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Inba Kotak

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Chapter: 1

INTRODUCTION
1.1 MEANING OF CUSTOMER PREFERENCE
AND SATISFACTION LEVEL

Consumer preference is the subjective taste of individual


consumers that is measured by the satisfaction they derive from
an item after they buy it. It is often expressed through utility.
The value of the items consumers buy can be compared by
measuring the utility of the items.
Customer satisfaction is defined as a measurement that
determines how happy customers are with a company's
products, services, and capabilities. Customer satisfaction
information, including surveys and ratings, can help a company
determine how to best improve or changes its products and
services
1.2 COMPANY PROFILE

 Kotak Mahindra Bank Limited is an


Indian banking and financial services company
headquartered in Mumbai. It offers banking products and
financial services for corporate and retail customers in the
areas of personal finance, investment banking, life
insurance, and wealth management.
 It is India's third largest private sector bank by market
capitalization after HDFC Bank and ICICI Bank. As of
31 March 2023, the bank has a national footprint of 1,780
branches and 2,963 ATMs.
 In 1985, Uday Kotak founded Kotak Capital Management
Finance as an investment and financial services company,
with a loan of ₹30 lakh from family and friends. In
1986, Anand Mahindra and his father Harish Mahindra
invested ₹1 lakh in the company and it was subsequently
renamed as Kotak Mahindra Finance.
 The company was initially engaged in bill discounting,
along with lease and hire purchase activities.
 In the early 1990s, the company started car
financing and investment banking services, and expanded
its operations overseas. In 1996, car financing company
Kotak Mahindra Primus was incorporated as a 60:40 joint
venture between Kotak Mahindra Finance and Ford Credit
International.
 In the same year, Kotak Mahindra Finance hived off
its investment banking division into a new company,
Kotak Mahindra Capital, started in partnership
with Goldman Sachs.
 In 1998, Kotak Mahindra Finance started its mutual
fund arm called Kotak Mahindra AMC. In 2001, OM
Kotak Mahindra Life Insurance was established as a 74:26
joint venture between Kotak Mahindra Finance and Old
Mutual.
 In February 2003, Kotak Mahindra Finance received
a banking license from the Reserve Bank of India. With
this, it became the first non-banking finance company in
India to be converted into a bank. Kotak Mahindra Finance
was then renamed as Kotak Mahindra Bank. At the time,
Uday Kotak had 56% stake in the company while Anand
Mahindra held 5%.

SUBSIDIARIES AND ASSOCIATIES:


Major subsidiaries of the Bank include
o Kotak Mahindra Prime
o Kotak Mahindra Investments
o Kotak Securities
o Kotak Mahindra Capital
o Kotak Mahindra Life Insurance
o Kotak Mahindra General Insurance
o Kotak Investment Advisors and Capital Company
1.3 OBJECTIVES OF THE STUDY

 To Analyze the marketing related work with the help of


Kotak Mahindra Bank.
 To Provides various products knowledge and investment
services of Kotak Mahindra Bank.
 To Analyzing and finding the customer satisfaction, of
Kotak Mahindra bank, regarding factors of customer
service quality and customer loyalty.
 To determine the key influencing factor among customer
service quality and customer loyalty, which resulted in the
buying behavior of customers.
 To verify the relationship between the customer
satisfactions, customer service quality and customer loyalty
of the bank.

1.4 SCOPE OF THE STUDY


 In this way it is easy to generalize that if the perception of
the service received exceeds the expectation of the service,
customer’s satisfaction will be positive.
 Consumers consider just about every banking feature
important. They look for accounts with low fees and
competitive interest rates. They want their money to be
both secure and easy to access. They expect quality
customer service and a good brand reputation.
 Current customers are far more likely to open more
accounts or use more services if they've had an overall
positive experience.
CHAPTER:2
REVIEW OF LITERATURE
2.1 CUSTOMER SATISFACTION

