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Date:
Letter of Transmittal
Respected Sir,
We hereby present our final report on “How satisfied customers are with the
services provided by their Banks and how should banks manages to maintain
Methods in Business Research Term Report
customer loyalty among their clients” assigned by you as a mandatory part of the
course.
This report is based on the satisfaction of the customers of various banks taking
into consideration some important attributes which customers consider for rating
their satisfaction with a particular bank
Hopefully, our report will fulfill its purpose and prove to be beneficial for business
students.
Sincerely,
Letter of Authorization
I hereby authorize to make and sign this request on behalf of my company for
research being conducted on “How satisfied customers are with the services
provided by their Banks and how should banks manages to maintain customer
Pravin Kumar
Rabia Ahmad Malik
Amjad Ali Memon
Sereen Khalid Satti
The report extensively covers all the aspects of business research, focusing on how
these will be applied within and outside practical environment. The report being
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Research.
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Contents
Letter of Transmittal ..................................................................................................................................... 1
Letter of Authorization ................................................................................................................................. 2
Acknowledgements ....................................................................................................................................... 6
Executive Summary ...................................................................................................................................... 8
Problem Definition...................................................................................................................................... 12
Background of the Banking Sector ......................................................................................................... 12
Strengths and Threats Analysis of the Banking Sector ....................................................................... 17
Background of Barclays Bank Pakistan .................................................................................................. 21
Barclays Purpose and Values .............................................................................................................. 23
Background to the Problem ........................................................................................................................ 27
Statement of the Problem ........................................................................................................................ 30
Approach to the Problem / Literature Review ............................................................................................ 33
Research Objectives .................................................................................................................................... 48
Research Hypothesis ............................................................................................................................... 49
Research Questions ................................................................................................................................. 49
Information to Be Collected.................................................................................................................... 53
Research Design.......................................................................................................................................... 54
Type of research design .......................................................................................................................... 54
Scaling techniques .................................................................................................................................. 54
Sampling Methodology ............................................................................................................................... 55
Target Respondents................................................................................................................................. 55
Population under Study ........................................................................................................................... 55
Sample .................................................................................................................................................... 55
Sampling Design ..................................................................................................................................... 56
Sampling Technique ............................................................................................................................... 56
Methodology of Data Analysis ................................................................................................................... 57
Results ......................................................................................................................................................... 58
Demographic Characteristics of the Respondent .................................................................................... 58
Limitations .................................................................................................................................................. 73
Recommendations ....................................................................................................................................... 74
Conclusions ................................................................................................................................................. 76
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Appendix ..................................................................................................................................................... 77
Questionnaire .......................................................................................................................................... 77
Research Proposal ................................................................................................................................... 80
References .............................................................................................................................................. 91
Work done by each member .................................................................................................................. 93
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Acknowledgements
One of the great pleasures of preparing this report is to acknowledge the efforts of
many people, whose hard work, cooperation, support and guidance has been
First of all we would like to thank our Creator for giving us the courage, and
capacity to achieve our objectives, that is, the completion of this project. The
confidence and patience bestowed on us by our God has no doubt accelerated our
progress.
who has been extremely co-operative and helpful throughout the research of this
project at hand. He not only assisted us in clearing our concepts, but gave us
direction, and eased our path towards the compilation of this report.
the parts of our group members, and their valuable ideas and suggestions. They
have been extremely very co-operative and helpful throughout the process of
compilation of this report. All the members have contributed equally productively.
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to entertain any other queries regarding this report, and its contents from our
audience, as it is our strong belief and the law of nature, that nothing or none is
perfect in this universe, and that there is always room for further improvement.
Thank you.
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Executive Summary
The report contains the brief description of the Banking Industry in Pakistan. It
contains the findings and analysis of the survey conducted to gather primary data
to judge the idea of quality service being provided by both private and public
banks operating within Pakistan, based on the level of satisfaction which the
customers of these banking services place themselves to be and how banks manage
Pakistan.
The attempt has also been made to categorize respondents based on various
The size of the sample is limited to 100 only. The customers of the six banks
(Barclays, HBL, ABL, Standard Chartered, MCB and UBL) were assigned quotas
and individuals were randomly selected according to the quotas assigned. The
weightage of the respondents from each bank was pre-determined with 25% of the
sample from Barclays and 15% from the remaining five banks. Barclays was given
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the maximum weightage as the study was designed with aid from a representative
of that bank.
Females make 38% of the customers surveyed on the other hand male respondents
represented 62% of the survey population. The largest group of respondents (46%)
is aged between 30 and 40. The next largest group (35%) is aged below 30. The
The data related to customer satisfaction is analyzed using descriptive statics. A set
of scales were used to compare the service quality between above stated 6 banks.
and 59% of the survey population did not spend more than 15 minutes at their
bank.
The satisfaction level of respondents with banking helpline facilities stated that
most banks have improved their helpline in order to facilitate their customers. It
has become necessary for banks to have a well-managed and informed helpline
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a high percentage of people fell in bracket of fifty plus percentage satisfied with
the knowledge customer representatives had. Also the responses indicate that there
are certain areas where the Banks need to improve their service quality which
include Recognition of individuals as valued customers. Banks shall make sure that
they go into relationship building with customers this again improve their
Empirical studies show that the quality of service offered is related to overall
the facilities provided. Thus it can be concluded from the sample that respondents
were happy with the facilities provided at banks and near to none complains to
facilities.
