expectations, resulting in positive
confirmation (satisfaction), or lower than
expectations, resulting in negative
disconfirmation (dissatisfaction). If the
product performs as expected, the
comparison results in moderate
satisfaction or indifference (simple
confirmation, see Oliver & DeSarbo,
1988)
factors, and excitement factors.
Therefore, Kano’s model of customer
satisfaction (Kano, 1984) argues that
the relationship between attribute-level
satisfaction and overall satisfaction can
be asymmetric, depending on the type
of product or service attribute.
Research structure for
“The level of Customer Satisfaction in Life Insurance Industries –With a case of Tata
AIG Life Insurance Company Ltd in India.”
Research question:
Are price satisfaction and service
satisfaction two distinct drivers of
customer loyalty and does their relativeimportance differ?
Relevant theories from literature
review:
Heskett, Sasser and Schlesinger
found that a, “5 percent increase in
customer loyalty could produce profit
increases of from 25 percent to 85
Research question:
Analyzing which is more profitable for
the firm among the cost occurred on
the improving customer satisfactionand one time sales?
Relevant theories from literature
review:
In this basic models are used so that
would review how the customers are
satisfied with improving the services
in timely basis.
Zineldin argues that, “Indeed
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percent” “While the relative importance
of these effect varies from industry to
industry, the end result is that longer term
customers generate increasing profits”.
However, Keiningham, et al
argues that, “for many companies, the
majority of customers who would be
considered both attitudinally and
behaviorally loyal would not be profitable”.
Several studies have shown
empirically that price and quality
perceptions influence value perceptions
(Bolton & Drew, 1991; Ralston, 2003),
concluding that price perceptions have an
important influence on customer value
and managers should actively manage
their customer’s price perceptions.
Fornell et al. (1996), for instance,
investigate the impact of price and
perceived quality on overall satisfaction
in various industries. In each of the
sectors examined, price plays an
important role
there is a positive impact of customer
loyalty and retention on company
profitability.” Whilst keingingham, et
al states simply that, “Loyalty does not
equal profitability”.
Reicheld and Sasser state that
“As a customer’s relationship with the
company lengthens, profits rise.”
Reichheld also states that “Companiescan boost profits by almost 100% by
retaining just 5% more of their
customers.” for measuring cost of new
generate customer researcher includes
the cost of marketing, various attractive
schemes and advertising etc. where as
for customer retention researcher focus
on the loyalty of the customer by
analyzing response of questionnaire.
Chapter- Three
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The Research Methodology:-
3.1 Introduction
The main aim behind this particular research is that only to find out about the TALIC
ltd that in this firm there is a need giving preference to customer’s satisfaction and
due to this firm performance shows improvement. Here in the following paragraph
different research techniques explanation is given which is required for this
dissertation and for the data collection showed different ways like primary data and
how, from where and when this data is collected is explained. The data has been
collected from different group of people in different ways. Here the discussion of
different research philosophies and methods is done. Here the analysis of different
methods has been done and from that the most appropriate methods has been taken for
the research. The list of questionnaire has been created for getting the research clear
idea and to know about the views of different group of people. For testing the
hypotheses, for getting the goal of the objectives, make a conclusion and finally for
recommending the list of question has been developed. For achieving the main
objectives of this research is the aim of this research methodology. There are gaps
found in the literature review which are searched by using the research methodology.
3.2 The Methodology:
For doing the research work there available different types of methods but
seeing to our research work, we will be concern to two type of research they are
quantitative and qualitative research. Having gone through both of these
research’s we will discussed one in depth which we will use for this research
work.
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In short the Qualitative research can be defined as a research which is less
purely scientifically. In this research there is one-one procedure that is the
researcher can directly put the queries to the person no third person is involved
in it. There are list of questions which are asked to the individual mostly for
biasing the feeling and then come the requirement of information and judging
the individual. (Saunders, M., Lewis, P. & Thornhill, A. 2009) Mostly seeing for
explaining the hypotheses, different approaches, views and motivation the Qualitative
data is used. For quantitative research the qualitative research is a first step.
For providing the following the Qualitative research helps a lot they are:
• For the query arise answers is obtained.
• For the question there is scientific answer
• Data gathering.
• Conclusion can be done which were not available. For finding the views,
behaviors, standards and social contexts of the people the qualitative research
is beneficial.
By using the qualitative methodology there are obtained different benefits they are:
The benefits of using qualitative methodology are as follows
• It shows the behavior, idea, judgment, passion and relationships of individuals.
•
It is used in the examination of the factors such as social custom,socioeconomic position, gender function, civilization, and religious
conviction.
• It also has the advantage of dealing with open ended question and with
individual estimation of the examiner.
• The most important thing is that it is flexible that is it can be linked and
preferences.
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The different method of accomplishing the qualitative research is
Participant observation; it is the most appropriate for gathering information on
the behavioural aspects
In-depth interviews , it is also an effective way of acquiring the information
bsed on interview and facts, perspective, and indulgent,.
Focus groups it gives an aid to know the behaviour of group in accord tospecific consideration.
Quantitative approach it is the technique where the examiner largely relate positive
declaration for accomplishing the study which includes reason and produce
philosophy, lessening to exact erratic and proposition and difficulty, the use of total
and inspection.
The virtues of utilization of quantitative study are
• Makes possible in explore in area where enormous quantity of information is
in requirement.
• It offers suppleness to the investigator.
• It also assists in appropriate assessment of the consequences of the two or
more groups of data.
The various range of procedure of carrying out the quantitative research is
questionnaire, focus group, consultation and spectator involvement.
The questionnaire is the best process to have a preference for this research. Since
in questionnaire difficulty are put together and can be of numerous choice questions,
(Saunders, M., Lewis, P. & Thornhill, A. 2009).
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In this research reports which focus on the quantitative study approach as well
as qualitative approach which is taken for the investigation for outcomes. (Patton,
M. Q. 2001).
A questionnaire set is design to get the information which is useful in the
study from groups. For easy accessibility of statistics and speedy attain of user
groups, the questionnaire was planned and 50 customers were chosen indiscriminately
from TALIC ltd they were requested to respond the questions further this questions
would be analyzed for reaching up to appropriate result . Ranganath 2008 the
questionnaire had subject which the participant had to answer on the features like
completely satisfied, contented, discontented or completely disappointed. In the
incomplete and mis-interpreted answer of the respondents would be ignored just to
maintain the level of accuracy in research. In addition to this even the interview
would be organized for top executives so a balance of all the level of management of
company is maintained. The Interviewing jury comprised of 10 managers and 4 areamangers and their views which was in accordance to the customer satisfaction in
TALIC ltd.
