Description
Customer service is the provision of service to customers before, during and after a purchase.
A PROJECT REPORT ON “A STUDY ON QUALITY OF CUSTOMER SERVICE” (WITH SPECIAL REFERENCE TO SUNDARAM BNP PARIBAS MUTUAL FUND CHENNAI) SUBMITTED TO THE SRM SCHOOL OF MANAGEMENT DURING THE ACADEMIC YEAR 2008 – 2010 UNDER THE GUIDANCE OF Prof. Priya Krishnan B.E.,MBA.,(Ph.D)
SUBMITTED BY LAKSHMI ADITHIYA (35080272) SCHOOL OF MANAGEMENT SRM UNIVERSITY SRM NAGAR, KATTANKULATHUR, CHENNAI - 603 203.
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DECLARATION
Lakshmi Adithiya, hereby declare that the main project Report, entitled “A
study on quality of customer service”, submitted to the SRM University in partial fulfillment of the requirements for the award of the Degree of Master of Business Administration is a record of original training undergone by me during the period March to May 2010 under the supervision and guidance of Prof. Priya krishnan, Department of Management Studies, SRM University, Kattankulathur Campus and it has not formed the basis for the award of any Degree/Fellowship or other similar title to any candidate of any University.
Place: Kancheepuram the Student Date:
Signature of
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ACKNOWLEDGEMENT
I express my deep sense of gratitude to Dr. JAYSHREE SURESH Dean School of management gave her kind permission to do this summer training. I would like to mention my whole hearted and sincere thanks to Prof. Priya Krishnan, School Of Management, SRM University, who helped me at times enabling me to complete the project successfully as well as spared their valuable time to brief me and offer inspiring guidance constantly at various stages of my summer training. I express my sincere thanks to Mr .S. BALASUBRAMANIAN, Assistant Vice President of Sundaram BNP Paribas for having permitted to carry out this training. I’m very glad to express my thanks to all the other faculty members of the MBA Department for their kind co-operation and their suggestions. No words can adequately express my depth of gratitude to my beloved parents, and siblings for generating an inspiration in my summer training. I also thank all my friends and well wishers for their encouragement in completing this summer training. Above all, I thank god for the innumerable and unaccountable blessings he has showered upon me the through this endeavour.
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BONAFIDE CERTIFICATE
This is to certify that this is mini project work done by the students of management program in the academic year 2008-2010. Lakshmi Adithiya (35080272),of second year M.B.A ‘E’ Sec in partial fulfillment of the requirement for the degree of Management Administration of SRM University.
Prof. Priya Krishnan B.E.,MBA.,(Ph.D)
DEAN
Submitted by
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1.1 INTRODUCTION
The quality of service is crucial both to the customer and to the service firm. Service firms maintain competitive edge by rendering quality service. The concept of quality seems to refer to several diverse areas namely, quality of the output , quality of the process , quality of the delivery system and quality as a general philosophy of the organization. From the point of view of a service providers , quality includes specification in the manufacturing process as well as the output .From the point of view of customers , quality of service is high is a crucial element of customer perception. In the case of pure service-based organization, service quality will be the dominant element in customer’s evaluation of the service provider. The following are some important ways of judging quality of service: 1. Fitness for purpose 2. The totality of features of service that meet the customers needs. 3. The difference between customer expectation and performance delivery. 4. Meeting or exceeding the customer expectation.
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QUALITY OF SERVICE DIMENSIONS
Organisation strive to maintain a high Quality Of Service in order to gain a competitive advantage in the market. Now-a-days there is a greater focus on standards since the modern customer tends to give a high priority to the Quality of service rendered. A customer assesses the quality of service delivery and the output delivery after a service is rendered. For example ,the quality of an automobile is judged by factors such as reliability ,durability, ease of use and serviceability etc. similarly the quality of a food product is assessed by its flavour, freshness and aroma etc Parasuraman , Zeithaml and Berry have identified five dimensions of service quality: I. Reliability II. Responsiveness III. Assurance IV. Empathy V. Tangibles I. Reliability : The term reliability of the ability of a firm to provide honest ,sincere and dependable service. Customers consider reliability as the important dimension of the service performance. II. Responsiveness : Responsiveness is the willingness or readiness with which a service providers renders service. It is also the ability of the service providers to respond to the needs of the customer promptly and efficiently. Responsiveness is important to the customers who expect additional service over and above what is usually provided.
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III. Assurance : Assurance is the ability of an organization to inspire the trust and confidence of its customers. Customers feel assured when their needs are fulfiled by the organization. IV. Empathy : Providing individual attention with personal touch which will go a long way in inspiring the trust and confidence of customers. By empathizing with a customer , organizations are able to understand and fulfil their needs. V. Tangibles : Tangibles includes all those factors that a customers can see, hear or touch. It also includes physical facility,equipment the ambience of the reception room where customers wait. Well maintained equipment , well dressed and courteous service person are included too.
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THE GAP MODEL OF SERVICE QUALITY
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Key factor leading to the Customer gap
Customer Expectations
Provider gap 1: Not knowing what customer expect Provider gap 2: Not selecting the right service designs and Standards Provider gap 3: Not delivering to service standards Provider gap 4: Not matching performance to promises
Customer Perceptions
1. Provider gap 1: Not knowing what Customers Expect
Customer Expectations Inadequate marketing research orientation ? Insufficient marketing research ? Research not focused on service quality ? Inadequate use of marketing research Lack of Upward Communication ? Lack of interaction between management and customers ? Insufficient communication between contact employees and managers ? Too many layers between contact personnel and top management Insufficient relationship focus ? Lack of market segmentation ? Focus on transaction rather than relationships ? Focus on new customer rather than relationship customers Company Perception of Customer Expectation
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Provider gap 2 : Not selecting the right service quality designs and standards
Customer Driven service design and standards
Poor service design ? Unsystematic new service development process ? Vague, undefined service designs ? Failure to connect service design to service positioning Absence of customer defined standards ? Lack of customer defined standards ? Absence of process management to focus on customer requirements ? Absence of formal process for setting goals Inappropriate physical evidence and scope for service
Management Perceptions of Customer Expectations
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Provider gap 3: Not delivering to service standards
Service Delivery Deficiencies in human resource policies ? Ineffective recruitment ? Role ambiguity and role conflict ? Poor employee-technology job fit ? Inappropriate evaluation and compensation systems ? Lack of empowerment, perceived control and team work Failure to match supply and demand ? Failure to align peaks and valleys of demand ? Inappropriate customer mix ? Over reliance on price to smoothen demand Customer unfulfilling roles ? Customer ignorance of roles and responsibilities ? Customers negatively affecting each other Problem with service intermediaries ? Channel conflict over objectives and performance ? Channel conflict over cost and rewards ? Difficulty in controlling quality and consistency ? Tension between empowerment and control
Customer-driven service design and standards
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Provider gap 4: when promises do not match performance
Service delivery
Lack of intergrated service marketing communication ? Tendency to view each external communication as being independent ? Not including interactive marketing in communication plans ? Absence of strong internal marketing programme Ineffective management of customer expectations ? Not managing customer expectations through all forms of communication ? Not adequately educating customers Over promising ? Over-promising in advertising ? Over-promising in personal selling ? Over-promising through physical evidence cues Inadequate horizontal communication ? Insufficient communication between sales and operations ? Insufficient communication between advertising and operations ? Differences in policies and procedures across branches or units
External communication to customers
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DEFINITION OF MARKETING “It is a total system of interacting business activities designed to plan, price, promote and distribute want-satisfying products and service to present and potential customers” -William J.Stanton DEFINITION OF SERVICE “A Service is an activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of any thing -Kotler and Armstrong CONCEPTS OF SERVICE The service concepts define the whole range of benefits a service offers to the customers. The service concept translates the contents of customer benefit concept to determine the intentions of the organization. The actual service offered is sub-divided into a number of levels relating to customer needs. The service providers should plan his market offer by considering the various levels of the product ? Core level service ? Expected service level ? Augmented service level ? Potential service level CORE SERVICE LEVEL The core level consists of the basic service product. It represents the fundamental service or benefit that the customer is really buying. The core product is also known as generic product.
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EXPECTED SERVICE LEVEL The expected product consists of the generic product together with the standards expected by customers to satisfy their needs. The expected product is offered to meet the minimal purchase condition. If this level of service is not properly considered it will cause dissatisfaction to the customer. AUGMENTED SERVICE LEVEL The augmented level consists of those benefits which distinguish the company’s offer from competitor’s offer. The service provider differentiates adding value to his core product in terms of reliability and responsiveness. POTENTIAL SERVICE LEVEL While the core service level, the expected service level and the augmented service level describe what is present in the product, the potential product focuses on the future. Potential level is higher than the augmented level .The potential product is intended to capture new users by redefining its products.
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SERVICE TRIANGLE
Service marketing involves 3 types of marketing:
1. EXTERNAL MARKETING 2. INTERNAL MARKETING 3. INTERACTIVE MARKETING 1. External Marketing: "Setting the Promise" · Marketing to END-USERS. · Involves pricing strategy, promotional activities, and all communication with customers. · Performed to capture the attention of the market, and arouse interest in the service. 2. Internal Marketing: "Enabling the Promise" · Marketing to EMPLOYEES. · Involves training, motivational, and teamwork programs, and all communication with employees. · Performed to enable employees to perform the service effectively, and keep up the promise made to the customer.
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3. Interactive Marketing: (Moment of Truth, Service Encounter) · This refers to the decisive moment of interaction between the front-office employees and customers, i.e. delivery of service. · This step is of utmost importance, because if the employee falters at this level, all prior efforts made towards establishing a relationship with the customer, would be wasted. 1.2 PURPOSE OF THE STUDY The purpose of the study is to analyse the customer satisfaction of the services offered by Sundaram BNP Paribas Mutual Fund. 1.3 OBJECTIVE OF THE STUDY The objective of the study is to analyze the satisfaction level of the customer for the service offered by Sundaram BNP Paribas Mutual fund. 1.4 PROBLEM DEFINITION It is found that there is a gap between Customer Expectations and the service offered by Sundaram BNP Paribas Mutual funds. 1.5 HYPOTHESIS CONSIDERED FOR THE STUDY • There is significant difference between willingness and overall service. • There is correlation between ability of staff and clarity of information provided. • There is correlation between overall service and ability of the staff. • There is significant difference between quality of employee service and satisfaction level.