On other hand, the data analyzing various aspect of customer satisfaction among
the 6 banks stated most of the customers were satisfied with the quality provided
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In spite of the contributions this study has made to business research in general and
service quality management in particular, there are limitations associated with the
research. The study is limited only to the six major banks and conducted in Karachi
thus the findings of this research cannot be generalized to the entire country.
Customer satisfaction is one of the major parameters for the service providers in
the banking sector. This research has made an attempt to understand the construct
customer satisfaction and how banks can change these factors to maximize
customer satisfaction.
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Problem Definition
Background of the Banking Sector
flourishing economy. Apart from being the depository of a nation’s funds, banks
are a dynamic cause of capital for industry, commerce and agriculture. A solid
banking sector is therefore vital for development, the creation of employments, the
economy to achieve double digit GDP growth to enable the country to develop as a
capital movements have guaranteed that there is no lack of reserves for good
Pakistan has a finely honed banking structure, which comprises of a wide range of
country started without any worthy banking network in 1947 but witnessed
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The banking sector has revamped itself globally. Increased competition has set the
bar high and to sustain in this industry, one needs to take hold of technology. The
21st century banking practices in Pakistan have not changed much. There is no
doubt that technology has its role in the industry, but that role has not made a
staring impact in Pakistan. The banking sector in the country offers free internet
banking to all its individual customer accounts, however, for the corporate
get payment from customers, and pay suppliers on their bank accounts. This is
The banking sector has influenced its supporting industries in a way that there is
much to offer, but not free of cost. The banking for corporations is no free meal!
Banks argue that corporate companies have number of shareholders, and providing
the shareholders free services will create a hassle. Who is to be held responsible in
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SBP plays a central role in the financial system of the country. It is the prerequisite
of country’s financial system. Today, a state bank is the central roguish of the
monetary and fiscal charter in many countries of the world and its undertakings are
vital for the proper operational of the economy and critical for the fiscal operations
of the government. Will Roger (1992) describe a central bank as one of the great
inventions of the 20th century? After independence, Pakistan’s central bank, The
ownership.
Till 1970, the role of domestic banks was particularly limited, accounting for only
25 of the total 195 bank branches in the country. Between 1970-1980, commercial
banking grew favorably in Pakistan, 13 banks were bought under full government
which changed the entire face of the banking sector. With unreasonable verdict at
the top all the commercial banks were made compliant to the governmental
sector. The new accountability paradigm altered the business ethics in the banking
rupee. The commercial banks thus mislaid their assets management equipoise,
and became big bureaucracies. This was accompanied by careless loaning under
performing loans; higher intermediation cost; and loss of initiatives. The escalation
to Labor Unions and Officers Associations made life hard and working conditions
politicians and the government. During this time, lending decisions were politically
influenced and billions of rupees were driven out of the system as bad loans. The
Muslim Commercial Bank was the first bank to denationalize followed by Allied
Bank limited, United Bank Limited and Habib Bank Limited. One thing upright for
that specific period was the enlistment of fresh officers in the domestic banking
industry through efficient policies of Banking Council. With the decay of Banking
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directly appointed/ recruited in all the domestic banks of the country. By 1997,
there were 4 major government owned banks which now faced competition from
were restructured, bank wise credit maxima were removed and a system of
transformational reforms have been pushed with SBP’s regulatory powers restored.
Liberalization changed the landscape of the banking sector with banks starting to
ownership due to an active participation of foreign and local stakeholder. There are
an improved level of service. Currently, there are 6 fully fledged Islamic banks and
Shariah.
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The banking system in Pakistan witnessed rapid progress in recent years; however,
spreads has raised important policy issues especially related to competition in the
banking sector.
The banking sector in Pakistan has been mostly dominated by the 5 largest banks
whose market share was around 84% by the end of 1990. With the passage of time,
the number of banks increased which helped to reduce the concentration of the top
banks. The small banks were, however not able to compete consistently with the
top banks.
Strengths
Pakistan’s banking sector has a large Market size and it is an attractive location for
exports to South Asia, Middle East and the Central Asia. This contributes to the
significant per Capita Income of Purchasing Power Parity $2000 and 40 years’
record of 6% GDP growth annually. The Water resources, Natural Gas are in
abundant quantities and not fully utilized and not used efficiently (which is a
reason for the current Gas shortages). Pakistan has an Easy Sea port, also known as
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a warm water sea port and it has Airport connections with Europe, Asia and
Pakistan has a large emerging middle class which is resulting in the growing
demand for consumer durables, autos and services such as Banking. The literacy
rate is improving and the number of English speaking educated and trainable
manpower with aptitude for fast learning is also increasing which is contributing
good potential to grow with the proper and efficient use of Fertilizers and
foreign currency.
Tariff rates are being brought down to maximum rate of 25% with average
removed. This is allowing for more free importing transactions to take place. Also,
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the financial sector is open to foreign investors and is diversified and has been
some extent during the recent years and political restlessness (which comes under
offer a range of instruments for raising domestic finance and a fiber optic based
that aids in making banking procedures and transactions to occur much faster and
Threats
Pakistan’s Domestic and External debt burden is very high relative to the capacity
before it becomes more devastating for the economy in the long run. The Tax-GDP
ratio is one of the lowest among the developing nations and resource mobilization
effort has to be stepped up and this ratio needs to be improved by better and
efficient taxation system. Including this, the fiscal deficits also have been high and
soon as possible.
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are flooded with excess manpower, weak financial base and poor management.
