DISSERTATION REPORT

ON
CONSUMER SATISFACTION
The Fulfillment of the Degree Course of
Bachelor of Business Administration (2013-17)
From
Shri Ram Institute of Management & Technology, Kashipur
IN
FLEXITUFF

Internal Guide Submitted by

MR. ANSHUL NATH LALIT KUMAR
ASST. PROFESSOR. B.B.A 6RD SEMESTER
ROLL NO 1377250031
 PREFACE

This research is submitted in partial fulfillment of Bachelor Business

Administration of the Shri Ram Institute of Management and Technology. It
is the out come of work. I have undergone at flexi tuff.

Today, it is acknowledged and widely accepted fact and that beside manly
material, and machine success of any org. greatly depend upon the quality of
Marketing.

My topic is concern with customer satisfaction with in the market.

My topic provide me an opp. to understand customer satisfaction

 ACKNOWLEDGEMENTS

I feel myself privileged at having an opp. to thank the people who me at all
stages of my Training. It is with a deep since of gratitude that I acknowledge
valuable guidance and timely suggestion offered to me by project Guide Mr.

On the completion of this research, I very gladly take this opp. of repressing
my grateful thank to HR Manager of Flexi tuff. Who gave a sound platform
to shape our career in a better way and help us understand features of Flexi
Tuff?

I am highly grateful to the staff of the flexi tuff and thank them for their
guidance co-operation and support to make this project a success.
 STUDENT DECLARATION

This project has been undertaken as a partial fulfillment of the requirement for the
summer training OF BACHELOR IN BUSINESS ADMINISTRATION.
This project was executed under the supervision of MR. ANSHUL NATH
(FACULTY OF SHRIRAM INSTITUTE MANAGEMENT & TECHNOLOGY,
KASHIPUR).
I would also like to thank the supporting staff & department for their help and
cooperation through our project.
Further, I declare that this project is my original work and the analysis and findings
are for the Academic purpose only. This project has not been presented in any
seminar or submitted elsewhere for the award of any degree or diploma.

MR. ANSHUL NATH LALIT KUMAR

(Counter by Sign) BBA VIthSem.

 Executive Summary

Flexi tuff incandescent bags commonly called as FIBCs are in use for over two decades and still
continue to be the most widely used polybags in the world. They come in various shape.
Depending upon the application area, they are available in Clear, Frost Finished and Colors with
high end bags, sift proof bags, baffle bags, sling bags, single loop bags(as the case may be)
tungsten filament as per international standards and fitted with two integral micro-fuses for
greater safety.

The Flexible intermediate bulk containers increases luminous efficiency by over 10% and heat
loss by convection or conduction is thus reduced. There are being manufactured on resulting to
FIBCs output. They emit a continuous spectrum of approximately and a color-rendering index
approaching to 90.
 INDEX

Preface ...
Student Declaration
Acknowledgement..
Executive Summary
Chapter 1: Introduction..
Objective of study....
Company Profile...
Scope of Study
Limitation of study..
Research Methodology .
Chapter 2: Conceptual framework.
Chapter 3: About the company...
Chapter 4: Analysis And Finding...
Analysis.
Findings.
Chapter 5: Conclusions & Recommendations.
Conclusion
Recommendations
Bibliography ...
 INTRODUCTION

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.

Within organizations, customer satisfaction ratings can have powerful effects.

They focus employees on the importance of fulfilling customers expectations. Furthermore,
when these ratings dip, they warn of problems that can affect sales and profitability. These
metrics quantify an important dynamic. When a brand has loyal customers, it gains positive
word-of-mouth marketing, which is both free and highly effective.

Therefore, it is essential for businesses to effectively manage customer satisfaction. To be able do

this, firms need reliable and representative measures of satisfaction.

In researching satisfaction, firms generally ask customers whether their

product or service has met or exceeded expectations. Thus, expectations are a key factor behind
satisfaction. When customers have high expectations and the reality falls short, they will be
disappointed and will likely rate their experience as less than satisfying. For this reason, a luxury
resort, for example, might receive a lower satisfaction rating than a budget moteleven though
its facilities and service would be deemed superior in absolute terms.
The importance of customer satisfaction diminishes when a firm has increased bargaining power.
For example, cell phone plan providers, such as AT&T and Verizon, participate in an industry
that is an oligopoly, where only a few suppliers of a certain product or service exist. As such,
many cell phone plan contracts have a lot of fine print with provisions that they would never get
away if there were, say, a hundred cell phone plan providers, because customer satisfaction
would be way too low, and customers would easily have the option of leaving for a better
contract offer.

There is a substantial body of empirical literature that establishes the benefits of customer
satisfaction for firms.
 Scope of study

The scope of the report is limited to consumer packaged goods, so the findings may not apply to
all categories. Also the analysis defines loyalty as, Greater than 50% of buyers total
purchasing is of a single brand, not including private label. While you can argue whether or
not this is an accurate definition of loyalty, the report points to a few truths about brand loyalty
which stand on their own and which stand the test of time.

1. Price does not equal value.

Perceived value drives loyal purchase behavior. The report explains, even when times are
tight, brands are important. However, in the context of the new, more conservative world of
CPG, brands that provide value are critical. But value isnt about price alone.

The researchers found that when it comes to brand decisions, 79% of consumers consider price
and 76% consider past usage and trust of the brand. Shoppers also factor in requests of
household members, product labels, in-store displays, and much more into their buying
decisions.