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1.6 INDUSTRY PROFILE OF MUTUAL FUND A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a mutual fund.
Mutual Fund Operation Flow Chart
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank of India. The history of mutual funds in India can be broadly divided into four distinct phases First Phase – 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the
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Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management. Second Phase – 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990. At the end of 1993, the mutual fund industry had assets under management of Rs.47,004 crores. Third Phase – 1993-2003 (Entry of Private Sector Funds) With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged
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with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds. Fourth Phase – since February 2003 In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes. The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of assets under management and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and
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with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth.
ORGANISATION OF A MUTUAL FUND:
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STRUCTURE OF SUNDARAM BNP PARIBAS MUTUAL FUND
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1.7 COMPANY PROFILE • Investment manager for Sundaram BNP Paribas Mutual Fund sponsored by Sundaram Finance &Newton Group in 1996. Newton exited in 2002. • BNP Paribas Asset Management (BNPP AM) became a partner in 2006 • The company is now a joint venture between Sundaram Finance (50.1 % stake) BNPP AM (49.9 % stake) • The sponsors have an equal say in management and offer significant synergy • An experienced local asset manager in India • Track record of close to 13 years • 65 per cent is in equity assets • A team of 20 investment professionals • Expertise in equity & fixed-income • The group was founded by Mr. T V Sundaram Iyengar in 1911 as a bus service Considered as one of the most respected names in Indian business. • Leaders in quality management. • Pioneers in employee welfare, customer satisfaction and values.
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Origin
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PSU Opportunities
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1.8 LIMITATION OF THE STUDY
• • As the data will be collected through questionnaire, there are chances of biased information provided by the respondent. The study is confined to the existing customers of Sundaram BNP Paribas mutual funds only.
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REVIEW OF LITERATURE
Quality and customer satisfaction have long been recognized as playing a crucial role for success and survival in today’s competitive market. Not surprisingly, considerable research has been conducted on these two concepts. Notably, the quality and satisfaction concepts have been linked to customer behavioural intentions like purchase and loyalty intention, willingness to spread positive word of mouth, referral, and complaint intention by many researchers (Olsen, 2002; Kang, Nobuyuki and Herbert, 2004; Soderlund and Ohman, 2005). There are many researchers who have defined service quality in different ways. For instance, Bitner, Booms and Mohr (1994, p. 97) define service quality as ‘the consumer’s overall impression of the relative inferiority / superiority of the organisation and its services’. While other researchers Cronin and Taylor, 1994; Taylor and Cronin, 1994 view service quality as a form of attitude representing a long-run overall evaluation. Parasuraman, Zeithaml and Berry (1985, p. 48) defined service quality as ‘a function of the differences between expectation and performance along the quality dimensions’. This has appeared to be consistent with Roest and Pieters (1997) definition that service quality is a relativistic and cognitive discrepancy between experience-based norms and performances concerning service benefits.
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As pointed out by Bolton (1998), service quality influences a customer’s subsequent behaviour, intentions and preferences. When a customer chooses a provider that provides service quality that meets or exceeds his or her expectations, he or she is more likely to choose the same provider again. Besides, Cronin and Taylor (1994) also found that service quality has a significant effect on repurchase intentions. Other studies which support that repurchase intentions are positively influenced by service quality include Zeithaml, Berry and Parasuraman (1996), Cronin and Taylor (1992, 1994), Cronin, Brady and Hult (2000), and Choi et al. (2004).
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RESEARCH METHODOLOGY
Research Research is an academic activity, which comprises of defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data, making deductions and researching conclusion and at last carefully testing the conclusion to determine whether they fit the formulating hypothesis. 3.1DEFINITION OF RESEARCH “A careful or critical enquiry or examination in seeking facts or principles through diligent investigation in order to ascertain something” Objectives of Research: The objective of research is to find out new facts, which are hidden, and to invent new things to existing stock of knowledge for making advancement. The objectives are: • To achieve new insights into the problem • To discover facts which are existing in the world • To invent new things or new solutions to the problem Types of Research: Empirical research is research that derives its data by means of direct observation or experiment, such research is used to answer a question or test a hypothesis.
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Qualitative research is concerned with subjective assessment of attitudes, opinions and behaviors of categorical data. Qualitative research is specially important in the behavioural science where the aim is to discover the underlying, motives of human behavior Research Methodology Research methodology could be defined as the blue print specifying every stage of action in the course of research. • Features of a Good Research Methodology: • A research methodology contains: • Presentation of the research problem • Procedures and techniques to be used for collecting information. • The population to be studied • Methods to be used in processing and analyzing data. 3.2 TYPES OF RESEARCH METHODOLOGY 1. Exploratory Research: An explorative research design aims at discovering more about various dimensions of research problem and its associated aspects. It aims at helping the researcher to formulate a more precise and structured problem . Exploratory research is used in my project 2. Descriptive Research: Descriptive Research includes fact-finding enquires. Descriptive Research studies are those studies, which are concerned with describing the characteristics of a particular individual, group, community or people
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The main characteristics of this method is that the researcher has no control over the variables; he can only report what has happened or what is happening SOURCES OF DATA: After identifying and defining the problem and the specific information required to solve the problem, the next step is to look for the source of data which will yield the desired result. There are mainly two types of data that a researcher can collect, one is the primary data and secondary data, and sometimes both are gathered. The data for the research is collected from both primary data and secondary data. The sources are 9 Primary data has been collected through structured questionnaire. 9 Secondary data from interest sites related to stress management and from the company. Data: Data is facts, figures and other relevant materials, past and prevent serving as a base for study and analysis. It is based on observation. Data are primarily of two kinds 1. Primary Data 2. Secondary data
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Primary data: Data that is collected for the specific purpose at hand is called as primary data. Data collected by the research specifically for the project. New gathered data help and solve the problem at hand. Secondary data: Secondary data is the date that has been collected earlier for some purpose other than purpose of the present study, which is collected through books, internet. PILOT STUDY (Tested with 10 samples initially): Pilot study is defined as a study, which is done in the initial stage of the project in order to find the reliability of the questionnaire and to restructure the questionnaire on the respondent's suggestions. IMPORTANCE OF PILOT STUDY: ? ? ? ? It will increase the reliability of the scheduler. It helps to restructure the scheduler. It identifies the defects in the scheduler. It helps to add or remove the questions in the scheduler.
3.3 METHODOLOGY USED FOR STUDY A structured questionnaire has been prepared to get the relevant information from the respondents. The questionnaire consists of a variety of questions presented to the respondents for their dependence.
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QUESTIONNAIRE: Collection of data is an important stage in research. The most widely adopted and popular method is questionnaire. A questionnaire is a sheet or sheets of paper containing questions relating to certain specific aspect, regarding which the researcher collects the data. Here in this research 100 respondents were taken in to consideration. The various types of questions used in this survey are: ? Open ended questions The respondent has to answer it as he chooses, no alternative are given. Question no 9, question no 12 are open ended questions. ? Multiple choice questions The respondents choose more than two given alternatives. Question no :1,2,3,4,5,6,7,8,10,11 are multiple choice questions. Sample: The term sample refers to that group of element of the population specifically selected for study, so as to find out something about the population for which it is taken.
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SAMPLING Sampling may be defined as a selection of some part of an aggregate or totality on the basis of which a judgments / inference about the aggregate or totality is made. It is the process of obtaining information about an entire population by examining only part of it. SAMPLE DESIGN: Population: Group of individuals under study is called population. Population of the sample includes Customers of Sundaram BNP Paribas Mutual Fund, Chennai . Sample Area The questionnaires are distributed to Distributors of Sundaram BNP Paribas Mutual Fund, Chennai . Sample Size: Sample size refers to number of items to be selected for the universe to contribute a sample. The total size is 100. Sampling Method: Random sampling is the purest form of probability sampling. Each member of the population has an equal and known chance of being selected. When there are very large populations, it is often difficult or impossible to identify every member of the population, so the pool of available subjects becomes biased.
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DEFINITION OF HYPOTHESIS: According to Goode and Hatt, "Hypothesis is a proposition, which can be put to test to determine validity". A hypothesis can be defined as a logically conjectured relationship between two or more variables expressed in the form of testable statement. NULL HYPOTHESIS (H0): Null hypothesis is formulated only to test whether there is any relationship between variables related to the problem being studied. Usually the null hypothesis is formed as a negative statement. ALTERNATE HYPOTHESIS (H1): Alternate Hypothesis (H1) is a statement, which is accepted after the null hypothesis is rejected based on the test result. The alternate hypothesis usually is formed as a positive statement Characteristics of Good Hypothesis: • The hypothesis must be conceptually clear. • The hypothesis must be specific. • The hypothesis should be related to available techniques. • The hypothesis should be related to the theory. In test of hypotheses, there are two types of errors. Type I error: Reject Ho ,when Ho is true Type II error: Accept Ho, when Ho is false.
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Parametric Test: In a test of hypotheses, the basic assumption of the population is normal from which the sample is drawn. Non parametric Test: The non parametric test is a test which does not involve any parameters. Scales of Measurement Nominal Scale identifies groups or classes, that is nominal scale measures as possessing or not possessing the character. Interval scale is characterized by a common and constant unit of measurement which assigns a real number to all pairs of objects in the ordered set. SCALING TECHNIQUES Ranking method: In this method respondents are asked to rank their choices. This method is easier and faster than the method of paired comparisons. Opinion Scales: Opinion scales are methods of measuring the attitudes through the medium of opinions. Likert Scale: In a likert scale, the respondent is asked to respond to each of the statement in terms of several degrees, usually five or seven degrees of concernment.
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STATISTICAL METHODS USED Percentage analysis Bars & charts Pie diagrams STATISTICAL TOOLS USED T-test Chi-Square Test Paired t-test ANOVA Correlation Mann Whitney Test Krushal Wallis Test Friedman Test PERCENTAGE ANALYSIS: Percentage refers to a special kind of ratio. Percentages are used in making comparison between two or more series of data. Percentage is used to describe relative terms the distribution of two or more series of data. No. of Respondents Percentage of Respondents = ------------------------Total Respondents X 100
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VALIDITY AND RELIABILITY The most important requirements of both predictors and criteria are reliability and validity. Both are determined through coefficient of correlation. Reliability : This refers to the degree to which a predictor or a criteria on measure consistently. Stability of scores or achieving same or similar score over repeated trials indicates reliability of the measuring instruments. There are three major ways of determining reliability 1) Split half method Referred to as measure of internal consistency ,it is the method most often used because it requires only one form and one time measurement. Generally the items are divided into two , by separating odd number item from even number items. Correlation of two halves gives the degree of internal consistency. Spearman brown prophesy formula, rt = 2r1/2 1+r1/2 Where , rt is estimated reliability of total test r1/2 = degree of relationship calculated on the basis of two halves.