The poverty levels of the country has also risen during the last decade and poverty
lack of investments, both domestic and foreign, has given rise to educated
unemployment which is resulting in the talent and skills being flushed out of the
country into other nations, making them benefits from Pakistani talent. Other than
this, the high degree of centralization is eroding provincial autonomy and local
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credit cards, corporate and investment banking and wealth and investment
Africa and Asia. With over 300 years of history and expertise in banking, Barclays
operates in over 50 countries and employs 140,000 people. Barclays moves, lends,
invests and protects money for customers and clients worldwide.The service it
Retail banking
Credit cards
Investing banking
Wealth management
competitors in the industry. Apart from normal banking and the services which
adhere to it, Barclay's has introduced the concept of Premium Banking in Pakistan.
This caters to the high level customers who consist of the upper class society of the
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Barclay's has been operating in Pakistan for over 3 years now and their global
strength and confidence has taken them to new levels. Today they offer an array of
banking services and products to their relevant branch customers and corporate
"Discover a world where the ordinary does not exist, where every day
and services."
This extract from their website shows Barclay's exclusivity in Pakistan and how it
has brought about a new segment altogether, being the first to introduce it and
bringing about a new form of competition to the existing banks in Pakistan and
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have looked at the bank in terms of business performance and in terms of culture
because we know that only a business driven by strong values can deliver strong,
sustainable returns.
Barclay’s common purpose is to help people achieve their ambitions – in the right
way. We’ll measure and reward our people, not just on commercial results, but on
how they live our Values and bring them to life every day.
Purpose
Respect
We respect and value those we work with, and the contribution that they
make.
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Build trust with the colleagues and partners we work with Seek out
alternative perspectives and put our shared interests ahead of any individual
or team.
Collaborate proactively with colleagues across all of Barclays to get the best
Integrity
Service
role
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Create and provide solutions for clients and customers that balance the short
stakeholders
Excellence
We use our energy, skills and resources to deliver the best, sustainable results.
colleagues
Create the environment to attract and keep the best people who share our
values
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Stewardship
Marketing objectives
Some of the marketing related objectives (or motives) behind this research include:
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accomplishment and attainment for all representatives included in any phase of the
interest for 'saving money supermalls' putting forth one-stop reconciled fiscal
has turned into an important aggressive edge. Joining in the industry to coddle the
and different manifestations of cross offering and key organizations together will
soon modify the business flow of banks and fuel the procedure of combining for
expanded extent of business and income. The push on ranch division, health part
and administrations offers some speculation linkages. In short, the local economy
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is an expanding pie which offers far reaching economies of scale that just vast
With the amazing build in the nation's populace and the expanded interest for
are set to be key differentiators for each one bank's future victory.
about outlandish however to stay with a whole for all time persuaded by idea as
be made as various measurable parameters which the customers think about the
progressively intense environment where banks are rivaling their associates as well
as with the non-banks and other fiscal organizations and the client retention is
conceivable just with the client satisfaction. Bank administration must recognize
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around others. Some studies have accentuated the centrality of client satisfaction in
Most bank item advancements are not difficult to copy and when banks furnish
premise of value and quality. Along these lines, client satisfaction and retention is
possibly an adequate apparatus that banks can use to addition a vital focal point
and make due in today's regularly expanding saving money nature's domain.
Additionally the client retention is vital in light of the fact that cost of securing new
mouth advancement for the organization. Hence fulfilling customers the bank can
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The "desires" of customers impact of client impact their purchasing conduct. The
banks. The level of desire varies from individual to individual however everybody
needs the banks to give the items and administrations which can fulfill their
traits additionally other than nature of administration, for example, their experience
returns. In numerous spots of the planet, business associations have been hoisting
the part of the client to that of a key stakeholder in the course of recent years.
Customers are seen as a gathering whose satisfaction with the undertaking must be
triumph pointer.
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out the activities needed to help. They can distinguish their own particular qualities
and shortcomings, where they remained in correlation to their rivals, outline the
results and fortify changes in the work practices and methodologies utilized inside
the organization. The point when purchasers are capable, the health and quality of
the organization's association with its customers – its most basic monetary stake –
purchasers are feeble. So it is no big surprise that the relationship between those
holdings and future pay is getting to be more dubious. As purchasers get engaged,
Keeping tabs on rivalry has its place, yet with purchaser control on the ascent, it is
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amazing complex issue and there is a great deal of open deliberation and disarray
As there is enormous rivalry in the saving money part in Pakistan the client
this foundation an endeavor has been made to study the satisfaction of the
customers of different banks looking into some vital qualities which customers
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dissatisfied.
Many companies are aiming for high satisfaction because customers who are just
satisfied still find it easy to switch when a better offer comes along. High
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product availability and after sales support (e.g. warranties and services). Customer
believed that customer satisfaction brings high sales growth and market Share. A
increasing its services but this may result in lower profits. Thus the purpose of
marketing are the recruitment of new customers (acquisition) and the retention and
expansion of relationships with existing customers (the base management). All this
is possible only when the customers are satisfied with the companies.
random sample of their customers to find out how they feel about various
competitor’s performance.
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stopped buying or who have switched to another supplier to learn why this
happened.
There is a great deal of discussion and disagreement in the literature about the
distinction between service quality and satisfaction. The service quality school
individual transactions “decay” into an overall attitude towards service quality. The
satisfaction school holds the opposite view that assessments of service quality lead
to an overall attitude towards the service they call satisfaction and customer
If experience of the client from the previous services, greatly exceeds the
expectations then satisfaction will be high, and vice versa. In the service quality
customer expectations, and the gap between the two provides a measure of service
quality.