Further twice as many people agree with the statement, I tend to buy the items that give me the
best value for the money as those agreeing, I tend to buy the lowest price item.

So, bottom line, brands cant bribe customers into loyalty with price.

2. As brand loyalty increases, consumers are less sensitive to price changes.

While marketers may know this intuitively, reports category data to prove the point: In sugar
and butter, where loyalty is pretty low, substantial price hikes have led to sharp drops in loyalty
during the past three years. In blades and dish detergent, on the other hand, relatively high
brand loyalty has continued to grow despite rather sharp price increases.
This should be good news to the many companies whose categories have been hit with rising raw
material and manufacturing costs. It suggests that consumers accept some price increases
loyalty is leverage.

And just because a category may not inspire high loyalty in general, its not stuck. The
research shows that brands can still build loyalty during inflationary times. Chocolate candy is
an example of a category with relatively low average loyalty (16%) that has seen an increase in
loyalty between 2008 and 2011.
 Limitations of study
On-line couponing: Coupons are available online. Consumers print them out and take them to
the store.
Mobile couponing: Coupons are available on a mobile phone. Consumers show the offer on a
mobile phone to a salesperson for redemption.
Online interactive promotion game: Consumers play an interactive game associated with the
promoted product. See an example of the Interactive Internet Ad for tomato ketchup.
Rebates: Consumers are offered money back if the receipt and barcode are mailed to the
producer.
Contests/sweepstakes/games: The consumer is automatically entered into the event by
purchasing the product.
 Research Methodology

Brand Equity Ten (Aaker): David Aaker, a marketing professor and brand consultant,
highlights ten attributes of a brand that can be used to assess its strength. These include
Differentiation, Satisfaction or Loyalty, Perceived Quality, Leadership or Popularity, Perceived
Value, Brand Personality, Organizational Associations, Brand Awareness, Market Share, and
Market Price and Distribution Coverage. Aaker doesn't weight the attributes or combine them in
an overall score, as he believes any weighting would be arbitrary and would vary among brands
and categories. Rather he recommends tracking each attribute separately

Brand Equity Index (Moran): Marketing executive Bill Moran has derived an index of
brand equity as the product of three factors:

Effective Market Share is a weighted average. It represents the sum of a brand's market
shares in all segments in which it competes, weighted by each segment's proportion of
that brand's total sales.
Relative Price is a ratio. It represents the price of goods sold under a given brand, divided
by the average price of comparable goods in the market.
Differentiation: The defining characteristics of the brand and its distinctiveness relative
to competitors.
Relevance: The appropriateness and connection of the brand to a given consumer.
Esteem: Consumers' respect for and attraction to the brand.
Knowledge: Consumers' awareness of the brand and understanding of what it represents.
 THE CONCEPTUAL FRAMEWORK

PURPOSE

A business ideally is continually seeking feedback to improve customer satisfaction.

Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty.
Customer satisfaction data are among the most frequently collected indicators of market
perceptions. Their principal use is twofold:

1. Within organizations, the collection, analysis and dissemination of these data send a
message about the importance of tending to customers and ensuring that they have a
positive experience with the companys goods and services
2. Although sales or market share can indicate how well a firm is performing currently,
satisfaction is an indicator of how likely it is that the firms customers will make further
purchases in the future. Much research has focused on the relationship between customer
satisfaction and retention. Studies indicate that the ramifications of satisfaction are most
strongly realized at the extremes. On a five-point scale, individuals who rate their
satisfaction level as 5 are likely to become return customers and might.

2. The even evangelize for the firm. (A second important metric related to
satisfaction is willingness to recommend. This metric is defined as "The percentage of surveyed
customers who indicate that they would recommend a brand to friends." When a customer is
satisfied with a product, he or she might recommend it to friends, relatives and colleagues. This
can be a powerful marketing advantage.) Individuals who rate their satisfaction level as 1, by
contrast, are unlikely to return. Further, they can hurt the firm by making negative comments
about it to prospective customers. Willingness to recommend is a key metric relating to customer
satisfaction.

3. Construction (Measuring customer satisfaction)

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 measured at the individual level, but it is almost always reported at an
aggregate level. It can be, and often is, measured along various dimensions. A hotel, for example,
might ask customers to rate their experience with its front desk and check-in service, with the
room, with the amenities in the room, with the restaurants, and so on. Additionally, in a holistic
sense, the hotel might ask about overall satisfaction with your stay.

As research on consumption experiences grows, evidence suggests that consumers purchase

goods and services for a combination of two types of benefits: hedonic and utilitarian. Hedonic
benefits are associated with the sensory and experiential attributes of the product. Utilitarian
benefits of a product are associated with the more instrumental and functional attributes of the
product (Batra and Athola 1990).

Customer satisfaction 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 behaviors such as return and recommend rate. The level of satisfaction
can also vary depending on other options the customer may have and other products against
which the customer can compare the organization's products.

Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985 and 1988 provides
the basis for the measurement of customer satisfaction with a service by using the gap between
the customer's expectation of performance and their perceived experience of performance.

This provides the measurer with a satisfaction "gap" which is objective and quantitative in
nature. Work done by Cronin and Taylor propose the "confirmation/disconfirmation" theory of
combining the "gap" described by Parasuraman, Zenithal and Berry as two different measures
(perception and expectation of performance) into a single measurement of performance
according to expectation.