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2) Test –retest method : The test –retest method consists of measuring the performance of same individual at two different times , other thing remaining constant.
3) Matched forms method : One method of avoiding the problem in test retest method is to develop to completely comparable. Validity : Validity whether predictors and criteria measure what they are purported to , is a question of validity . Validity is of 4 kinds: ? Content validity ? Concurrent validity ? Construct validity ? Predictive validity Coefficient of correlation is the single number that indicates the extent to which two factors are related. It varies from +1 (perfect positive) through 0 (no relation) to -1 (perfect negative) relationship.
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ANALYSIS AND INTERPRETATIONS
This is an attempt to classify , tabulate analysis and interprets the data collected. Analysis was done by control ratio , production analysis the data through table graph and diagrams for quick and clear understanding of the data
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1) How satisfied are you in terms of honesty, sincerity and dependability of service offered by the employees in Sundaram BNP Paribas mutual Funds? TABLE -1 S NO 1 2 3 4 5 Total FIGURE-1
Satisfaction level
70 60 60 No of Respondents 50 40 40 30 20 10 0 Service Quality 0 0 0 Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied Highly satisfied Satisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF RESPONDENT S 60 40 0 0 0 100
NO OF RESPONDENTS % 60 40 0 0 0 100
INFERENCE From the figure it is observed that 100% of the respondents are highly satisfied with the service offered by Sundaram BNP Paribas Mutual Fund.
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2) Are you satisfied with the willingness and readiness with which the employees of Sundaram BNP Paribas Mutual Fund respond to your request? TABLE-2 S NO 1 2 3 4 5 Total FIGURE-2
Satisfaction Level
45 40 35 30 25 20 15 10 5 0 40 Highly Satisfied 25 15 Satisfied Neither Satisfied nor dissatisfied Dissatisfied Highly Dissatisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 25 25 40 40 15 12 8 100 15 12 8 100
No of Respondents
12 8
1 Service Quality
INFERENCE
From the figure it is clear that , 65% of the respondents are satisfied while 35% of the respondents are dissatisfied with the response offered by the Sundaram BNP Paribas Mutual Fund.
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3) Are you satisfied with the ability of the staff at Sundaram BNP Paribas Mutual Funds to answer your queries and solve your problem? TABLE -3 S NO 1 2 3 4 5 Total FIGURE-3
Satisfaction Level
40 35 No of respondents 30 25 20 15 10 5 0 Service Quality 4 5 Highly Dissatisfied 21 Neither Satisfied nor Dissatisfied Dissatisfied 38 35 Highly Satisfied Satisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 38 38 35 35 21 4 5 100 21 4 2 100
INFERENCE From the figure it is clear that 73% of the respondents are highly satisfied and 27% of the respondents are dissatisfied with the ability of staff at Sundaram BNP Paribas Mutual Fund to answer the customer queries.
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4) Do you agree that staff at Sundaram BNP Paribas make extra efforts to clarify the details required by you ? TABLE -4 S NO 1 2 3 4 5 Total FIGURE-4
Satisfaction Level
50 45 40 35 30 25 20 15 10 5 0 45 40 Highly Agree Agree Neither Agree nor Disagree Highly Disagree 0 Service Quality 0 Strongly Disagree
PARTICULARS Highly agree Agree Neither agree nor disagree Disagree Highly disagree
NO OF NO OF RESPONDENTS RESPONDENTS % 15 15 40 40 45 0 0 100 45 0 0 100
No of Respondents
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INFERENCE From the figure it is clear that 55% of the respondents agree and 45% of the respondents neither agree nor disagree with the staff of Sundaram BNP Paribas Mutual Fund to make extra efforts to clarify the details required by the customers.
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5) Do you feel personal touch in the service provided by the staff of Sundaram BNP Paribas Mutual Fund? TABLE-5 S NO 1 2 3 4 5 Total FIGURE -5
Satisfaction Level
60 No of Respondents 50 40 30 20 10 0 0 Service Quality 0 0 Strongly Disagree 55 45 Highly Agree Agree Neither Agree nor disagree Highly Disagree
PARTICULARS Highly Agree Agree Neither agree nor disagree Disagree Highly disagree
NO OF NO OF RESPONDENTS RESPONDENTS % 55 55 45 45 0 0 0 100 0 0 0 100
INFERNCE From the figure it is clear that 100% of the respondents are highly satisfied with service provided by the staff of Sundaram BNP Paribas Mutual Fund.
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6) Are you satisfied with the time taken by Sundaram BNP Paribas Mutual fund staff to respond to your enquiries? TABLE-6 S NO 1 2 3 4 5 Total FIGURE-6
Satisfaction level
30 No of Respondents 25 20 20 15 10 5 Highly Dissatisfied 0 Service Quality 16 15 Neither Satisfied nor Dissatisfied Dissatisfied 24 25 Highly Satisfied Satisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highlydissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 16 16 20 20 15 24 25 100 15 24 25 100
INFERENCE
From the figure it is clear that 36% of the respondents are satisfied and 64% of the respondents are highly dissatisfied with the time taken by Sundaram BNP Paribas Mutual Fund staff to respond to their enquiries.
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7) Do you feel that the staff of Sundaram BNP Paribas Mutual fund is courteous during your personal meetings? TABLE-7 S NO 1 2 3 4 5 Total FIGURE-7 PARTICULARS Highly Agree Agree Neither agree nor disagree Disagree Highly disagree NO OF NO OF RESPONDENTS RESPONDENTS % 24 24 32 32 44 0 0 100 44 0 0 100
PERCENTAGE OF SATISFACTION
0% 0% 24% 44% 32% HIGHLY AGREE AGREE NEITHER AGREE NOR DISAGREE HIGHLY DISAGREE STRONGLY DISAGREE
INFERENCE From the figure it is clear that 56% of the respondents are satisfied and 44% of the respondents are neither agree nor disagree with the staff of Sundaram BNP Paribas Mutual Fund
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8) How satisfied are you with the overall service you received? TABLE-8 S NO 1 2 3 4 5 Total FIGURE-8
HIGHLY SATISFIED SATISFIED 16% 16% NEITHER SATISFIED NOR DISSATISFIED DISSATISFIED
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 16 16 21 21 26 21 16 100 26 21 16 100
PERCENTAGE OF SATISFACTION
21% 26%
21%
HIGHLY DISSATISFIED
INFERENCE From the figure it is clear that 37% of the respondents are satisfied and 63% of the respondents are highly dissatisfied with the overall service offered by Sundaram BNP Paribas Mutual Fund
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9) How satisfied are you with the clarity of advice or information provided ? TABLE -9 S NO 1 2 3 4 5 Total FIGURE -9 PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied NO OF NO OF RESPONDENTS RESPONDENTS % 27 27 26 26 26 12 9 100 26 12 9 100
PERCENTAGE OF SATISFACTION
HIGHLY SATISFIED SATISFIED
12%
9%
27% NEITHER SATISFIED NOR DISSATISFIED 26% DISSATISFIED
26%
HIGHLY DISSATISFIED
INFERENCE From the figure it is clear that 53% of respondents are highly satisfied and 47% of the respondents are highly dissatisfied with the clarity of information received .
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10) How satisfied are you with the time taken to respond during telephone enquiries ? TABLE-10 S NO 1 2 3 4 5 Total FIGURE-10 PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highlydissatisfied NO OF NO OF RESPONDENTS RESPONDENTS % 04 04 23 23 24 24 25 100 24 24 25 100
PERCENTAGE OF SATISFACTION
HIGHLY SATISFIED 23% SATISFIED
4% 25%
NEITHER SATISFIED NOR DISSATISFIED DISSATISFIED 24% 24% HIGHLY DISSATISFIED
INFERENCE From the figure it is clear that 27% of the respondents are satisfied and 73% of the respondents are Highly dissatisfied with the time taken to respond during telephone enquiries
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STATISTICAL ANALYSIS -1 Hypothesis : H0 H1 : There is no significant difference between willingness and overall Service. : There is significant difference between willingness and overall Service.
DATA TABLE Highly satisfied Willingness 25 to respond 21 Overall service Satisfied Neither Dissatisfied Highly satisfied dissatisfied nor dissatisfied 15 12 08 26 21 16
40 16
CALCULATION OF CHI-SQUARE DISTRIBUTION: The chi-square distribution is ?2 = (O-E)2/E Where, O = Observed frequency E = Expected frequency
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CALCULATION OF “O” 25 21 46 40 16 56 15 26 41 12 21 33 08 16 24 100 100 200
CALCULATION OF “E” 23 23 46 E= 28 28 56 AXB N Where, A =row total for the row of that cell B = column total for the column of that cell N = grand total 20.5 20.5 41 16.5 16.5 33 12 12 24 100 100 200
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CHI-SQUARE TABLE : OBSERVED “O” 25 40 15 12 8 21 13 26 21 16 EXPECTED O-E 2 12 -5.5 -4.5 -4 -2 -12 5.5 4.5 4 (O-E)2 4 144 30.3 20.3 16 4 144 30.3 20.3 16 TOTAL ? [(O-E)2/E] = 19.8 Hence , the calculated value of ?2 is 19.8 Since the degree of freedom is (r-1) (c-1) = (2-1) (5-1) =1 (4) =4 The table value of ?2 for 5 degree of freedom at 5% level of significance is 6.26 . Comparing calculated value and table value of ?2 , we can find that calculated value is greater than the table value. Therefore , the hypothesis H0 is rejected . Therefore , there is significant difference between willingness and overall Service. (O-E)2/E 0.2 5.1 1.5 1.2 1.3 0.2 6.3 1.5 1.2 1.3 19.8 “E” 23 28 20.5 16.5 12 23 23 20.5 16.5 12 FREQUENCY FREQUENCY
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STATISTICAL ANALYSIS-2 Hypothesis : H0 H1 : There is correlation between ability of staff and clarity of information provided. : There is no correlation between ability of staff and clarity of Information provided.
