CHAPTER-1

1.1 INTRODUCTION:

Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four perspectives 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

Measuring customer satisfaction

Organizations are increasingly interested in retaining existing customers while targeting non-customers, measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace.

Customer satisfaction is an 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.

Because satisfaction is basically a psychological state, care should be taken in the effort of quantitative measurement, although a large quantity of research in this area has recently been developed. Work done by Berry, Brodeur between 1990 and 1998 defined ten 'Quality Values' which influence satisfaction behavior, further expanded by Berry in 2002 and known as the ten domains of satisfaction. These ten domains of satisfaction include: Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-departmental Teamwork, Front line Service Behaviors, Commitment to the Customer and Innovation. These factors are emphasized for continuous improvement and organizational change measurement and are most often utilized to develop the architecture for satisfaction measurement as an integrated model. Work done by Parasuraman, Zeithaml and Berry 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, Zeithaml and Berry as two different measures (perception and expectation of performance) into a single measurement of performance according to expectation.

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According to Garbrand, customer satisfaction equals perception of performance divided by expectation of performance.

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 the performance of the organisation being measured.

Definition:

Customer satisfaction

The degree to which there is match between the customer's expectations of the product and the actual performance of the product.

The broad definition of services implies that intangibility is a key determinant of whether an offering is a service. While this is true, it is also true that very few products are purely intangible or totally tangible. Instead, services tend to be more intangible than manufactured products, and manufactured products tend to be more tangible than services. For example, the fast-food industry while classified as a service, also has many tangible components such as the food" the packaging, and so on. Automobiles, while classified within the manufacturing sector, also supply many intangibles, such as transportation. Throughout this text, when we refer to services we will be assuming the broad definition of services and acknowledging that there are very few "pure services,, or "pure goods." The issues and approaches we discuss are directed toward those offerings that lie on the right side, the intangible side, of the spectrum.

As suggested earlier, intangibles arc not produced only in the service sector of the economy. Manufacturers such as Boeing Airplane Company and Ford Motor Company also produce products on the right end of the spectrum, both for sale to external consumers and to support internal production processes. For example, Boeing has provided consulting services and demand forecasting services for its airline customers. And within Boeing large departments (such as data processing and legal services) provide

Internal services to the organization.

Trends in the Service Sector

Although we often hear and read that many modern economies are dominated by services, the United States and other countries did not become service economies overnight. As early as 1929,55 percent of the working population was employed in the service sector in the united States, and approximxely 54 percent of the gross national product was generated by services in 1948. That the trend toward services has continued, until in 1999 services represented 78 percent of the gross domestic product (GDP) and 80 percent of employment. Note also that

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these data do not include internal services provided within a manufacturing company (such as IBM or Boeing) or services that these manufacturers sell externally.

CUSTOMER EXPECTATIONS OF SERVICE

Customer expectations are beliefs about service delivery that function as standards of reference points against which performance is judged. Because customers compare their perceptions of performance with these reference points when evaluating service quality, thorough knowledge about customer expectations is critical to services marketers. Knowing what the customer expects is the first and possibly most critical step in delivering quality service. Being wrong customers want can mean losing a customer's business when another company hits the target exactly. Being wrong can also mean expending money, time, and other resources on things that don't count to the customer. Being wrong can even mean not surviving in a fiercely competitive market.

Among the aspects of expectations that need to be explored and understood for successful services marketing are the following: What types of expectation standards do customers hold about services? What factors most influence the formation of these expectations? what role do these factors play in changing expectations? How can a service company meet or exceed customer expectations?

FACTORS THAT INFLUENCE CUSTOMER EXPECTATIONS OF SERVICE

Because expectations play such a critical role in customer evaluation of services, marketers need and want to understand the factors that shape them. Marketers would also

like to have control over these factors as well. But many of the forces that influence customer expectations are uncontrollable. In this section of the chapter we try to separate the many influences on customer expectations.

Sources of Desired Service Expectations

The two largest influences on desired service level are personal needs and philosophies about service. Personal needs those states or conditions essential to the physical or psychological well-being of the customer, are pivotal factors that shape what we desire in service. Personal needs can fall into many categories, including physical, social, psychological, and functional. A fan who regularly goes to baseball games right from work, and is therefore thirsty and hungry hopes and desires that the food and drink vendors will pass by his section frequently, where as a fan who regularly has dinner elsewhere has a low or zero level of desired service from the vendors. A customer with high social and dependency needs may have relatively high expectations for a hotel's ancillary services, hoping, for example, that the hotel has a bar with live music and dancing. The effect of personal needs on desired service is illustrated by the different expectations held by two business insurance customers:

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Some customers are more demanding than others, having greater sensitivity to, and higher expectations of, service. Enduring service intensifiers are individual, stable factors that lead the customer to a heightened sensitivity to service. One of the most important of these factors can be called derived service expectations, which occur when customer expectations are driven by another person or group of people. A niece from a big family who is planning a 90th birthday party for a favorite aunt is representing the entire family in selecting a restaurant for a successful celebration. Her needs are driven in part by the derived expectations from the other family members. A parent choosing a vacation for the family, a spouse selecting a home-cleaning service.