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 expectation of performance of the organization being measured. Their satisfaction
is generally measured on a five-point scale.

Customer satisfaction data can also be collected on a 10-point scale.

Regardless of the scale used, the objective is to measure customers perceived satisfaction with
their experience of a firms offerings. It is essential for firms to effectively manage customer
satisfaction. To be able do this, we need accurate measurement of satisfaction.

Good quality measures need to have high satisfaction loadings, good reliability, and low error
variances. In an empirical study comparing commonly used satisfaction measures it was found
that two multi-item semantic differential scales performed best across both hedonic and
utilitarian service consumption contexts. According to studies by Wirtz & Lee (2003), they
identified a six-item 7-point semantic differential scale (e.g., Oliver and Swan 1983), 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. In the study, the six items asked respondents
evaluation of their most recent experience with ATM services and ice cream restaurant, along
seven points within these six items: please me to displeased me, contented with to disgusted
with, very satisfied with to very dissatisfied with, did a good job for me to did a poor job for
me, wise choice to poor choice and happy with to unhappy with.

A semantic differential (4 items) scale (e.g., Eroglu and Machleit 1990) which is a
four-item 7-point bipolar scale, was the second best performing measure, which was again
consistent across both contexts. In the study, respondents were asked to evaluate their experience
with both products, along seven points within these four items: satisfied to dissatisfied,
favorable to unfavorable, pleasant to unpleasant and I like it very much to I didnt like it at
all.

The third best scale was single-item percentage measure, a one-item 7-point bipolar scale (e.g.,
Westbrook 1980). Again, the respondents were asked to evaluate their experience on both ATM
services and ice cream restaurants, along seven points within delighted to terrible.

It seems that dependent on a trade-off between length of the questionnaire and quality of
satisfaction measure, these scales seem to be good options for measuring customer satisfaction in
academic and applied studies research alike. All other measures tested consistently performed
worse than the top three measures, and/or their performance varied significantly across the two
service contexts in their study. These results suggest that more careful pretesting would be
prudent should these measures be used.

Finally, all measures captured both affective and cognitive aspects of satisfaction, independent of
their scale anchors. Affective measures capture a consumers attitude (liking/disliking) towards a
product, which can result from any product information or experience. On the other hand,
cognitive element is defined as an appraisal or conclusion on how the products performance
compared against expectations (or exceeded or fell short of expectations), was useful (or not
useful), fit the situation (or did not fit), exceeded the requirements of the situation (or did not
exceed).
 Methodologies

American Customer Satisfaction Index (ACSI) is a scientific standard of customer satisfaction.

Academic research has shown that the national ACSI score is a strong predictor of Gross
Domestic Product (GDP) growth, and an even stronger predictor of Personal Consumption
Expenditure (PCE) growth. On the microeconomic level, academic studies have shown that
ACSI data is related to a firm's financial performance in terms of return on investment (ROI),
sales, long-term firm value (Tobin's q), cash flow, cash flow volatility, human capital
performance, portfolio returns, debt financing, risk, and consumer spending. Increasing ACSI
scores has been shown to predict loyalty, word-of-mouth recommendations, and purchase
behavior. The ACSI measures customer satisfaction annually for more than 200 companies in 43
industries and 10 economic sectors. 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. Two companies have been licensed to apply the methodology of the ACSI for
both the private and public sector: CFI Group, Inc. and Foresee Results apply the ACSI to
websites and other online initiatives. ASCI scores have also been calculated by independent
researchers, for example, for the mobile phones sector, higher education, and electronic mail.

The Kano model is a theory of product development and customer satisfaction developed in the
1980s by Professor Noriaki Kano that classifies customer preferences into five 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 customers.

POSE Analysis offers an alternative to customer satisfaction. Instead of evaluating satisfaction

with a proposition, POSE Analysis determines both the positioning and strength of a proposition.
POSE Analysis thus offers a competitive perspective to customer satisfaction.

SERVQUAL or RATER is a service-quality framework that has been incorporated into

customer-satisfaction surveys (e.g., the revised Norwegian Customer Satisfaction Barometer to
indicate the gap between customer expectations and experience.
J.D. Power and Associates provides another measure of customer satisfaction, known for its top-
box approach and automotive industry rankings. J.D. Power and Associates' marketing research
consists primarily of consumer surveys and is publicly known for the value of its product awards.

Other research and consulting firms have customer satisfaction solutions as well. These include
A.T. Kearney's Customer Satisfaction Audit process, which incorporates the Stages of Excellence
framework and which helps define a companys status against eight critically identified
dimensions.

For Business to Business (B2B) surveys there is the InfoQuest box. This has been used
internationally since 1989 on more than 110,000 surveys (Nov '09) with an average response rate
of 72.74%. The box is targeted at "the most important" customers and avoids the need for a
blanket survey.

In the European Union member states, many methods for measuring impact and satisfaction of e-
government services are in use, which the eGovMoNet project sought to compare and
harmonize.

These customer satisfaction methodologies have not been independently audited by the
Marketing Accountability Standards Board (MASB) according to MMAP (Marketing Metric
Audit Protocol).
 How to Measure Customer Satisfaction: Satisfaction
Measurement and Theory

Measuring satisfaction and building a satisfaction survey requires at least a basic knowledge of
the satisfaction measurement literature, combined with your own customer satisfaction
experiences. This brief tutorial provides such an introduction to the theoretical and
methodological underpinnings of satisfaction research.