DATA TABLE Highly Satisfied Neither Dissatisfied Highly satisfied satisfied dissatisfied nor dissatisfied 35 21 04 02 Ability of 38 the staff (X) 26 26 12 09 Clarity of 27 information (Y) CALCULATION OF COEFFICIENT OF CORRELATION r= ? uv - ?u?v N 2 2 ??u - (?u) ? ?v2 – (? v)2 N N r = Coefficient of correlation N = Grand total
Where
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CORRELATION TABLE x 38 35 21 4 2 u 17 14 0 -17 -19 ?u=-5 u2 289 196 0 289 361 ?u2=1030 y 27 26 26 12 9 v 1 0 0 -14 -17 ?v=-30 v2 1 0 0 196 289 ?v2=486 uv 17 0 0 238 323 ?uv=578
r=
578 – (-5) (-30) 5 ?1030 - (-5)2 ?486 - (-30)2 5 5
= 0.8 Thus the correlation coefficient lies between -1 and +1 There is a high correlation between ability of the staff and clarity of information provided. Therefore we accept H0 .
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STATISTICAL ANALYSIS -3 Hypothesis : H0 : There is no significant difference between overall Service and ability of the staff . H1 : There is significant difference between overall Service and ability of the staff .
DATA TABLE Highly satisfied 21 Overall service Ability of 38 the staff Satisfied Neither Dissatisfied Highly satisfied dissatisfied nor dissatisfied 26 21 16 21 4 2
16 35
CALCULATION OF CHI-SQUARE DISTRIBUTION: The chi-square distribution is ?2 = (O-E)2/E Where, O = Observed frequency E = Expected frequency
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CALCULATION OF “O” 21 38 59 16 35 51 26 21 47 21 4 25 16 2 18 100 100 200
CALCULATION OF “E” 29.5 29.5 59 E= 25.5 25.5 51 AXB N Where, A =row total for the row of that cell B = column total for the column of that cell N = grand total 23.5 23.5 47 12.5 12.5 25 9 9 18 100 100 200
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CHI-SQUARE TABLE : OBSERVED “O” 21 16 26 21 16 38 35 21 4 2 EXPECTED O-E -8.5 -9.5 2.5 8.5 7 8.5 9.5 -2.5 -8.5 -7 (O-E)2 72.3 90.3 6.3 72.3 49 72.3 90.3 6.3 72.3 49 TOTAL ? [(O-E)2/E] = 34.8 Hence , the calculated value of ?2 is 34.8 Since the degree of freedom is (r-1) (c-1) = (2-1) (5-1) =1 (4) =4 The table value of ?2 for 5 degree of freedom at 5% level of significance is 6.26 . Comparing calculated value and table value of ?2 , we can find that calculated value is greater than the table value. Therefore , the hypothesis H0 is rejected . Therefore , there is significant difference between overall Service and ability of the staff . (O-E)2/E 2.4 3.5 0.3 5.8 5.4 2.4 3.5 0.3 5.8 5.4 34.8 “E” 29.5 25.5 23.5 12.5 9 29.5 25.5 23.5 12.5 9 FREQUENCY FREQUENCY
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STATISTICAL ANALYSIS -4 Hypothesis : In ANOVA table we can compare two different aspects using 2-way classifications. By taking three aspects of employees along columns and five levels of satisfaction along rows. We can find if there is any significant difference among quality of employees service and if there is any significant difference among satisfaction level. Ability Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied TOTAL 35 38 21 Time taken 20 16 15 Overall service 21 16 26 Dependability TOTAL 40 60 0 116 130 62
04 02 100
24 25 100
21 16 100
0 0 100
49 43 300
Correction factor C F = (300)2 15 = 6000 Sum of the squares between columns = 1002 +1002 +1002 +1002 __ 6000 4 = 4000 Sum of the squares between rows= 1162 + 1302 + 622+ 492 + 432 4 = 612.5 Total sum of the squares = 7042-4000 = 3042
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___
4000
Source of variation Column Row Residual TOTAL
Sum of squares 4000 612.5 785.5 3042
Degree of freedom 3-1=2 5-1=4 14-(2+4)=8 15-1=14
Mean 1000 153.1 98.2
F-ratio 4000/98.2=20.4 153.1/98.2=1.5
Degree of freedom is (2,8) and (8,4) At 5% level of freedom the table value for (2,8) is 4.46 And the calculated value is 20.4 The calculated value is greater than the table value therefore the hypothesis rejected . There is significant difference in the quality of employees service. At 5% level of freedom the table value for (8,4) is 6.04 And the calculated value is 1.5 The calculated value is lesser than the table value therefore the hypothesis accepted. There is no significant difference in the satisfaction level .
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5.1 FINDINGS OF THE STUDY ¾ The study shows that 100% of the respondents are satisfied with the dependability of the service offered by Sundaram BNP Paribas Mutual Fund. ¾ The study shows that 65% of the respondents are satisfied and 35% of the respondents are dissatisfied with the willingness and readiness with which the employees of Sundaram BNP Paribas Mutual Fund respond to their request. ¾ It is found that 73% of the respondents are satisfied and 27% of the respondents are dissatisfied with the ability of the staff in Sundaram BNP Paribas Mutual Fund to solve their queries. ¾ From the analysis it is clear that 55% of the respondents agree and 45% of the respondents disagree with the efforts made by Sundaram BNP Paribas Mutual Fund staffs to clarify the details required by them. ¾ The study shows that 100% of the respondents agree with the service provided with personal touch by the staff of Sundaram BNP Paribas Mutual Fund. ¾ It is clear that 36% of the respondents are satisfied and majority of the respondents (64%) are highly dissatisfied with the time taken by Sundaram BNP Paribas Mutual Fund staff to respond to their enquiries. ¾ It is clear that 56% of the respondents agree and 44% of the respondents neither Agree nor disagree with the staff of Sundaram BNP Paribas Mutual Fund to be courteous during personal meetings with them.
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¾ From the study it is clear that 63% of the respondents are highly satisfied and 37% of the respondents are dissatisfied with the overall service they receive. ¾ From the figure it is clear that 79% of the respondents are highly satisfied and 21% of the respondents are highly dissatisfied with the clarity of information provided by Sundaram BNP Paribas Mutual fund. ¾ It is clear that 39% of the respondents are highly satisfied and 61% of the respondents are highly dissatisfied with the time taken to respond during telephone enquiries.
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SUGGESTIONS :
Sundaram BNP Paribas Mutual Fund’s employees should be customer friendly and they should be ready to solve all types of customer queries. Sundaram BNP Paribas Mutual Fund’s employees should understand the customer’s need and act accordingly. Customer’s should be provided with the right information in an simple and understandable way which will improve customer’s confidence on Sundaram BNP Paribas Mutual Fund. During personnel meetings employees should act courteous to the customers. As customer behaves the way we behave to them . Customers queries should be solved immediately at the earliest possible. So that customer will be satisfied by the efforts taken to solve their queries. Many customers are unhappy with the way telephone enquiries are handled. Sundaram BNP Paribas Mutual Fund’s employees should take special care in solving telephone quiries. Because most of the customers prefer telephone. Sundaram BNP Paribas Mutual Fund should concentrate on improving its employee’s skills in taking good care of customers and solving the customer queries. Thus they can provide the best service.
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5.3 CONCLUSION Sundaram BNP Paribas Mutual Fund should concentrate on providing best services to their distributors and satisfy their distributors needs which ultimately help in business development. Sundaram BNP Paribas Mutual Fund’s employees should provide right service at the right time in a friendly manner which will definitely improve customer satisfaction level regarding services provided by Sundaram BNP Paribas Mutual Fund.
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BIBLIOGRAPHY C.R Kothari, “Research Methodology ”,New Age International publishers ,2004 Dr .L. Natarajan, “Service Marketing”, Margham Publications (first published 2006) Dr. A. Santhakumaran , Dr. G. Sarguna mary ,“ Research Methodology”, Anuradha Publications, 2007 Philip kotler , “Marketing Management”,Pearson Education Pte Ltd, 2003
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WEBLIOGRAPHY www.mutualfundsindia.com www.sundarambnpparibas.in www.amfindia.com www.moneycontrol.com www.valueresearchindia.com www.mutualtimes.com www.camsonline.com
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QUESTIONAIRE I am LAKSHMI ADITHIYA pursuing M.B.A (Marketing & Finance) in SRM SCHOOL OF MANAGEMENT. I am doing my marketing project “The Study on Quality of Customer Service in Sundaram BNP Paribas Mutual Fund” I request you to fill the questionnaire which is for my academic purpose NAME DATE : :
1. How satisfied are you in terms of honesty, sincerity and dependability of services offered by the employees of Funds? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied Sundaram BNP Paribas Mutual
e)Highly dissatisfied
2. Are you satisfied with the willingness and readiness with which the employees of Sundaram BNP Paribas Mutual Funds respond to your request? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied
e) Highly dissatisfied
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3. Are you satisfied with the ability of the staff at Sundaram BNP Paribas Mutual Fund to answer your queries and solve your problem? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied e) Highly dissatisfied
4. Do you agree that the staff at Sundaram BNP Paribas Mutual Fund make extra efforts to clarify the details required by you? a) Highly agree d) Highly disagree b) Agree c) neither agree nor disagree
e) strongly disagree
5. Do you feel personal touch in the service provided by the staff of Sundaram BNP Paribas Mutual Funds? a) Highly agree d) Highly disagree b) agree c) neither agree nor Disagree
e) strongly Disagree
6. Are you satisfied with the time taken by Sundaram BNP Paribas Mutual Funds staff to respond to your enquiries? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied
e) Highly dissatisfied
7. Do you feel that the staff of Sundaram BNP Paribas Mutual Fund is courteous during your personal meetings? a) Highly agree d) Highly disagree b) Agree c) Neither agree nor disagree e) strongly Disagree
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8. How satisfied are you with overall service you received? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied
e) Highly dissatisfied
9. How do you feel about the ease of contacting the person you needed?
10. How satisfied are you with the clarity of advice or information provided? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied e)Highly dissatisfied
11. How satisfied are you with the time taken to respond during telephone enquiries? a) Highly satisfied b) Satisfied c) neither Satisfied nor Dissatisfied d) Dissatisfied e)Highly dissatisfied
12. Regarding Customer Service in which area do you want Sundaram BNP Paribas mutual fund to improve?
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doc_585645944.pdf
Customer service is the provision of service to customers before, during and after a purchase.
