A Study on Customer Satisfaction with Pantaloons Essay Example For Students

A Study on Customer Satisfaction with Pantaloons Essay A STUDY ON CUSTOMER SATISFACTION WITH PANTALOONS CHAPTER 1 INTRODUCTION TO THE STUDY The Indian Retail Industry is the largest among all the industries ,accounting for over 10 percent of the country’s GDP and around 8 percent of the employment. The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. Modern retailing has emerged in India in the form of bustling shopping centres,multi-stored malls and large complexes that offer shopping,food and variety of ways of entertainment. This study mainly deals with the customer’s perception towards Pantaloons,which is a retail apparels store. This store is located in many cities across India,but this study pertains to the Pantaloons store in Bangalore. Pantaloon Retail (India) Limited, is a large Indian retailer, which is part of the Future Group, and operates multiple retail formats in both the value and lifestyle segment of the Indian consumer market. Headquartered in Mumbai, the company has over 1,000 stores across 71 cities in India and employs over 30,000 people, and as of 2010, it was the countrys largest listed retailer by market capitalization and revenue. Pantaloons is among Indias largest chains of fashion stores. Pantaloons Fresh Fashion, with its focus on fresh look, feel and attitude offers, trendy and hip collections that are in sync with the hopes and aspirations of discerning young and young-at-heart consumers. Pantaloons Fresh Fashion stands out as a fashion trendsetter, on the lines of how fashion is followed internationally. This fresh fashion destination allows customers to shop for the latest in fashion apparel and accessories throughout the year in an attractive and visually stimulating ambience. Pantaloons Fresh Fashion stores have presence with stores not just in Metros but also in smaller towns. All stores have a wide variety of categories like casual wear, ethnic wear, formalwear, party wear and sportswear for Men, Women and Kids. CHAPTER 2 REVIEW OF LITERATURE This chapter deals with the review of literature collected from different sources: Rajyalakshmi Nittala,A. Vijaya Kameswari(2009) have undertaken a study on how organizations need to attract and retain customersto ensure a sustainable competitive advantage. To achieve this objective, service organizations must focus on their efforts to developing and sustaining an organizational culture that emphasizes internal customer well being as a means to attract and retain external customer patronage. In the service industry, customer satisfaction levels are revealed during what we like to call themoments of truth, being the moment that the customer comes in contact with afront-line employee of the firm . This made the interaction between people within the organization and the external customers more vital. In retail sector instead of selling services they will eventually start to sell experiences that augment the actual product. The study states that retail stores should concentrate on internal marketing to have satisfied employees to deliver customer satisfaction. Ipek Deveci Kocakoc and Ali Sen(2006) have undertaken a study on improvement areas for customer satisfaction along the supply chain. The study states that today’s competitive environment means that companies need to understand their customers’ expectations and preferences, and use these as a guide in order to achieve competitive advantage. In dynamic market conditions, it is vitally important to perceive and satisfy customer needs. If customer satisfaction measurements are used as a source of improvement efforts, results will be more satisfactory and realistic. Mass production usually creates a gap between manufacturers and endusers. Faced with a vast proliferation of both domestic and, as well as markets that are often ecoming increasingly fragmented, a number of producers of goods and services have chosen to outsource many activities of the sales function to resellers who have the market knowledge, sales expertise or distribution network to bring the product to market more effectively and efficiently than the producer can do alone. M. D. Rashid Khan(2008) has undertaken a study on customer percepti on on the marketing strategies followed by Pantaloons for brand building. This study states that a customer thinks in different ways and this is termed as consumer behaviour. A customer wants to get the full value of his/her money and full satisfaction from the product. If the store succeeds to satisfy the customer,then the store can easily form their brand image. The store should make a good strategy regarding all aspects of business. Puccinelli,Nancy. M. Goodstein,Ronald. c,Grewal (2009) have undertaken a study on customer experience management in retailing:understanding the buying process. This article states that retailers greater understanding of consumers can enhance customer satisfaction and retail performance. This article seeks to enrich the understanding of existing consumer behaviour literature and suggests specific elements of consumer behaviour goals,schema etc that play an important role during various stages of consumer decision process. Ahmad Jamal,Mohammad Al-Mari (2007) have undertaken a study on exploring the effect of self-image congruence and brand preference on satisfaction. This article states that prior research has reported that self-image congruence can influence brand preference, brand satisfaction and purchase