CHAPTER - I

INTRODUCTION

1
 INTRODUCTION

Customer feedback is the information, insights, issues, and input shared by your community about
their experiences with your company, product, or services. This feedback guides improvements of
the customer experience and can empower positive change in any business — even (and
especially) when it’s negative. ustomer feedback is important because it serves as a guiding
resource for the growth of your company. Don’t you want to know what you’re getting right —
and wrong — as a business in the eyes of your customers?

Within the good and the bad, you can find gems that make it easier to adjust and adapt the
customer experience over time. In short, feedback is the way to keep your community at the heart
of everything you do.

Customer Feedback Methods:

1. Customer feedback surveys

2. Email and customer contact forms
3. Usability tests
4. Exploratory customer interviews
5. Social media
6. On-site activity (via analytics)
7. Instant feedback from your website

Customers can transform every aspect of your company for the better if you listen to their
feedback. Think about your most pressing goals and start with one clear, simple method for
collecting customer feedback before expanding out to more complex tactics like usability testing
and analytics.
Customer support channels are the ideal place to begin — your support team brings more value
when they approach every interaction as an opportunity to collect quantitative and qualitative
feedback on real experiences with your company.

Loyal customers grow a business faster than sales or marketing.

2
However, if we never ask for customer feedback, we'll never understand what drives customer
satisfaction. If we don't know what drives satisfied customers, it will be impossible to
create customer loyalty.
When you think about collecting customer feedback, it’s easy to get overwhelmed by the sheer
volume of possibilities. With so many customers — and so many ways to connect with their
feedback — it’s hard to know where to start.

One thing is clear though: taking a proactive approach to collecting customer feedback ensures
you never stray too far from the needs of your community, even as those needs evolve.

Feedback is a powerful guide that can give your leadership team insights that chart a path forward
for every part of a company — from product through UX and customer support. That’s especially
important when it comes to customer satisfaction.

3
 CHAPTER - II
REVIEW OF LITERATURE

4
 REVIEW OF LITERATURE
Customer satisfaction (CS) has attracted serious research attention in the recent past year.
Customer satisfaction is now for all companies the primary criterion for the assessment of their
relationship with the market, a permanent object of their operating policies and an important
element for the reinforcement of company reputation, as well as a fundamental guide to direct
operational processes. So this paper is done in order to have a deeper understanding on the
customers? satisfaction but especially help the students, the managers and also all person which
can use it. We will going to see some definitions of the customer satisfaction, factors affecting
customer satisfaction, and also measuring the customer satisfaction

1. Aina Nindiani1; Mohammad Hamsal2; HumirasHardi Purba3, Product and Service Quality
Analysis: An Empirical Study of Customer Satisfaction in a Bakery, Binus Business Review,
9(2), July 2018, 95-103 DOI: 10.21512/bbr.v9i2.4257, P-ISSN: 2087-1228 E-ISSN: 2476-
9053

2. Andaleeb, S., & Conway, C. (2006). Customer Satisfaction In The Restaurant Industry: An
Examination of the Transaction-specific Model. Journal of Services Marketing, 20(1), 3-11.

3. Anderson, E., &Fornell, C. (2000). Foundations of The American Customer Satisfaction

Index. Total Quality Management, 11(7), 869-
882. http://dx.doi.org/10.1080/09544120050135425

4. Andriotis, K., Agiomirgianakis, G., &Mihiotis, A. (2008). Measuring tourist satisfaction: A

factor-cluster segmentation approach. Journal of Vacation Marketing, 14(3), 221-
235. http://dx.doi.org/10.1177/1356766708090584

5. Arbore, A. and Busacca, B. (2009), ?Customer satisfaction and dissatisfaction in retail

banking: exploring the asymmetric impact of attribute performances?, Journal of Retailing
and Consumer Services, Vol. 16

6. Azizi, M., Dehghan, S., Ziaie, M., &Mohebi, N. (2017). Identifying the customer satisfaction
factors in furniture market. Economics, Management and Sustainability, 2(1), 6-
18. https://doi.org/10.14254/jems.2017.2-1.1

7. Barboza, G., & Roth, K. (2009). Understanding customers' revealed satisfaction preferences:
An order probit model for credit unions. Journal of Financial Services Marketing, 13(4), 330-
344. http://dx.doi.org/10.1057/fsm.2008.27

5
 CHAPTER - III
RESEARCH METHODOLOGY

6
 NEED OF THE STUDY
Teams that measure customer satisfaction can easily calculate the expected risk of unhappy
customers. By putting a number to the importance of customer satisfaction, you can have more
meaningful conversations with your boss and company about investing in your team.

Commit the entire team to improve customer satisfaction day in and day out. Measure your
progress, and enjoy the benefits.

Satisfied customers will recommend you to their network. Customer advocacy is a very
efficient form of marketing. Small businesses estimate that 85% of their new business comes
from word of mouth.

OBJECTIVES OF THE STUDY

1. It enables you to hear the Voice of the Customer

2. It helps you to measure Customer Satisfaction
3. It makes Customers feel involved and important
4. It helps to identify Unhappy Customers and work towards Improving the Experience for
them
5. It tells you the improvement areas and the areas which are working well for them
6. It helps to Identify Happy Customers and supports in Retention

RESEARCH METHODOLOGY
The current research paper is a conceptual. Therefore efforts have been made to collect data
purely form already existing research and published sources and is secondary by nature.

SECONDARY DATA:
Secondary data is collected from the websites, journals and other sources of information and
views stated by different users at different point in time.

A qualitative approach allows for an elastic process during which changes can be made and
incorporated into the research.

COMPANY ADDRESS:
Address: 1-7-283/1 & Amp2, 126, S D Road, S D Road, Secunderabad, Telangana 500003

7
  SIZE OF SAMPLE: -
This refers to the numbers of items to be selected from universe to constitute a sample.
An optimum sample is one, which fulfills the requirements of efficiency, representativeness,
reliability and flexibility.

The method of sampling used was random sampling. The main aim of the study was to cover
employee’s at all hierarchical levels. Therefore, a sample of respondents was chosen at each
level of hierarchy in all the departments and services. The sample size was taken as 50. The
respondents were from 4 categories as Scientific Staff, Technical Staff, Administrators, and
Supporting Staff.