A PROJECT REPORT ON “A STUDY ON QUALITY OF CUSTOMER SERVICE” (WITH SPECIAL REFERENCE TO SUNDARAM BNP PARIBAS MUTUAL FUND CHENNAI) SUBMITTED TO THE SRM SCHOOL OF MANAGEMENT DURING THE ACADEMIC YEAR 2008 – 2010 UNDER THE GUIDANCE OF Prof. Priya Krishnan B.E.,MBA.,(Ph.D)
SUBMITTED BY LAKSHMI ADITHIYA (35080272) SCHOOL OF MANAGEMENT SRM UNIVERSITY SRM NAGAR, KATTANKULATHUR, CHENNAI - 603 203.
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DECLARATION
Lakshmi Adithiya, hereby declare that the main project Report, entitled “A
study on quality of customer service”, submitted to the SRM University in partial fulfillment of the requirements for the award of the Degree of Master of Business Administration is a record of original training undergone by me during the period March to May 2010 under the supervision and guidance of Prof. Priya krishnan, Department of Management Studies, SRM University, Kattankulathur Campus and it has not formed the basis for the award of any Degree/Fellowship or other similar title to any candidate of any University.
Place: Kancheepuram the Student Date:
Signature of
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ACKNOWLEDGEMENT
I express my deep sense of gratitude to Dr. JAYSHREE SURESH Dean School of management gave her kind permission to do this summer training. I would like to mention my whole hearted and sincere thanks to Prof. Priya Krishnan, School Of Management, SRM University, who helped me at times enabling me to complete the project successfully as well as spared their valuable time to brief me and offer inspiring guidance constantly at various stages of my summer training. I express my sincere thanks to Mr .S. BALASUBRAMANIAN, Assistant Vice President of Sundaram BNP Paribas for having permitted to carry out this training. I’m very glad to express my thanks to all the other faculty members of the MBA Department for their kind co-operation and their suggestions. No words can adequately express my depth of gratitude to my beloved parents, and siblings for generating an inspiration in my summer training. I also thank all my friends and well wishers for their encouragement in completing this summer training. Above all, I thank god for the innumerable and unaccountable blessings he has showered upon me the through this endeavour.
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BONAFIDE CERTIFICATE
This is to certify that this is mini project work done by the students of management program in the academic year 2008-2010. Lakshmi Adithiya (35080272),of second year M.B.A ‘E’ Sec in partial fulfillment of the requirement for the degree of Management Administration of SRM University.
Prof. Priya Krishnan B.E.,MBA.,(Ph.D)
DEAN
Submitted by
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1.1 INTRODUCTION
The quality of service is crucial both to the customer and to the service firm. Service firms maintain competitive edge by rendering quality service. The concept of quality seems to refer to several diverse areas namely, quality of the output , quality of the process , quality of the delivery system and quality as a general philosophy of the organization. From the point of view of a service providers , quality includes specification in the manufacturing process as well as the output .From the point of view of customers , quality of service is high is a crucial element of customer perception. In the case of pure service-based organization, service quality will be the dominant element in customer’s evaluation of the service provider. The following are some important ways of judging quality of service: 1. Fitness for purpose 2. The totality of features of service that meet the customers needs. 3. The difference between customer expectation and performance delivery. 4. Meeting or exceeding the customer expectation.
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QUALITY OF SERVICE DIMENSIONS
Organisation strive to maintain a high Quality Of Service in order to gain a competitive advantage in the market. Now-a-days there is a greater focus on standards since the modern customer tends to give a high priority to the Quality of service rendered. A customer assesses the quality of service delivery and the output delivery after a service is rendered. For example ,the quality of an automobile is judged by factors such as reliability ,durability, ease of use and serviceability etc. similarly the quality of a food product is assessed by its flavour, freshness and aroma etc Parasuraman , Zeithaml and Berry have identified five dimensions of service quality: I. Reliability II. Responsiveness III. Assurance IV. Empathy V. Tangibles I. Reliability : The term reliability of the ability of a firm to provide honest ,sincere and dependable service. Customers consider reliability as the important dimension of the service performance. II. Responsiveness : Responsiveness is the willingness or readiness with which a service providers renders service. It is also the ability of the service providers to respond to the needs of the customer promptly and efficiently. Responsiveness is important to the customers who expect additional service over and above what is usually provided.
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III. Assurance : Assurance is the ability of an organization to inspire the trust and confidence of its customers. Customers feel assured when their needs are fulfiled by the organization. IV. Empathy : Providing individual attention with personal touch which will go a long way in inspiring the trust and confidence of customers. By empathizing with a customer , organizations are able to understand and fulfil their needs. V. Tangibles : Tangibles includes all those factors that a customers can see, hear or touch. It also includes physical facility,equipment the ambience of the reception room where customers wait. Well maintained equipment , well dressed and courteous service person are included too.
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THE GAP MODEL OF SERVICE QUALITY
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Key factor leading to the Customer gap
Customer Expectations
Provider gap 1: Not knowing what customer expect Provider gap 2: Not selecting the right service designs and Standards Provider gap 3: Not delivering to service standards Provider gap 4: Not matching performance to promises
Customer Perceptions
1. Provider gap 1: Not knowing what Customers Expect
Customer Expectations Inadequate marketing research orientation ? Insufficient marketing research ? Research not focused on service quality ? Inadequate use of marketing research Lack of Upward Communication ? Lack of interaction between management and customers ? Insufficient communication between contact employees and managers ? Too many layers between contact personnel and top management Insufficient relationship focus ? Lack of market segmentation ? Focus on transaction rather than relationships ? Focus on new customer rather than relationship customers Company Perception of Customer Expectation
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Provider gap 2 : Not selecting the right service quality designs and standards
Customer Driven service design and standards
Poor service design ? Unsystematic new service development process ? Vague, undefined service designs ? Failure to connect service design to service positioning Absence of customer defined standards ? Lack of customer defined standards ? Absence of process management to focus on customer requirements ? Absence of formal process for setting goals Inappropriate physical evidence and scope for service
Management Perceptions of Customer Expectations
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Provider gap 3: Not delivering to service standards
Service Delivery Deficiencies in human resource policies ? Ineffective recruitment ? Role ambiguity and role conflict ? Poor employee-technology job fit ? Inappropriate evaluation and compensation systems ? Lack of empowerment, perceived control and team work Failure to match supply and demand ? Failure to align peaks and valleys of demand ? Inappropriate customer mix ? Over reliance on price to smoothen demand Customer unfulfilling roles ? Customer ignorance of roles and responsibilities ? Customers negatively affecting each other Problem with service intermediaries ? Channel conflict over objectives and performance ? Channel conflict over cost and rewards ? Difficulty in controlling quality and consistency ? Tension between empowerment and control
Customer-driven service design and standards
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Provider gap 4: when promises do not match performance
Service delivery
Lack of intergrated service marketing communication ? Tendency to view each external communication as being independent ? Not including interactive marketing in communication plans ? Absence of strong internal marketing programme Ineffective management of customer expectations ? Not managing customer expectations through all forms of communication ? Not adequately educating customers Over promising ? Over-promising in advertising ? Over-promising in personal selling ? Over-promising through physical evidence cues Inadequate horizontal communication ? Insufficient communication between sales and operations ? Insufficient communication between advertising and operations ? Differences in policies and procedures across branches or units
External communication to customers
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DEFINITION OF MARKETING “It is a total system of interacting business activities designed to plan, price, promote and distribute want-satisfying products and service to present and potential customers” -William J.Stanton DEFINITION OF SERVICE “A Service is an activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of any thing -Kotler and Armstrong CONCEPTS OF SERVICE The service concepts define the whole range of benefits a service offers to the customers. The service concept translates the contents of customer benefit concept to determine the intentions of the organization. The actual service offered is sub-divided into a number of levels relating to customer needs. The service providers should plan his market offer by considering the various levels of the product ? Core level service ? Expected service level ? Augmented service level ? Potential service level CORE SERVICE LEVEL The core level consists of the basic service product. It represents the fundamental service or benefit that the customer is really buying. The core product is also known as generic product.
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EXPECTED SERVICE LEVEL The expected product consists of the generic product together with the standards expected by customers to satisfy their needs. The expected product is offered to meet the minimal purchase condition. If this level of service is not properly considered it will cause dissatisfaction to the customer. AUGMENTED SERVICE LEVEL The augmented level consists of those benefits which distinguish the company’s offer from competitor’s offer. The service provider differentiates adding value to his core product in terms of reliability and responsiveness. POTENTIAL SERVICE LEVEL While the core service level, the expected service level and the augmented service level describe what is present in the product, the potential product focuses on the future. Potential level is higher than the augmented level .The potential product is intended to capture new users by redefining its products.
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SERVICE TRIANGLE
Service marketing involves 3 types of marketing:
1. EXTERNAL MARKETING 2. INTERNAL MARKETING 3. INTERACTIVE MARKETING 1. External Marketing: "Setting the Promise" · Marketing to END-USERS. · Involves pricing strategy, promotional activities, and all communication with customers. · Performed to capture the attention of the market, and arouse interest in the service. 2. Internal Marketing: "Enabling the Promise" · Marketing to EMPLOYEES. · Involves training, motivational, and teamwork programs, and all communication with employees. · Performed to enable employees to perform the service effectively, and keep up the promise made to the customer.
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3. Interactive Marketing: (Moment of Truth, Service Encounter) · This refers to the decisive moment of interaction between the front-office employees and customers, i.e. delivery of service. · This step is of utmost importance, because if the employee falters at this level, all prior efforts made towards establishing a relationship with the customer, would be wasted. 1.2 PURPOSE OF THE STUDY The purpose of the study is to analyse the customer satisfaction of the services offered by Sundaram BNP Paribas Mutual Fund. 1.3 OBJECTIVE OF THE STUDY The objective of the study is to analyze the satisfaction level of the customer for the service offered by Sundaram BNP Paribas Mutual fund. 1.4 PROBLEM DEFINITION It is found that there is a gap between Customer Expectations and the service offered by Sundaram BNP Paribas Mutual funds. 1.5 HYPOTHESIS CONSIDERED FOR THE STUDY • There is significant difference between willingness and overall service. • There is correlation between ability of staff and clarity of information provided. • There is correlation between overall service and ability of the staff. • There is significant difference between quality of employee service and satisfaction level.
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1.6 INDUSTRY PROFILE OF MUTUAL FUND A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a mutual fund.