Customer satisfaction is the most common of all marketing surveys and is part of the "big three"
research studies in marketing that include market segmentation and concept testing.

What Is Customer Satisfaction?

Customer satisfaction measures how well a company's products or services meet or exceed
customer expectations. These expectations often reflect many aspects of the company's business
activities including the actual product, service, company, and how the company operates in the
global environment. Customer satisfaction measures are an overall psychological evaluation that
is based on the customer's lifetime of product and service experience. "

Why is Customer Satisfaction So Important?

Effective marketing focuses on two activities: retaining existing customers and adding new
customers. Customer satisfaction measures are critical to any product or service company
because customer satisfaction is a strong predictor of customer retention, customer loyalty and
product repurchase.
Satisfaction Measurement: Overall Measures of Satisfaction

Satisfaction measures involve three psychological elements for evaluation of the product or
service experience: cognitive (thinking/evaluation), affective (emotional-feeling/like-dislike) and
behavioral (current/future actions).
Customer satisfaction usually leads to customer loyalty and product repurchase. But measuring
satisfaction is not the same as measuring loyalty. Satisfaction measurement questions typically
include items like:

1. An overall satisfaction measure (emotional): Overall, how satisfied are you with "Yoni
fresh yogurt"?

Satisfaction is a result of a product related experience and this question reflects the
overall opinion of a consumer's experience with the product's performance. Note that it is
meaningful to measure attitudes towards a product that a consumer has never used, but
not satisfaction for a product or brand that has never been used.

2. A loyalty measure (affective, behavioral): Would you recommend "Yoni" to your family
and friends?
3. A series of attribute satisfaction measures (affective and cognitive):
How satisfied are you with the "taste" of Yoni fresh yogurt? How important is "taste" to
you in selecting Yoni fresh yogurt?

Satisfaction and attitude are closely related concepts. The psychological concepts of
attitude and satisfaction may both be defined as the evaluation of an object and the
individual's relationship to it. The distinction is that satisfaction is a "post experience"
evaluation of the satisfaction produced by the product's quality or value.

4. Intentions to repurchase (behavioral measures): Do you intend to repurchase Yoni fresh

yogurt?
 Satisfaction can influence post-purchase/post-experience actions other than usage (such
as word of mouth communications and repeat purchase behavior). Additional post-
experience actions might include product or information search activity, changes in
shopping behavior and trial of associated products.

As shown in Figure 1, customer satisfaction is influenced by perceived quality of product and

service attributes, features and benefits, and is moderated by customer expectations regarding the
product or service. Each of these constructs that influence customer satisfaction need to be
defined by the researcher.
Satisfaction Measurement: Affective Measures of Customer
Satisfaction

A consumer's attitude (liking/disliking) towards a product can result from any product
information or experience whether perceived or real. Again, it is meaningful to measure attitudes
towards a product or service that a consumer has never used, but not satisfaction.

Satisfaction Measurement: Cognitive Measures of Customer satisfaction

A cognitive element is defined as an appraisal or conclusion that the product was useful (or not
useful), fit the situation (or did not fit), exceeded the requirements of the problem/situation (or
did not exceed). Cognitive responses are specific to the situation for which the product was
purchased and specific to the consumer's intended use of the product, regardless if that use is
correct or incorrect.

Satisfaction Measurement: Behavioral Measures of Customer testation

It is sometimes believed that dissatisfaction is synonymous with regret or disappointment while

satisfaction is linked to ideas such as, "it was a good choice" or "I am glad that I bought it."
When phrased in behavioral response terms, consumers indicate that "purchasing this product
would be a good choice" or "I would be glad to purchase this product." Often, behavioral
measures reflect the consumer's experience individuals associated with the product (i.e. customer
service representatives) and the intention to repeat that experience.
Satisfaction Measurement: Expectations Measures

Many different approaches to measuring satisfaction exist in the consumer behavior literature.
Leonard Berry in 2002 expanded previous research to refine ten dimensions of satisfaction,
including: Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-
departmental Teamwork, Front line Service Behaviors, Commitment to the Customer and
Innovation. Berry's dimensions are often used to develop an evaluative set of satisfaction
measurement questions that focus on each of the dimensions of customer satisfaction in a service
environment.

A diagnostic approach to satisfaction measurement is to examine the gap between the customer's
expectation of performance and their perceived experience of performance. This "satisfaction
gap" involves measuring both perception of performance and expectation of performance along
specific product or service attributes dimensions.

Customer satisfaction is largely a reflection of the expectations and experiences that the customer
has with a product or service. However expectations also reflect that influences the evaluation of
the product or service. When we make major purchases, we research the product or service and
gain information from the advertising, salespersons, and word-of-mouth from friends and
associates. This information influences our expectations and ability to evaluate quality, value,
and the ability of the product or service to meet our needs.
Expectations that Influence Satisfaction Types of Customer

Customer performance expectations for attributes, features and benefits of products and services
may be identified as both explicit and implicit expectation questions.

Explicit expectations are mental targets for product performance, such as well identified
performance standards. For example, if expectations for a color printer were for 11 pages per
minute and high quality color printing, but the product actually delivered 3 pages per minute and
good quality color printing, then the cognitive evaluation comparing product performance and
expectations would be 11 PPM 3 PPM + High Good, with each item weighted by their
associated importance.