Respondents
Employee Details Supporting Technical Scientific
Administrators
Staff Staff Staff
Total No. of.
700 100 105 100
Employees
Sample No. of.
20 10 10 10
Employees
Sample selection is random from all the 4 categories.

8
 SCOPE OF THE STUDY
Customer experience encompasses every aspect of a company’s offering—the quality of customer
care, of course, but also advertising, packaging, product and service features, ease of use, and
reliability. Yet few of the people responsible for those things have given sustained thought to how
their separate decisions shape customer experience. To the extent they do think about it, they all
have different ideas of what customer experience means, and no one more senior oversees
everyone’s efforts.

LIMITATIONS OF THE STUDY

 Expected versus delivered value is being measured – CSAT is NOT necessarily a

measure of overall value or quality of the firm and its offerings
 High CSAT scores may be simply a reflection of low expectations of the firm
 High CSAT scores may not deliver increased profitability (and may even have a negative
financial impact – primarily due to the firm over-delivering increased customer value)
 Existing customers will adjust their expectations to the value regularly being delivered,
resulting in most customers being ―just satisfied‖ (reflected in average, not high, CSAT
scores). This means that it is difficult (high effort and cost) to maintain very high
satisfaction scores over a long period of time
 More engaged and involved customers are more likely to participate in optional market
research surveys, such as online surveys, potentially leading to an overestimation of
CSAT levels
 There are better measures available – for the aggregate of factors that customer
satisfaction is suggested to address (which include of loyalty, customer profitability,
likeability of the firm, word-of-mouth potential, and so on

9
 CHAPTER - IV
THEORETICAL FRAME WORK

10
 THEORETICAL FRAME WORK

Beginning in the late 1950s, business schools shifted from descriptive and practitioner-focused
studies to more theoretically driven and academically rigorous research (Dahl et al. 1959). As the
field expanded from an applied form of economics to embrace theories and methodologies from
psychology, sociology, anthropology, and statistics, there was an increased emphasis on
understanding the thoughts, desires, and experiences of individual consumers. For academic
marketing, this meant that research not only focused on the decisions and strategies of marketing
managers but also on the decisions and thought processes on the other side of the market—
customers.

Since then, the academic study of consumer behavior has evolved and incorporated concepts and
methods, not only from marketing at large but also from related social science disciplines, and
from the ever-changing landscape of real-world consumption behavior. Its position as an area of
study within a larger discipline that comprises researchers from diverse theoretical backgrounds
and methodological training has stirred debates over its identity. One article describes consumer
behavior as a multidisciplinary subdiscipline of marketing ―characterized by the study of people
operating in a consumer role involving acquisition, consumption, and disposition of marketplace
products, services, and experiences‖ (MacInnis and Folkes 2009, p. 900).

This article reviews the evolution of the field of consumer behavior over the past half century,
describes its current status, and predicts how it may evolve over the next twenty years. Our
review is by no means a comprehensive history of the field (see Schumann et al. 2008; Rapp and
Hill 2015; Wang et al. 2015; Wilkie and Moore 2003, to name a few) but rather focuses on a few
key thematic developments. Though we observe many major shifts during this period, certain
questions and debates have persisted: Does consumer behavior research need to be relevant to
marketing managers or is there intrinsic value from studying the consumer as a project pursued
for its own sake? What counts as consumption: only consumption from traditional marketplace
transactions or also consumption in a broader sense of non-marketplace interactions? Which are
the most appropriate theoretical traditions and methodological tools for addressing questions in
consumer behavior research?
A brief history of consumer research over the past sixty years—1960 to 2020

In 1969, the Association for Consumer Research was founded and a yearly conference to share
marketing research specifically from the consumer’s perspective was instituted. This event
marked the culmination of the growing interest in the topic by formalizing it as an area of
research within marketing (consumer psychology had become a formalized branch of
psychology within the APA in 1960). So, what was consumer behavior before 1969? Scanning
current consumer-behavior doctoral seminar syllabi reveals few works predating 1969, with most
of those coming from psychology and economics, namely Herbert Simon’s A Behavioral Model
of Rational Choice (1955), Abraham Maslow’s A Theory of Human Motivation (1943), and
Ernest Dichter’s Handbook of Consumer Motivations (1964). In short, research that illuminated
and informed our understanding of consumer behavior prior to 1969 rarely focused on
marketing-specific topics, much less consumers or consumption (Dichter’s handbook being a

11
notable exception). Yet, these works were crucial to the rise of consumer behavior research
because, in the decades after 1969, there was a shift within academic marketing to thinking about
research from a behavioral or decision science perspective (Wilkie and Moore 2003). The
following section details some ways in which this shift occurred. We draw on a framework
proposed by the philosopher Larry Laudan (1986), who distinguished among three inter-related
aspects of scientific inquiry—namely, concepts (the relevant ideas, theories, hypotheses, and
constructs); methods (the techniques employed to test and validate these concepts); and aims (the
purposes or goals that motivate the investigation).

Key concepts in the late-1960s

During the late-1960s, we tended to view the buyer as a computer-like machine for processing
information according to various formal rules that embody economic rationality to form a
preference for one or another option in order to arrive at a purchase decision. This view tended to
manifest itself in a couple of conspicuous ways. The first was a model of buyer behavior
introduced by John Howard in 1963 in the second edition of his marketing textbook and quickly
adopted by virtually every theorist working in our field—including, Howard and Sheth (of
course), Engel-Kollat-&-Blackwell, Franco Nicosia, Alan Andreasen, Jim Bettman, and Joel
Cohen. Howard’s great innovation—which he based on a scheme that he had found in the work
of Plato (namely, the linkages among Cognition, Affect, and Conation)—took the form of a
boxes-and-arrows formulation heavily influenced by the approach to organizational behavior
theory that Howard (University of Pittsburgh) had picked up from Herbert Simon
(Carnegie Melon University). The model represented a chain of events

I→C→A→B→SI→C→A→B→S
where I = inputs of information (from advertising, word-of-mouth, brand features, etc.); C =
cognitions (beliefs or perceptions about a brand); A = Affect (liking or preference for the
brand); B = behavior (purchase of the brand); and S = satisfaction (post-purchase evaluation of
the brand that feeds back onto earlier stages of the sequence, according to a learning model in
which reinforced behavior tends to be repeated). This formulation lay at the heart of Howard’s
work, which he updated, elaborated on, and streamlined over the remainder of his career.
Importantly, it informed virtually every buyer-behavior model that blossomed forth during the
last half of the twentieth century.