Mutual Fund Operation Flow Chart
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank of India. The history of mutual funds in India can be broadly divided into four distinct phases First Phase – 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the
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Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management. Second Phase – 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990. At the end of 1993, the mutual fund industry had assets under management of Rs.47,004 crores. Third Phase – 1993-2003 (Entry of Private Sector Funds) With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged
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with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds. Fourth Phase – since February 2003 In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes. The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of assets under management and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and
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with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth.
ORGANISATION OF A MUTUAL FUND:
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STRUCTURE OF SUNDARAM BNP PARIBAS MUTUAL FUND
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1.7 COMPANY PROFILE • Investment manager for Sundaram BNP Paribas Mutual Fund sponsored by Sundaram Finance &Newton Group in 1996. Newton exited in 2002. • BNP Paribas Asset Management (BNPP AM) became a partner in 2006 • The company is now a joint venture between Sundaram Finance (50.1 % stake) BNPP AM (49.9 % stake) • The sponsors have an equal say in management and offer significant synergy • An experienced local asset manager in India • Track record of close to 13 years • 65 per cent is in equity assets • A team of 20 investment professionals • Expertise in equity & fixed-income • The group was founded by Mr. T V Sundaram Iyengar in 1911 as a bus service Considered as one of the most respected names in Indian business. • Leaders in quality management. • Pioneers in employee welfare, customer satisfaction and values.
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Origin
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PSU Opportunities
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1.8 LIMITATION OF THE STUDY
• • As the data will be collected through questionnaire, there are chances of biased information provided by the respondent. The study is confined to the existing customers of Sundaram BNP Paribas mutual funds only.
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REVIEW OF LITERATURE
Quality and customer satisfaction have long been recognized as playing a crucial role for success and survival in today’s competitive market. Not surprisingly, considerable research has been conducted on these two concepts. Notably, the quality and satisfaction concepts have been linked to customer behavioural intentions like purchase and loyalty intention, willingness to spread positive word of mouth, referral, and complaint intention by many researchers (Olsen, 2002; Kang, Nobuyuki and Herbert, 2004; Soderlund and Ohman, 2005). There are many researchers who have defined service quality in different ways. For instance, Bitner, Booms and Mohr (1994, p. 97) define service quality as ‘the consumer’s overall impression of the relative inferiority / superiority of the organisation and its services’. While other researchers Cronin and Taylor, 1994; Taylor and Cronin, 1994 view service quality as a form of attitude representing a long-run overall evaluation. Parasuraman, Zeithaml and Berry (1985, p. 48) defined service quality as ‘a function of the differences between expectation and performance along the quality dimensions’. This has appeared to be consistent with Roest and Pieters (1997) definition that service quality is a relativistic and cognitive discrepancy between experience-based norms and performances concerning service benefits.
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As pointed out by Bolton (1998), service quality influences a customer’s subsequent behaviour, intentions and preferences. When a customer chooses a provider that provides service quality that meets or exceeds his or her expectations, he or she is more likely to choose the same provider again. Besides, Cronin and Taylor (1994) also found that service quality has a significant effect on repurchase intentions. Other studies which support that repurchase intentions are positively influenced by service quality include Zeithaml, Berry and Parasuraman (1996), Cronin and Taylor (1992, 1994), Cronin, Brady and Hult (2000), and Choi et al. (2004).
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RESEARCH METHODOLOGY
Research Research is an academic activity, which comprises of defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data, making deductions and researching conclusion and at last carefully testing the conclusion to determine whether they fit the formulating hypothesis. 3.1DEFINITION OF RESEARCH “A careful or critical enquiry or examination in seeking facts or principles through diligent investigation in order to ascertain something” Objectives of Research: The objective of research is to find out new facts, which are hidden, and to invent new things to existing stock of knowledge for making advancement. The objectives are: • To achieve new insights into the problem • To discover facts which are existing in the world • To invent new things or new solutions to the problem Types of Research: Empirical research is research that derives its data by means of direct observation or experiment, such research is used to answer a question or test a hypothesis.
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Qualitative research is concerned with subjective assessment of attitudes, opinions and behaviors of categorical data. Qualitative research is specially important in the behavioural science where the aim is to discover the underlying, motives of human behavior Research Methodology Research methodology could be defined as the blue print specifying every stage of action in the course of research. • Features of a Good Research Methodology: • A research methodology contains: • Presentation of the research problem • Procedures and techniques to be used for collecting information. • The population to be studied • Methods to be used in processing and analyzing data. 3.2 TYPES OF RESEARCH METHODOLOGY 1. Exploratory Research: An explorative research design aims at discovering more about various dimensions of research problem and its associated aspects. It aims at helping the researcher to formulate a more precise and structured problem . Exploratory research is used in my project 2. Descriptive Research: Descriptive Research includes fact-finding enquires. Descriptive Research studies are those studies, which are concerned with describing the characteristics of a particular individual, group, community or people
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The main characteristics of this method is that the researcher has no control over the variables; he can only report what has happened or what is happening SOURCES OF DATA: After identifying and defining the problem and the specific information required to solve the problem, the next step is to look for the source of data which will yield the desired result. There are mainly two types of data that a researcher can collect, one is the primary data and secondary data, and sometimes both are gathered. The data for the research is collected from both primary data and secondary data. The sources are 9 Primary data has been collected through structured questionnaire. 9 Secondary data from interest sites related to stress management and from the company. Data: Data is facts, figures and other relevant materials, past and prevent serving as a base for study and analysis. It is based on observation. Data are primarily of two kinds 1. Primary Data 2. Secondary data
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Primary data: Data that is collected for the specific purpose at hand is called as primary data. Data collected by the research specifically for the project. New gathered data help and solve the problem at hand. Secondary data: Secondary data is the date that has been collected earlier for some purpose other than purpose of the present study, which is collected through books, internet. PILOT STUDY (Tested with 10 samples initially): Pilot study is defined as a study, which is done in the initial stage of the project in order to find the reliability of the questionnaire and to restructure the questionnaire on the respondent's suggestions. IMPORTANCE OF PILOT STUDY: ? ? ? ? It will increase the reliability of the scheduler. It helps to restructure the scheduler. It identifies the defects in the scheduler. It helps to add or remove the questions in the scheduler.
3.3 METHODOLOGY USED FOR STUDY A structured questionnaire has been prepared to get the relevant information from the respondents. The questionnaire consists of a variety of questions presented to the respondents for their dependence.
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QUESTIONNAIRE: Collection of data is an important stage in research. The most widely adopted and popular method is questionnaire. A questionnaire is a sheet or sheets of paper containing questions relating to certain specific aspect, regarding which the researcher collects the data. Here in this research 100 respondents were taken in to consideration. The various types of questions used in this survey are: ? Open ended questions The respondent has to answer it as he chooses, no alternative are given. Question no 9, question no 12 are open ended questions. ? Multiple choice questions The respondents choose more than two given alternatives. Question no :1,2,3,4,5,6,7,8,10,11 are multiple choice questions. Sample: The term sample refers to that group of element of the population specifically selected for study, so as to find out something about the population for which it is taken.
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SAMPLING Sampling may be defined as a selection of some part of an aggregate or totality on the basis of which a judgments / inference about the aggregate or totality is made. It is the process of obtaining information about an entire population by examining only part of it. SAMPLE DESIGN: Population: Group of individuals under study is called population. Population of the sample includes Customers of Sundaram BNP Paribas Mutual Fund, Chennai . Sample Area The questionnaires are distributed to Distributors of Sundaram BNP Paribas Mutual Fund, Chennai . Sample Size: Sample size refers to number of items to be selected for the universe to contribute a sample. The total size is 100. Sampling Method: Random sampling is the purest form of probability sampling. Each member of the population has an equal and known chance of being selected. When there are very large populations, it is often difficult or impossible to identify every member of the population, so the pool of available subjects becomes biased.
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DEFINITION OF HYPOTHESIS: According to Goode and Hatt, "Hypothesis is a proposition, which can be put to test to determine validity". A hypothesis can be defined as a logically conjectured relationship between two or more variables expressed in the form of testable statement. NULL HYPOTHESIS (H0): Null hypothesis is formulated only to test whether there is any relationship between variables related to the problem being studied. Usually the null hypothesis is formed as a negative statement. ALTERNATE HYPOTHESIS (H1): Alternate Hypothesis (H1) is a statement, which is accepted after the null hypothesis is rejected based on the test result. The alternate hypothesis usually is formed as a positive statement Characteristics of Good Hypothesis: • The hypothesis must be conceptually clear. • The hypothesis must be specific. • The hypothesis should be related to available techniques. • The hypothesis should be related to the theory. In test of hypotheses, there are two types of errors. Type I error: Reject Ho ,when Ho is true Type II error: Accept Ho, when Ho is false.
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Parametric Test: In a test of hypotheses, the basic assumption of the population is normal from which the sample is drawn. Non parametric Test: The non parametric test is a test which does not involve any parameters. Scales of Measurement Nominal Scale identifies groups or classes, that is nominal scale measures as possessing or not possessing the character. Interval scale is characterized by a common and constant unit of measurement which assigns a real number to all pairs of objects in the ordered set. SCALING TECHNIQUES Ranking method: In this method respondents are asked to rank their choices. This method is easier and faster than the method of paired comparisons. Opinion Scales: Opinion scales are methods of measuring the attitudes through the medium of opinions. Likert Scale: In a likert scale, the respondent is asked to respond to each of the statement in terms of several degrees, usually five or seven degrees of concernment.
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STATISTICAL METHODS USED Percentage analysis Bars & charts Pie diagrams STATISTICAL TOOLS USED T-test Chi-Square Test Paired t-test ANOVA Correlation Mann Whitney Test Krushal Wallis Test Friedman Test PERCENTAGE ANALYSIS: Percentage refers to a special kind of ratio. Percentages are used in making comparison between two or more series of data. Percentage is used to describe relative terms the distribution of two or more series of data. No. of Respondents Percentage of Respondents = ------------------------Total Respondents X 100
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VALIDITY AND RELIABILITY The most important requirements of both predictors and criteria are reliability and validity. Both are determined through coefficient of correlation. Reliability : This refers to the degree to which a predictor or a criteria on measure consistently. Stability of scores or achieving same or similar score over repeated trials indicates reliability of the measuring instruments. There are three major ways of determining reliability 1) Split half method Referred to as measure of internal consistency ,it is the method most often used because it requires only one form and one time measurement. Generally the items are divided into two , by separating odd number item from even number items. Correlation of two halves gives the degree of internal consistency. Spearman brown prophesy formula, rt = 2r1/2 1+r1/2 Where , rt is estimated reliability of total test r1/2 = degree of relationship calculated on the basis of two halves.