Implicit expectations represent the norms of performance that reflect accepted standards
established by business in general, other companies, industries, and even cultures.

Static performance expectations address how performance and quality for a specific
application are defined. Each system's performance measures are unique, though general
expectations relate to quality of outcome and may include those researched by Berry, or others
such as: accessibility, customization, dependability, timeliness, and accuracy, tangible cues which
augment the application, options, cutting edge technology, flexibility, and user friendly
interfaces. Static performance expectations are the visible part of the iceberg; they are the
performance we see and often erroneously assume are all that exist.

Dynamic performance expectations are about how the product or service evolves over time
and includes the changes in support and product or service enhancement needed to meet future
business or use environments. Dynamic performance expectations may help to "static"
performance expectations as new uses, integrations, or system requirements develop.
Technological expectations focus on the evolving state of the product category. For example,
mobile phones are continually evolving. Mobile service providers, in an effort to deal with the
desire to switch to new technology phones, market rate plans with high cancellation penalties.
The availability of low profile phones with email, camera, MP3, email, and blue tooth
technology changes technology expectations as well as the static and dynamic performance
expectations of the product. These highly involving products enhance perceptions of status, ego,
self-image, and can even invoke fear when the product is not available.

Interpersonal expectations involve the relationship between the customer and the product or
service provider. Person to person relationships are increasingly important, especially where
products require support for proper use and functioning. Expectations for interpersonal support
include technical knowledge and ability to solve the problem, ability to communicate, time to
problem resolution, courtesy, patience, enthusiasm, helpfulness, understood my situation and
problem, communication skills, and customer perceptions regarding professionalism of conduct,
often including image, appearance.

For each of these types of expectations that when fulfilled result in customer satisfaction (or
when not delivered, result in dissatisfaction and complaining behavior), the perceived quality and
value are critical and directly influence intention to repurchase and loyalty.

Satisfaction Measurement: Perceived Quality Measures

Perceived quality is often measured through three measures: overall quality, perceived reliability,
and the extent to which a product or service meets the customer's needs. Customer perceptions of
quality are the single greatest predictor of customer satisfaction.

Satisfaction Measurement: Perceived Value Measures

Perceived value may conceptually refer to the overall price divided by quality or the overall
quality divided by price. Perceived value is measured in many ways including overall evaluation
of value, expectations of price that would be paid, and more rigorous methodologies including
the Van Westendorp pricing analysis, and conjoint analysis (other Qualtrics white papers and
tutorials are available on these topics).
The consumer behavior literature shows that price is a primary indicator of quality when other
attributes and benefits are relatively unknown. However when repeat purchases are made in
some product categories, price may be reduced in importance.

Satisfaction Measurement: Customer Loyalty Measures

Customer loyalty reflects the likelihood of repurchasing products or services. Customer

satisfaction is a major predictor of repurchase, but is strongly influenced by explicit performance
evaluations of product performance, quality, and value.

Models of Expectations and Customer Satisfaction

Expectations are beliefs (likelihood or probability) that a product or service (with certain
attributes, features or characteristics) will produce certain outcomes (benefits-values). These
expectations are based on previous affective, cognitive and behavioral experiences. Expectations
are seen as related to satisfaction and can be measured in the following ways:

1. Importance-Value of the product/service fulfilling the expectation;

2. Overall Affect-Satisfaction Expectations: The (liking/disliking) of the product/service;
3. Fulfillment of Expectations: the expected level of performance vs. the desired
expectations. This is "Predictive Fulfillment" and is a respondent specific index of the
performance level necessary to satisfy.
4. Expected Value from Use: Satisfaction is often determined by the frequency of use. If a
product/service is not used as often as expected, the result may not be as satisfying as
anticipated. For example a Harley Davidson motorcycle that sits in the garage, an unused
77 year subscription to the local fitness center/gym or a little used season pass to the local
ski resort or amusement park may produce more dissatisfaction with the decision to
purchase than with the actual product/service.
Expectancy Value Measures of Behavioral Intention (BI), Attitude (A) and Satisfaction (SAT)

Expectancy value models have been found to perform well in predicting both
satisfaction/dissatisfaction and behavioral intention (intention to try, purchase, recommend, or re-
purchase a product or service).

The Expectancy value model using attitudes and beliefs reads:

Where:

w1, w2 = weights that indicate the relative influence of the overall attitude toward the
object and the normative influence to purchase the product
Ao = Attitude toward the object (brand, product, service or company)
= the overall attitude toward the object. The overall attitude is formed by the
multiplicative product of ai (the person's affective evaluation of attribute i), and bi (here
defined as the importance of attribute i in the purchase decision). The sum is taken over
the k attributes that are defined as salient in the purchase decision.
= The overall normative component of the decision process. This is
computed as the multiplicative product of nbi (the norms governing attitude i), and mci
(the motivation of the respondent to comply with those norms).
Behavioral Intention (BI)
Behavioral intention is measured using a question such as "Indicate the likelihood of you buying
sometime during the next year" with a five or seven-point Likert or semantic differential scale
labeled "definitely will purchase" and "definitely will not purchase" at the endpoints.

Satisfaction

Overall satisfaction or dissatisfaction with an object is often measured using a five-point

satisfaction scale. As an example, "Overall, how satisfied are you with Sparkle toothpaste?"
could be measured with a "Very Satisfied, Somewhat Satisfied, Neither Satisfied Nor
Dissatisfied, Somewhat Dissatisfied, Very Dissatisfied" scale. More examples are provided
below.