What ls Customer Satisfaction?

Everyone knows what satisfaction is, until asked to give a definition' Then, it seems’ nobody knows. This quote from Richard L. Oliver, respected expert and longtime writer and researcher on the topic of customer satisfaction, expresses the challenge of defining this most basic of customer concepts. Building from previous definitions' Oliver offers his own formal definition:

“Satisfaction is the consumer's fulfillment response. It is a judgment that a product or service feature, or the product or service itself, provides a pleasurable level of consumption-related fulfillment.”

In addition to a sense” of fulfillment in the knowledge that one's needs have been met, satisfaction can also be related to other types of feelings, depending on the particular context or type of service. For example, satisfaction can be viewed as contentment-more. of a passive response that consumers may associate with services they don't think a lot about or services that they receive routinely over time' Satisfaction may also be associated with feelings of pleasure for services that make the consumer feel good or are associated with a sense of happiness. For those services that really surprise the consumer in a positive way, satisfaction may mean delight. And in some situations, where the removal of a negative leads to satisfaction, the consumer may associate a sense of relief with satisfaction.

It is also important to recognize that although we tend to measure consumer satisfaction at a particular point in time as if it were static, satisfaction is a dynamic, moving target that may evolve over time, influenced by a variety of factor’s. Particularly when product usage or the service experience takes place over time, satisfaction maybe rightly variable depending on which point in the usage or experience cycle one is focusing on. Similarly, in the case of very new services or a service not previously experienced, customer expectations may be barely forming at the point of initial purchase, these expectations will solidify as the process unfolds and the consumer begins to form his or her perceptions. Through the service cycle the consumer may have a variety of different experiences, some good, some not good-and each will ultimately impact satisfaction.

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What Determines Customer Satisfaction?

Customer satisfaction is influenced by specific product or service features and by perceptions Of quality as suggested by Figure 4.1. Satisfaction is also influenced by customers' emotional responses, their attributions, and their perceptions of equity.

Product and Service Features

Customer satisfaction with a product or service is influenced significantly by the customer's evaluation of product and services features. For a service such as a resort hotel, important features might include the pool area, access to golf facilities, restaurants, room comfort and privacy, helpfulness, and courtesy of staff, room price, and so forth. In conducting satisfaction, studies, most firms will determine through some means (often focus groups) what the important features and attributes are for their service and then measure perceptions of those features as well as overall service satisfaction. Research has shown that customers of services will make trade-offs among different service features (for example, price level versus quality, versus friendliness of personnel versus level of customization), depending on the type of service being evaluated and the criticality of the service

Consumer Emotions

Customers' emotions can also affect their perceptions of satisfaction -with products and services. These emotions can be stable, preexisting emotions-for example, mood state or life satisfaction. Think of times when you are a very happy stage in your life (such as when you are on vacation), and your good, happy mood and positive frame of mind have influenced how you feel about the services you experience. Alternatively, when you are in a bad mood your negative feelings may carry over into how you respond to services, causing you to overreact or respond negatively to any little problem.

Specific emotions may also be induced by the consumption experience itself, influencing a consumer's satisfaction with the service. Research done in a river-rafting context showed that the river guides had a strong effect on their customers' emotional responses to the trip and that those feelings (both positive and negative) were linked to overall trip satisfaction. positive emotions such has, happiness pleasure, elation, and a sense of warm-heartedness enhanced customers' satisfaction with the rafting trip. In turn, negative emotions such as sadness, sorrow, regret, and anger led to diminished customer satisfaction. Overall, in the rafting context, positive emotions had a stronger effect than negative ones. Similar effects of emotions on satisfaction were found in a Finnish study that looked at consumers' satisfaction with a government labor bureau, service.l6 In that study, negative emotions including anger, depression, guilt, and humiliation had a strong effect on customers, dissatisfaction ratings.

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1.2 INDUSTRY PROFILE

CAPITAL MARKET:

Capital market is a place where we can raise long-term capital.

Again the capital market is classified in to two types and they are

1. Primary market

2. Secondary market.

CAPITAL MARKET

PRIMARY MARKET SECONDARY MARKET

1. PRIMARY MARKET:

The primary market is that part of the capital markets that deals with the issuance of new

securities. Companies, governments or public sector institutions can obtain funding through the

sale of a new stock or bond issue. When an issue / offer of securities is made to new investors for

becoming part of shareholders’ family of the issuer it is called a public issue.