 A term frequently used in marketing, is a measure of how


products and services supplied by a company meet or
surpass customer expectation. Customer satisfaction is
defined as "the number of customers, or percentage of total
customers, whose reported experience with a firm, its
products, or its services (ratings) exceeds specified
satisfaction goals.
 In a survey of nearly 200 senior marketing managers, 71
percent responded that they found a customer satisfaction
metric very useful in managing and monitoring their
businesses.
 It is seen as a key performance indicator within business
and is often part of a Balanced Scorecard. In a competitive
marketplace where businesses compete for customers,
customer satisfaction is seen as a key differentiator and
increasingly has become a key element of business
strategy.
 There is a substantial body of empirical literature that
establishes the benefits of customer satisfaction for firms.
2.2 CUSTOMER PREFERENCE

 Consumers normally implement preferences when they go


for comparing different alternatives and choices.
 Preference based on scientific evaluation is always a
reasonable one. Real-life marketing primarily
revolves around the application of a great deal of
common-sense dealing with a limited number of factors,
in an environment of flawed information and limited
resources complicated by vagueness.
 Use of traditional marketing techniques, in these
circumstances, is inevitably partial and unequal. Now
a day the role of marketing has becoming an essential
part for any product.
 Marketing plays the pivotal role after establishing target
specifications, concept generation, and concept selection
through concept screening matrix and concept scoring
matrix, and finally testing of concept selection.
2.3 AUTHORS THOUGHTS

 Anning Wang, Qiang Zhang, Shuangyao Zhao, Xiaonong


Lu & Zhanglin Peng Information Systems and e-Business
Management (2020),
o An increasing number of people use social media to share
their consumption experiences. Publicly available online
reviews have become a significant source of information,
which manufacturers use to better understand customer needs
and preferences. To facilitate product improvement, this
study first considers the inconsistencies between the
numerical product ratings and the textual product reviews to
establish the inconsistent ordered choice model (IOCM) for
measuring customer preferences with regard to product
features.
 According to studies by Wirtz & Lee (2017),
o they identified a six-item 7-point semantic differential scale
(e.g., Oliver and Swan 2000), which is a six-item 7-point
bipolar scale, that consistently performed best across both
hedonic and utilitarian services. It loaded most highly on
satisfaction, had the highest item reliability, and had by far
the lowest error variance across both studies.
 Terrence Levesque, Gordon H.G. McDougall Bank Marketing
(2016),
o customer satisfaction and retention are critical for retail banks,
and investigates the major determinants of customer
satisfaction and future intentions in the retail bank sector.
Identifies the determinants which include service quality
dimensions (e.g. getting it right the first time), service features
(e.g. competitive interest rates), service problems, service
recovery and products used..
 Ahmad Jamal, Kamal Naser Journal of Bank Marketing (2002),
Understanding the antecedents to and outcomes of customer
satisfaction is a critical issue for both academics and bank marketers.
Previous research has identified service quality, expectations,
disconfirmation, performance, desires, affect and equity as important
antecedents of customer satisfaction. The current paper reports
findings from a survey which looked into the impact of service
quality dimensions and customer expertise on satisfaction.
 Shah Ankit, Information and Knowledge Management (2011),
o In recent years, the banking industry around the world has been
undergoing a rapid transformation. The deepening of
information technology has facilitated better tracking and
fulfillment of commitments, multiple delivery channels for
online customers and faster resolution of issues. In India too,
the wave of deregulation in the early 1990s has created
heightened competition and greater risks for banks and
financial intermediaries. Today, customers expect higher
quality services from banks which, if fulfilled, could result in
significantly improved customer satisfaction levels.
 Amudha Ramachandran, Vijayabanu Chidambaram (2009),
o Service process performance of an organization should be
measured continuously to achieve competitive advantage and
this is possible through providing excellent service by any
organization. The quality of the products or the quality of
customer service determines the degree of customer
satisfaction. The customer satisfaction not only means,
satisfying the customers but also customer retention in case
of service failure. The organization should solve the
complaints through various service recovery strategies. It is
mandatory to identify the impact of service failure and
customer feedback for the survival, success and prosperity of
an organization.

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