“A STUDY on CUSTOMER SATISFACTION TOWARDS TANSI HONDA” At
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A project report on “A STUDY ON CUSTOMER SATISFACTION TOWARDS TANSI HONDA” At SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF BACHELOR OF BUSINESS ADMINISTRATION, BANGALORE UNIVERSITY BY Mr. AMARDEEP K (Reg. no. 14VFC26007) UNDER THE GUIDANCE OF Ms. DIVYASHREE S Asst. Professor NEW HORIZON COLLEGE A Study on Customer Satisfaction towards Tansi Honda. INTRODUCTION Marketing management Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others. A human need is a state of deprivation of some basic satisfaction people require, such as food, clothing, shelter safety belonging, esteem etc. for survival. They are not created by society or by marketers. They exist in the very texture of human biology and the human condition. Demands are wants for specific products that are backed by an ability and willingness to buy them. Wants become demands when purchasing power becomes the consideration. Many people want a Mercedes, but only a few are able and willing to buy one. Companies must therefore measure not only how many people notice their product but also more important how many would actually be willing and able to buy it. Marketing management is the process of planning and executing the concept, pricing, promotion and distribution, of services and ideas to create exchanges with target groups that satisfy customers and organizational objectives. Marketing management can occur in an organization in connection with any of its market. Marketing work for sales managers formally carry out the customer, sales people, advertising and promotion managers, Marketing researchers, customer service managers, product and brand managers etc. Marketing management has the task of influencing the level, timing and composition of demand in a way that will help the organization achieve its objectives. Marketing management is essentially a demand management. NEW HORIZON COLLEGE BANGALORE Page 1 A Study on Customer Satisfaction towards Tansi Honda. Marketing consists of all activities by which a company adapts itself to its environment creativity and profitably. It is the whole business seen from the point of view of its final result that is from customer’s point of view. Basically business’s job is to convert societal needs into profitable opportunities. Marketing is an attempt to anticipate satisfies the needs, wants and demands of the consumers or the society. Philip Kotler has said “Marketing is determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors”. Thus goes to show that consumer is the key to the success to any company’s Marketing services. Evolution of Marketing The development of Marketing concept is evolutionary i.e. gradual rather than revolutionary i.e. sudden. The evolution of Marketing is one of the oldest professions of the world. Marketing is both philosophy and a technology. As a philosophy, it guides and directs the business thinking i.e. whether to produce or not to produce. As a technology it is concerned with deciding what should be produced, how and when products could be most efficiently distributed among the customer. Hence we can say that producers have to face the changing conditions caused by human behavior. The entire history at development accounts for the changes caused by change in human behavior and it with the Marketing concepts is due to change inhuman behavior NEW HORIZON COLLEGE BANGALORE Page 2 A Study on Customer Satisfaction towards Tansi Honda. Characteristics of Marketing 1. In order to achieve results, a manager must think and act. Therefore it is operational. 2. A Marketing firm is called a keen observer of which focuses its attention on customer needs. Therefore it is customer oriented. 3. Mutuality of benefits persists between two parties to exchange goods and services during business. 4. Profit making organizations are not the only ones covered under Marketing but even non-profit organizations are covered here. Objectives of Marketing 1. Marketing helps to apply intelligent and effective modern Marketing policies in order to minimize wastes and maximize returns for a firm. 2. As change is a continuous pre-occupation in the markets of a firm, Marketing helps to develop a market field. 3. For the yield of better results in a firm, innovative guiding policies are developed and implemented. 4. Marketing helps to identify problems relating to it in a firm and also suggests suitable solutions to help a manager in various aspects. NEW HORIZON COLLEGE BANGALORE Page 3 A Study on Customer Satisfaction towards Tansi Honda. Role of Marketing With the help of the two wheels production and consumption of Marketing, the flow of goods and services are done from producers to customers and the flow of money is found between the customers to producers. It is found that if Marketing is neglected, then, the economy is kept underdeveloped. With the division of specialized production, labour and mass the need of Marketing grows in which the firm can achieve maximum margin of profits. There are two distinct captions under which the role of Marketing can be studied namely: Benefits and Costs. Functions of Marketing 1. Marketing helps a firm to assess various Marketing opportunities in order to identify company goals and earn profits. 2. The function of planning is an integral part of Marketing and helps a firm to plan various Marketing activities. 3. As Marketing has a very innovative and dynamic nature, it helps a firm have interactions with the environment to develop Marketing discipline. 4. In order to make the firm adjust with the changing environment, the Marketing manager must continuously evaluate and adjust the market efforts. NEW HORIZON COLLEGE BANGALORE Page 4 A Study on Customer Satisfaction towards Tansi Honda. Importance of Marketing The importance of Marketing can be described in the following ways: 1. Marketing helps the business to know the exact target audience who can generate the leads the business is looking for. 2. It helps as guidelines to the business in order to attract the target audience. 3. It helps to advertise the products and services not only on various media like newspapers, magazines, etc. but also on the internet. 4. As there is no use only cresting customers. It is also necessary to satisfy their needs, as it would be a plus point on the Marketing skills of the business. Scope of Marketing The core concepts of Marketing are consumer wants, values and satisfaction. It is strategically concerned with the performance and scope of long term activities by the organization to obtain competitive advantage. The organization within its changing environment applies its resources to satisfy customer needs and to meet stakeholder expectation. The scope of Marketing thus can be stated as, to manage Marketing complexity, customer and stakeholder expectations and to reconcile the influences of a changing environment in the context of a set of resource capabilities. NEW HORIZON COLLEGE BANGALORE Page 5 A Study on Customer Satisfaction towards Tansi Honda. The Marketing mix Marketing decisions generally fall into the following four controllable categories: Product Price Place (distribution) Promotion The term "Marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the Marketing manager as a "mixer of ingredients". The ingredients in Borden's Marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of Marketing, depicted below: Product The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. Price Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. NEW HORIZON COLLEGE BANGALORE Page 6 A Study on Customer Satisfaction towards Tansi Honda. Place Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service. Promotion Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc. Extended Marketing mix (3 P’s) More recently, three more Ps have been added to the Marketing mix namely People, Process and Physical Evidence. This Marketing mix is known as Extended Marketing Mix. People All people involved with consumption of a service are important. For example workers, management, consumers etc. It also defines the market segmentation, mainly demographic segmentation. It addresses particular class of people for whom the product or service is made available. NEW HORIZON COLLEGE BANGALORE Page 7 A Study on Customer Satisfaction towards Tansi Honda. Process Procedure, mechanism and flow of activities by which services are used. Also the 'Procedure' how the product will reach the end user. Physical Evidence The Marketing strategy should include effectively communicating their satisfaction to potential customers.