When an unlisted company makes either a fresh issue of securities or offers its existing

securities for sale or both for the first time to the Entity making an issue is referred as IPO.

When an already listed company makes either a fresh issue of securities to the public or

an offer for sale to the public, it is called a FPO.

2. SECONDARY MARKET

The primary market deals with the new issues of securities. Outstanding securities are

traded in the secondary market, which is commonly known as stock market or stock exchange.

“The secondary market is a market where scrip’s are traded”. It is a market place which

provides liquidity to the scrip’s issued in the primary market. Thus, the growth of secondary

market depends on the primary market. More the number of companies entering the primary

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market, the greater are the volume of trade at the secondary market. Trading activities in the

secondary market are done through the recognized stock exchanges which are 23 in number

including Over The Counter Exchange of India (OTCE), National Stock Exchange of India and

Interconnected Stock Exchange of India.

Secondary market operations involve buying and selling of securities on the stock

exchange through its members. The companies hitting the primary market are mandatory to list

their shares on one or more stock exchanges in India. Listing of scrip’s provides liquidity and

offers an opportunity to the investors to buy or sell the scrip’s.

Secondary Market is the market where, unlike the primary market, an investor can buy a

security directly from another investor in lieu of the issuer. It is also referred as "after market".

The securities initially are issued in the primary market,andthen they enter into the secondary

market.

In other words Secondary market is a place where any type of used goods is available. In the

secondary market shares are maneuvered from one investor to other, that is, one investor buys an

asset from another investor instead of an issuing corporation. So, the secondary market should be

liquid.

IMPORTANCE OF SECONDARY MARKET:

Secondary Market has an important role to play behind the developments of an efficient

capital market. Secondary market connects investors' favoritism for liquidity with the capital

users' wish of using their capital for a longer period. For example, in a traditional partnership, a

partner cannot access the other partner's investment but only his or her investment in that

partnership, even on an emergency basis. Then if he or she may breaks the ownership of equity

into parts and sell his or her respective proportion to another investor. This kind of trading is

facilitated only by the secondary market.

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DEFINITION OF A STOCK EXCHANGE:

“A stock exchange is an entity which provides trading facilities for stock brokers and

traders, to trade stocks and other securities.” (OR)

Share market/stock markets are an open market for fiscal operations such as trading of a

firm's share and derivatives at a fixed cost. These securities are further listed on a stock

exchange.

COMMODITY MARKETS:

Commodity markets are markets where raw or primary products are exchanged. These raw

commodities are traded on regulated commodities exchanges, in which they are bought and sold

in standardized contracts. This article focuses on the history and current debates regarding

global commodity markets. It covers physical product (food, metals, and electricity) markets but

not the ways that services, including those of governments, nor investment, nor debt, can be seen

as a commodity. Articles on reinsurance markets, stock markets, bond markets and currency

markets cover those concerns separately and in more depth. One focus of this article is the

relationship between simple commodity money and the more complex instruments offered in the

commodity markets.

HISTORY OF THE COMMODITY MARKETS:Before the North American futures market originated some 150 years ago, farmers would

grow their crops and then bring them to market in the hope of selling their commodity of

inventory. But without any indication of demand, supply often exceeded what was needed, and

un-purchased crops were left to rot in the streets. Conversely, when a given commodity such as

Soy beans were out of season, the goods made from it became very expensive because the crop

was no longer available, lack of supply.

In the mid-19th century, grain markets were established and a central marketplace was

created for farmers to bring their commodities and sell them either for immediate delivery (spot

trading) or for forward delivery. The latter contracts, forwards contracts, were the fore-runners to

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today's futures contracts. In fact, this concept saved many farmers from the loss of crops and

helped stabilize supply and prices in the off-season.

Today's commodity market is a global marketplace not only for agricultural products, but

also currencies and financial instruments such as Treasury bonds and securities futures. It's a

diverse marketplace of farmers, exporters, importers, manufacturers and speculators. Modern

technology has transformed commodities into a global marketplace where a Kansas farmer can

match a bid from a buyer in Europe.

The modern commodity markets have their roots in the trading of agricultural products.

While wheat and corn, cattle and pigs, were widely traded using standard instruments in the 19th

century in the United States, other basic foodstuffs such as soybeans were only added quite

recently in most markets. For a commodity market to be established there must be very broad

consensus on the variations in the product that make it acceptable for one purpose or another.

The economic impact of the development of commodity markets is hard to overestimate.

Through the 19th century "the exchanges became effective spokesmen for, and innovators of,

improvements in transportation, warehousing, and financing, which paved the way to expanded

interstate and international trade.