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Customer satisfaction has been gaining increasing attention from the researchers
satisfaction cannot be dismissed because happy customers are like free advertising.
Many of us have heard of the current trend for businesses to become highly
customer-centric, that is to put the customer at the center of our business in terms
of our strategies, actions and processes. For most of us, old truths still hold well,
such as it is easier and more profitable to sell to existing customers than to find
to measure and ensure customer retention, and charging their staff to be more
without satisfied and loyal customers, you don't have a business. A single
unsatisfied customer can send away more business from your organization than 10
highly satisfied customers. The more you focus on customer satisfaction and
retention, the more long-term business you will get. It’s worth to focus on
as a well-known fact is that referrals only come from customers who are
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existence of foreign players in the form of Standard Chartered Bank Ltd., HSBC
Bank Middle East Ltd., and Dubai Islamic Bank Ltd. Etc. in the banking sector of
services that differ from one another. Besides that, the quality of service and
where customer satisfaction is potentially an effective tool that banks can use to
enrich a strategic competitive advantage in banking markets. Due to the high level
away. However, the inability of banks to retain customers highlights the factors
that result in customer defection, affecting the banks‟ ability to increase future
growth of business. At the same time, dissatisfaction drives customers away and is
a key factor in switching behavior. In this situation, customer satisfaction has been
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From the literature two main theoretical constructs are obvious before the
reconciliatory work of Brady et al., (2002). The European school of thought led by
the work of Gronroos (1984), arguably served as the theoretical point of departure
believes that consumers perceive service quality from two perspectives: the
technical quality and the functional quality of the service. Technical quality asks
the question of whether the service meets customers’ expectations. The functional
quality measures how consumers perceive the production and delivery of the
service. While this distinction is technically feasible, both are required to influence
Allaway, 1993). The European school attracted criticism because it excludes the
American school of thought leans on the work of Parasuraman et al., (1985, and
1988). This view has since been adopted by many scholars researching service
Parasuraman et al., (1988) collapsed the original 10 dimensions into 5 pointing out
that there were overlap amongst these 10 dimensions and could thus be soundly put
context. The five dimensions of service quality that customers rely on to form their
(1) Reliability: ability to perform the promised service dependably and accurately.
(3) Assurance: employees’ knowledge and courtesy and their ability to inspire trust
and confidence.
materials.
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measures service quality based on the gap between perception and expectation (P-
E). Customers provide two scores, in identical Likert scales, for each of 22 service
excellent companies in a specific service sector and the other reflecting their
(Tsoukatos and Rand, 2006). Service quality for each attribute is then quantified as
the difference between these two scores. Thus SERVQUAL measures gaps in a
firm’s service delivery and has been used extensively in the United States and
Europe.
among managers and academicians (Buttle, 1996), critics have questioned its
good service quality (Peter et al., 1993; Oliver, 1993, Asubonteng et al., 1996).
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In the banking industry, a key element of customer satisfaction is the nature of the
relationship between the customer and the provider of the products and services i.e.
banks. Thus, both product and service quality are commonly noted as a critical
prerequisite for satisfying and retaining valued customers. Previous research has
sector, and that there are differences in how consumers perceive services across
customers have put the criteria of customer satisfaction towards service quality
provided by their banks. For example; fast and efficient service, confidentiality of
billing timeliness, billing clarity, competitive pricing, and service quality are the
Meanwhile, Levesque and McDougall (1996) found that the performance of the
The bank’s ability to deliver these benefits on a continuous basis probably has a
management has to identify and improve upon factors that can increase customer
value. Although, it is apparent that for superior service, it is not sufficient to only
because of service quality problems and failures (Gerrard, & Cunningham, 1997),
and stop the use of a financial service provider because of poor service
performance (Allred, & Addams, 2000). This attitude is a significant factor, which
extent that it is a prerequisite for maintaining a favorable relative attitude and for
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financial institution it fosters both repurchase and loyalty towards that financial
provider when they are satisfied with the services and when they have a favorable
relative attitude towards that service provider. Evans and Lindsay (1996) stated
that companies with satisfied customers have a good opportunity to convert them
into loyal customers who purchases from those firms over an extended time period.
financial institutions to have satisfied customers and retain them in order to survive
and compete with other market players successfully. However, Bowen and Chen
(2001) said that having satisfied customers is not enough, there has to be extremely
loyalty. Building customer loyalty is not a choice any longer with businesses. It is
loyalty with key customers has become a core marketing objective shared by key
(2000) examined that there is an increasing recognition that the ultimate objective
found that high customer satisfaction will result in increased loyalty for the firm
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and that customers will be less prone to overtures from competition. This view was
also shared by Anton (1996) who stated that satisfaction is positively associated
loyalty and profitability. Loyal customers would purchase from the firm over an
extended time (Evans, & Lindsay, 1996). Guiltinan, Paul and Madden (1997) also
examined that satisfied customers are more likely to be repeat (and even become
Similarly, Bontis, Nick, Booker, Lorne and Serenko (2007) examined the causal
American banking industry and found that there is positive association between
customer satisfaction and customer loyalty. Rust and Zahorik (1993) stated that
Anderson and Sullivian (1993), a high level of customer satisfaction will decrease
Chen, 2001).