Quantitative approaches vs. Qualitative approaches
Fig-3.1
Quantitative approaches Qualitative approaches
'Simple' numeric data 'Complex' rich data
Measurement Meaning
Explanation Understanding
Prediction Interpretation
Generalize able account Contextual account
Representative population sample Purposive/representative perspective sample
Hypothesis-testing Exploratory
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Claims objectivity Accepts subjectivity
Closed system (experimental control) Open system(ecological validity)
Source: http://www.psy.dmu.ac.uk/michael/qual_aims.htm [Accessed on 24th
September 2010]
3.3 Research approach
The research approach used in this study is of two types that is the inductive and the
deductive approach. The deductive approach is as of inward bound at exact from the
universal or to articulate that it is a top-down approach. This theory may leadto the
poin of interest.and te we consider it to the more specific postulates (Patton, 2001)
Inductive approach is the contrary approach of the deductive approach. In the
inductive approach the common from the definite is used. It follows bottom to top.
The inductive approach provides worry to situational characteristic that defines
definite behaviours in relation to the common conditions. As stated by Charles, C.
1995 advocate the vision that, anywhere the point of a explore occupy the necessity to
be acquainted with what is going on, why and how it is going on, and then the
inductive associate will have to build sagacity of interview statistics. According to
Charles, C. 1995 put into notice that the inductive approach is proficient of ascertain
different observation of observable fact as a product of a mixture of technique to
create the data.
Here in this study of customer satisfaction we are concerned towards inductive
methods as we are dealing with the definite case of TALIC Ltd. and with an aim to
provide a rational conclusion of customer satisfaction in delivering enhanced
productivity. (Gill, J. & Johnson, 2002).
Figure: Deductive (Top down approach)
Fig3.2
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Sources: http://www.socialresearchmethods.net/kb/dedind.php //[Accessed 24-
September -2010]
Figure: Inductive (Bottom up approach)
Fig3.3
Sources: http://www.socialresearchmethods.net/kb/dedind.php //[Accessed 24-
September -2010]
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THEORY
TENTATIVE HYPOTHESIS
OBSERVATION
PATTERN
THEORY
HYPOTHESIS
CONFRMATION
OBSERVATION
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3.4 Research Philosophy
The three chief factors those are significant for the research philosophy and the
factors that are beneficial and unwanted for the research philosophy for the proposed
priority of the actual method to carry out the research. The factors are as follows
• The methods that are going to be implemented in the study should be precise
and also the statics that is collected should be in relation to the subject of
research
• To opt for the foremost suitable technique for carrying out the examination
and clearance of the fewer valuable ones
• The study should be design that it should go with to the research plan and
purpose.
The research done on the managerial aspects, the study requires the selection of thehypothesis that is the positivist and phenomenological philosophy. A positivist
viewpoint is feature which spotlight on essentials and makes a supposition and then
verifies the developed postulates. The notions that are developed by the examiner are
autonomous and also the viewpoints can be objectionable. Whereas in the
phenomenological viewpoint the consideration are based on samples and the matters
that are relevant in the study, so that will give the information from the data and a
rational outcome. (Gill, J. & Johnson, P. 2002)
The report of research focus on case of company as there is different information
collected while observing the company and reaching up to appropriate conclusion in
subject. In this phenomenological philosophy of research is used as because this
research holds the subject which is been analyzed by taking a case or example and
then conclusion are drawn from it.
3.5 Research Strategy
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The research strategy is the technique that is going to be implemented in the
examination of the interested subject and also the strategy should match all the
consideration that is required in the research method. The research strategy should be
simple and very comprehensive that will give a rational result from the examination.
The other important factor to be consider in the research strategy ids that the strategy
should be very systematic and should follow all the scientific approaches or technical
approaches that are been designed by the experts and also taking the reference of the
journalism given by the managerial experts.). The principal research strategy in order
to gain information from people, survey will take place in the research.
Basically research method is a logical method to analyze the constraints and to arrive
at a conclusion; survey is a methodical means of accumulating the required data from
sample of larger population.
Grove (2004) elaborates on the samples; it shows the importance of collecting thedata from large population in concern to differentiate between information acquisition
in universal and with help to survey method. Statistical data is used to describe the
particular characteristic..
The information can be collected by
• Primary information by just soliciting people in general.
• Also it can be collected by personal interview and with the record of the
questions and answers to the samples selected.
• It can also be collected by taking sample from desired field and collecting
information from them.
One major apprehension revealed by Denscombe (2007) is that survey approach is a
ingredient of research stratagem therefore it is improper to consider it as a research
method. Survey is normally \proffered for the collection of information from a mass
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of people selected for the data collection. Some of the pros and cons of survey method
illustrated in below table 3.2.
Advantages Disadvantages
• Decrease the intensity of mistake
take place by confusion because of
normalize questionnaire.
• Survey is not as much of
expensive and simple to govern.
• Accurate question can be placed
in front of target consultation in
study.
•
Strength of survey can becalculated by the use of statistical
technique.
• configuration of survey is still
doubtful whether it’s open or close
finished question
• Some time dependent may not
provide accurate information.
• Lack of inspiration may depress
contestant to present their reaction.
• Lack of reaction is happens for the
reason that of diverse feature of samplewhether its casual sample.
in this report of research the strategies planned out is through using the both primary
as well as non primary sources so there would be different information obtained from
cenus, survey, company’s annual report, or even the pervious research data just to
support the primary data collected through questionnaire and interview. This
strategies are depend on interest of researcher, or investigator who wants to focus on
more collecting the information from Annual general meeting, or annual report or
other news and reports of TATA and AIG (TALIC) company.
3.6 Sampling
A famous quote from Cervantes states, “By a small sample we may judge the
whole piece.” Most of our everyday experiences with sampling are not scientific.
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However, our satisfaction with the results of our decisions, based on sampling,
depends on how representative they are. In research the goal is to assess target
segments efficiently and effectively by designing and executing representative sample
plans.
Sampling consist obtaining information from a portion of a larger group or
population. While making estimates from a sample of a larger population has the
advantages of lower cost, speed, and efficiency, it is not without risk. However,
fortunately for researchers, this risk can be set very low by using probability-
sampling methods and appropriate estimating techniques, and by taking a sufficiently
larger sample. In below figure states the relation between the research population and
research sample
Fig3.4
.
[Source: http://www.qualitydigest.com/IQedit/Images/Articles%20and%20Columns/
August%2010/ouellette/fig1.gif]
So the issue of getting information from large population of TALIC ltd customers and
from different department of marketing, finance and human resource who engagedand involved in increasing customer satisfaction. Their responses in questionnaire will
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like A, B, C1, C2, D, and E, that shows or explain the social background of
the people involved and random samples are usually taken from each group.
2.> Quota Sample: Quota sample ensures that the proportions in a sample
show the whole market. Quota sample can be selected from a relatively small
geographical area, they are cost-effective in gathering data and refusals or
non-returns can be replaced by anyone else who suits the characteristics of
quota sample.
3.> Judgment Sample: In this type of sample researchers select the sample
based on who they think will most like show the views of the group to be
interviewed and it is used where large companies dominate the market in
industrial research.
