³CUSTOMER SATISFACTION ON ORRA

DIAMONDS"

Submitted to

Mangalore University, in partial fulfillment of the requirements of the

Bachelor of Business Management degree course.

By

KHAN ALIYA BASHIR

Reg. No:060230261

Under the Guidance of

MRS. ANNETTE SONIA CHETAN

Lecturer

Srinivas Institute of Management Studies

Mangalore

SRINIVAS INSTITUTE OF MANAGEMENT STUDIES

Pandeshwar, Mangalore - 575001

2009-2010

`INTRODUCTION TO CUSTOMER SATISFACTION

Whether the buyer is satisfied after purchase depend on the offers performance in

relation to the buyer expectation. In general satisfaction is a person's feelings of

pleasure or disappointment resulting from comparing a products perceived

performance relation to his/her expectations. If the performance falls short of

expectation, the customer is dissatisfied. If the performance matches the

expectation

customer is satisfied. If the performance exceeds the expectation the customer is

highly satisfied.

Customer satisfaction cannot be very difficult. After all you either satisfied with the

services you receive or you are not. If you don¶t you are not. If it is that easy, then

obtaining people's opinion about how satisfied they are with relatively straight

forward matter- or is it?. Customer satisfaction is a marketing tool and a definite

value

addad benefit. It is often perceived by customers as important as the primary

product

or service your organisation offers.

It looks at what is involved from 3 different angles, the first is from the view of an

organisation wishing to understand, and measures, how satisfied its customer are
with

the products and services they receive from it. The second is from the perspective
of a

research agency that has been asked to obtain feedback from customers and about

their experiences when dealing with companies. Finally it considers the issue from
the

perspective of consumers who participate in surveys, including both business

customers and members of general public

MEANING OF CUSTOMER SATISFICATION

Customer satisfaction is a business term, is a measure of how products and services

supplied by a company meet or surpass customer expectation. It is seen as a key

performance indicator within business and part of the four prospective of balanced

score card.
IN a competitive market place were businesses compete for customers, customer

satisfaction is seen as a key differentiator and increasingly has become a key

element

of business strategy customer satisfaction drives successful private sector business.

High performing businesses have developed principles and strategies for achieving

customer satisfaction. This paper presents a framework or set of ideas for using

customer satisfaction principles and strategies to improve the quality

responsiveness,

and possibility of public sector privately provided services in vulnerable

communities.

The framework suggested that resident who live in tough neighbourhoods can be

supported through customer satisfaction strategies to become empowered

individuals

who informed perspectives influence decisions about what, how, when, and where

services are available to them.

Customer satisfaction is the customers response to the evaluation of the perceived

discrepancy between prior expectation and the actual performance of the product
as perceived after its consumption.

DEFINITION

Codotte, woodruff and Jenkins (1987) define customer satisfaction as

"conceptualized

as a feeling developed from an evaluation of the experience."

HERE, the timing of satisfaction response is driving consumption.

BUT there is general agreement with kotler (2003) that "customer satisfaction is a

person's feeling of pleasure or disappointment resulting from comparing a products

perceived performance in relation to his or her expectation."

In short customer satisfaction is "The provision of goods or services which fulfil the
customer expectation in terms of quality and service, in relation to price paid."

IMPORTANCE OF CUSTOMER SATISFACTION

IT costs atleast 7 times more to source a new customer than it does to retain
existing

one

A 'satisfied' customer tells 5-7 people in a year whilst a 'dissatisfied' customer will
tell

14-15 people.

Companies can boost profits anywhere from 25% to 125% by retaining a mere 5%

more of their exciting customers.

Totally satisfied customers were 6 times more likely to use that services and

commend it than ' satisfied' customers.

Customers who have a bad experience with you and do not complain are only 37%

likely to still do business with you.

Customers who have an opportunity to complain and the complaint is achieved are

95% likely to still do business with you.

Factors of customer satisfaction

serviceof quality

reliability of service

knowledge of the staff

Being kept informed of progress

The way service kept its promises

The way the service handled any problem Friendliness of staff

How sympathetic staff were to your needs

Speed of enquiries
Number of time had to contact the service.

Measuring customer satisfaction

Organizations are increasingly interested in retaining existing customers while

targeting non-customers; measuring customer satisfaction provides an indication

how

successful is the organisation at providing products and/or services to the market

place.

Customer satisfied is an ambiguous and abstract concept and the actual

manifestation

of the state of satisfaction will vary from person to person and product/service to

product/service. The state of satisfaction depends on a number of both

psychological

and physical variables which correlate with satisfaction behaviours such as return
and

recommend rate. The level of satisfaction can also vary depending on other options

the customer can compare the organizations products.

Because satisfaction is basically a psychological state, care should be

taken in effort of quantitative measurement, although a large quantity developed.

Work done by berry (bart allen) and brodewr between 1990 and 1998 defined ten

'quantity values' which influence satisfaction behaviour, further expanded by berry

in

2002 and known as the ten domains of satisfaction.