EARLY HISTORY OF COMMODITY MARKETS:

Historically, dating from ancient Sumerian use of sheep or goats, other peoples using

pigs, rare seashells, or other items as commodity money, people have sought ways to standardize

and trade contracts in the delivery of such items, to render trade itself more smooth and

predictable.

Commodity money and commodity markets in a crude early form are believed to have

originated in Sumer where small baked clay tokens in the shape of sheep or goats were used in

trade. Sealed in clay vessels with a certain number of such tokens, with that number written on

the outside, they represented a promise to deliver that number. This made them a form of

commodity money - more than an I.O.U. but less than a guarantee by a nation-state or bank.

However, they were also known to contain promises of time and date of delivery - this made

them like a modern futures contract. Regardless of the details, it was only possible to verify the

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number of tokens inside by shaking the vessel or by breaking it, at which point the number or

terms written on the outside became subject to doubt. Eventually the tokens disappeared, but the

contracts remained on flat tablets. This represented the first system of commodity accounting.

INDIA COMMODITY MARKETS:

In India commodity markets have been in existence for decades. However in 1975 the

Government banned forward contracts on commodities. Later in 2003 the Government of India

again allowed forward contracts in commodities. There have been over 20 exchanges existing

for commodities all over the country. However these exchanges are commodity specific and

have a strong regional focus. The Government, in order to make the commodities market more

transparent and efficient, accorded of national level multi commodity exchanges. Accordingly

three exchanges are there which deal, in a wide variety of commodities and which allow nation-

wide trading. They are approval for setting up of national level multi commodity exchanges.

Accordingly three exchanges are there which deal in a wide variety of commodities and which

allow nationwide trading. They are of national level multi commodity exchanges.

They are

Multi Commodity Exchange (MCX)

National Commodities Derivatives Exchange (NCDEX)

National Multi Commodity Exchange (NMCE)

The MCX is Mumbai based and is promoted by Financial Technologies Pvt Ltd. MCX

allows trading on a host of commodities ranging from bullion to grains. Please check the

‘Commodities traded’ menu. MCX has become the first exchange in the world to launch futures

on steel. NCDEX is promoted by an elite group of financial institutions including NSE, LIC,

SBI, etc., NCDEX also allows trading of futures on a host of commodities.

Agro-based Commodities-------------- Wheat, Corn, Cotton, Oils, Oilseeds etc..

Soft Commodities -------------- Coffee, Cocoa, Sugar etc

Livestock --------------- Live cattle, Pork Bellies etc

Energy --------------- Crude Oil, Natural Gas etc

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Precious Metals --------------- Gold, Silver, Platinum etc

Other Metals -------------- Nickel, Aluminum, Copper, Zinc etc

STRUCTURE OF THE COMMODITY MARKET:

MCX offers futures trading in Agricultural Commodities, Bullion, Ferrous & Non-ferrous

metals, Pulses, Oils & Oilseeds, Energy, Plantations, Spices and other soft commodities. Multi

Commodity Exchange (MCX) is an independent commodity exchange based in India. It was

established in 2003 and is based in Mumbai.

MCX is a demutualised nationwide electronic multi commodity futures exchange set up

by Financial Technologies with permanent recognition from Government of India for facilitating

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Mininistry of Consumer Affairs

FMC

Commodity Exchanges

National Exchanges

MCX NCDEX NMCE

Regional Exchanges

NBOT20 Other Regional

Exchanges

online trading, clearing & settlement operations for futures market across the country. The

exchange started operations in November 2003.

MCX offers futures trading in Agricultural Commodities, Bullion, Ferrous & Non-ferrous

metals, Pulses, Oils & Oilseeds, Energy, Plantations, Spices and other soft commodities.

MCX has also setup in joint venture the National Spot Exchange a purely agricultural

commodity exchange and National Bulk Handling Corporation (NBHC) which provides bulk

storage and handling of agricultural products.

MCX is India's No. 1 commodity exchange with 84% Market share in 2008.

KEY SHAREHOLDERS:

Promoted by FTIL, MCX enjoys the confidence of blue chips in the Indian and

international financial sectors. MCX's broad-based strategic equity partners include NYSE Euro

next, State Bank of India and its associates (SBI), National Bank for Agriculture and Rural

Development (NABARD), National Stock Exchange of India Ltd (NSE), SBI Life Insurance Co

Ltd, Bank of India (BOI) , Bank of Baroda (BOB), Union Bank of India, Corporation Bank,

Canara Bank, HDFC Bank, Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International,

ICICI Ventures, IL&FS, Kotak Group, Citi Group and Merrill Lynch.