The like-dislike measure is used as an overall measure of respondent satisfaction with a product
or service (after purchase). Satisfaction leads to favorable feelings and dissatisfaction leads to
unfavorable feelings.

The evaluative dimension may be measured in terms of like-dislike, favorable-unfavorable;

approve-disapprove; good-bad; and delight-failure scales.

Attitude (ai*bi)

bi - the probability that attribute i is associated with performing behavior B. The concept "Crest
toothpaste prevents decay" could be rated on a seven point scale with endpoints labeled "Very
Likely" and "Very Unlikely".

ai - the evaluation of belief i. A representative measure of ai would be "In terms of buying Crest
toothpaste, decay prevention is " with a five or seven point scale with "good" and "bad"; or
"Excellent" and "Poor" at the endpoints.

In building a customer satisfaction survey, it is also helpful to consider reasons why pre-purchase
expectations or post-purchase satisfaction may or may not be fulfilled or even measurable.
 1. Expectations may not reflect unanticipated service attributes;
2. Expectations may be quite vague, creating wide latitudes of acceptability in performance
and expected satisfaction;
3. Expectation and product performance evaluations may be sensory and not cognitive, as in
taste, style or image;
4. The product use may attract so little attention as to produce no conscious affect or
cognition (evaluation), and result in meaningless satisfaction or dissatisfaction measures;
5. There may have been unanticipated benefits or consequences of purchasing or using the
product (such as a use or feature not anticipated with purchase);
6. The original expectations may have been unrealistically high or low;
7. The product purchaser, influencer and user may have been different individuals, each
having different expectations.

When to Conduct Customer Satisfaction Surveys

The best timing for measuring customer satisfaction and building customer satisfaction surveys
depends on the kind of product or service provided, the kinds of customers served, how many
customers are served, the longevity and frequency of customer/supplier interactions, and what
you intend to do with the results.

Three very different approaches both produce meaningful and useful findings:

Post Purchase Evaluation Satisfaction feedback is obtained from the individual

customer at the time of product or service delivery (or shortly afterwards). This type of
satisfaction survey is typically used as part of a CRM (Customer Relationship
Management System) and focuses on having a long term relationship with the individual
customer
Periodic Satisfaction Surveys Satisfaction feedback from groups of customers at
periodic intervals to provide an occasional snapshot of customer experiences and
expectations.
Continuous Satisfaction Tracking Satisfaction feedback is obtained from the
individual customer at the time of product or service delivery (or shortly afterwards).

 Satisfaction tracking surveys are often part of a management initiative to assure quality is
at high levels over time.

Satisfaction surveys are developed to provide an understanding of customers' expectations and

satisfaction. Satisfaction surveys typically require multiple questions that address different
dimensions of the satisfaction concept. Satisfaction measurement includes measures of overall
satisfaction, satisfaction with individual product and service attributes, and satisfaction with the
benefits of purchase. Satisfaction measurement is like peeling away layers of an onion-each layer
reveals yet another deeper layer, closer to the core.

All three methods of conducting satisfaction surveys are helpful methods to obtain customer
feedback for assessing overall accomplishments, degree of success, and areas for improvement.

Building a Customer Satisfaction Survey

Customer satisfaction surveys often include multiple measures of satisfaction, including:

Overall measures of customer satisfaction

Affective measures of customer satisfaction
Cognitive measures of customer satisfaction
Behavioral measures of customer satisfaction
Expectancy value measures of customer satisfaction

General Measures that are part of a customer satisfaction analysis usually involve product
fulfillment and will often include product use scenarios where and how is the product used?

Common Ingredients of a Customer Satisfaction Survey

Product Use
Frequency of product use
Primary use location
Primary precipitating events or situations for product use or need
Usage rates and trends
Product Familiarity
Degree of actual product use familiarity
Knowledge (read product information, read product label, etc.)
Knowledge and Involvement with product and the purchase process
Awareness of other brands
Reasons for original product purchase (selection reasons)
Primary benefits sought from the product

Product Evaluation
Attribute evaluation matrix: (quality, price, trust, importance, performance, value)
Perceived benefit associations matrix
Importance, performance
Identification of primary benefits sought
Comparison to other brands (better, worse)
What is the best thing about the brand, what could be done better

Message and Package Evaluation

Packaging size, design
Advertising Promise, message fulfillment evaluation

Value Analysis
Expectation of price
Expectation of relative price (full price, on sale)
Current price paid

Satisfaction Measurements
Overall Satisfaction
Reasons for Satisfaction Evaluation
Satisfaction with attributes, features, benefits
 Satisfaction with use
Expected and Ideal Satisfaction-Performance Measures
Likelihood of recommending
Likelihood of repurchasing