The usual measures of customer satisfaction involve a survey with a set

of statements using a likert technique or scale. The customer is asked to evaluate

each

statement and in term of their perception and exceptation of performance of the

organization being measured.

The university of michigan's American consumer satisfaction is a scientific

standard of consumer satisfaction academic research has shown that the national

ACSI score is a strong predictor of gross domestic product growth, and an even

stronger predictor of personal consumption expenditure (PCE) growth. On the micro

economic level, research has shown that ACSI data predicts stock market

performance, both for market indices and for individually traded companies.

Increasing ACSI scores has been shown to predict loyalty, word of mouth

recommendations and purchase behaviour. The ACSI measures consume

satisfaction

annually for more than 200 companies in 43 industries and 10 economic sector. In

addition to quarterly reports, the ACSI.

Methodology can be applied to private sector companies and government agencies

in

order to improve loyalty and purchase intent.

The net promoter score is a management tool that can be used to guage the

loyalty of a firms consumer relationships. It serves as an alternative to traditional

consumer a single question (usually, "how likely is it that you would recommend us
to

a friend or colleague?") based on their responses, consumers can be categorized

into

one of 3 groups, promoters, passives and detractors. In the net promoters are
viewed

as valuable assets that drive profitable growth because of their repeat/increased

purchases, longevity and referrals, while detractors are seen as liabilities that
destroy

profitable growth because of their complaints, reduced purchases/defection and

negative word of mouth.

The kano model is a theory of product development and consumer

satisfaction developed in the 1980's by professor noriaki kano that classifies

consumer

preferences into 5 categories: attractive, one ±dimensional, must be indifferent,

reverse. The kano model offers some insight into the product attributes which are

perceived to be important to consumers. kano also produced a methodology for

mapping consumers responses to questionnaires onto his model.

One of the newest and most innovative consumer satisfaction measurement

methodologies is called gustometria. Gustometria is real time measurement of

consumer and employee satisfaction, consumers are invited to answer a short

survey

by touching the "gustometer" screen with their fingers. The responses are collected

immediately by gustometria serves which tabulate the results in real time.

Management can then log into their private website and use the sophisticated

business intelligence reports which are built into the gustometria system.

HISTORY OF DIAMONDS

THE name diamond is derived from ancient greek adawa (a'damas), "people",

"unalterable", "unbreakable"," untamed".

Diamonds are thought to have been first recognised and mined in india, were
significant alluvial deposits of stone could be found many centuries ago along the
rivers penner, Krishna,and Godavari. Diamonds have been known in india for atleast
3000 years ago but mostly likely 6000 years.

Diamonds have been treasured as gemstones since their use at religious icons
in ancient india. Their usage in engraving tools also dates to early human history.
The

popularity of diamonds has been risen since 19th century because of increased
supply

improved cutting and polishing techniques, growth in the world economy, and

innovative and successful campaign. In 1772 antonine lavoisiee used a lens to

concentrate the rays of the on a diamond in an atmosphere of oxygen and showed

that

the only product of combustion was carbon dioxide providing that diamonds is

composed of carbon. Later in 1797, Smithson tennat repeated and expanded that

experiment by demonstrating the burning diamond and graphite (charcoal) releases

the same amount of gas he established the chemical equivalence of these

substances.

Diamond is the hardest natural material known , where hardness is defined as

resistance to scratching and is graded between (softest) and 10 (hardest) using the

mobs scale of mineral hardness. Diamond has a hardness of 10 (hardest) on this

scale.

Diamond's hardness has been known since antiquity, and is the source of its name.

Diamond's hardness depends on its purity, crystalline perfection and orientation.

Therefore whereas it might be possible to scratch some diamonds with other

materials, such as boron nitride, the hardest diamonds can be only scratched by
other

diamonds. In particular, nano crystalline diamond aggregrates were measured to be

harder than any large crystal diamond. Those aggregrate are produced by high

pressure high temperature treatment of graphite.

The hardest natural diamonds originated mostly from the copetion and bingara
fields located in the new England area in new south wales Australia. These
diamonds are generally small, perfect and are used to polish other diamonds.

Identification

Diamonds can be identified by their huge thermal conductivity. Their high refractive
index is also indicative, but other materials have similar refractivity. Diamonds cut
glass, but this does not positively indentify a diamonds because other materials
such as quartz, also lie above glass on the mohs scale and can also cut it. Diamonds
can scratch other diamonds but this can result in damage to one or both stones.

PRODUCTION

Approximately 130 million carats of diamonds are mined annually with a total value

of nearly US$ billion and about 100000kg are synthesized animally.

Roughly 49% of diamond originate from central and southern Africa ,although

significant source of the mineral have been discovered Canada , India, Russia,
Brazil,

and Austria's they are mined from kimberlitic and lamtroite volcanic pipes , which
can

bring diamond crystals , originate from deep within the earth where high pressure
and

temperature enable then to form , to the surface . the diamond supply is controlled
by

a limited number of powerful business and is also highly concentrated in a small

number of location around the world

Company profile

INTRODUCTION TO CUSTOMER SATISFACTION

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