To represent the link between cognitions and affect, buyer-behavior researchers used various
forms of the multi-attribute attitude model (MAAM), originally proposed by psychologists such
as Fishbein and Rosenberg as part of what Fishbein and Ajzen (1975) called the theory of
reasoned action. Under MAAM, cognitions (beliefs about brand attributes) are weighted by their
importance and summed to create an explanation or prediction of affect (liking for a brand or
preference for one brand versus another), which in turn determines behavior (choice of a brand
or intention to purchase a brand). This took the work of economist Kelvin Lancaster (with whom
Howard interacted), which assumed attitude was based on objective attributes, and extended it to
include subjective ones (Lancaster 1966; Ratchford 1975). Overall, the set of concepts that
prevailed in the late-1960s assumed the buyer exhibited economic rationality and acted as a
computer-like information-processing machine when making purchase decisions.

12
Favored methods in the late-1960s
The methods favored during the late-1960s tended to be almost exclusively neo-positivistic in
nature. That is, buyer-behavior research adopted the kinds of methodological rigor that we
associate with the physical sciences and the hypothetico-deductive approaches advocated by the
neo-positivistic philosophers of science.

Thus, the accepted approaches tended to be either experimental or survey based. For example,
numerous laboratory studies tested variations of the MAAM and focused on questions about how
to measure beliefs, how to weight the beliefs, how to combine the weighted beliefs, and so forth
(e.g., Beckwith and Lehmann 1973). Here again, these assumed a rational economic decision-
maker who processed information something like a computer.

Seeking rigor, buyer-behavior studies tended to be quantitative in their analyses, employing

multivariate statistics, structural equation models, multidimensional scaling, conjoint analysis,
and other mathematically sophisticated techniques. For example, various attempts to test the
ICABS formulation developed simultaneous (now called structural) equation models such as
those deployed by Farley and Ring (1970, 1974) to test the Howard and Sheth (1969) model and
by Beckwith and Lehmann (1973) to measure halo effects.

Aims in the late-1960s

During this time period, buyer-behavior research was still considered a subdivision of marketing
research, the purpose of which was to provide insights useful to marketing managers in making
strategic decisions. Essentially, every paper concluded with a section on ―Implications for
Marketing Managers.‖ Authors who failed to conform to this expectation could generally count
on having their work rejected by leading journals such as the Journal of Marketing
Research (JMR) and the Journal of Marketing (JM).

Summary—the three R’s in the late-1960s

Starting in the late-1960s to the early-1980s, virtually every buyer-behavior researcher followed
the traditional approach to concepts, methods, and aims, now encapsulated under what we might
call the three R’s—namely, rationality, rigor, and relevance. However, as we transitioned into the
1980s and beyond, that changed as some (though by no means all) consumer researchers began
to expand their approaches and to evolve different perspectives.

Concepts after 1980

In some circles, the traditional emphasis on the buyer’s rationality—that is, a view of the buyer
as a rational-economic, decision-oriented, information-processing, computer-like machine for
making choices—began to evolve in at least two primary ways.

First, behavioral economics (originally studied in marketing under the label Behavioral Decision
Theory)—developed in psychology by Kahneman and Tversky, in economics by Thaler, and
applied in marketing by a number of forward-thinking theorists (e.g., Eric Johnson, Jim Bettman,
John Payne, Itamar Simonson, Jay Russo, Joel Huber, and more recently, Dan Ariely)—

13
challenged the rationality of consumers as decision-makers. It was shown that numerous
commonly used decision heuristics depart from rational choice and are exceptions to the
traditional assumptions of economic rationality. This trend shed light on understanding consumer
financial decision-making (Prelec and Loewenstein 1998; Gourville 1998; Lynch Jr 2011) and
how to develop ―nudges‖ to help consumers make better decisions for their personal finances
(summarized in Johnson et al. 2012).

Second, the emerging experiential view (anticipated by Alderson, Levy, and others; developed
by Holbrook and Hirschman, and embellished by Schmitt, Pine, and Gilmore, and countless
followers) regarded consumers as flesh-and-blood human beings (rather than as information-
processing computer-like machines),
Methods after 1980
The two burgeoning areas of research—behavioral economics and experiential theories—
differed in their methodological approaches. The former relied on controlled randomized
experiments with a focus on decision strategies and behavioral outcomes. For example,
experiments tested the process by which consumers evaluate options using information display
boards and ―Mouselab‖ matrices of aspects and attributes (Payne et al. 1988). This school of
thought also focused on behavioral dependent measures, such as choice (Huber et al. 1982;
Simonson 1989; Iyengar and Lepper 2000).

The latter was influenced by post-positivistic philosophers of science—such as Thomas Kuhn,

Paul Feyerabend, and Richard Rorty—and approaches expanded to include various qualitative
techniques (interpretive, ethnographic, humanistic, and even introspective methods) not
previously prominent in the field of consumer research. These included:

 Interpretive approaches—such as those drawing on semiotics and hermeneutics—in an

effort to gain a richer understanding of the symbolic meanings involved in consumption
experiences;

 Ethnographic approaches—borrowed from cultural anthropology—such as those

illustrated by the influential Consumer Behavior Odyssey (Belk et al. 1989) and its
discoveries about phenomena related to sacred aspects of consumption or the deep
meanings of collections and other possessions;

 Humanistic approaches—such as those borrowed from cultural studies or from literary

criticism and more recently gathered together under the general heading of consumer
culture theory (CCT);

 Introspective or autoethnographic approaches—such as those associated with a method

called subjective personal introspection (SPI) that various consumer researchers like
Sidney Levy and Steve Gould have pursued to gain insights based on their own private
lives.

14
These qualitative approaches tended not to appear in the more traditional journals such as
the Journal of Marketing, Journal of Marketing Research, or Marketing Science. However, newer
journals such as Consumption, Markets, & Culture and Marketing Theory began to publish
papers that drew on the various interpretive, ethnographic, humanistic, or introspective methods.