VISION:

MCX envision a unified Indian commodity market that is driven by market forces and

continually provides a level playfield for all stakeholders ranging from the primary producer to

the end-consumer; corrects historical aberrations in the system; leverages technology to achieve

exceptional efficiencies and ultimately lead to a common world market. We also envision a

brand image for MCX that identifies it as the Exchange of Choice not only by direct participants

in the commodity ecosystem but also by the general public.

MISSION:

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MCX shall accomplish the above vision by relentlessly endeavoring to enhance

awareness and understanding of exchange-enabled trade in commodity derivatives. The

Exchange will continue to minimize the adverse effects of price volatilities; providing

commodity ecosystem participants with neutral, secure and transparent trade mechanisms;

formulating quality parameters and trade regulations in conjunction with the regulatory authority.

Moreover, it will continue to enforce a zero-tolerance policy toward unethical trade practices-

attempted or real-by any participant/s; and invest in the all-round development of the commodity

ecosystem.

NCDEX is a public limited company incorporated on April 23, 2003 under the Companies Act,

1956. It has commenced its operations on December 15, 2003.

National Commodity & Derivatives Exchange Limited (NCDEX) is a professionally

managed on-line multi-commodity exchange. NCDEX is the only commodity exchange in the

country promoted by national level institutions. NCDEX is regulated by Forward Markets

Commission.

NCDEX is located in Mumbai and offers facilities to its members about 550 centers

throughout India. The reach will gradually be expanded to more centers. NCDEX currently

facilitates trading of 57 commodities.

National Multi-Commodity Exchange of India Limited (NMCE), the first De-Mutualized

Electronic Multi-Commodity Exchange of India granted the National status on a permanent basis

by the Government of India and operational since 26th November 2002.

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It is the only Commodity Exchange in the world to have received ISO 9001:2000

certification from British Standard Institutions (BSI). Innovation is the way of life at NMCE.

NMCE commenced futures trading in 24 commodities on 26th November, 2002 on a

national scale and the basket of commodities has grown substantially since then to include cash

crops, food grains, plantations, spices, oil seeds, metals & bullion among others. NMCE was the

first exchange to take up the issue of differential treatment of speculative loss. It was also the

first exchange to enroll participation of high net-worth corporate securities brokers in commodity

derivatives market.

List of Exchanges in India:

1. Bhatinda Om & Oil Exchange Ltd., Batinda.

2. The Bombay Commodity Exchange Ltd., Mumbai

3. The Rajkot Seeds oil & Bullion Merchants` Association Ltd

4. The Kanpur Commodity Exchange Ltd., Kanpur

5. The Meerut Agro Commodities Exchange Co. Ltd., Meerut

6. The Spices and Oilseeds Exchange Ltd.

7. Ahmadabad Commodity Exchange Ltd.

8. Vijay Beopar Chamber Ltd., Muzaffarnagar

9. India Pepper & Spice Trade Association, Kochi

10. Rajdhani Oils and Oilseeds Exchange Ltd., Delhi

11. National Board of Trade, Indore

12. The Chamber Of Commerce, Hapur

13. The East India Cotton Association, Mumbai

14. The Central India Commercial Exchange Ltd., Gwalior

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15. The East India Jute & Hessian Exchange Ltd.

16. First Commodity Exchange of India Ltd, Kochi

17. Bikaner Commodity Exchange Ltd., Bikaner

18. The Coffee Futures Exchange India Ltd, Bangalore

19. Esugarindia Limited

20. National Multi Commodity Exchange of India Limited

21. Surendranagar Cotton oil & Oilseeds Association Ltd

22. Multi Commodity Exchange of India Ltd

23. National Commodity & Derivatives Exchange Ltd

24. Haryana Commodities Ltd., Hissar

25. e-Commodities Ltd

Of these 25 commodities exchanges the MCX, NCDEX and NMCEIL are the major Commodity Exchanges.

Multi commodity exchange of India Ltd - MCX is an independent and De-Mutualized exchange based in Mumbai. Established on 10 November, 2003, it is the third largest bullion exchange and fourth largest energy exchange in the world.

GLOBAL COMMODITY MARKETS:

The Major commodities trading exchanges globally are:

Chicago Board Of Trade (COBOT). U.S.A.

New York Mercantile Exchange (NYMEX). U.S.A.

Tokyo Commodity Exchange (TOCOM). Japan

International Petroleum Exchange (IPE).

London Metal Exchange (LME). United Kingdom

Sydney Futures Exchange (SFE0. Australia

Brazilian Futures Exchange (BBF). Brazil

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Winnipeg Commodity Exchange (WCE). Canada

Marche a Term International de France (MATIF). France

Hong Kong Futures Exchange (HKFE). Hong Kong

FORWARD MARKETS COMMISSION

Forward Markets Commission (FMC) headquartered at Mumbai, is a regulatory authority

which is overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt. of

India. It is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952.