ABOUT THE COMPANY

 Flexituff International, a polymer manufacturing company, incorporated as partnership
firm was converted into public limited company on April 25, 2003. It is engaged in production of
FIBC, GeoTextile Fabric and Ground Cover, Reverse Printed BOPP Woven Bags, Special PP
Bags including Leno Bags.
The company exports it products to around 30 countries across globe with major thrust in US
and Europe. Recently, it manufactured and exported Trap Bags for AmeriGlobe USA.
AmeriGlobe was contracted by City of Fargo to provide Trap bag Container Barrier System for
flood protection in eight Fargo City locations. Flexituff International is recognized as one of the
most reputed producers of FIBC in the world.
Flexituff International, presently, manufactures products from its three fully integrated and self
sufficient manufacturing units. The two units are located in Pithampur (M.P.) and one in
Kashipur (Uttarakhand). These manufacturing units have an installed capacity of 12,200 MT and
12,800 MT respectively.
It has a recycling and reprocessing plant at Kandla which is used for recovering
polypropylene and making various compounds of plastics.
Additionally, a research and Development centre at Kashipur which is engaged in the
research and development of various compounds for plastic products including engineering
plastic, biodegradable plastic and other new product developments. The Company has
spent ` 245.47 million on research and development for the period April 1, 2007 till June 30,
2011.
The company also owns a land admeasuring 5,72,347 sq. ft. at SEZ, Pithampur in Dhar
district of M.P. The existing manufacturing facilities occupies approximately 295,500 square
feet of land.
It has marketing offices at Pithampur and Delhi. Pithampur office handles marketing of
FIBCs. Delhi office handles marketing of BOPP, geotextile products, special PP bags,
compounding and polymers. Apart from this, it has its sales representatives at Mumbai,
Hyderabad and Kolkata and marketing offices in UK and USA.
Subsidiary :
Lakshmi Incorporated, U.S.A is engaged in manufacturing of reclosable extruded zipper
profile which is used as a secondary closure for 550 kg bags.
Flexiglobal (UK) Limited is engaged in distribution and marketing of FIBCs.
Product Portfolio:a) Flexible Intermediate Bulk Containers (FIBC)b) GeoTextile Fabric and
Ground Coversc) Reverse Printed BOPP Woven Bagsd) Special PP Bags and Leno Bags

Future projects:
Polymer Compounding: The company already has installed machinery to produce
10,000 MT of various compounds at Kashipur. It can be broadly divided into two main
 categories viz.Filler compounds (like Calcium, Elastomer) andModifier compounds (like
UV/Colour Masterbatch, Bonding agents, Drip Masterbatch, etc.)
Injectionmoulded articles: It has presently commenced production for pallets, crates,
boxes and other industrial / domestic injection moulded articles on trial basis. Also as part of
the expansion programme at Kashipur, company is proposing to manufacture injection
moulded articles for drip irrigation industry, with a thrust on production of drippers.
The company intends to expand its manufacturing facilities at SEZ and DTA units at
Pithampur also looks forward to set up Dripper Project at Kashipur. To meet the fund
requirements of Rs 100 crore, company came up with an initial public offer (IPO) which was
subscribed 1.14 times.
 TEAM FLEXITUFF

BOARD OF DIRECTORS:
Mr. Anirudh Sonpal- Chairman

Mr. Saurabh Kalani -Whole time Director

Mr. Kevan John Upperdine Independent Director

Mr. Sharat Anand - Independent Director

Mr. Ritesh Pandey Bondholder Nominee Director

Mr. Vishwarupe Narain Investor Director

Mrs. Alka Sagar Woman Director

MANAGEMENT TEAM:

1. ASWATHAPPA K- Human resource and Personnel management,

2. FLIPPO EDWIN- Human resource management
3. GARY DESSLER- Human resource management
4. RAO V.S.P- Human resource management
5. KOTHARI.C.R- Research Methodology Methods & Techniques,2001, PRAKASHAN,
New Delhi.
 Analysis and findings

Analysis:

A product with a successful consumer value proposition is directly linked to a

products actual and sustained performance versus competition. The two main
attributes that allow consumers to differentiate among products are price and
quality. Finding the correct balance between these two attributes usually leads to a
successful product. If a company is able to produce the same quality product as its
direct competition but sell it for less, this provides a price value to the consumer.
Similarly, if a company is able to produce a superior quality product for the same
or a slightly higher but acceptable price, the value to the consumer is added
through the quality of the product. A product must offer value through price and/or
quality in order to be successful.

A customer value proposition is a business or marketing statement that describes

why a customer should buy a product or use a service. It is specifically targeted
towards potential customers rather than other constituent groups such as
employees, partners or suppliers. It is a clearly defined statement that is designed
to convince customers that one particular product or service will add more value or
better solve a problem than others in its competitive set.
 Finding:
Sales/revenue and customer satisfaction/loyalty are the most frequently used
tools in measuring brand strength

Both advertisers and marketers most commonly define brand building as

either a process of increasing brand image/reputation or building awareness

While advertisers most commonly define demand generation as lead

generation (17%), understanding the market (16%), and increasing purchase
consideration (13%) and demand for products (13%), marketers most frequently
define the phrase as connecting branding with sales (16%) and increasing
purchase consideration (15%)

Conclusion
In conclusion, Surya Bulbs is a successful product, not only because it has built a
recognizable logo and brand name, but mostly because it has managed to position
its brand in a way that takes advantage of all the elements of marketing mix, i.e.
product, place price and promotion/distribution. In doing so, it achieves to develop
a brand personality and distinguish itself from competition, while offering
consumers a clear view of its brand values. This leads to increased brand loyalty
and satisfaction.