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quality and customer satisfaction (Cronin, & Taylor, 1992; Taylor, & Baker,
particularly in credence products and services. This alone may create an amount of
group appear to have had problems with their bank in the past. In the real world,
to low loyalty (Lewis, 1991; Newman, 2001; Caruana, 2002). This implies that
customer satisfaction and customer loyalty are highly related, and that
believe only that it meets the minimum performance criteria for the category.
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beyond mere basic satisfaction and to look for ways of establishing ties of loyalty
that will help ward off competitor attack (Clarke, 2001). Sivadas and Baker-Prewitt
(2000) also stated that it is not merely enough to satisfy a customer. According to
said that they were either satisfied or very satisfied with the product or service they
left. Therefore, in order to ensure customers‟ retention, Bowen and Chen (2001)
organizations are concerned, they want their customers to be loyal to them and
customer satisfaction does not fully guarantee this. Customer satisfaction is in fact
who switch providers say that they were satisfied or even highly satisfied with their
price, or because the rival is offering new opportunities, or simply because they
loyalty. The increased profit comes from reduced marketing costs, increased sales
and reduced operational costs. Finally, loyal customers often cost less to the firm
because they know the products and services and require less information. They
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not only need less information themselves about product and service offerings but
also serve as an information source for prospective customers of the firm. In order
21st century must be able to anticipate the needs of their customers because a
ability to anticipate customer’s future needs and demands and offering them before
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Research Objectives
‘’How satisfied customers are with the services provided by their Banks and how
The major objective of our research paper surrounded around the idea of quality
service being provided by both private and public banks operating within Pakistan,
based on the level of satisfaction which the customers of these banking services
place themselves to be. Secondly, along with this, our research was also based on
finding out how banks manage to maintain their customer loyalty in the highly
potential consumer market which can only be attained through the satisfaction of
its customers and hence this is linked with the business performance being based
by the organization in terms of how customers and their needs are being dealt with
when banks are taken into consideration as the banking industry is based purely on
customer service which ensure loyalty and success and this is what our research
report aims to study, that is, how to banks retain and satisfy their customers and
differ their services from competitors operating within the same industry.
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Research Hypothesis
Research Questions
The research questions were answered with the help of a questionnaire from
respondents who are customers of banking services from banks based within
Pakistan. The questions around which our research is based upon are as follows:
On the basis of these research questions, we were able to develop the questions for
our questionnaire which allowed us to research and gain answers to these. These
questions of our questionnaire were developed after consultation from the premier
towards how we should phrase our research and conduct it effectively for the
sample comprising of banking service users and the questions framed and used in
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Below 30
30 to 40
50 and above
Female
Male
Q3: Profession
Physician
Lawyer
Psychologist
Engineer
Professor
Diplomats
Student
Other (please specify)
Q4: Approximately how many times have you visited your branch in the past one month?
Never
1-3 times
4-9 times
10-15 times
More than 15 times
Q5: Approximately how much time do you spend with the bank?
10-15 minutes
15-25 minutes
25-40 minutes
Above 40 minutes
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Q6: How satisfied were you with the following aspects of the branch facility?
Q7: In terms of the service you received from the customer service representative/tellers, how
satisfied were you with the following?
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Q8: How satisfied were you with the following aspects of the helpline facility at your bank? Rate
on a scale of 1-5 (5 being highest and 1 lowest)
1 2 3 4 5
The time taken by member of the staff of answer the telephone?
The way in which staff members answer your call?
The clearness of the staff member’s voice?
The ease of reaching the person you need to speak with?
How quickly your inquiry was understood and responded to?
Q10: Please tick mark which Bank delivers the best service in following cases
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Information to Be Collected
collect the information needed as posed in our research questions. The secondary
research would be conducted through mainly the internet from which we would
related to baking services, including what are the needs of customers in today's era
and what is expected by them from banks in terms of services and their quality.
Apart from this, primary data collection techniques shall be the main focus through
which data shall be acquired for analysis of our research objectives and questions
useful for our study. The questionnaire is posted online and customers are asked to
fill them out in a fast and convenient along with cost effective manner.
A one on one interview was also scheduled with Mr. Khalid Ahmad Aamir, the
Pakistani and local banks and how customer loyalty is retained and enhanced by
the bank.
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Research Design
analysis which surrounds around our research questions and hypotheses which is
done through the respective means being adopted by us for data collection, a
research tactics.
Scaling techniques
Scaling techniques would be on the basis of ordinal and nominal data types for
which our questions are based on comparative scaling techniques like the use of
comparative scaling techniques are also used in our survey which includes the
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Sampling Methodology
Target Respondents
The target respondents from our study are individuals who are above the legal age
of 18, all of whom possess a bank account in the six banks under study operating
within Pakistan.