" The Act provides that the Commission shall consist of not less than two but not exceeding four

members appointed by the Central Government out of them being nominated by the Central

Government to be the Chairman thereof. Currently Commission comprises three members

among whom Shri B.C. Khatua, IAS, is the Chairman, Shri Rajeev Kumar Agarwal, IRS and 

Shri D.S.Kolamkar, IES are the Members of the Commission."

The functions of the Forward Markets Commission:

To advise the Central Government in respect of the recognition or the withdrawal of

recognition from any association or in respect of any other matter arising out of the

administration of the Forward Contracts (Regulation) Act 1952.

To keep forward markets under observation and to take such action in relation to them, as

it may consider necessary, in exercise of the powers assigned to it by or under the Act.

To collect and whenever the Commission thinks it necessary, to publish information

regarding the trading conditions in respect of goods to which any of the provisions of the

act is made applicable, including information regarding supply, demand and prices, and

to submit to the Central Government, periodical reports on the working of forward

markets relating to such goods;

1.3 COMPANY PROFILE

1.3.1 BACKGROUND AND INCEPTION OF THE COMANY

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Aditya Trading Solutions Private Limited (ATS) are a full spectrum INVESTMENT

MANAGEMENT house specializing in online commodity trading. We are one of the earliest

members of MCX and pioneers of online commodity broking in TAMILNADU. ATS is

promoted by young and dynamic entrepreneurs who have years of proven experience in

international derivative markets like NYMEX and worked with several FORTUNE 500

companies. We are the largest online commodity Trading Company in Tamilnadu. Our Client

base consists of a long list of satisfied institutional and retail client base broking.

ATS ranked as Number 1Member of MCX in Tamilnadu by trading volumes. We are

clocking a turnover of Rs 320 crore daily trading volumes. We hold 15% of market share in

Tamil Nadu in MCX. We have 7 branches and ever growing number of satisfied & profitable

franchisees and sub brokers (presently 83) in 4 states of south India. ATS is best known in the

industry for providing personalized efficient, timely, transparent and cost effective trading &

investment services to all our clients and sub brokers. We ATS is of firm belief that our

franchisees are our partners and we will strive to do all we can to make you profitable and

successful.

1.3.2 NATURE OF THE BUSINESS

“A stock exchange is an entity which provides trading facilities for stock brokers and

traders, to trade stocks and other securities. Share market/stock markets are an open market for

fiscal operations such as trading of a firm's share and derivatives at a fixed cost. These securities

are further listed on a stock exchange.

Commodity markets are markets where raw or primary products are exchanged. These

raw commodities are traded on regulated commodities exchanges, in which they are bought and

sold in standardized contracts. This article focuses on the history and current debates regarding

global commodity markets. It covers physical product (food, metals, and electricity) markets but

not the ways that services, including those of governments, nor investment, nor debt, can be seen

as a commodity. Articles on reinsurance markets, stock markets, bond markets and currency

markets cover those concerns separately and in more depth. One focus of this article is the

17

relationship between simple commodity money and the more complex instruments offered in the

commodity markets.

Before the North American futures market originated some 150 years ago, farmers would

grow their crops and then bring them to market in the hope of selling their commodity of

inventory. But without any indication of demand, supply often exceeded what was needed, and

un-purchased crops were left to rot in the streets. Conversely, when a given commodity such as

Soy beans were out of season, the goods made from it became very expensive because the crop

was no longer available, lack of supply.

1.3.3 VISION AND MISSION OF THE COMPANY

VISION:

ATS envision a unified Indian commodity market that is driven by market forces and

continually provides a level playfield for all stakeholders ranging from the primary producer to

the end-consumer; corrects historical aberrations in the system; leverages technology to achieve

exceptional efficiencies and ultimately lead to a common world market. We also envision a

brand image for ATS that identifies it as the Exchange of Choice not only by direct participants

in the commodity ecosystem but also by the general public.

MISSION:

To provide cost effective Trading, Investment & Risk Management solutions to our ever

increasing client base in a professional and ethical way.