Aims after 1980

In 1974, consumer research finally got its own journal with the launch of the Journal of
Consumer Research (JCR). The early editors of JCR—especially Bob Ferber, Hal Kassarjian,
and Jim Bettman—held a rather divergent attitude about the importance or even the desirability
of managerial relevance as a key goal of consumer studies. Under their influence, some
researchers began to believe that consumer behavior is a phenomenon worthy of study in its own
right—purely for the purpose of understanding it better. The journal incorporated articles from
an array of methodologies: quantitative (both secondary data analysis and experimental
techniques) and qualitative. The ―right‖ balance between theoretical insight and substantive
relevance—which are not in inherent conflict—is a matter of debate to this day and will likely
continue to be debated well into the future.

Summary—the three I’s after 1980

In sum, beginning in the early-1980s, consumer research branched out. Much of the work in
consumer studies remained within the earlier tradition of the three R’s—that is, rationality (an
information-processing decision-oriented buyer), rigor (neo-positivistic experimental designs and
quantitative techniques), and relevance (usefulness to marketing managers). Nonetheless, many
studies embraced enlarged views of the three major aspects that might be called the three I’s—
that is, irrationality (broadened perspectives that incorporate illogical, heuristic, experiential, or
hedonic aspects of consumption), interpretation (various qualitative or ―postmodern‖
approaches), and intrinsic motivation (the joy of pursuing a managerially irrelevant consumer
study purely for the sake of satisfying one’s own curiosity, without concern for whether it does
or does not help a marketing practitioner make a bigger profit).

The present—the consumer behavior field today

Present Concepts
In recent years, technological changes have significantly influenced the nature of consumption as
the customer journey has transitioned to include more interaction on digital platforms that
complements interaction in physical stores. This shift poses a major conceptual challenge in
understanding if and how these technological changes affect consumption. Does the medium
through which consumption occurs fundamentally alter the psychological and social processes
identified in earlier research? In addition, this shift allows us to collect more data at different
stages of the customer journey, which further allows us to analyze behavior in ways that were
not previously available.

. In recent years, a number of concepts (e.g., identity, beliefs/lay theories, affect as information,
self-control, time, psychological ownership, search for meaning and happiness, social belonging,
creativity, and status) have emerged as integral factors that influence and are influenced by
15
consumption. To better understand these concepts, a number of influential theories from social
psychology have been adopted into consumer behavior research. Self-construal (Markus and
Kitayama 1991), regulatory focus (Higgins 1998), construal level (Trope and Liberman 2010),
and goal systems (Kruglanski et al. 2002) all provide social-cognition frameworks through which
consumer behavior researchers study the psychological processes behind consumer behavior.
This ―adoption‖ of social psychological theories into consumer behavior is a symbiotic
relationship that further enhances the theories. Tory Higgins happily stated that he learned more
about his own theories from the work of marketing academics (he cited Angela Lee and Michel
Pham) in further testing and extending them.

Present Methods
Not only have technological advancements changed the nature of consumption but they have
also significantly influenced the methods used in consumer research by adding both new sources
of data and improved analytical tools (Ding et al. 2020). Researchers continue to use traditional
methods from psychology in empirical research (scale development, laboratory experiments,
quantitative analyses, etc.) and interpretive approaches in qualitative research. Additionally,
online experiments using participants from panels such as Amazon Mechanical Turk and Prolific
have become commonplace in the last decade. While they raise concerns about the quality of the
data and about the external validity of the results, these online experiments have greatly
increased the speed and decreased the cost of collecting data, so researchers continue to use
them, albeit with some caution. Reminiscent of the discussion in the 1970s and 1980s about the
use of student subjects, the projectability of the online responses and of an increasingly
conditioned ―professional‖ group of online respondents (MTurkers) is a major concern.

Technology has also changed research methodology. Currently, there is a large increase in the
use of secondary data thanks to the availability of Big Data about online and offline behavior.
Methods in computer science have advanced our ability to analyze large corpuses of unstructured
data (text, voice, visual images) in an efficient and rigorous way and, thus, to tap into a wealth of
nuanced thoughts, feelings, and behaviors heretofore only accessible to qualitative researchers
through laboriously conducted content analyses. There are also new neuro-marketing techniques
like eye-tracking, fMRI’s, body arousal measures (e.g., heart rate, sweat), and emotion detectors
that allow us to measure automatic responses. Lastly, there has been an increase in large-scale
field experiments that can be run in online B2C marketplaces.

Present Aims
Along with a focus on real-world observations and data, there is a renewed emphasis on
managerial relevance. Countless conference addresses and editorials in JCR, JCP, and other
journals have emphasized the importance of making consumer research useful outside of
academia—that is, to help companies, policy makers, and consumers. For instance,
understanding how the ―new‖ consumer interacts over time with other consumers and companies
in the current marketplace is a key area for future research. As global and social concerns
become more salient in all aspects of life, issues of long-term sustainability, social equality, and
ethical business practices have also become more central research topics. Fortunately, despite
this emphasis on relevance, theoretical contributions and novel ideas are still highly valued. An
appropriate balance of theory and practice has become the holy grail of consumer research.

16
The effects of the current trends in real-world consumption will increase in magnitude with time
as more consumers are digitally native. Therefore, a better understanding of current consumer
behavior can give us insights and help predict how it will continue to evolve in the years to
come.

The future—the consumer behavior field in 2040

The other papers use 2030 as a target year but we asked our survey respondents to make
predictions for 2040 and thus we have a different future target year.
Niels Bohr once said, ―Prediction is very difficult, especially if it’s about the future.‖ Indeed, it
would be a fool’s errand for a single person to hazard a guess about the state of the
consumer behavior field twenty years from now. Therefore, predictions from 34 active consumer
researchers were collected to address this task. Here, we briefly summarize those predictions.

Future Concepts
While few respondents proffered guesses regarding specific concepts that would be of interest
twenty years from now, many suggested broad topics and trends they expected to see in the field.
Expectations for topics could largely be grouped into three main areas. Many suspected that we
will be examining essentially the same core topics, perhaps at a finer-grained level, from
different perspectives or in ways that we currently cannot utilize due to methodological
limitations (more on methods below). A second contingent predicted that much research would
center on the impending crises the world faces today, most mentioning environmental and social
issues (the COVID-19 pandemic had not yet begun when these predictions were collected and,
unsurprisingly, was not anticipated by any of our respondents). The last group, citing the widely
expected profound impact of AI on consumers’ lives, argued that AI and other technology-
related topics will be dominant subjects in consumer research circa 2040.

