Study On Customer Satisfaction Level And Make New And Innovative Strategies For Effective Customer Retention At Indian Oil Corporation Limited

Introduction

Customer Retention: t is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. A company’s ability to attract and retain new customers is not only related to its product or services but strongly related to the way it services its existing customers and the reputation it creates within and across the marketplace.

Customer retention is more than giving the customer what they expect; it’s about exceeding their expectations so that they become loyal advocates for your brand. Creating customer loyalty puts ‘customer value rather than maximizing profits and shareholder value at the centre of business strategy. The key differentiator in a competitive environment is more often than not the delivery of a consistently high standard of customer service.

Customer satisfaction: Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectations. 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. Organizations need to retain existing customers while targeting non-customers. Measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace. Customer satisfaction is an abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service.

Research Objective

• To understand the Petroleum Retail Industry through secondary market
  research, especially in Kolkata City and its outskirt’s Major Highways.
• To analyze all the important properties & factors for the buying
  behaviour analysis.
• To carry out a comparative analysis of all the major brands of fuels
  available.
• To undertake an exploratory survey of the fuel market of Kolkata and its
  outskirts along with the evaluation for Brand awareness with the help
  of 2 Wheelers, 4 Wheelers, 6 Wheelers, 10 Wheelers, Taxi owners,
  Transporters and Private Car Users.
• To formulate a questionnaire on the basis of which the survey is conducted
  and this will help to analyze and interpret the expectations of the
  customers and their extent of satisfaction.
• To analyze the economic demography of the customers on the basis of
  their need to fuel per month and give a finer strategy for each segment
  customer.
• To analyze all the survey data & formulate recommendations based on
  it.

Scope Of Research

• The research work will be totally concentrated inside the Kolkata
  region and a few major Highways in the outskirts.
• The Research work will cover the respondents from 2 Wheeler, 4
  Wheeler, 6 Wheeler, 10 Wheeler, Taxi Drivers and Transporters.
• It is based on a detail analyzing of customer expectations from Indian Oil
  Corporation outlet both in Kolkata as well as in Highways.
• This study will help the Company to find out how the expectations of
  the customer can be fulfilled so as to increase the customer retention rate
  as well as converting them into loyal customers of the Indian Oil Corporation.

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