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1.3.4 PRODUCT PROFILE

BULLIONS OIL & OIL SEEDS

1. Gold 1. Crude Palm Oil

2. Silver M 2. Kapasia Khalid

3. Gold HNI 3. Soya Bean

4. Gold M 4. Refined Soya Oil

5. Platinum CEREALS

6. Silver 1. Barley

7. Silver HNI 2. Wheat

8. Gold Guinea 3. Maize-Feed / Industrial Grade

METALS PLANTATIONS

1. Aluminum 1. Rubber

2. Copper PULSES

3. Lead 1. Chana

4. Zinc Mini WEATHER

5. Mild Steel Ingot, Billets 1. Carbon (CER)

6. Nickel 2. Carbon (CFI)

7. Tin FIBER

8. Zinc 1. Kapas

9. Lead Mini SPICES

ENERGY 1. Cardamom

1. ATF 2. Turmeric

2. Crude Oil 3. Coriander

3. Natural Gas OTHERS

4. Gasoline 1. Almond

5. Heating Oil 2. Gaur Seed

6. Imported Thermal Coal 3. Potato (Agra)

7. Electricity Monthly & Weekly 4. Menthe Oil

5. Melted Menthol Flakes

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ATS offer you following services

Trading & investment access to MCX, NCDEX, NSE, SSE & Currency futures

Physical Delivery of commodities

Price risk management & Hedging

Wealth management with capital protection

Research & investment advisory

24 X 7 online back office

When you are a client of ATS you never have to worry about not knowing your account

status. You can access your Trading/Accounts statement anytime, anyplace at your convenience

with help of our 24 X 7 online back office software.

Online Trading Platform

ATS provide you online trading software to help you place your orders at the click of a

button. We ensure that the entire process right from opening your account to placing an order

online is as simple and hassle free as possible.

Research Guidance

ATS provide you with highly successful Trading/Investment calls to enhance your

profitability. Our research will guide you in making informed decisions which will make your

WEALTH GROW.

Risk Management

Risk management is at the core of our very existence. There is no margin for any error

here. With the help of modern technology and some hard nuts in the risk management room we

have been able to keep the risks of our business to the bare minimum. Our comfort to expand

geographically comes from the fact that our risk management is clinical. Our strict adherence to

systems ensures that our clients and stakeholders can have their quota of the much-need peaceful

sleep.

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Research on your mobile

Imagine how profitable you can be if critical research calls are available to you on time,

We at ATS deliver trading calls to your mobile through SMS on time, every time.

Personalized service

ATS understand that each of our clients have unique set of trading requirements. We

customize our service package to suit your trading needs.

1.3.5 ORGANIZATION STRUCTURE

Mr. Vikas Jain - Managing Director

Mr. Vikas Jain is Managing Director of Aditya Trading Solutions Private Limited (ATS)

and started the business along with co-promoter, Mr. Sunish C V in 2003. Prior to this, Mr.

Vikas Jain was the part of Asset Liability Management Team of Standard Chartered Bank. IN the

year 2002 he was conferred the Best Performer Award” for his outstanding performance in the

development of Wholesale Banking by Standard Chartered Bank. Earlier, Mr. Vikas Jain worked

as Risk Manager, in Chemoil Corp, which is the largest independent oil bunkering company in

United States of America and was in charge of oil trading positions for various group companies

in Chemoil Corp. Mr. Vikas Jain is part of many social service and charity programs and

channels his contributions through the Rotary club of Madras Downtown. Mr. Vikas Jain is a

post graduate in Business Management and holds Master in Finance from the Institute of

Chartered Financial Analysts of India.

Mr. Sunish C V – Director

Mr. Sunish C V is the Co – Founder and Director of Aditya Trading Solutions Private

Limited (ATS). Sunish C V has a 10-year professional track in the field of investment banking,

where he has had a challenging career across various regions and businesses. Excelling in all

responsibilities handled, he has acquired functional expertise in Risk Management, Retail

Broking, Asset Management and corporate planning. As the Manager of the Risk Mgmt Team in

Chemoil Corp of USA, Sunish C V held a number of leadership roles, particularly in setting up

21

Risk Management Policies and its implementation throughout various trading desks of Chemoil

group across the world. Prior to this, Sunish C V, held various positions in Systematic Corporate.

He was part of the team which lead the company from a one branch broking company to its

present stature of one of the leading brokerage houses in India. Sunish C V is a member of the

Institute of Chartered Financial Analysts of India. He also delivers guest lectures at National

Institute of Technology, Trichy, and ICFAI Business School. Sunish C V graduated in

Electronics and Communication Engineering, a Master of Business Administration from

Regional College of Engineering, Trichy and is a Chartered Financial Analyst. Sunish C V is

affiliated with certain non-profit organizations, including the Rotary Club.

Mr. Suresh Kumar P - Vice President

He is a Post graduate in Business administration (Marketing) from NIT Trichy, and a

Bachelor of Engineering (Mechanical) from HCE Chennai. He had worked with Apex

management consulting P ltd as a business consultant and had advised Murugappa group of

companies, Godrej saralee ltd and Reynolds pens for Business process reengineering, ERP

implementation and productivity improvement.

Divya B - Financial Controller

Miss. Divya B is responsible for Operational development at ATS. She has done M.B.A

(Finance) and associated with ATS since August 2004. She started her career with ATS as

Accounts Assistant, later on appointed as Back Office Manager before assuming the role of

Financial Controller.