4.> Convenience Sampling: Convenience sampling means there is no sample
design. The sample is chosen on the basis of who can be contacted easily and
it is similar to an interviewer questioning people met on the street or in an area
in a town closed to traffic.
5.> Random Sampling: - Random sampling is done by picking a selection of
people in random from the whole population or the college to be researched
using a questionnaire. For example pick the entire student in college to have
an equal chance of being selected. Then later use statistical methods bycalculating how many need to be interviewed so that my findings reflect the
views of the entire population.
The most useful method or technique which should apply in this report is the random
sample because it is easier and most suitable to research my findings in order to get an
accurate or appropriate data.
3.8 Sources of research data
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a.> Primary research
Primary data are those kind of information that is been collected buy soliciting the
mass of the people in different manner. These are the first hand data means it can be
understood that this data are directly collected from the source and further more it can
not be altered as it is collected directly from the source in concern. The data can also
be collected from sources and trace of events and business annual report, video, audio
recording.
The different methods are as follows
• Face to face interviews: - this method gives the information by interviewing
the personnel selected for the data acquisition for research. It is verbally done
and cannot be altered by the examiner.
• Telephone interviews: - it is an easy approach of interviewing the
participants as the examiner can contact him on telephone.
• Online surveys: - interviewer this is a modern approach of interviewing tyhe
candidates, its very easy and the data collection method becomes less tedious,
the questions can be asked through e-mails and voice chatting.
• Questionnaires: - it is the systematic method of collection of data, a set of
questions are designed for the research intention and the participants are
solicited to answer the questions.
• Advantages of primary data
1) Specific Research Issues – the primary data has an advantage that it gives
specific research information and as it is directly collected from the participants
there are no chances that anyone can change the information. These are the
original dates, means it is not collected from any other source like news paper of any media.
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2) Greater Control – it gives a superior control over the information that is been
collected and it helps the examiner to focus on definite aspects. Also the control
on the information is higher.
3) Efficient Spending for Information - the expenditure in the collection of the
primary data is efficient in contrary to the secondary data as the unwanted
information expenditure is eliminated in this method.
4) Proprietary Information – the data accumulation by the examiner by means of
primary research is their personal and is normally not shared. The data collected
can be kept confidential and that will not allow the rivals to access the
information.
Disadvantage of primary data
1) Cost – the disadvantage of the primary data is that the expense of the method
increases as different means is used for the collecting of the data, which is not
in that of the secondary data collection.
2) Time Consuming – the collection of information in primary data collection is
more time consuming as it depends on the person being interviewed; it is done
according to the availability of the person. Also the information has to go from
the start point to the end for the investigation sop it consumes more time.
3) Not Always Feasible – Some survey task although prospective in contributing
information that might demonstrate importance whereas it may also happens
that sometimes the information so collected are not of important, it depends on
how the participant provides the researcher with value information, as whatever
information is given by the participant is undoubtly recorded and the further
research is carried out on the basis of the information.
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b.> Secondary research
The secondary data are the data that are collected from the numerous sources that are
providing the information regarding the company, it can be any media, like business
magazine that provide the general corporate information and also from the website of
the company on internet, mostly the company provides the information on their
websites about the companies profile, their various features ranging from financial
report to training and development, review of their employees , feedback, so a lot of
information can be collected from the companies website itself, also there are news
paper and other sources, so the process of collection of data from these sources is
called secondary data.
The secondary data are easy to access and also the quality of data collected is superior
than that of the primary data.
Saunders (2000) has acknowledged that there is benefit and drawback of secondarydata collected works. The benefit is that it saves time and funds for the data collection
from secondary resources. It is unremarkable and can be acquire fast and without
difficulty.
It is also reasonable to carry out a swot and permits the data to be evaluated and
despair easily. Ultimately it is possible to get a result that is not expected from the
data collection. It is constructive former to primary investigation being demeanour. It
is also feasible for any examiner or researcher to recheck secondary data orientation.
The difficulty is that the information could be composed for a different function than
mine and data may be deceptive or may possibly be offered in a configure not well-
matched to the intention.
Advantages of secondary data
1) Simplicity of contract.
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The collection of secondary data is easy as the sources for the acquisition of
information is available in plenty of sources.,
2) Low cost to obtain
The cost of the secondary data collection is very less as compared to that of
the primary data.
3) Clarification of research question
It might assist in make simpler the research query of the researcher. Secondary
study is more often than not used prior to primary research to aid sort out the
study center.
4) May answer research question
It usually assists frequently to center the enormous level of primary research.
Disadvantage of secondary data
1) Quality of research
As seen the primary research is self governed and it cannot be altered
manually originators of the primary research are largely self governed and
forbidden by the marketers. The examiner requires to get adequate steps to
appreciably approximate the potency and stability of the data endow within.
2) Not specific to the requirements’
The secondary data at times are not incorporated in a outline that properly
convene the examiner necessities.
3) imperfect information/ limited information
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The secondary data are limited data or the it can be said that the data that is
been collected are not sufficient for the research, as it is collected from the
various source it faces some barriers.
4) Not timely
It is possible for the secondary data that they might have not updated. So the
data required with the current year may not available or the data are not
uploaded.
The investigation job is basis on equally the primary as well as secondary data.
Primary data is composed on the root of the questionnaire given to the 50 customers
of the business and in addition on the basis of the consultation demeanor on the 10
managers and 4 area mangers. Secondary data breakdown was completed in the
journal assessment where the answer of preceding study were examined and also datafrom company sources.
3.9 Research Reliability
Reliability can be expressed as the degree of steadiness with which the device trial the
features it is intended to quantify. The questionnaire which was responded by the 50
customers of TALIC Ltd. demonstrated uniformity in their response. It can be
enhanced by dropping dimension errors like researcher preconceived notion. Here it
was no examiner predetermined conception in the examination of the questionnaire as
the respondent had to select as of the four alternative of completely satisfied, satisfied,
dissatisfied or totally dissatisfied. The examiner immediately explores this effect he
did not considered his notions about the outcomes. Isolation and discretion was
preserving equally in the questionnaire and as well in the interrogation. (Joppe 2000)
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3.7 Research validity
Validity can be expressed as the amount to which the mechanism trial what it is
projected to quantify. Together satisfied and peripheral soundness was preserve.
Content validity is the level to which the device characterizes the facet under study
and external validity refer to the level to which the explore result can be
comprehensive to cases outer the model. Content validity was sustained as the
problem in the questionnaire was designed in an easy method so that it possibly will
be tacit by each of the respondents. External validity was keep up as all the
respondents take part in the examination to complete the study (Joppe 2000).
3.10 Ethical considerations
The study upholds not just adeptness and meticulousness, other than also
honesty and fidelity. The permission of the human resources was taken previous to the
survey was carry out. No names were inquired secrecy was retain and yet discretion
of the reaction was preserved. The ethical standard of self fortitude was keep as the
human resources willingly contented to partake in the examination. Scientific
consideration was also maintained in the survey as it is the part of the research
methodology to maintain the technical approach.