While the topic of technology is likely to be focal in the field, our current expectations for the
impact of technology on consumers’ lives are narrower than it should be. Rather than merely
offering innumerable conveniences and experiences, it seems likely that technology will begin to
be integrated into consumers’ thoughts, identities, and personal relationships—probably sooner
than we collectively expect. The integration of machines into humans’ bodies and lives will
present the field with an expanding list of research questions that do not exist today. For
example, how will the concepts of the self, identity, privacy, and goal pursuit change when web-
connected technology seamlessly integrates with human consciousness and cognition? Major
questions will also need to be answered regarding philosophy of mind, ethics, and social
inequality. We suspect that the impact of technology on consumers and consumer research will
be far broader than most consumer-behavior researchers anticipate.

As for broader trends within consumer research, there were two camps: (1) those who expect (or
hope) that dominant theories (both current and yet to be developed) will become more integrated
and comprehensive and (2) those who expect theoretical contributions to become smaller and
smaller, to the point of becoming trivial. Both groups felt that current researchers are filling
smaller cracks than before, but disagreed on how this would ultimately be resolved.

17
Future Methods
As was the case with concepts, respondents’ expectations regarding consumer-research
methodologies in 2030 can also be divided into three broad baskets. Unsurprisingly, many
indicated that we would be using many technologies not currently available or in wide use.
Perhaps more surprising was that most cited the use of technology such as AI, machine-learning
algorithms, and robots in designing—as opposed to executing or analyzing—experiments. (Some
did point to the use of technologies such as virtual reality in the actual execution of experiments.)
The second camp indicated that a focus on reliable and replicable results (discussed further
below) will encourage a greater tendency for pre-registering studies, more use of ―Big Data,‖ and
a demand for more studies per paper (versus more papers per topic, which some believe is a
more fruitful direction). Finally, the third lot indicated that ―real data‖ would be in high demand,
thereby necessitating the use of incentive-compatible, consequential dependent variables and a
greater prevalence of field studies in consumer research.

As a result, young scholars would benefit from developing a ―toolkit‖ of methodologies for
collecting and analyzing the abundant new data of interest to the field. This includes (but is not
limited to) a deep understanding of designing and implementing field studies (Gerber and
Green 2012), data analysis software (R, Python, etc.), text mining and analysis (Humphreys and
Wang 2018), and analytical tools for other unstructured forms of data such as image and sound.
The replication crisis in experimental research means that future scholars will also need to take a
more critical approach to validity (internal, external, construct), statistical power, and
significance in their work.

Future Aims
While there was an air of existential concern about the future of the field, most agreed that the
trend will be toward increasing the relevance and reliability of consumer research. Specifically,
echoing calls from journals and thought leaders, the respondents felt that papers will need to
offer more actionable implications for consumers, managers, or policy makers. However, few
thought that this increased focus would come at the expense of theoretical insights, suggesting a
more demanding overall standard for consumer research in 2040. Likewise, most felt that
methodological transparency, open access to data and materials, and study pre-registration will
become the norm as the field seeks to allay concerns about the reliability and meaningfulness of
its research findings.

One fundamental assumption of classical economic theory regarding consumers’ behavior is that
a consumer’s choice is basedon complete and perfect information. In reality, these conditions
occur rarely. Rather, consumers often act on information thatis less than complete and far from
perfect. As a result, consumers are often faced with at least some degree of risk in their
purchasedecisions.In marketing management, scholars have incorporated the perception of risk
in understanding consumer purchase behavior (Bauer1960; Jacoby and Kaplan 1972; Petter and
Ryan 1976; Zikmund and Scott 1973). In the case of Internet online shopping, twotypes of risk
are said to be predominant: product category risk and financial risk (Bhatnagar et al. 2000).
Product category riskis associated with the product itself, e.g., technological complexity or price
of the product. Financial risk is not related to theproduct, but to the channel (Internet) itself being
a safe mode of commerce. For example, submitting credit card informationthrough the Internet

18
evokes consumer apprehension due to the possibility of fraud (Fram and Grady 1997).However,
perceived risk is not the only factor involved in consumerpurchasing behavior. A past study
(Wilkie and Pessemier 1973)provides strong evidence that consumers make purchase decisions
tomaximize expected gain, in other words, for perceived benefit.Consumers regard the
perceived benefit as an incentive for thepurchasing behavior.Tarpey and Peter (1975)
identified three fundamental frameworks ofconsumer decision making:

(1) perceived risk framework, whichcharacterizes consumers as motivated to minimize, or at

least reduceany expected negative utility (perceived risk) associated with purchasebehavior;

(2) perceived benefit framework, which focuses on the con-sumers’ perception toward benefits
of the product; and

(3) perceivedvalue or a net valence, which is a combination of both the perceivedrisk and
perceived benefit frameworks. This framework assumes that consumers perceive products as
having both positive andnegative attributes. Figure 1 shows the basic model of this study. The
underlying logic of this model is that consumers make apurchasing decision based on their
perception of benefit and risk regarding Internet online shopping.

3. CONSUMER LIFESTYLES AND ONLINE PURCHASINGSeveral studies have discussed

the relationship between consumer lifestyles and online purchasing (Li et al. 1999;
Swaminathanet al. 1999). Recently Bhatnagar et al. (2000) are probably among the first to apply
the valence framework to an online shoppingpurchasing model. In their model, the
consumers’ channel choice decision depends on a consumer’s convenience and
riskperception. Clearly individual characteristics such as a consumer’s lifestyle need to be
emphasized as key determinants ofpurchasing decisions (Bellman et al. 1999). Mowen (1987)
points out that consumer lifestyle relates to how people live, how theyspend their money, and
how they allocate their time. Based on Mowen’s description, we group replies into three
empiricalcategories for online shoppers’ lifestyles: price-oriented, net-oriented, and time-
oriented style.Price is an important aspect of online shopping. Price power is evident in the
ranking of store formats. Some shoppers are highlyprice sensitive and consequently look for
bargains. Such individuals will actively search and buy products on the Internet in orderto obtain
lower prices because lower prices are a main reason why online shoppers shop on the web
(Forrester Research 1999).As consumers develop a more price-oriented style, their
perception of benefit toward online shopping increases and theirperception of risk
decreases.People who have been on the Internet for years, not just a few months, have a tendency
toward a net-oriented style. They probablyreceive a large number of e-mail messages every day;
they work on the Internet in their offices every week; and they tend to agreethat the Internet and
other developments in communication technology have improved their productivity at work. As
consumersbecome more wired on the Internet, their perception of risk decreases and their
perception of benefit increases. As the total number of hours worked by members of a household
increases, the less time there is to search for and buy productsin the traditional way. For
example, dual-income households seek new ways to find information and buy things that are
faster andmore convenient. As consumers become more time-oriented; in other words, the less
discretionary time they have, the more.