intentions. With the help of an empirical research, the paper argues that while self-image congruence may be related to satisfaction in general in the automobile market, it may not necessarily affect satisfaction judgements when customers have higher levels of expertise. The paper discusses implications for brand managers and argues to take into account customer characteristics such as customer expertise while developing positioning strategies. The purpose of this research is to explore the impact of self-image congruence and brand preference on brand satisfaction among expert and novice customers of automobile brands. CHAPTER 3 OBJECTIVES OF THE STUDY The main objectives of the study are: †¢ To understand the profile and buying behaviour of Pantaloons customers in Bangalore. †¢ To analyze the key factors influencing shopping at Pantaloons. †¢ To understand the level of expectation and satisfaction of Pantaloons customers. †¢ To study the influence of demographic variables on the expectation and satisfaction level . †¢ To analyze the gap between the level of expectation and satisfaction of customers. †¢ To provide suggestions for improvement. 3. 1 Scope of the Study: This research gives a broad frame work of the Pantaloons customers and an analysis of their profile and buying behaviour. This can be used as a guideline in the formulation of future business plans and also to make changes in the current activities. It gives an idea to the retailer about the areas which need emphasis and development. This study has been conducted in the pantaloons store in Bangalore city. This study has obtained data from Pantaloons customers residing in Coimbatore and tiruppur zone also. A sample size of 50 respondents has been considered. All classes of customers were met and their views were analyzed. Understanding the customer in terms of their profile, buying behaviour,expectation and satisfaction is important. This is identified as the problem area and the study has attempted to address the above said issues with respect to Pantaloons in Bangalore. CHAPTER 4 RESEARCH METHODOLOGY a) Type of Study: The type of the study is descriptive in nature since it describes the level of satisfaction the customers have obtained from Pantaloons. b) Sampling Design: The sampling design consists of sampling method and sample size. The sampling method used is convenient method of sampling since the population is infinite. The sample size is 50 respondents. The respondents are customers of Pantaloons store in Bangalore,Coimbatore and Tiruppur city. c)Source of Data: The data used is primary in nature. The data has been obtained from the customers who frequent Pantaloons. The method used to collect primary data is through questionnaires. d) Instrument used: The instrument used to obtain data from customers is questionnaires. Questionnaires have been circulated to Pantaloons customers esiding in Coimbatore,Tiruppur and Bangalore. Telephone interviews had also been conducted with certain customers residing in Bangalore. e)Tools for Analysis: The statistical tool used for analysis is: †¢ Percentage analysis. Percentage Analysis: Percentage analysis is used to describe the profile of respondents and buying behaviour of Pantaloons customers. It also states the level of satisfaction derived by the customers from t he store. CHAPTER 5 DATA ANALYSIS AND INTERPRETATION 5. 1 Age of the Respondents: The following table gives the age of the respondents considered in the study. Brave New World And The Giver: Similar Yet Differe EssayIt can be seen that majority of the respondents have income level between 30001- 40000 (i. e. 38%), and only 6% of the respondents have an income less than 20000. Hence, from the above four results(i. e. 6. 1 – 6. 4) it can be stated that most of the customers are female lying in the age group between 21-30. It can also be inferred that majority of the customers are business people with income level between 30000 -40000 frequent the store. 6. 5. Source of awareness: Majority of the respondents became aware of Pantaloons through advertisements in televisions and radio (i. e. 44%), 38% of the respondents became aware of Pantaloons through friends and relatives and 18% through advertisements in magazines and newspapers. 6. 6. Frequency of Visit: Majority of the respondents visit the store between 45- 60 days (i. e. 34%) , only 4% of the respondents visit the store once in 30 days, 18% of the respondents visit the store between 30 -45 days, 26% of the respondents visit the store between 60 -90 days and 14% of the respondents visit the store once in 90 days. 6. 7. Amount spent during purchase: It can be inferred that majority of the respondents spend between Rs. 2001 -4000(i. e. 38%), 22% of the respondents spend less than Rs. 2000, 24% of the respondents spend between Rs. 4001 – 6000 and 16% of the respondents spend above Rs. 6000. 6. 8. Type of product purchased: It can be inferred that majority of the respondents buy women apparels(i. e. 42%), 18% of the respondents buy women accessories, 22% of the respondents buy men apparels, 4% of the respondents buy men accessories and 14% of the respondents buy kids apparels. From the above four results (i. e. 6. 5- 6. 8) it can be inferred that most of the respondents became aware of Pantaloons through advertisement in television ,and most of them frequent the store once in 45 -60 days. It can also be inferred that most of the respondents spend between Rs. 2000 – 4000 during their purchase which implies that the affluent crowd frequent the store. 