Chapter- four
Research findings & The Data Analysis:-
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customers will be providing or filling up it according to the best of their knowledge
based on truth.
On the initial stage, in the questionnaire 5-point rating scale was used which shows
your opinion in the form of partially/totally assure or not and normal reaction. The
other aspects like loyalty, satisfaction and price were also measured with 2-point
measuring scale describing partially, totally satisfied or dissatisfied and regular reply.
The Demographic Aspects:
when we talk about demographical aspects straight way the following items will start
blinking in our mind like population variables such as sex, age, level of income, death
and birth rate, average size of family or age at marriage, marital status, religion,
profession etc. in fact the ballots are collection of these demographic features which
have association with the whole population. Here researcher includes only the Age,
sex and no. of year’s respondents concern with the TALIC ltd India.
Age group No. of respondent Percentage
(%)
18-22 11 18.18
22-25 21 35.35
25-30 15 25.25
Above 30 13 22.22
Total 60 100
Table 4.1 Age of the respondents
Table 4.1illustrate the time since Customer attached to TALIC ltd which
highest percentage of sample group is customer between 1-3 years and followed by 3-
5 years concern with the organization. Even above data indicates very reasonablenumber of customer concern with organization who been working more than 5 years.
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So the mixes of attachment length suggest those respondents are well familiar with
organization.
Figure 4.1 Age of the respondents
No. of years concern
with the organization
No. of
respondent
Percentage
(%)
less than one year 8 14.14
1-3 years 24 39.39
3-5 years 17 29.29
Above 5 years 11 18.18
Total 60 100
Table 4.2 No. of year’s customer concern with the organization
Table 4.2 illustrate the time since Customer attached to TALIC ltd which
highest percentage of sample group is customer between 1-3 years and followed by 3-
5 years concern with the organization. Even above data indicates very reasonable
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number of customer concern with organization who been working more than 5 years.
So the mixes of attachment length suggest those respondents are well familiar with
organization.
Figure 4.2 No. of year’s customer concern with the organization
Respondent's
Gender No. of respondent
Percentage
(%)
Male 42 69.69
Female 18 31.31
Total 60 100
Table 4.3 illustrate the sexual orientation of respondent group of male is 69.69%
where as women are 31.31% which is in ratio of 2:1. This 100% response by sex
represent from the overall 60 response received combined of 42 male and 18 female.
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This statement was made to customers to information whether customers
believe it should be the similar service they showed in TALIC ltd marketing. So
ultimately view will give idea whether there were held any promotional gap within
the service quality and customer satisfaction.
Response Response rate Percentage (%)
totally satisfied 47 78.57
partially satisfied 13 21.43
Average 0 0
partially dissatisfied 0 0
totally dissatisfied 0 0
Total 60 100
Table 4.4 Explanation of the respondents rate on there were not any promotional
gap held in service quality and satisfaction.
Table 4.4 indicates that about 78.57% of customers respond totally satisfied as
they got the service quality which they shows in TALIC’s promotional activities
adoption option and 21.43% respond that they satisfied to question out of 100%. So
its show the number of customer gives idea about priority toward there were not any
gap between the service quality and companies marketing activities. This aloneresponse doesn’t help to get concrete conclusion so to get same response it will
further asked to different questions about service quality provide by the company and
their level of satisfaction. Which will gives idea how efficiently researcher measures
different gap in the service quality and customer satisfaction.
Statement -2 Can your policies which would offered by the company’s
executives is as per your requirement.
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This statement was asked to customer to get information from customers
whether currently offered and they bought policies enough efficient to their
requirement or not. So straight forward answer will be achieve and if answer come
like average means they are not satisfied in policies which they bought with TALIC.
So, actual impact on employee’s offers will be measures which are not desirable by
any organization.
Response Response rate Percentage (%)
totally satisfied 43 71.43
partially satisfied 13 21.43
Average 4 7.14
partially dissatisfied 0 0
totally dissatisfied 0 0
Total 60 100
Table 4.5 No. of respondents response on their policies which would offered by
the TALIC’s executives is as per their requirements.
In table 4.5, there are 71.43% respondents who totally satisfied and 21.43%
partially satisfied to statement that the TALIC employees provide. There is only
7.14% is average about the effectiveness of that policies for them. From view point of this data researcher can conclude that there were not any understanding gap held
between customer and TALIC employees.
Statement -3 Just give rates for helpfulness of employees for electing or
selecting particular policies?
The aim behind putting this question to customers is vital importance to even
know their view about their own fillings regarding their needs and priorities from the
TALIC employees. By taking response from this statement researcher can measures
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the staffs are insufficiently / sufficiently trained or disciplined to follow the
procedures to the letter at all times.
Response Response rate Percentage (%)
totally satisfied 51 85.71
partially satisfied 9 14.29
Average 0 0
partially dissatisfied 0 0
totally dissatisfied 0 0
Total 60 100
Table 4.6 No. of respondent’s response for helpfulness of employees for electing
or selecting particular policies
Table 4.6 indicates the out of 60 responses, 85.71% totally satisfied that TALIC
employees are sufficiently trained or disciplined and follow all the procedure. In
addition the 14.29% response of customer is to partially satisfy with statement even.
Responses indicate that the customers view about the TALIC ltd employees and its
impact personal performance. So we show finally that the employees are well
disciplined and trained to follow up the events. So it describes there were not held any
procedural gap between the TALIC ltd and its customers.
Statement -4 Just give rates for friendliness of employee’s behavior with you
when you purchasing policies.
It’s very important for organization that to know about the employee’s
behavior with the staff because they are only the representative who put the company
in the front of customer. Manager should keep monitoring disciplinary and
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sufficiently training level within staff because it may effect the customer satisfaction
and make behavioral gap among the quality of services and also satisfaction of the
customers.
Response Response rate Percentage (%)
totally satisfied 9 14.29
partially satisfied 21 35.71
Average 13 21.43
partially dissatisfied 17 28.57
Totally dissatisfied 0 0
Total 60 100
Table 4.7 No. of respondent’s response for friendliness of employee’s behavior.
In the table 4.7 indicates the friendliness of employee’s behavior of TALIC ltd
business environment is almost customers totally satisfied and partially satisfied are
respectively 35.71% and 14.29%. There is a 28.57% customer not satisfied to
statement whereas almost 21.43% average about the fact. There also some partially
dissatisfied shown and some respondent are average create a doubt that it might be
possible after certain level friendliness of employee’s behavior not effective enough.
This little dissatisfied may turn in big issue if organization doesn’t resolve
misconception or behavioral gap from mind of respondent.
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Statement -5 how is your perception on the performance of TALIC ltd?
This particular statement made to get direct response in relation to get answer
about the perception of Customers on TALIC ltd because of it is possible that the
other gaps like behavioral, procedural, understanding and promotional gap do not
exist but your customer survey still shows an unacceptable level of dissatisfaction.
This is because customer’s perception of the performance of your organization may
differ from reality.