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2) Test –retest method : The test –retest method consists of measuring the performance of same individual at two different times , other thing remaining constant.
3) Matched forms method : One method of avoiding the problem in test retest method is to develop to completely comparable. Validity : Validity whether predictors and criteria measure what they are purported to , is a question of validity . Validity is of 4 kinds: ? Content validity ? Concurrent validity ? Construct validity ? Predictive validity Coefficient of correlation is the single number that indicates the extent to which two factors are related. It varies from +1 (perfect positive) through 0 (no relation) to -1 (perfect negative) relationship.
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ANALYSIS AND INTERPRETATIONS
This is an attempt to classify , tabulate analysis and interprets the data collected. Analysis was done by control ratio , production analysis the data through table graph and diagrams for quick and clear understanding of the data
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1) How satisfied are you in terms of honesty, sincerity and dependability of service offered by the employees in Sundaram BNP Paribas mutual Funds? TABLE -1 S NO 1 2 3 4 5 Total FIGURE-1
Satisfaction level
70 60 60 No of Respondents 50 40 40 30 20 10 0 Service Quality 0 0 0 Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied Highly satisfied Satisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF RESPONDENT S 60 40 0 0 0 100
NO OF RESPONDENTS % 60 40 0 0 0 100
INFERENCE From the figure it is observed that 100% of the respondents are highly satisfied with the service offered by Sundaram BNP Paribas Mutual Fund.
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2) Are you satisfied with the willingness and readiness with which the employees of Sundaram BNP Paribas Mutual Fund respond to your request? TABLE-2 S NO 1 2 3 4 5 Total FIGURE-2
Satisfaction Level
45 40 35 30 25 20 15 10 5 0 40 Highly Satisfied 25 15 Satisfied Neither Satisfied nor dissatisfied Dissatisfied Highly Dissatisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 25 25 40 40 15 12 8 100 15 12 8 100
No of Respondents
12 8
1 Service Quality
INFERENCE
From the figure it is clear that , 65% of the respondents are satisfied while 35% of the respondents are dissatisfied with the response offered by the Sundaram BNP Paribas Mutual Fund.
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3) Are you satisfied with the ability of the staff at Sundaram BNP Paribas Mutual Funds to answer your queries and solve your problem? TABLE -3 S NO 1 2 3 4 5 Total FIGURE-3
Satisfaction Level
40 35 No of respondents 30 25 20 15 10 5 0 Service Quality 4 5 Highly Dissatisfied 21 Neither Satisfied nor Dissatisfied Dissatisfied 38 35 Highly Satisfied Satisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 38 38 35 35 21 4 5 100 21 4 2 100
INFERENCE From the figure it is clear that 73% of the respondents are highly satisfied and 27% of the respondents are dissatisfied with the ability of staff at Sundaram BNP Paribas Mutual Fund to answer the customer queries.
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4) Do you agree that staff at Sundaram BNP Paribas make extra efforts to clarify the details required by you ? TABLE -4 S NO 1 2 3 4 5 Total FIGURE-4
Satisfaction Level
50 45 40 35 30 25 20 15 10 5 0 45 40 Highly Agree Agree Neither Agree nor Disagree Highly Disagree 0 Service Quality 0 Strongly Disagree
PARTICULARS Highly agree Agree Neither agree nor disagree Disagree Highly disagree
NO OF NO OF RESPONDENTS RESPONDENTS % 15 15 40 40 45 0 0 100 45 0 0 100
No of Respondents
15
INFERENCE From the figure it is clear that 55% of the respondents agree and 45% of the respondents neither agree nor disagree with the staff of Sundaram BNP Paribas Mutual Fund to make extra efforts to clarify the details required by the customers.
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5) Do you feel personal touch in the service provided by the staff of Sundaram BNP Paribas Mutual Fund? TABLE-5 S NO 1 2 3 4 5 Total FIGURE -5
Satisfaction Level
60 No of Respondents 50 40 30 20 10 0 0 Service Quality 0 0 Strongly Disagree 55 45 Highly Agree Agree Neither Agree nor disagree Highly Disagree
PARTICULARS Highly Agree Agree Neither agree nor disagree Disagree Highly disagree
NO OF NO OF RESPONDENTS RESPONDENTS % 55 55 45 45 0 0 0 100 0 0 0 100
INFERNCE From the figure it is clear that 100% of the respondents are highly satisfied with service provided by the staff of Sundaram BNP Paribas Mutual Fund.
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6) Are you satisfied with the time taken by Sundaram BNP Paribas Mutual fund staff to respond to your enquiries? TABLE-6 S NO 1 2 3 4 5 Total FIGURE-6
Satisfaction level
30 No of Respondents 25 20 20 15 10 5 Highly Dissatisfied 0 Service Quality 16 15 Neither Satisfied nor Dissatisfied Dissatisfied 24 25 Highly Satisfied Satisfied
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highlydissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 16 16 20 20 15 24 25 100 15 24 25 100
INFERENCE
From the figure it is clear that 36% of the respondents are satisfied and 64% of the respondents are highly dissatisfied with the time taken by Sundaram BNP Paribas Mutual Fund staff to respond to their enquiries.
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7) Do you feel that the staff of Sundaram BNP Paribas Mutual fund is courteous during your personal meetings? TABLE-7 S NO 1 2 3 4 5 Total FIGURE-7 PARTICULARS Highly Agree Agree Neither agree nor disagree Disagree Highly disagree NO OF NO OF RESPONDENTS RESPONDENTS % 24 24 32 32 44 0 0 100 44 0 0 100
PERCENTAGE OF SATISFACTION
0% 0% 24% 44% 32% HIGHLY AGREE AGREE NEITHER AGREE NOR DISAGREE HIGHLY DISAGREE STRONGLY DISAGREE
INFERENCE From the figure it is clear that 56% of the respondents are satisfied and 44% of the respondents are neither agree nor disagree with the staff of Sundaram BNP Paribas Mutual Fund
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8) How satisfied are you with the overall service you received? TABLE-8 S NO 1 2 3 4 5 Total FIGURE-8
HIGHLY SATISFIED SATISFIED 16% 16% NEITHER SATISFIED NOR DISSATISFIED DISSATISFIED
PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied
NO OF NO OF RESPONDENTS RESPONDENTS % 16 16 21 21 26 21 16 100 26 21 16 100
PERCENTAGE OF SATISFACTION
21% 26%
21%
HIGHLY DISSATISFIED
INFERENCE From the figure it is clear that 37% of the respondents are satisfied and 63% of the respondents are highly dissatisfied with the overall service offered by Sundaram BNP Paribas Mutual Fund
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9) How satisfied are you with the clarity of advice or information provided ? TABLE -9 S NO 1 2 3 4 5 Total FIGURE -9 PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied NO OF NO OF RESPONDENTS RESPONDENTS % 27 27 26 26 26 12 9 100 26 12 9 100
PERCENTAGE OF SATISFACTION
HIGHLY SATISFIED SATISFIED
12%
9%
27% NEITHER SATISFIED NOR DISSATISFIED 26% DISSATISFIED
26%
HIGHLY DISSATISFIED
INFERENCE From the figure it is clear that 53% of respondents are highly satisfied and 47% of the respondents are highly dissatisfied with the clarity of information received .
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10) How satisfied are you with the time taken to respond during telephone enquiries ? TABLE-10 S NO 1 2 3 4 5 Total FIGURE-10 PARTICULARS Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highlydissatisfied NO OF NO OF RESPONDENTS RESPONDENTS % 04 04 23 23 24 24 25 100 24 24 25 100
PERCENTAGE OF SATISFACTION
HIGHLY SATISFIED 23% SATISFIED
4% 25%
NEITHER SATISFIED NOR DISSATISFIED DISSATISFIED 24% 24% HIGHLY DISSATISFIED
INFERENCE From the figure it is clear that 27% of the respondents are satisfied and 73% of the respondents are Highly dissatisfied with the time taken to respond during telephone enquiries
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STATISTICAL ANALYSIS -1 Hypothesis : H0 H1 : There is no significant difference between willingness and overall Service. : There is significant difference between willingness and overall Service.
DATA TABLE Highly satisfied Willingness 25 to respond 21 Overall service Satisfied Neither Dissatisfied Highly satisfied dissatisfied nor dissatisfied 15 12 08 26 21 16
40 16
CALCULATION OF CHI-SQUARE DISTRIBUTION: The chi-square distribution is ?2 = (O-E)2/E Where, O = Observed frequency E = Expected frequency
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CALCULATION OF “O” 25 21 46 40 16 56 15 26 41 12 21 33 08 16 24 100 100 200
CALCULATION OF “E” 23 23 46 E= 28 28 56 AXB N Where, A =row total for the row of that cell B = column total for the column of that cell N = grand total 20.5 20.5 41 16.5 16.5 33 12 12 24 100 100 200
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CHI-SQUARE TABLE : OBSERVED “O” 25 40 15 12 8 21 13 26 21 16 EXPECTED O-E 2 12 -5.5 -4.5 -4 -2 -12 5.5 4.5 4 (O-E)2 4 144 30.3 20.3 16 4 144 30.3 20.3 16 TOTAL ? [(O-E)2/E] = 19.8 Hence , the calculated value of ?2 is 19.8 Since the degree of freedom is (r-1) (c-1) = (2-1) (5-1) =1 (4) =4 The table value of ?2 for 5 degree of freedom at 5% level of significance is 6.26 . Comparing calculated value and table value of ?2 , we can find that calculated value is greater than the table value. Therefore , the hypothesis H0 is rejected . Therefore , there is significant difference between willingness and overall Service. (O-E)2/E 0.2 5.1 1.5 1.2 1.3 0.2 6.3 1.5 1.2 1.3 19.8 “E” 23 28 20.5 16.5 12 23 23 20.5 16.5 12 FREQUENCY FREQUENCY
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STATISTICAL ANALYSIS-2 Hypothesis : H0 H1 : There is correlation between ability of staff and clarity of information provided. : There is no correlation between ability of staff and clarity of Information provided.