19
Summary - Future research questions and directions
Despite some well-justified pessimism, the future of consumer research is as bright as ever. As
we revised this paper amidst the COVID-19 pandemic, it was clear that many aspects of
marketplace behavior, consumption, and life in general will change as a result of this
unprecedented global crisis. Given this, and the radical technological, social, and environmental
changes that loom on the horizon, consumer researchers will have a treasure trove of topics to
tackle in the next ten years, many of which will carry profound substantive importance.

20
 CHAPTER – V
COMPANY PROFILE

21
 COMPANY PROFILE
The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private
sector bank that provided retail and corporate banking services. It operated on a strong
nationwide franchise of 403 branches and had over 5,000 employees. The bank listed its shares
on the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May
2008 HDFC Bank acquired Centurion Bank of Punjab.

History
Centurion Bank was incorporated on 30 June 1994 and received its certificate of Commencement
of Business on 20 July. Centurion Bank was a joint venture between 20th Century Finance
Corporation and its associates, and Keppel Group of Singapore through Kephinance Investment
(Mauritius). Centurion had a network of ten branches, which grew to 29 branches the next year.
Also in 1995 Centurion Bank amalgamated 20th Century Finance Corporation.
On 29 June 2005, the boards of directors of Centurion Bank and Bank of Punjab agreed to a
merger of the two banks. The combined bank took as its name Centurion Bank of Punjab.
Bank of Punjab also had been founded in 1994. In 2007, Centurion Bank of Punjab
acquired Thrissur-based Lord Krishna Bank, and soon it was acquired by HDFC Bank, which
was also incidentally begun in 1994.
AWARDS
- Centurion Bank has launched a cash management product - Cash and

Transaction Services (CATS) to provide a single window facility to its

clients for all their receivables requirements.

2002

-Mr Janakiraman assumes the charge as the Chairman and MD of the bank.

- Mr. Frank Polman, Nominee of Asian Development Bank (ADB) gives resignation from the
Board of the bank and is replaced by Mr. Jayant Dang, who is Alternate Director to Mr. Polman.
ADB has appointed Mr. Davendra Mittal as Alternate Director to Mr. Dang.

-Bank Muscat and AIG Indian Sectoral Fund complete their due deligence in the bank

-Mr Roy Karoaglan resigns as Nominee from IFC from the directorship of the company.

-Closes down the capital market branch in the Fort area and converts it into a regular branch.

-Introduced 'MYCBOL' , an international banking service, which is availabe free at

www.centurionbank.com

22
-Receives extension of three months from RBI to publish its annual reports.

-Enters into a deal with eSeva of Andhra Pradesh Government to enable its customers make
payment of utility bills online.

-Rana Talwar bids for centurion bank through sabre capital worldwide marks the resurgence of
the banker-entrepreneur.

2003
-Rana Talwar's Sabre Capital worldwide completed its due deligence exercise on the bank. It ties
up with CDC fund and Chrysalis capital to introduce formal bid for centurion bank.

-Mr V Janakiraman re-appointed as the CMD of the bank.

-Asian Development Bank team approaches RBI to recast the equity structure of the bank.

-Launches mobile phone based 'SMS Alerts' a value added premium service.

-Revises the capital restructuring plan by which the existing paid up capital of Rs.1524.7 million

would be reduced to Rs.152.47 million.

-Proposes Rs.65cr rights-cum-public issue to hit the market by third quarter in the year.

-Receives in-principle approval of RBI to restructure the equity fund of the bank.

-IFC brings down its equity share in the bank from 8.6% to 2.72% .

-Bombay high court approves for the scheme of amalgamation filed with the court for
restructuring and recapitalisation of the bank.

-Introduced 'online railway ticket booking service' for its Kerala customers.

-Ties up with the Indian Navy to disburse salary on behalf of the naval staff across the country.

-Karnataka High court approves for the merger of Bank Muscat with Centurion Bank.

2004

-Centurion Bank inducts Morgan for rights issue

-Mr Shailendra Bhandari appointed as Managing Director

-Centurion Bank Ltd has informed that Mr. Shailendra Bhandari has assumed charge as
Managing Director of the Bank w.e.f. February 1, 2004.

23
Accordingly, the tenure of Mr.V. Jankiraman as Chairman and Managing Director has ended on
January 31, 2004 on Mr. Shalendra Bhandari assuming charge as Managing Director.

-Kephinance Investment [Mauritius] Pte Limited has informed that they have acquired
28,030,000 shares amounting to 4.94% of the total paid up capital of Centurion Bank Limited

-Centurion forges alliance with BankMuscat to offer foreign currency products

-Centurion Bank has inked a pact with Bajaj Allianz Life Insurance Company to distribute the
latter's bancassurance products through branches in the country as part of plans to grow fee-
based income

2005

-Centurion Bank forges alliance with Euronet

-Boards of Directors of Centurion Bank and Bank of Punjab Ltd on June 29, 2005 approves
merger of two banks. The combined bank will be called Centurion Bank of Punjab

2006

- Centurion Bank of Punjab has tied up with IL&FS Investsmart Ltd (IIL) for offering equity
broking services to the bank's customers.

24
 CHAPTER - VI
DATA ANALYSIS AND
INTERPRETATION

25
 DEMOGRAPHIC PROFILE OF THE RESPONDENTS

1. AGE GROUP OF THE RESPONDENT

S.NO AGE No. Of respondent Percentage

1 15-24 22 15
2 25-34 38 25
3 35-44 60 40
4 Above 45 30 20
Total 150 100

INTERPRETATION

From the above table it is inferred that 40% of the respondents age group is 35-44, 25% of the
respondents are in the age group is 25- 34, 20% of the respondents are in the age group above
45 and 15% of the respondents are in the age group of 15 -24.

