Kotak Mahindra Bank is an Indian banking and financial services company headquartered in Mumbai. It offers various banking and financial products and services. The objectives of the study are to analyze Kotak Mahindra Bank's marketing work, provide knowledge of its products and investment services, and analyze customer satisfaction, service quality, loyalty, and their impact on purchasing behavior. The literature review discusses concepts of customer satisfaction and preference, factors that influence satisfaction like service quality and expectations, and how satisfaction impacts retention, loyalty, and banks' performance.
Kotak Mahindra Bank is an Indian banking and financial services company headquartered in Mumbai. It offers various banking and financial products and services. The objectives of the study are to analyze Kotak Mahindra Bank's marketing work, provide knowledge of its products and investment services, and analyze customer satisfaction, service quality, loyalty, and their impact on purchasing behavior. The literature review discusses concepts of customer satisfaction and preference, factors that influence satisfaction like service quality and expectations, and how satisfaction impacts retention, loyalty, and banks' performance.
Kotak Mahindra Bank is an Indian banking and financial services company headquartered in Mumbai. It offers various banking and financial products and services. The objectives of the study are to analyze Kotak Mahindra Bank's marketing work, provide knowledge of its products and investment services, and analyze customer satisfaction, service quality, loyalty, and their impact on purchasing behavior. The literature review discusses concepts of customer satisfaction and preference, factors that influence satisfaction like service quality and expectations, and how satisfaction impacts retention, loyalty, and banks' performance.
Kotak Mahindra Bank is an Indian banking and financial services company headquartered in Mumbai. It offers various banking and financial products and services. The objectives of the study are to analyze Kotak Mahindra Bank's marketing work, provide knowledge of its products and investment services, and analyze customer satisfaction, service quality, loyalty, and their impact on purchasing behavior. The literature review discusses concepts of customer satisfaction and preference, factors that influence satisfaction like service quality and expectations, and how satisfaction impacts retention, loyalty, and banks' performance.
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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
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.
Structural Equation Modeling (Sem) : Determinant of Customer Loyalty in Banking Industry Netty Merdiaty, Budi Rismayadi, Mumun Maemunah and Sri Indra Trigunarso