Response Response rate Percentage (%)
totally satisfied 13 21.43
partially satisfied 21 35.71
Average 9 14.29
partially dissatisfied 13 21.43
Totally dissatisfied 4 7.14
Total 60 100
Table 4.8 No. of respondents perception on the performance of TALIC ltd.
In the table shown 4.8 there is 35.71% respondent are just partially satisfied
and 21.43% are totally satisfied on their overall perception on the company. There
also 21.43% partially dissatisfied and 14.29% are average on the matter where only
7.14% totally dissatisfied. Very mix of responses presented by respondents about their
perception on the company. The reason might be because a customer who was upset
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by offhand, unhelpful service sometime in the past will form an attitude that your
organization is uncaring.
Statement -6 Give your response for service satisfaction with the service
provide by the TALIC ltd.
This statement was made in order get response from customer about their servicesatisfaction on services they got from the TALIC ltd. So, the statement describes the
service satisfaction of customer after bought the insurance policy with TALIC ltd.
Response Response rate Percentage (%)
totally satisfied 22 35.72
partially satisfied 30 50
average 4 7.14
partially dissatisfied 4 7.14
Totally dissatisfied 0 0
total 60 100
Table 4.9 respondents’ response for service satisfaction with the service provide
by the TALIC ltd.
Table 4.9 indicates that almost 50% just partially satisfied and 35.72% totally
satisfied to overall service quality provide by the TALIC ltd. whereas only 7.14%
manager average and partially satisfied. This most positive response about the
customers’ overall satisfaction is good for organization for increasing firm’s
performance as well as market shares.
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Statement -7 have you satisfied with the price of the insurance policy offered
by the TALIC ltd?
This statement made in order to get brief idea about the price satisfaction of the
customer. Researcher did not include the price satisfaction and service satisfaction in
overall satisfaction because the variables ‘‘price satisfaction’’ and ‘‘service
satisfaction’’ have been measured with a single item and as researcher cannot assume
that over all-item measure is error-free.
Response Response rate Percentage (%)
totally satisfied 51 85.71
partially satisfied 9 14.29
average 0 0
partially dissatisfied 0 0
Totally dissatisfied 0 0
total 60 100
Table 4.10 shows respondents’ response for price satisfaction with the service
provide by the TALIC ltd.
In the table 4.10 85.71% customers are totally satisfied with the statement that say
TALIC ltd offer very contemptible price rather than other companies and 14.29%
customers view are partially satisfied. So over all, all customers of TALIC ltd aresatisfying with the price offer by the company. This particular statement was made in
order to get idea about the one variable of overall satisfaction is a price of a product.
This response rate shows those customers are highly positive attitudes towards their
price satisfaction with TALIC ltd rather than other organization.
Statement -8 just give your response on your intention to purchase another
product from the companies.
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This statement will indicate what actual percentage of customer belief whether it is
intentional to repurchase product from the similar company. Response will also
indicate deep knowledge of customers about their loyalty with the company and it is
significance in comprehensive point of view.
Response Response rate Percentage (%)
totally satisfied 13 21.43
partially satisfied 26 42.86
Average 4 7.14
partially dissatisfied 17 28.57
Totally dissatisfied 0 0
total 60 100
Table 4.11 shows respondents’ response on their intention to purchase another
product the company.
In table 4.11 shows percentage of customer response on their intention to purchase
another product the company. There is huge difference in each option but still 42.86%
partially satisfied and 21.43% totally satisfied whereas 28.57% dissatisfied and only
7.14% average whether it’s should be considered figure for respondents intense to
repurchase. Where most view shown in table suggests that customers’ intention to
purchase another product with the company but then also few customers are not ready
to purchase another product with TALIC ltd. There should proper consultation needed
from management side for making loyal customer who are profitable for life.
Presently in recessionary interlude every organization lowering down the price of
their product and services but assessment should be made in reflection to long term
loyal customer. Here when come to increase maximum customer satisfaction are
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helping hand to organization in building strong sales force with loyal customers which
will be core competency for future growth of organization.
Statement -9 just give your response on your recommendation of TALIC ltd
to others.
This statement shows the response of the respondents on their recommendation of TALIC ltd to others. This statement made another tools for measuring customer
loyalty with the company. Responses will indicate the at what extent customer loyal
with the firms.
Response Response rate Percentage (%)
totally satisfied 0 0
partially satisfied 7 11.11
average 9 15.56
partially dissatisfied 16 26.67
Totally dissatisfied 28 46.67
total 60 100
Table 4.12 shows respondents’ response on their recommendation for purchase
insurance policy of TALIC ltd to others
Table 4.12 indicates respondent’s response on their recommendation for
purchase insurance policy of TALIC ltd to other Where actually 46.67% customer
totally dissatisfied and further 26.67% partially dissatisfied with recommend the
TALIC ltd’s product to others so researcher can put these customers into a
suspects person in level of loyalty as mention in literature review. Only 11.11%
partially satisfied saying that they try to recommend TALIC’s product to their
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relatives, friends and families. The response indicates there were only 11.11%
customer out of total are loyal with the company and company put these customer
into an Advocate level in ladder of loyalty level. Where as 15.56% people are not
quite sure about recommendation of TALIC’s product to their friends, families
and relatives.
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Analysis of data collected through Interview
Interviews conducted with managers of TALIC ltd India indicated that Customer
satisfaction and customer retention are requirements in the company can be identified
by observing performance gap. Majority of managers showed enhancing organization
performance is one of the strong objectives for customer retention and satisfaction.
Results indicated that long term goal of the company is to increase sales, to increase
market share and to increase profit. If customer is well satisfied it improves customer
retention. Good customer retention enhances efficiency. Consequently if satisfied
customers, happy customer. If customer are happy then they are retain and shows to
repurchase another product which offer by the company. If happy customers, more
profit. Result indicated that complete customer satisfaction makes profitable and
loyal customer for life. They feel to go ahead and to commit the company for their
development which results in improved performance of company. Manager’s
response matched with literature, according to finding customer satisfaction has positive impact on organization in terms of increased efficiency, increased customer
loyalty, increased market share, increased sales, and increased profit; motivate staff,
growth and development, commitment. Customer satisfaction also helps in building
structured and succession plan within company. According to findings motive,
characteristics of individual, organizational goals, idea of outcome are strong step
company take into account while designing their strategy as a maximized customer
satisfaction. Company found effectiveness of customer satisfaction by feedback,
company output and timely review.
4.3 SECONDARY DATA ANALYSIS
Customer satisfaction at TALIC ltd INDIA
TALIC ltd is now part of the India’s most successful insurance sector company.