AGE GROUP OF THE RESPONDENTS

AGE
20% 15%
15-24

25-34
25%
35-44

40% Above 45

26
2. GENDER OF THE RESPONDENT

S.NO Gender No. Of respondent Percentage

1 Male 100 33
2 Female 50 67
3 Total 150 100

INTERPRETATION:

From the above table it is inferred that 67% of the respondents are male and 33 %of the
respondents are female.

GENDER OF THE RESPONDENT

120

100

80

60 Male
Female
40

20

0
No. Of respondent Percentage

27
3. EDUCATION QUALIFICATION OF RESPONDENTS

S.NO Educational No. of respondent Percentage

qualification
1 SSLC 38 25
2 Hsc 32 21
3 Graduate 37 25
4 Diploma 20 13
5 Other specify 23 16
Total 150 100

INTERPRETATION

From the above table it is inferred that 25 % of the respondents completed SSLC & Graduation
respectively, 21% of the respondents completed HSC,13 % of the respondents completed
diploma and 16 %the respondents completed technical courses.

EDUCATION QUALIFICATION OF RESPONDENTS

40

35

30

25

20 No. of respondent
15 Percentage
10

0
SSLC Hsc Graduate Diploma Other
specify

28
4. MARITAL STATUS OF RESPONDENTS

S.NO Marital status No. Of Respondent Percentage

1 Married 120 80
2 Un married 30 20
3 Total 150 100

INTERPRETATION

from the above table it is infered that 80%of respondents are married and 20 % of respondents
are unmarried.

MARITAL STATUS OF RESPONDENTS

140

120

100

80
Married
60 Un married

40

20

0
No. Of Respondent Percentage

29
5. How did you hear about us?

S.NO Company No. Of Respondent Percentage

1 Advertisement 70 70
2 Friends or relatives 30 30
3 Total 100 100

INTERPRETATION

from the above table it is infered that 70%of respondents know about the company through
advertisement and 20 % of respondents through friends or relatives.

80

70

60

50

40 Advertisement
Friends or relatives
30

20

10

0
No. Of Respondent Percentage

30
6. How were your expectations?

S.NO Expectations No. Of Respondent Percentage

1 Met 70 70
2 Unmet 20 20
3 Exceeded 10 10
Total 100 100

INTERPRETATION

From the above table it is inferred that 70%of respondents expectations met and
20 % of respondents were unmet and 10% were exceeded.

80

70

60

50

40 No. Of Respondent
Percentage
30

20

10

0
Met Unmet Exceeded

31
7. Did our employees or customer service staff help you?

S.NO YES/NO No. Of respondent Percentage

1 YES 90 90
2 NO 10 10
3 Total 100 100

INTERPRETATION:

From the above table it is inferred that 90% of the respondents are Yes and 10 %of the
respondents are No.

100
90
80
70
60
50 YES

40 NO

30
20
10
0
No. Of respondent Percentage

32
8. How would you describe your experience in our store?

S.NO Experience No.of respondent Percentage

1 Very good 21 21
2 Good 37 37
3 Neither good or bad 15 15
4 Bad 17 17
5 Very bad 10 10
Total 100 100

INTERPRETATION

From the above table it is inferred that37% of the respondents are gave good,21%of the
respondents are gave very good,17%of the respondents are gave bad,15%of the respondents are
gave neither good or bad,and 10% of the respondents are gave very bad.

No.of respondent

Very good
Good
Neither good or bad
Bad
Very bad

33
9. How would you rate your overall satisfaction with us?

S.NO Level of satisfaction No.of respondent Percentage

1 Highly satisfied 19 19
2 Satisfied 21 21
3 Neutral 30 30
4 Dissatisfied 17 17
5 Highly dissatisfied 13 13
Total 100 100

INTERPRETATION

From the above table it is inferred that 30% of the respondents are neutral ,21 % of the
respondents are satisfied ,19%of the respondents are highly satisfied ,17% of the respondents

Dissatisfied, and 13% are highly dissatisfied.

40
35
30
25
20
No.of respondent
15
Percentage
10
5
0
Very good Good Neither Bad Very bad
good or
bad

34
10. How often do you use product/service?

S.NO Usage No.of respondent Percentage

1 Once a week 20 20
2 2-3 times 30 30
3 Once a month 30 30
4 Less than once a month 20 20
5 Total 100 100

INTERPRETATION

From the above table it is inferred that 20% of respondents use a product for once a week , 30%
for two to three times, and 30% for once a month, 20% for less than once a month.

35

30

25

20
No.of respondent
15
Percentage
10

0
Once a week 2-3 times Once a Less than
month once a month

35
11. Would you use our product/service in the future?

S.NO Usage No.of respondent Percentage

1 Definitely 50 50
2 Probably 30 30
3 Not sure 10 10
4 Definitely not 10 10
5 Total 100 100

INTERPRETATION

From the above table it is inferred that 50% of respondents will definitely recommend the
product to others where as 30% refer for probably, 10 & 10% for not sure and definitely not.

60

50

40

30 No.of respondent
Percentage
20

10

0
Definitely Probably Not sure Definitely not

36
12. Have you used a similar [product or service] before?

S.NO YES/NO No. Of respondent Percentage

1 YES 60 60
2 NO 40 40
3 Total 100 100

INTERPRETATION:

From the above table it is inferred that 60% of the respondents are Yes and 40 %of the
respondents are No.

70

60

50

40
YES
30 NO

20

10

0
No. Of respondent Percentage

37
13. What convinced you to buy the product?

S.NO Conveyed No. Of respondent Percentage

1 Price 50 50
2 Quality 30 30
3 Fame 20 20
Total 100 100

INTERPRETATION:

From the above table it is inferred that the percentage who convinced to buy a product is
50% when it comes to price, 30% for quality, 20% for the fame.

60

50

40

30 No. Of respondent
Percentage
20

10

0
Price Quality Fame

38
14. Do you feel our [product or service] is worth the cost?

S.NO YES/NO No. Of respondent Percentage

1 YES 70 70
2 NO 30 30
3 Total 100 100

INTERPRETATION:

From the above table it is inferred that 70% of the respondents are Yes and 30 %of the
respondents are No.