The criterion for the selection of respondents was based on demographic factors of
which major segments of the audience are identified of the banks they have
accounts in. The procedure for qualitative research which was used for the
collection of data was done through the use of an in depth interview with the
Premier Relationship Manager of Barclays Bank, Mr. Khalid Ahmad Aamir. Apart
from this, questionnaires were also conducted with individuals of various different
Sample
A sample of 100 respondents is used in our research since it formed the most
suitable basis of our research and best represented our target audience as it was
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Methods in Business Research Term Report
Sampling Design
Banking Services are luxuries that are enjoyed by a select few in Pakistan. It is
mainly the Socio-Economic Classes A and B that are most likely to use the
product, while the Socio-Economic Class C and below usually don’t have
accounts. The report, thus, would only focus on participants belonging to Socio-
Sampling Technique
through which friends and family, which fulfilled the description of the
2. Judgment sampling, whereby a definitive age group was isolated for the
3. Quota Sampling method, the customers of the six banks were assigned
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The research process will be using and employing a number of steps. The
methodology will use both primary and secondary data. The primary data are the
results and the data that will be gathered and taken from the respondents of the
such as satisfaction, but analysis will be guided and done descriptively. The
quantitative part will help control and manage large and bulky information, while
the descriptive part will help explain and link trends that could be observed with
the dada which cannot be expressed and explained by numbers. The aims of the
has been constructed and illustrated in the earlier part of this research, and be able
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Results
selected for the study. It includes variables such as age, gender, frequency of visits
The sample includes a total of 100 customers of the top six banks of Pakistan
namely Habib Bank Ltd., Allied Bank, Standard Chartered Bank, Barclays, MCB
with 25% of the sample from Barclays and 15% from the remaining five banks.
Barclays was given the maximum weightage as the study was designed with aid
Bank
y t Percent Percent
Allied
15 15.0 15.0 55.0
bank
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Females make 38% of the customers surveyed on the other hand male respondents
represented 62% of the survey population. This can be seen in the pie charts below.
Gender
y t Percent Percent
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The largest group of respondents (46%) is aged between 30 and 40. The next
largest group (35%) is aged below 30. The smallest group of respondents is aged
above 50 (19%).
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With regard to income level; respondents with income below Rs. 50,000 a month
make 21% of the customers. While customers with incomes between Rs. 50,001 to
Rs. 100,000 a month are the largest group comprising of 52% of the respondents.
Finally, earners of income of Rs. 100,001 and above make 27% of the customers.
This variable forms a normal distribution and follows a bell curve pattern as shown
below.
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Income
above
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in the past month, majority of the respondent visited their banks 1 – 3 times (48%);
(44%). Some people do not feel the need to visit their banks often as they indulge
Visits
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When asked about the amount of time spent with the bank in each visit, the results
showed that a vast majority (59%) of the survey population did not spend more
than 15 minutes at their bank. On the other hand 38% of the survey population had
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The questions rated the satisfaction level of respondents with banking helpline
facilities. In order to assess the helpline facility five dimensions of service quality
were used. With higher customer satisfaction the level of loyalty increases, as
satisfaction and customer loyalty. Areas with low rating indicate where banks need
to improve their service quality. Average rating for all the options lied at a mean of
3. The highest rating was obtained by how quickly the query was responded and
understood, which gave it a rating of 3.39. It can be said that most banks have
necessary for banks to have a well-managed and informed helpline services this is
certain queries that need to be answered on helpline. So most of the banks have
their help lines running 24/7 making sure that customer queries are responded in
time. The customer perceived that the bank inquired queries more quickly than
other services. However the respondents gave an average rating of 3 to all the
helpline facilities which indicates that there is space for improvement of the
facilities that are being provided currently. This could be again done by recruiting
better staff members who operate helpline facilities and also by training the current
employees.
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Average
Rating 1 2 3 4 5
rating
The time taken by members of staff of
1 7.87% 19.10% 38.20% 26.97% 7.87% 3.08
answer the telephone?
The way in which staff members answer
2 5.62% 17.98% 34.83% 34.83% 6.74% 3.19
your call?
The clearness of the staff member’s
3 4.49% 15.73% 42.70% 30.34% 6.74% 3.19
voice?
The ease of reaching the person you
4 8.05% 13.79% 29.89% 37.93% 10.34% 3.29
need to speak with?
How quickly your inquiry was
5 5.68% 13.64% 32.95% 31.82% 15.91% 3.39
understood and responded to?
This question was directed at knowing how respondents felt of the service
provided the customer service representatives in banks. This involves all people
who on are call centers for banks and other representatives involved in customer
service. Efficient customer service is another competitive advantage that banks can
work on. Majority of the respondents said they were satisfied with the customer
people fell in bracket of fifty plus percentage satisfied with the knowledge
customer representatives had. Also the responses indicate that there are certain
areas where the Banks need to improve their service quality which include
Recognition of individuals as valued customers. Banks shall make sure that they go
into relationship building with customers this again improve their commitment to
the customers.
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The question directed on asking respondents on how they felt on facilities provided
satisfaction. Empirical studies show that the quality of service offered is related to
overall satisfaction of the customer. The options classified were into Clean
pleasant and attractive décor and the availability of ATMS at convenient locations.
Looking at the responses there were a very few number who went with option of
% of the respondents choose satisfied with the facilities provided. Thus it can be
concluded from the sample that respondents were happy with the facilities
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Methods in Business Research Term Report
provided at banks and near to none complains to facilities. Most the banks have
now set up standards in their facilities and provide them at the level of it. This
again is due to competition between the banks and such facilities appeal to the
customers.
The Likert scale used for this question has numerical values assigned to it in the
following manner
-2 -1 0 1 2
Therefore the average scores were highest satisfaction for a clean environment
followed by well-kept facilities whereas the lowest was for the wait time followed
by the ambiance of the branch. These are the areas that clearly needed
improvement.