The TALIC is brand is one of the most respected in the India because it is a stream of
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the Indian business father Jamsedji Tata. TALIC ltd is fast growing Insurance policies
business with almost maximum market capture after Life Insurance Corporation of
India. Customer satisfaction and customer retention as a strategy is provided to build
capability within TALIC ltd and to develop customer retention to undertake as a
profitable for a life, and bring high performance of the firms. There is a well
structured plan for retaining customers who wants to buying different policies with
TALIC ltd India. There is Trainee manager program designed for the employees that
gives knowledge and teaches how to maximize customer satisfaction. TALIC ltd
encourages learning culture that gives satisfactory opportunities to employees to be
motivated and progress. After purchase services, offer different schemes, customer
care, increased relationship, ensure for value of their money, give maximize return on
investments are given equally importance in TALIC ltd. below diagram describes the
profits of TALIC ltd after they adopt the strategy of maximize customer satisfaction.
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TALIC’s profit by year (Rs. In ten million)
TALIC ltd was running in loss in 2004, company incorporated new action plans,
started emphasizing more on maximize satisfaction program for their customer in
2005. Rs.150 million spent on customer relationship management program for the
company. Company started operating in profit in 2006 and TALIC ltd became number
second after Life Corporation of India, improving good insurance company in the
India. In 2006 sale grew 15 %. In 2007 TALIC ltd generated profit of Rs.1000 million
and built stronger financial condition. It continued to growth of sales and profit in
2008. In 2009 growth and sales took over Rs.2 billion. Profit increased by 41 % to
Rs.1357 million.
4.4 CONCLUSION
In this chapter, primary data collected through questionnaire and interviews, is
discussed. Questionnaire and interviews were conducted at TALIC ltd India.
Secondary data collected from the company and articles are presented. Result from
both data supports that there is significant contribution of customer satisfaction and
retention strategy for enhanced organizational performance.
4.5 Analysis of Research Objective
The objective of a research project summarizes what is to be achieved by the
study. Analysis of research objective is most important because this carry out the
justification of the whole research questions. By analyzing the literature review and
primary data which we describe above researcher can justified the research question.
By this specific manner carry synergy in research and finding tangible conclusion
about customer satisfaction.
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How are customers satisfied who have bought TALIC insurance policies during
the past 10 years?
As researcher define customer satisfaction as a measure how your organization’s total
product perform in relation to a set of customer satisfaction. There are many different
kind of strategy and policies are adapted by the firms, to achieved maximum market
share as well as high level of market share. TALIC ltd adopt the strategy of Maximize
customer satisfaction as describe in the secondary data collection. So, Customer
satisfaction and customer retention as a strategy is provided to build capability within
TALIC ltd and to develop customer retention to undertake as a profitable for a life,
and bring high performance of the firms. As shows their profit index after 2005 they
company incorporated new action plans, started emphasizing more on maximize
satisfaction program for their customer in 2005.they spent more on customer
relationship management program for the company. Company started operating in
profit in 2006 and TALIC ltd became number second after Life Corporation of India,improving good insurance company in the India. As their profit increased sharply
after adopting this strategy and grow their profit and reached at 41%.
From the customer point of view side, majority of customer are totally or
partially satisfied with the TALIC ltd which researcher found from the gathering
primary data. These data gathered by the questionnaire which describe above and
questionnaire develop by used of the performance gap model of service quality
developed by Parasuraman, Berry and Zeithaml in 1985 with their five different gaps
between service quality and customer satisfaction and also with the SERVQAL model
that will help the examiner to know about the gap that is being commenced in the
customer relationship with the organization, and also the also to ensure the level of
satisfaction with the expected service with that the actual service being provided
(Parsuraman et al. 1988 cited in Jabnoun & Saad 2004). But presumably this is
not relevant to intangibles such as insurance policy so, researcher using another four
dimensions for measure the gap between customers expected level of service and their perception of actual standard of service delivery. The gaps are measures with the
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asking different questions to the customer within the questionnaire. In which
researcher found there were not any promotional gap, understanding gap and
procedural gap occurred between the service quality offered by the TALIC ltd and
customer satisfaction by giving maximum response on totally satisfied and partially
satisfied which researcher found in table 4.4, table 4.5 and table 4.6 respectively. But
in two gaps such as behavioral gap and perceptional gap of overall Performance gap
analysis researcher found the mix response responses presented by respondents about
their perception and employees behavior on the company. Reasons behind that some
partially dissatisfied shown and some respondent are average create a doubt that it
might be possible after certain level friendliness of employee’s behavior not effective
enough which we can shows in table 4.7 where as the overall performance of the
TALIC ltd Very mix of responses presented by respondents about their perception on
the company. The reason might be because a customer who was upset by offhand,
unhelpful service sometime in the past will form an attitude that your organization is
uncaring. By improving the service quality and putting maximum milestone in
performance will helpful for improvement in these two performance gap.
Are price satisfaction and service satisfaction two distinct drivers of customer
loyalty and does their relative importance differ?
The consequences of this study demonstrate that the comparative importance
of service proportions for generally examination contentment fluctuate from their
significance for price satisfaction. These consequences also recommend that
consumers use diverse suspicion when they figure assessment of the taken as a whole
service and the price. but four service magnitude robustly manipulate service
satisfaction their contact on price satisfaction is minor. Assurance subdivision has a
stronger blow on price contentment than on service contentment.
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The second attractive judgment was that cost contentment has a stronger brunt
on loyalty than service satisfaction which is in contradiction to the early findings. It
give the impression, to facilitate that at least in the case of assurance policies, cost is
more vital than superiority of service.
For an instance a TALIC ltd executive needs to augment the customer loyalty
it be supposed to recognize what are the factors that will drive the customer loyalty,
and whether allegiance is obsessed extra sturdily by cost satisfaction or driven by
service contentment.. Thus for the pragmatic approach it is important to know the
quality of the service being served to the customers and which are that factors that
will boost the loyalty whether it is than cost consideration or the service quality which
is going to affect.. If, for example, the performance of a specific service dimension
has a low impact on service satisfaction one would accept a lower performance of that
service dimension. If the service aspect yet has a soaring brunt on cost fulfillment and
loyalty.
To analyze whether it is more profitable for the firm to improve the satisfaction
of existing customers or to create new customers?
The relation with customer helps the organization in gaining profit and increase
productivity (Reicheld and Sasser 1990 p.105). Reichheld (1990 p.105) also states
that the management of the organization can enhance earnings by more or less 100%
by retaining just 5% supplementary of their customers. A factor which determines
whether or not a relationship is maintained between a consumer and a service is
whether or not. The customer retention and grasping loyalty can help to improve
business. Companies are expected to increase their spending on customer satisfaction
year by year. Management tends to regard customer retention as an operating expense
rather than an investment (Marshall, et al., 1995)
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Retention of customer is continuously growing; there is approximately
expense of Rs.30 billion on formal way of customer retention each year. Studies by
economists found effects of customer satisfaction programs financed on overall firm’s
profit. For example, take a case Survey of 1379 customers under adoption of different
organizational strategy such as attract new customer and retention of customer in
West Virginia was conducted and concluded for the retention earning and amount of
time employed got increased. Also Survey was conducted for a national sample of
1200 customers of former companies who adopt customer retention strategy and
matched them with 1024 customers of different companies who mainly generate new
customer. Researcher calculated approximately $10 per week earnings increases
through Customer retention strategy Campbell J. (1971). As researcher found in the
secondary data that there was increasing profit sharply after they adopt customer
satisfaction / retention as a strategy. If TALIC ltd did not expense on the customer
satisfaction then at each year they try to attract new customer for that they need to
invest more amount on marketing and advertising. Whereas if one time they invest in
the customer satisfaction than they will improve their performance by retaining those
customer.