80

70

60

50

40 YES
NO
30

20

10

0
No. Of respondent Percentage

39
 CHAPTER - VII
RESEARCH FINDINGS &
SUGGESTIONS

40
 RESEARCH FINDINGS
 From the above table it is inferred that 40% of the respondents age group is 35-44, 25%
of the respondents are in the age group is 25- 34, 20% of the respondents are in the age
group above 45 and 15% of the respondents are in the age group of 15 -24.
 from the above table it is infered that 70%of respondents know about the company
through advertisement and 20 % of respondents through friends or relatives.
 From the above table it is inferred that 70%of respondents expectations met and 20 % of
respondents were unmet and 10% were exceeded.
 From the above table it is inferred that 90% of the respondents are Yes and 10 %of the
respondents are No.
 From the above table it is inferred that37% of the respondents are gave good,21%of the
respondents are gave very good,17%of the respondents are gave bad,15%of the
respondents are gave neither good or bad,and 10% of the respondents are gave very bad.
 From the above table it is inferred that 30% of the respondents are neutral ,21 % of the
respondents are satisfied ,19%of the respondents are highly satisfied ,17% of the
respondents Dissatisfied, and 13% are highly dissatisfied.
 From the above table it is inferred that 20% of respondents use a product for once a week
, 30% for two to three times, and 30% for once a month, 20% for less than once a month.
 From the above table it is inferred that 50% of respondents will definitely recommend the
product to others where as 30% refer for probably, 10 & 10% for not sure and definitely
not
 From the above table it is inferred that 60% of the respondents are Yes and 40 %of the
respondents are No.

41
 SUGGESTIONS

 Psychographics

Psychographic questions dig deeper than demographic questions, uncovering information

relating to your customers’ preferences, habits, behaviors, and tendencies. It’s not
about who your customer is, but why they do what they do.

Psychographic questions may seem intrusive, but they’re highly valuable pieces of information
that give you a glimpse into the reasons for your customer’s buying habits. They’re usually
phrased in relation to your industry and not specifically about your product.

Satisfaction Scale

Sometimes there are aspects of your offer or business that you want feedback on, but they aren't
things that your customers are actively addressing. In these cases, it helps to be direct and ask
customers how they feel about these specific details.

 Open-Text

Open-text questions are survey questions that allow the participant to write out their response
within a text box. This allows users to fully express their opinions using the customer's
voice instead of the company's pre-written responses.

While they can sometimes be time-consuming to analyze, these questions encourage the
participant to be honest and give them the freedom to address any topic. Open-text questions can
be an instrumental asset when determining the core values of your customers.

42
 CHAPTER -VIII
SUGGESTIONS &
RECOMMENDATIONS

43
 SUGGESTIONS & RECOMMENDATIONS

 Product Usage

When it comes to customer success and satisfaction, it's critical that your business collects
feedback about your product or service. If you don't, then it's more difficult to assess customer
needs and provide effective solutions.
Finding out how satisfied your users are with your offer provides your marketing and product
teams with valuable information that can be used to improve customer retention.
 Demographics

Demographics are essential to marketing and sales teams because they make it easier for
companies to segment customers into buyer personas. By grouping customers together based on
key characteristics, this categorization helps employees visualize their target audience.
Marketing and sales teams can then use that information to pursue leads that are most likely to
convert.

When asking these types of questions, be sure to embrace a proactive and inclusive approach.
These questions shouldn't be mandatory, so always provide an option for customers to omit an
answer. Your goal is to extract honest information, but you don't want it to come at the expense
of the customer's comfort.

 Psychographics

Psychographic questions dig deeper than demographic questions, uncovering information

relating to your customers’ preferences, habits, behaviors, and tendencies. It’s not
about who your customer is, but why they do what they do.

Psychographic questions may seem intrusive, but they’re highly valuable pieces of information
that give you a glimpse into the reasons for your customer’s buying habits. They’re usually
phrased in relation to your industry and not specifically about your product.

Satisfaction Scale

44
Sometimes there are aspects of your offer or business that you want feedback on, but they aren't
things that your customers are actively addressing. In these cases, it helps to be direct and ask
customers how they feel about these specific details.

 Open-Text

Open-text questions are survey questions that allow the participant to write out their response
within a text box. This allows users to fully express their opinions using the customer's
voice instead of the company's pre-written responses.

While they can sometimes be time-consuming to analyze, these questions encourage the
participant to be honest and give them the freedom to address any topic. Open-text questions can
be an instrumental asset when determining the core values of your customers.

45
BIBLIOGRAPHY

46
 BIBILIOGRAPHY

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efficiency of customer satisfaction and loyalty for mobile phone brands with DEA.
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 Carrillat, F., Jaramillo, F., &Mulki, J. (2007). The validity of the SERVQUAL and
SERVPERF scales: A meta-analytic view of 17 years of research across five continents.
International Journal of Service Industry Management, 18(5), 472-490

 Chen, N., Huang, S., Shu, S., & Wang, T. (2013).Market segmentation, service quality,
and overall satisfaction: self-organizing map and structural equation modeling methods.
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 Chuah, S., &Chuah, S. (2017).Why do satisfied customers defect? A closer look at the
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47
QUESTIONNAIRE

48
 QUESTIONNAIRE

1. Name :

2. Age group :15-24 25-34 35-44 45-54 above54

3. Gender : Male Female

4. Education qualification : SSLC HSC Graduate Diploma

Other specify

5. Marital status : Married Unmarried

6. How were your expectations?

1 Met

2 Unmet

3 Exceeded

7. How did you hear about us?

1 Advertisement

2 Friends or relatives

8. Did our employees or customer service staff help you?

Yes No
9. How would you describe your experience in our store?

1 Very good

2 Good

3 Neither good or bad

4 Bad

5 Very bad

10. How would you rate your overall satisfaction with us?

1 Highly satisfied

49
2 Satisfied

3 Neutral

4 Dissatisfied

5 Highly dissatisfied

11. How often do you use product/service?

1 Once a week

2 2-3 times

3 Once a month

4 Less than once a month

12. Would you use our product/service in the future?

1 Definitely

2 Probably

3 Not sure

4 Definitely not

13. Have you used a similar [product or service] before?

Yes No
14. What convinced you to buy the product?

1 Price

2 Quality

3 Fame

14. Do you feel our [product or service] is worth the cost?

Yes No

50