6. 9. Level of expectation: It can be inferred that majority of the respondents have a very high expectation from the store in terms of price,Customer service,Quality,offers,location and store ambience (i. e. 74%), 22% of the respondents have mediocre level of expectation only 2% of the respondents have very low expectations from the store. It can be understood that customers are likely to purchase from the store only when their level of expectation regarding the above parameters are fulfilled. 6. 10. Level of satisfaction: It can be inferred that majority of the respondents are satisfied with the store in terms of price,quality,customer service, ambience,location (i. e. 4%), 18% of the respondents are highly satisfied with the store, 8% of the respondents are not satisfied with the store and only 2% of the respondents are highly dissatisfied with the store. This result implies that most of the expectations of the respondents have been met by the store and that is the reason for having a large percentage of sat isfied customers (i. e. 54%). This result also implies that the store is taking considerable efforts to meet the expectations of the customers. CHAPTER 7 SUGGESTIONS TO THE RETAIL STORE The suggestions provided to the Pantaloons store are as follows: †¢ From the profile of the respondents, it can be seen that majority of them are females ( i. e . 74 % ). Hence, it can be inferred that the male customers are comparatively less. Therefore Pantaloons can develop new marketing strategies to attract the male population. †¢ Findings reveal that most of the respondents belong to the business sector ( 34%) with an income level between Rs. 30000 – 40000. Hence,Pantaloons can take measures to attract the customers belonging to other income groups. †¢ The results reveal that the age group above 40 do not frequent the shop(i. e 14%). Hence ,the store can develop marketing strategies to attract middle age customers by introducing apparels in the nature of their preference. †¢ Findings show that only a very small percent (i. 2%) of the men prefer to buy accessories in the store. Therefore,Pantaloons can introduce new and fashionable accessories inorder to create demand for it. †¢ The results reveals that most of the respondents have a very high expectation from Pantaloons in terms of price,quality,customer service,store location and ambience (i. e 74%). Therefore,the store should take necessary measures to keep up to the expectation of its customers. †¢ The study also reveals that only 18% of the respondents are highly satisfied with the store. Hence,Pantaloons should take all necessary measures to increase the level of satisfaction of its customers. CHAPTER 8 CONCLUSION The retail markets in India is highly competitive due to increase in number of customers belonging to middle and higher income class,change in consumption pattern and opening up of economy due to liberalization,privatization and globalization. Against this background the study has attempted to analyze the profile and buying behaviour of the customers and the factors influencing the level of expectation and satisfaction of customers. The findings would enable the organisation to frame suitable strategies to enhance market share. Questionnaire The questionnaire below is to determine your perception and extent of satisfaction derived from Pantaloons in Bangalore. Kindly provide the details asked by encircling the option. 1. Name: 2. Age: ) less than 20 b) 21-30 c) 31-40 d) above 40 3. Gender: a) Male b) Female. 4. Occupation: a) Student b) Business c) Private service d) Government service e) Home maker. 5. Annual Income: a) less than 20000 b) 20001- 30000 c) 30001 -40000 d) above 40000 6. How did you come to know about Pantaloons? a) Magazines Newspapers b) Advertisements(t. v) c) friends relatives 7. What type of products do you purchase in Pantaloons? a) Men apparels b) Men accessories c) Women apparels d) Women accessories e) Kids apparels. 8. How much do you spend during each purchase? a) less than Rs. 2000 b) Rs. 2001 -4000 c) Rs. 4001 -6000 d) above Rs. 6000. 9. How often do you visit the store? ) once in 30 days b) 30 -45 days c) 45 -60 days d) 60 – 90 days e) above 90 days. 10. Please mark your level of expectation from the store regarding the listed parameters: |Parameters |High |Medium |Low | |Price | | | | |Quality | | | | |Customer service | | | | |Store location | | | | |Store ambience | | | | 11. Please mark your level of satisfaction obtained from the store: Parameters |Highly |satisfied |Neutral |Dissatisfied |Highly | | |satisfied | | | |dissatisfied | |Price | | | | | | |Quality | | | | | | |Customer service | | | | | | |Store location | | | | | | |Store ambience | | | | | | 12. Please give your suggestions: BIBLIOGRAPHY Books referred: 1. Philip Kotler and Kevin Lane Keller(2006). Marketing Management ’,Prentice Hall of India Pvt Ltd,Twelfth edition. 2. Dr. D. D. Sharma(2005). ’Marketing Research’,Sultan Chand Sons,Third edition. 3. Uma Sekaran(2009). ’Research Methods for Business’,John Wiley Sons,Fourth edition. Websites referred: 1. www. scribd. com 2. web. ebscohost. com 3. www. retailing. com AIMS International,September 2009,Vol. 3 Issue 3,p207-220,13p; International Journal of Market Research,August 2006,Vol. 48 Issue 5,p620-627,7p. International Journal of Retail Management,2008,Vol. 35 Issue 8,p234-238,4p; Journal of Retailing,2009,Vol. 24 Issue 34,p56-62,6p; Journal of Marketing Management,2007,Vol-23 Issue 45,p45-50,5p;