Recommendation
Our Company was originally constituted as a partnership firm under the Indian
Partnership Act, 1932 on January 22, 1966 under the name and style of Saurabh
Potteries & Ceramics with its principal place of business at Indore with Mr. Badri
Narayan Kalani & Sons (HUF), Ms. Padma Kalani and two others represented by
their natural guardian as partners. Since then, the partnership was reconstituted
from time to time by way of admission of new partners or resignation of the then
existing partners. With effect from March 1, 1993, the name of the partnership was
changed to Naviska Packaging and a fresh partnership deed was executed. The
partners of the Naviska Packaging were Indore Land & Finance Limited, Ms.
Radhabai Kalani, Gagan Commercial Agencies Limited, Olive Commercial
Company Limited, Ms. Padma Kalani, Saka Tradings Private Limited, Manka
Commercials Private Limited, Million Properties Private Limited and Alpine
Properties Private Limited. Thereafter, pursuant to the provisions of section 567 of
Part IX of the Companies Act, Naviska Packaging was converted into a private
limited company as Naviska Packaging Private Limited on April 8, 1993. The
subscribers to the Memorandum were Ms. Radhabai Kalani, Ms. Padma Kalani,
Indore Land & Finance Limited, Gagan Commercial Agencies Limited, Olive
Commercial Company Limited, Saka Tradings Private Limited, Manka
Commercials Private Limited, Million Properties Private Limited and Alpine
Properties Private Limited. The name of our Company was changed to Giltpac
International India Private Limited w.e.f. June 29, 2001. The name of our
Company was again changed to Naviska Packaging Private Limited w.e.f. January
01, 2003. Our Company was converted into a public limited company and the
name was changed to Flexituff International Limited w.e.f. April 25, 2003. Key

Events and Milestones of our Company 1993-94 Commencement of manufacture

of HDPE / PP woven sacks. Set up the Domestic Tariff Area (DTA) unit with a
capacity of 1,380 MTPA. 2002-03 Expansion of manufacturing capacity at DTA
unit to 2,700 MTPA. 2003-04 Conversion to public limited company and
simultaneous change of name to 'Flexituff International Limited'. Commenced
production at Special Economic Zone (SEZ) unit with a capacity of 7,800 MTPA.
2004-05 Expansion of manufacturing capacity to 5,200 MTPA at the DTA unit.
Receipt of BRC certifications for food grade packing. 2005-06 Receipt of AIB
certifications for food grade packing. 2007-08 Expansion of manufacturing
capacity to 23,000 MTPA at SEZ and DTA units collectively. Incorporation of
wholly owned subsidiary, Eco Polymers Limited in Bangladesh (from which our
Company disassociated in September, 2010.) Investment of approximately ' 460
million by Clearwater Capital Partners (Cyprus) Limited. 2008-09. Incorporation
of wholly owned subsidiary Flexiglobal Holdings Limited in Cyprus. Acquisition
of majority stake in Satguru Polyfab Private Limited. 2009-10 Incorporation of
wholly owned subsidiary Nanofil Technologies Private Limited in Kashipur,
Uttarakhand. Establishment of a step-down subsidiary, Flexiglobal (UK) Limited
in the UK. Acquisition by Flexiglobal Holdings Limited in Lakshmi Incorporated,
U.S.A thereby making it an indirect subsidiary of the Company. Establishment of a
new plant having production capacity of 16,000 MTPA at Kashipur, Uttarakhand.
Awards and Accreditations 1. ISO 9001:2008 certified for conforming to quality
management system standards. 2. ISO 14001:2004 certified for conforming to
environmental management system standards. 3. ISO 22000:2005 certified for
conforming to food safety standards. 4. Complies with ISO-6 (class 1000) for
Internal Bubble Cooling System. 5. Complies with ISO-7 (class 10000) for Liner
Section. 6. Complies with ISO-8 (class 100000) for Liner Section (other than liner

forming) 7. Certificate of Conformity dated January 20, 2010 issued by Moody

International Certification India Limited for the manufacture of 'Silt Fence Fabric
(FIL 124SF)', 'Silt Fence Fabric (FIL100SF)' 'Geotextile Fabric (FIL200G)' and
'Geotextile Fabric (FIL 315G)'. 8. Quality certification issued by Det Norske
Veritas (DNV) certifying that our Company meets the requirements of BRC/IOP
Issue 3 - Global Standard- Food Packaging and other Packaging Materials, January
2008 in category 1 in respect of manufacture of poly woven bags and FIBCs for
food contact applications. 9. Recognition of Achievement issued by AIB
International for the years 2011, 2009, 2008, 2007 and 2006 certifying that the
Company has fulfilled the requirements of the AIB International Consolidated
Standards for Food Contact Packaging Facilities Programmes. 10. Top Exporter of
FIBCs (Jumbo Woven Bags) and the highest recognition for exports from The
Plastics Export Promotion Council, Govt. of India for the years 2008-09, 2007-08,
2006-07 and 2005-06. 11. Top Exporter of woven sacks/ fabrics and the highest
recognition for exports from The Plastics Export Promotion Council, Govt. of
India for the year 2002-03 and 2001-02 12. Second Best Exporter of Plastic
Tarpaulin and the highest recognition for exports from The Plastics Export
Promotion Council, Govt. of India for the year 2004-05. 13. Niryat Shree Award,
Certificate of Excellence from Federation of Indian Export Organisations for
outstanding export performance in the category 'Residual Products - Non SSI'
during the year 2004 -05.

Bibliography
BOOKS

K.Aswathappa,2ND edition, human resource

Filppo Edwin-human resource management

WEBSITES:
1. www.kashipur@flexituff.com

2. www.Flexituffinternational.com

3. www.hrtools.com

4. www.wikihow.com