DATA TABLE Highly Satisfied Neither Dissatisfied Highly satisfied satisfied dissatisfied nor dissatisfied 35 21 04 02 Ability of 38 the staff (X) 26 26 12 09 Clarity of 27 information (Y) CALCULATION OF COEFFICIENT OF CORRELATION r= ? uv - ?u?v N 2 2 ??u - (?u) ? ?v2 – (? v)2 N N r = Coefficient of correlation N = Grand total
Where
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CORRELATION TABLE x 38 35 21 4 2 u 17 14 0 -17 -19 ?u=-5 u2 289 196 0 289 361 ?u2=1030 y 27 26 26 12 9 v 1 0 0 -14 -17 ?v=-30 v2 1 0 0 196 289 ?v2=486 uv 17 0 0 238 323 ?uv=578
r=
578 – (-5) (-30) 5 ?1030 - (-5)2 ?486 - (-30)2 5 5
= 0.8 Thus the correlation coefficient lies between -1 and +1 There is a high correlation between ability of the staff and clarity of information provided. Therefore we accept H0 .
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STATISTICAL ANALYSIS -3 Hypothesis : H0 : There is no significant difference between overall Service and ability of the staff . H1 : There is significant difference between overall Service and ability of the staff .
DATA TABLE Highly satisfied 21 Overall service Ability of 38 the staff Satisfied Neither Dissatisfied Highly satisfied dissatisfied nor dissatisfied 26 21 16 21 4 2
16 35
CALCULATION OF CHI-SQUARE DISTRIBUTION: The chi-square distribution is ?2 = (O-E)2/E Where, O = Observed frequency E = Expected frequency
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CALCULATION OF “O” 21 38 59 16 35 51 26 21 47 21 4 25 16 2 18 100 100 200
CALCULATION OF “E” 29.5 29.5 59 E= 25.5 25.5 51 AXB N Where, A =row total for the row of that cell B = column total for the column of that cell N = grand total 23.5 23.5 47 12.5 12.5 25 9 9 18 100 100 200
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CHI-SQUARE TABLE : OBSERVED “O” 21 16 26 21 16 38 35 21 4 2 EXPECTED O-E -8.5 -9.5 2.5 8.5 7 8.5 9.5 -2.5 -8.5 -7 (O-E)2 72.3 90.3 6.3 72.3 49 72.3 90.3 6.3 72.3 49 TOTAL ? [(O-E)2/E] = 34.8 Hence , the calculated value of ?2 is 34.8 Since the degree of freedom is (r-1) (c-1) = (2-1) (5-1) =1 (4) =4 The table value of ?2 for 5 degree of freedom at 5% level of significance is 6.26 . Comparing calculated value and table value of ?2 , we can find that calculated value is greater than the table value. Therefore , the hypothesis H0 is rejected . Therefore , there is significant difference between overall Service and ability of the staff . (O-E)2/E 2.4 3.5 0.3 5.8 5.4 2.4 3.5 0.3 5.8 5.4 34.8 “E” 29.5 25.5 23.5 12.5 9 29.5 25.5 23.5 12.5 9 FREQUENCY FREQUENCY
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STATISTICAL ANALYSIS -4 Hypothesis : In ANOVA table we can compare two different aspects using 2-way classifications. By taking three aspects of employees along columns and five levels of satisfaction along rows. We can find if there is any significant difference among quality of employees service and if there is any significant difference among satisfaction level. Ability Highly satisfied Satisfied Neither satisfied nor dissatisfied Dissatisfied Highly dissatisfied TOTAL 35 38 21 Time taken 20 16 15 Overall service 21 16 26 Dependability TOTAL 40 60 0 116 130 62
04 02 100
24 25 100
21 16 100
0 0 100
49 43 300
Correction factor C F = (300)2 15 = 6000 Sum of the squares between columns = 1002 +1002 +1002 +1002 __ 6000 4 = 4000 Sum of the squares between rows= 1162 + 1302 + 622+ 492 + 432 4 = 612.5 Total sum of the squares = 7042-4000 = 3042
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___
4000
Source of variation Column Row Residual TOTAL
Sum of squares 4000 612.5 785.5 3042
Degree of freedom 3-1=2 5-1=4 14-(2+4)=8 15-1=14
Mean 1000 153.1 98.2
F-ratio 4000/98.2=20.4 153.1/98.2=1.5
Degree of freedom is (2,8) and (8,4) At 5% level of freedom the table value for (2,8) is 4.46 And the calculated value is 20.4 The calculated value is greater than the table value therefore the hypothesis rejected . There is significant difference in the quality of employees service. At 5% level of freedom the table value for (8,4) is 6.04 And the calculated value is 1.5 The calculated value is lesser than the table value therefore the hypothesis accepted. There is no significant difference in the satisfaction level .
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5.1 FINDINGS OF THE STUDY ¾ The study shows that 100% of the respondents are satisfied with the dependability of the service offered by Sundaram BNP Paribas Mutual Fund. ¾ The study shows that 65% of the respondents are satisfied and 35% of the respondents are dissatisfied with the willingness and readiness with which the employees of Sundaram BNP Paribas Mutual Fund respond to their request. ¾ It is found that 73% of the respondents are satisfied and 27% of the respondents are dissatisfied with the ability of the staff in Sundaram BNP Paribas Mutual Fund to solve their queries. ¾ From the analysis it is clear that 55% of the respondents agree and 45% of the respondents disagree with the efforts made by Sundaram BNP Paribas Mutual Fund staffs to clarify the details required by them. ¾ The study shows that 100% of the respondents agree with the service provided with personal touch by the staff of Sundaram BNP Paribas Mutual Fund. ¾ It is clear that 36% of the respondents are satisfied and majority of the respondents (64%) are highly dissatisfied with the time taken by Sundaram BNP Paribas Mutual Fund staff to respond to their enquiries. ¾ It is clear that 56% of the respondents agree and 44% of the respondents neither Agree nor disagree with the staff of Sundaram BNP Paribas Mutual Fund to be courteous during personal meetings with them.
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¾ From the study it is clear that 63% of the respondents are highly satisfied and 37% of the respondents are dissatisfied with the overall service they receive. ¾ From the figure it is clear that 79% of the respondents are highly satisfied and 21% of the respondents are highly dissatisfied with the clarity of information provided by Sundaram BNP Paribas Mutual fund. ¾ It is clear that 39% of the respondents are highly satisfied and 61% of the respondents are highly dissatisfied with the time taken to respond during telephone enquiries.
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SUGGESTIONS :
Sundaram BNP Paribas Mutual Fund’s employees should be customer friendly and they should be ready to solve all types of customer queries. Sundaram BNP Paribas Mutual Fund’s employees should understand the customer’s need and act accordingly. Customer’s should be provided with the right information in an simple and understandable way which will improve customer’s confidence on Sundaram BNP Paribas Mutual Fund. During personnel meetings employees should act courteous to the customers. As customer behaves the way we behave to them . Customers queries should be solved immediately at the earliest possible. So that customer will be satisfied by the efforts taken to solve their queries. Many customers are unhappy with the way telephone enquiries are handled. Sundaram BNP Paribas Mutual Fund’s employees should take special care in solving telephone quiries. Because most of the customers prefer telephone. Sundaram BNP Paribas Mutual Fund should concentrate on improving its employee’s skills in taking good care of customers and solving the customer queries. Thus they can provide the best service.
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5.3 CONCLUSION Sundaram BNP Paribas Mutual Fund should concentrate on providing best services to their distributors and satisfy their distributors needs which ultimately help in business development. Sundaram BNP Paribas Mutual Fund’s employees should provide right service at the right time in a friendly manner which will definitely improve customer satisfaction level regarding services provided by Sundaram BNP Paribas Mutual Fund.
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BIBLIOGRAPHY C.R Kothari, “Research Methodology ”,New Age International publishers ,2004 Dr .L. Natarajan, “Service Marketing”, Margham Publications (first published 2006) Dr. A. Santhakumaran , Dr. G. Sarguna mary ,“ Research Methodology”, Anuradha Publications, 2007 Philip kotler , “Marketing Management”,Pearson Education Pte Ltd, 2003
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WEBLIOGRAPHY www.mutualfundsindia.com www.sundarambnpparibas.in www.amfindia.com www.moneycontrol.com www.valueresearchindia.com www.mutualtimes.com www.camsonline.com
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QUESTIONAIRE I am LAKSHMI ADITHIYA pursuing M.B.A (Marketing & Finance) in SRM SCHOOL OF MANAGEMENT. I am doing my marketing project “The Study on Quality of Customer Service in Sundaram BNP Paribas Mutual Fund” I request you to fill the questionnaire which is for my academic purpose NAME DATE : :
1. How satisfied are you in terms of honesty, sincerity and dependability of services offered by the employees of Funds? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied Sundaram BNP Paribas Mutual
e)Highly dissatisfied
2. Are you satisfied with the willingness and readiness with which the employees of Sundaram BNP Paribas Mutual Funds respond to your request? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied
e) Highly dissatisfied
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3. Are you satisfied with the ability of the staff at Sundaram BNP Paribas Mutual Fund to answer your queries and solve your problem? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied e) Highly dissatisfied
4. Do you agree that the staff at Sundaram BNP Paribas Mutual Fund make extra efforts to clarify the details required by you? a) Highly agree d) Highly disagree b) Agree c) neither agree nor disagree
e) strongly disagree
5. Do you feel personal touch in the service provided by the staff of Sundaram BNP Paribas Mutual Funds? a) Highly agree d) Highly disagree b) agree c) neither agree nor Disagree
e) strongly Disagree
6. Are you satisfied with the time taken by Sundaram BNP Paribas Mutual Funds staff to respond to your enquiries? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied
e) Highly dissatisfied
7. Do you feel that the staff of Sundaram BNP Paribas Mutual Fund is courteous during your personal meetings? a) Highly agree d) Highly disagree b) Agree c) Neither agree nor disagree e) strongly Disagree
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8. How satisfied are you with overall service you received? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied
e) Highly dissatisfied
9. How do you feel about the ease of contacting the person you needed?
10. How satisfied are you with the clarity of advice or information provided? a) Highly satisfied d) Dissatisfied b) Satisfied c) neither Satisfied nor Dissatisfied e)Highly dissatisfied
11. How satisfied are you with the time taken to respond during telephone enquiries? a) Highly satisfied b) Satisfied c) neither Satisfied nor Dissatisfied d) Dissatisfied e)Highly dissatisfied
12. Regarding Customer Service in which area do you want Sundaram BNP Paribas mutual fund to improve?
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