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CHAPTER FIVE
Findings and conclusion
This chapter will analyze findings of previous chapter with reference to purpose of study. It includes limitations encountered in process of research, it will discuss
conclusion as well.
As stated in first chapter of introduction, the objectives of study were
• To critically appraise the literature on customer satisfaction.
• To examine level of customer satisfaction who bought policies in the last 10
years with TALIC Ltd.
• To identify key factors that influence customer satisfaction with Tata AIG Life
Insurance Company Ltd?
• The cost satisfaction and service satisfaction distinctive drivers for customer
loyalty and to know about their importance
For this purpose the researcher explored and reviewed literature on ‘customer
satisfaction’, ‘customer loyalty’ and ‘organizational performance’. Review shows,
according to (Pauwee, 2004) maximize customer satisfaction and retention lead to
increases sales and consequently more investment in customer relationship
management results in higher profit. It results into higher productivity and profit
across all types of organizations. It has positive impact on different company
dimensions ranging from product quality to market shares. It has a positive impact onthe organizational performance and improves the perception of the organization and
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hence contributes positively to its performance. Research conducted for TALIC ltd‘s
historical data also supports the finding of literature. There has obviously been a
bunch of studies completed on the topic of service excellence and its association to
prosperity. The acquaintances in the service profit chain comprise of how provided
that superior service quality be able to direct to embryonic a money-spinning client,
and to a degree, a lucrative customer for life. Helgesen (2006 p.261) explains in his
study that it give the impression to be a optimistic association among customer
satisfaction and customer loyalty, and he also compares the relation and says that
there is an affirmative connection between customer loyalty and customer
profitability. At the same time as studied and interpreted by Bolton (1998), explains
that, the company gives the first priority to those customers who are in relation to the
organization for a very long time and also they get privilege of getting superior
service.
From the questionnaire survey being conducted on 60 customers of
TALIC India Ltd. and also from the secondary data followings were the findings
Researcher found from primary data analysis that 78.57% of customers
respond totally satisfied as they got the service quality which they shows in TALIC’s
promotional activities adoption option and 21.43% respond that they satisfied (table
4.4). So its show the number of customer gives idea about priority toward there were
not any promotional breach involving the quality of service and companies marketing
activities. Like the same way researcher was not any understand breach and technical
breach between the service quality and customer satisfaction by get maximum
response on totally satisfaction such as 71.43% & 85.71 % respectively (table 4.5 &
table 4.6).
Even researcher found some negative impact of the employees’ behavior on
customer satisfaction. Because there also some partially dissatisfied shown and some
respondent are average create a doubt that it might be possible after certain level
friendliness of employee’s behavior not effective enough. This little dissatisfied mayturn in big issue if organization doesn’t resolve misconception or behavioral gap from
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mind of respondent. Even though Very mix of responses presented by respondents
about their perception on the company. The cause might be for the reason that a
customer who was displease by the bad service that is provided by the organization,
will create an impression that the organization is least concern about their customers.
Researcher did not include the price satisfaction and service satisfaction in
overall satisfaction because the unpredictable price agreement and also with that of
service contentment have been calculated with a single item and as researcher cannot
assume that it is measured every time and also it is without any mistake . In which
researcher found majority positive response about the customers’ overall satisfaction
with TALIC ltd is good for organization for increasing firm’s performance as well as
market shares. On another variable “price satisfaction” researcher got 85.71%
customers are totally satisfied with the statement that say TALIC ltd offer very
contemptible price rather than other companies and 14.29% customers view are
partially satisfied (table 4.10). Over all customers of TALIC ltd are satisfying with the price offer by the company. So, researcher can conclude that customers are mostly
satisfied with the price satisfaction in insurance product rather than service quality
satisfaction.
Where ever researcher conclude on loyalty that customer response on their
intention to purchase another product the company. There is huge difference in each
option but still 42.86% partially satisfied and 21.43% totally satisfied whereas 28.57%
dissatisfied and only 7.14% average whether it’s should be considered figure for
respondents intense to repurchase (table 4.11). Where most view suggests that
customers’ intention to purchase another product with the company but then also few
customers are not ready to purchase another product with TALIC ltd. for the
recommendation of TALIC product to other relatives, friends and family by customer,
response indicates there were only 11.11% customer out of total are loyal with the
company and company put these customer into an Advocate level in ladder of loyalty
level. Where as 15.56% people are not quite sure about recommendation of TALIC’s product to their friends, families and relatives. So researcher can conclude the overall
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response generates on loyalty by the customer for intense to purchase another product
or recommend the product to others are not at as much as satisfactory level.
5.2 Recommendation:
Even though from the financial report of TALIC ltd’s performance shows
comparatively good up word movement in profit, research has found out the vitalissue which should be resolved with reasonable recommendation. After executing
such wide research in organization it’s very important to get solution of certain issue
found is necessary. Here is some reasonable recommendation made to resolve the
issue found during the research at TALIC ltd.
As research identified one more general issue with TALIC ltd’s customer
satisfaction strategy have some negative impact of the employees’ behaviour on
customer satisfaction. Because there also some partially dissatisfied shown and some
respondent are average create a doubt that it might be possible after certain level
friendliness of employee’s behaviour not effective enough. This little dissatisfied may
turn in big issue if organization doesn’t resolve misconception or behavioural gap
from mind of respondent. So, company try to proper monitoring and monthly follow
up by HR department of organisation will be significance move to get every staff
under training programs and learn them to improve their behaviour. This important
issue can be resolve from the action even suggested before by identifying proper
individual erudition technique. That will improve level of interest of employee in
training which directly result in improvement of individual behaviour which lead
overall customer satisfaction.
There research also indicates that customer satisfaction strategy adopted by
TALIC ltd is as effective as it should be. Where TALIC ltd aimed to provide
outstanding customer service in India insurance retail market but company doesn’t get
enough loyal customers as they needs. So whenever TALIC ltd come to increase
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maximum customer satisfaction are helping hand to organization in building strong
sales force with loyal customers which will be core competency for future growth of
organization.
5.3 Limitation of Study:
o There was very limited time duration available to carry out such bigresearch topic. Because of that detail study left behind and it lead to reduce
the scope of actual study in concentrating on time limit.
o More detail study would have given opportunity to study level of customer
satisfaction of TALIC ltd more closely. More close study might have given
more trustable conclusion which can be applicable in real situation.
o Research questionnaire has generated only response from 60 customers so
end finding can not be generalised to whole company from whole
population.
o During the research, closed ended questionnaire executed which has
indirectly decreased the flexibility to respondent give answer.
o Research carried out with even standard question because of time
constrains but personal interview would be better to understand each
respondent view deeply to get more concrete fact from research.
o There was very less secondary data available in market to get hand on
company policy and strategy on customer satisfaction.