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The question was based on analyzing the difference in services quality provided by
different banks. Standard Chartered turned out to be the most popular choice
among respondents due to a number of reasons. The comparison was based on five
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from time to time. Allied bank tuned out to be least popular choice amongst the
the area where they need improvement. Apart from that UBL has tried to improve
customers by introducing value added facilities free of cost. Also Habib Bank was
a popular choice where respondents had their bank account around 70 % named
Habib Bank. This may be because of the ease at which account can be opened and
also the accessibility for students to get their accounts with minimum deposits as
well. In recent times Banks have started providing free of charge online banking,
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Limitations
In spite of the contributions this study has made to business research in general and
service quality management in particular, there are limitations associated with the
The study is limited only to the six major banks, which are Habib Bank Ltd.,
Allied Bank, Standard Chartered Bank, Barclays, MCB and UBL and will only
include twenty-five (25) participating customers for Barclays and fifteen (15) each
for the remaining five banks giving a total of 100. This is in consideration with the
representative sample size should have been calculated before embarking on data
collection. This was however impossible due to limited resources and time
constraints especially since the period allotted for the thesis work was limited.
On other hand, the survey was conducted in Karachi; the findings of this research
Also the survey conducted was based online therefore the sample was restricted to
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Recommendations
Banks operate in the tertiary sector hence the value of their product is judged by
the quality of service they provide. This intern can help them to achieve
competitive advantage. It has been observed that consumers tend to buy those
products in which they are provided with privileges. An example of such measure
Credit Card a bundle of benefits that are built around the needs and expectations of
customers. Banks need to find the right balance between incremental and strategic
innovation which requires discipline and focus, but some resource needs to be
level of innovation could still be improved because there are relatively few
developments.
Customers now require quality service from helpline that needs to be quick in
answering their queries. The use of online banking, mobile internet prompts many
queries to individuals.
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Apart from that, placements of ATM machines at convenient location across the
city helps, facilitates customers to save time and get access to liquid money at
appropriate time. This could be also applicable to the location of branches in the
city.
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Conclusions
Customer satisfaction is one of the major parameters for the service providers in
the banking sector. Pakistani banks would be able to face competition better if the
requirements and the expectations of the customers are known. This necessitates
existing studies have tried to understand the factors, the determination of the
factors has been done based on existing models of customer satisfaction. This
satisfaction and how banks can change these factors to maximize customer
satisfaction.
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Appendix
Questionnaire
Q1: What is your age?
Below 30
30 to 40
50 and above
Female
Male
Q3: Profession
Physician
Lawyer
Psychologist
Engineer
Professor
Diplomats
Student
Other (please specify)
Q4: Approximately how many times have you visited your branch in the past one month?
Never
1-3 times
4-9 times
10-15 times
More than 15 times
Q5: Approximately how much time do you spend with the bank?
10-15 minutes
15-25 minutes
25-40 minutes
Above 40 minutes
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Q6: How satisfied were you with the following aspects of the branch facility?
Q7: In terms of the service you received from the customer service representative/tellers, how
satisfied were you with the following?
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Q8: How satisfied were you with the following aspects of the helpline facility at your bank? Rate
on a scale of 1-5 (5 being highest and 1 lowest)
1 2 3 4 5
The time taken by member of the staff of answer the telephone?
The way in which staff members answer your call?
The clearness of the staff member’s voice?
The ease of reaching the person you need to speak with?
How quickly your inquiry was understood and responded to?
Q10: Please tick mark which Bank delivers the best service in following cases
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Research Proposal
PERCEPTION AND
USAGE STUDY OF
BANKING SERVICES ON
CUSTOMER LOYALTY
Research Term Report Prepared Exclusively for:
Prepared by:
Rabia Ahmed Malik
Pravin Kumar
Amjad Ali Memon
Sereen Khalid Satti
Submitted To:
Sir Sibghatullah Husaini
Submitted On:
12/30/2013
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Methods in Business Research Term Report
Of
BANKING SERVICES
ON
CUSTOMER LOYALTY
BARCLAYS
Contact Person:
Mr. Khalid Ahmed Aamir
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Contents
Introduction ................................................................................................................................................. 83
Marketing objectives ................................................................................................................................... 26
Research objective ...................................................................................................................................... 84
Information to be collected ......................................................................................................................... 85
Population under Study ............................................................................................................................... 85
Research Methodology ............................................................................................................................... 85
Sampling Design ......................................................................................................................................... 86
Selection of respondents ............................................................................................................................. 87
Analysis ...................................................................................................................................................... 88
Deliverables ................................................................................................................................................ 88
Limitations and Delimitations ..................................................................................................................... 89
Timeline ...................................................................................................................................................... 90
Costs............................................................................................................................................................ 90
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Methods in Business Research Term Report
Introduction
Barclays is known to be the world's leader of financial services. It has acquired expertise in
banking over the last 300 years and now operates in more than 50 countries worldwide, lending,
investing and protecting money for all of its clients. The service it offers includes the following:
Retail banking
Credit cards
Investing banking
Wealth management
In Pakistan, Barclay's caters to a different market segment as opposed to the other competitors in
the industry. Apart from normal banking and the services which adhere to it, Barclay's has
introduced the concept of Premium Banking in Pakistan. This caters to the high level customers
who consist of the upper class society of the community hence the services provided by Barclay's
to them is specifically to cater for this segment of the market.
Barclay's has been operating in Pakistan for over 3 years now and their global strength and
confidence has taken them to new levels. Today they offer an array of banking services and
products to their relevant branch customers and corporate clients whilst maintaining their value
creation and international standards.
"Discover a world where the ordinary does not exist, where every day is special,
where every moment is exceptional. Discover designer banking developed
exclusively for you, offering customized products and services."
This extract from their website shows Barclay's exclusivity in Pakistan and how it has brought
about a new segment altogether, being the first to introduce it and bringing about a new form of
competition to the existing banks in Pakistan and catering to a different type of market
altogether.
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Methods in Business Research Term Report
Marketing objectives
Some of the marketing related objectives (or motives) behind this research include:
Better understanding of factors affecting service quality in Banks
Improving the ways in which customer satisfaction can be increased
Increase Customers base present a better brand of the bank
Problem Statement
The “expectations” of customers influence of customer influence their buying behavior. The
customers relate this expectation to the quality of service provided by the banks. The level of
expectation differs from person to person but everyone wants the banks to provide the
products and services which can satisfy their needs up to their expected level or to a higher
level so as to offer them a higher satisfaction. The level of satisfaction of consumers is
affected by some attributes also other than quality of service such as their experience with the
bank employees etc. As there is huge competition in the banking sector in Pakistan the
customer satisfaction is an important factor in the success of the banks. So with this
background an attempt has been made to study the satisfaction of the customers of various
banks taking into consideration some important attributes which customers consider for
rating their satisfaction with a particular bank
Research objective
How satisfied customers are with the services provided by their Banks and how Barclays
manages to maintain customer loyalty among their clients
Research Hypothesis
• Customers give equal importance to all attributes related to initial experience, service
delivery experience, relationship experience and grievance handling in determining their
satisfaction level
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Approach
Information to be collected
A mixture of primary and secondary data collection techniques shall be used to collect the
information needed as posed in our research questions. The secondary research would be
conducted through mainly the internet from which we would acquire the necessary trends and
changes experienced in customer preferences related to baking services, including what are the
needs of customers in today's era and what is expected by them from banks in terms of services
and their quality.
Apart from this, primary data collection techniques shall be the main focus through which data
shall be acquired for analysis of our research objectives and questions mentioned. A
questionnaire shall be filled by potential banking customers who will be asked a variety of
different questions regarding banking services which are useful for our study. The questionnaire
is posted online and customers are asked to fill them out in a fast and convenient along with cost
effective manner.
A one on one interview was also scheduled with Mr. Khalid Ahmad Aamir, the Premier
Relationship Manager at Barclays Shahbaz Branch in which he provided us in-depth information
regarding why customers choose Barclays over other Pakistani and local banks and how
customer loyalty is retained and enhanced by the bank.
The criterion for the selection of respondents was based on demographic factors of which major
segments of the audience are identified of the banks they have accounts in. The procedure for
qualitative research which was used for the collection of data was done through the use of an in
depth interview with the Premier Relationship Manager of Barclays Bank, Mr. Khalid Ahmad
Aamir. Apart from this, questionnaires were also conducted with individuals of various different
professions on the basis of a fixed quota of respondents belonging to each bank.
Research Methodology
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Methods in Business Research Term Report
The exploratory research comprises of data collection through qualitative techniques, in-depth
interview conducted for the purpose. The descriptive research will further aid in fulfilling our
research objective; for better and detailed data quantification, carrying out surveys with the
customers.
Sampling Design
Banking Services are luxuries that are enjoyed by a select few in Pakistan. It is mainly the Socio-
Economic Classes A and B that are most likely to use the product, while the Socio-Economic
Class C and below usually don’t have accounts. The report, thus, would only focus on
participants belonging to Socio-Economic Classes A and B.
A sample of 100 respondents is used in our research since it formed the most suitable basis of
our research and best represented our target audience as it was fulfilled by a variety of different
individuals of different age and income brackets along with diverse professions.
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Methods in Business Research Term Report
Selection of respondents
In-depth Interviews:
Barclays Relationship Manager
Survey (Questionnaire)
Sample Size: 100
The sampling procedures used in procuring the responses will include:
4. Non-Probability sampling which included the use of Convenience Sampling
5. Judgment sampling, whereby a definitive age group was isolated for the survey prior to
any cursory research that may have validated it
6. Quota Sampling method
The Sample will consist of people who have Bank Accounts (Clients of Bank)
The following is a sample of demographics information of respondents and interviewee required:
Characteristics of Respondents
1. Gender Male
Female
2. Age >19, >40
3. Income Below 50000
50000-100000
Above 100000
4. Frequency of use (monthly) 1-3 times
4-9 times
10-15 Times
More than 15 times
Never
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Analysis
The analysis will be done using qualitative and quantitative techniques as mentioned. The main
variable in the questionnaire will be customer satisfaction. Hence we will try to get the customers
point of view about their satisfaction level by simply asking the customers that “how satisfied are
you?”
Scaling techniques would be on the basis of ordinal and nominal data types for which our
questions are based on comparative scaling techniques like the use of rank-ordering. Along with
this, non-comparative scaling techniques are also used in our survey which includes the Likert
scale .
The data extracted can also be processed in SPSS in order to gain useful insights regarding the
consumer satisfaction
A dummy table for our survey findings could be:
Frequency Percent
Strongly Disagree 3 3.33
Disagree 10 11.11
Neutral 15 16.67
Agree 47 52.22
Strongly Agree 15 16.67
Total 90 100.0
Deliverables
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Timeline
•Drafting a proposal
•Submission of proposal for acceptance
•Contacting the company for secondary data
•Collection of secondary data and preparation of a literature review
October
•Drafting a structured process for interview and surveys
Costs
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In the end it was a nice learning experience for the team and
they learned how to conduct a proper research. The team
would like to thank Sir Sibghatullah for guiding throughout
the project
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