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Even though this research has highlighted some complicated issue in
organization, there can be further study carried out in order to get more in depth
knowledge of some missing part because of research limitation. This further study will
give organization opportunity to really get most things correctly and win market.
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CHAPTER SIX
6.0 Reflection Report:
Economic recessionary period has created such huge chaos whether it job market or
personal business. Moon (1999) stated reflection simply as process of learning and
representation of that learning. This dissertation is my strong determination and
diehard effort to achieve success in my career. This particular report would be better
to give idea about what I have learnt from dissertation and how it will give me unique
opportunity in highly competitive and dynamic world. This dissertation will be
different experience to take my career prospective next level.
Keogh and Walker (1985) also stated that reflection report writing is a way of putting
some newly developed skill from past experience. Richards, Lockhart (1994), presentsuch unique view that reflection report is presenting a little evidence in written form
about the feature of situation. So it all about how I finished my dissertation and what I
learnt from whole process will be dictates in this reflection report.
6.1 Selection of Research Topic:
As the journey of MBA was moving further, we all been asked individually to choose
interested topic for the dissertation. Again the challenge was not just choosing topic
but thing that matter most is choosing the topic develops special skill and
qualification in me. Another thing was getting the topic that has information available
easily in order to get hand on topic. The option left in front of me was the
organization where I was work, TALIC ltd India. Before I moved any further with
topic, I decided to get permission from management about carrying out research on
organization and got all support from management people.
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Later on after careful investigation I found in one article where TALIC ltd got more
benefited for its customer satisfaction strategy. So it was main aspect of choosing this
topic for my dissertation but after reviewing many articles, I came to know there in
“can every organization increase performance by maximize customer satisfaction or
customer retention. So there was also another reason behind choosing this topic was
to know importance and it real implication and get more deep understanding about
customer satisfaction in business world.
6.2 Critically Reviewing Literature:
Just deciding topic was first step toward dissertation but thing interest most me was
the reviewing related literature about customer satisfaction. Reviewing literature was
a different task for me because this was my first big literature review in my career.
Literature reviews also help me to get hand on customer satisfaction. Literature
review helps me to understand basic concept, theory and how its link logically.
Critically reviewing whole theory and concept about customer satisfaction also help
me to develop a new skill in me. Literature review has improved my basic
understanding that will definitely help me further in job future.
6.3 Formation of Research Methodology:
After completing critical literature review on customer satisfaction, the next step was
to create research methodology to get research question and objective answer
systematically. Research methodology is logical way to get end information from
different sources. There were two options left whether analysis carried out by
deductive or inductive approach. But the topic selected was directly related to
organization and it was better to adopt deductive approach to get best result from
research. Research methodology also help to get as much data from different sources
within limited time, where many student struggle to get proper arrangement. Research
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methodology also distinguishes data and information in two forms one is primary data
collection and secondary data. It helps to collect separate information for maintaining
quality of report.
6.4 Designing the Questionnaire:
As conceptual framework formed from literature review and research methodology
but the challenging task was to get most feasible information. This information
categorized in primary data and secondary data. There secondary data was easily
available but to reach the pin point of customer satisfactions in TALIC ltd primary
data was required. There was questionnaire formed in order to get direct view from
customer. Questionnaire is most easy and less costly ways to collect information. It
was very help full to me in creating such different skill of formulating question and
interacting with respondent practically in real life situation. Every act from my side
was well monitored by my tutor to get most things goes on correct path.
6.5 Data Tabulation and Analysis:
Data tabulation was immense important to present collected responses from
questionnaire in one easily understandable form and even there statistical calculation
also carried out to get percentage on particular response. There simple Microsoft word
and excel were used to get all data in similar form. As customer satisfaction data
collected questionnaire were analyzed with some literature review to give more
detailed and logical view about response. This all step by step process helps me to
improve by skill which will directly help in further career to present myself to
management board.
Once I finished with tabulating data, analysis of data in accordance to question was
important part. During data analysis core part was to give an idea reader about why particular question been asked, what reply received from respondent, how similar
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response with theoretical and conceptual frame work and what unique about response
even. So there were lot many things to manage at a time will develop skill for
workplace.
6.6 Report Writing:
Every move in dissertation needed to write in logical structure and professional
manner to give broad view to situation. This dissertation was very helpful in
identifying all related information I must gather before reach to any kind of
conclusions. I have developed much new skill with broad understanding on particular
topic. There was challenge ahead me on writing dissertation with more profession
manner with good vocabulary; I have improved that particular area significantly. This
report also helps me to write most area as per research based view rather than writing
personal perception and self belief. So report writing being a core and most vital job
for me that has been completed.
6.7 Conclusion:
This research was really helpful in developing such different skills, which will be
dominating skill in my career development. It not only development of skill but doing
a work that recognized value in education career is core part. This research has
developed a strong communications skill that will be important for me to present on
workplace in near future. This research carried out will give me such unique position
as fresh graduate in current highly competitive market. After all developing all this
different skill, it will definitely give new start in my life. So writing a dissertation was
an exercise which led me to get practical experience considering most theoretical and
conceptual aspect of customer satisfaction.
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Journal of Consumer Marketing 23/7. pp. 430 – 437
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The university of Wales
Student id:____________
Appendix-a
Questionnaire
Demographic factors
Sex
[ ] male [ ] female
Age group
[ ] 18 - 22 [ ] 22 - 25
[ ] 25 - 30 [ ] above 30
No. of year’s customer concern with the organization
[ ] less than one year [ ] 1 - 3 years
[ ] 3 - 5 years [ ] above 5 years
Statement -1 as you inspired for purchasing product by some benefits showing by
the marketing advertise but you fulfill your needs with this product.
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -2 Can your policies which would offered by the company’s executives
is as per your requirement.
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Ashvin rajani
The university of Wales
Student id:____________
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -3 Just give rates for helpfulness of employees for electing or selecting
particular policies?
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -4 Just give rates for friendliness of employee’s behavior with you
when you purchasing policies.
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -5 how is your perception on the performance of TALIC ltd?
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
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Ashvin rajani
The university of Wales
Student id:____________
Statement -6 Give your response for service satisfaction with the service provide
by the TALIC ltd.
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -7 have you satisfied with the price of the insurance policy offered by
the TALIC ltd?
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -8 just give your response on your intention to purchase another
product from the companies.
[ ] totally satisfied [ ] partially satisfied
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
Statement -9 just give your response on your recommendation of TALIC ltd to
others.
[ ] totally satisfied [ ] partially satisfied
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Ashvin rajani
The university of Wales
Student id:____________
[ ] Average
[ ] partially dissatisfied [ ] totally dissatisfied
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