Mr. Manoharan - Business Leader

Joined as a Dealer and promoted to Business Leader he has been awarded Best Branch

Manager for 2009. He is the person who gives equal importance to hard work and smart work.

He has over 5 years of industry experience He has a graduate in Corporate Secretary ship and

currently pursuing Master of Business Administration - (Finance).

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Mr. Sultan Charaniya - Cluster Head North

Mr. Sultan is a post graduate in business administration (Banking and Finance) from

Narsee Monjee Institute Of Management Studies, Mumbai. He even has a degree in Certified

Financial Planning and has been guest faculty in much business school. He joined ATS in

October 2009 to expand footprints of company in north starting with Andhra Pradesh and now in

Rajasthan. He had worked with Development Credit Bank Ltd and ICICI Bank Ltd as manager

before joining ATS.

Mr. V Sunil Kumar - Branch Manager

Joined as a Dealer in ATS and was promoted to Branch Manager. He has even worked

with Astron Technologies Pvt Ltd and has over 3 years of industry experience. He is a commerce

graduate

Mr. Lenish K - Risk Manager

An engineer with a graduate degree in Business Administration, he has over 3 years of

experience in risk management.

Mr. Satish Kumar P - Branch Manager – Coimbatore

He has done his post graduation in Business Management (ICFAI) He has worked as

Proof Reader in Deccan. He is in employment with Aditya Trading Solutions Private Limited

(ATS) or the past.

1.3.6 COMPETITORS INFORMATION

MAITRA COMMODITIES (P).LTD:

Maitra Commodities(P).Ltd. is a emerging commodity broking firm.We are trading cum

clearing member of Multi Commodity Exchange of India Limited (MCX).we offer more than 52

future commodities. We are equipped with Professional, knowledgeable and customer

centric team to achieve highest level of customer satisfaction. Our vision is to educate our

clients in and provide opportunities for trading and hedging in futures market.

23

CHAPTER-2

REVIEW OF LITERATURE

Customer satisfaction

The degree to which there is match between the customer's expectations of the product and the actual performance of the product.

The broad definition of services implies that intangibility is a key determinant of whether an offering is a service. While this is true, it is also true that very few products are purely intangible or totally tangible. Instead, services tend to be more intangible than manufactured products, and manufactured products tend to be more tangible than services. For example, the fast-food industry while classified as a service, also has many tangible components such as the food" the packaging, and so on. Automobiles, while classified within the manufacturing sector, also supply many intangibles, such as transportation. Throughout this text, when we refer to services we will be assuming the broad definition of services and acknowledging that there are very few "pure services,, or "pure goods." The issues and approaches we discuss are directed toward those offerings that lie on the right side, the intangible side, of the spectrum.

As suggested earlier, intangibles arc not produced only in the service sector of the economy. Manufacturers such as Boeing Airplane Company and Ford Motor Company also produce products on the right end of the spectrum, both for sale to external consumers and to support internal production processes. For example, Boeing has provided consulting services and demand forecasting services for its airline customers. And within Boeing large departments (such as data processing and legal services) provide

2.1 MEANING OF CUSTOMER SATISFACTION

Customer satisfaction, a business term, is a measure of how products and services supplied by a company meet or surpass customer expectation. It is seen as a key performance indicator within business and is part of the four perspectives 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

24

Measuring customer satisfaction

Organizations are increasingly interested in retaining existing customers while targeting non-customers, measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace.

Customer satisfaction is an 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.

Because satisfaction is basically a psychological state, care should be taken in the effort of quantitative measurement, although a large quantity of research in this area has recently been developed. Work done by Berry, Brodeur between 1990 and 1998 defined ten 'Quality Values' which influence satisfaction behavior, further expanded by Berry in 2002 and known as the ten domains of satisfaction. These ten domains of satisfaction include: Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-departmental Teamwork, Front line Service Behaviors, Commitment to the Customer and Innovation. These factors are emphasized for continuous improvement and organizational change measurement and are most often utilized to develop the architecture for satisfaction measurement as an integrated model. Work done by Parasuraman, Zeithaml and Berry 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, Zeithaml and Berry as two different measures (perception and expectation of performance) into a single measurement of performance according to expectation. According to Garbrand, customer satisfaction equals perception of performance divided by expectation of performance.

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 the performance of the organisation being measured.

Trends in the Service Sector

Although we often hear and read that many modern economies are dominated by services, the United States and other countries did not become service economies overnight. As early as 1929,55 percent of the working population was employed in the service sector in the

25

united States, and approximxely 54 percent of the gross national product was generated by services in 1948. That the trend toward services has continued, until in 1999 services represented 78 percent of the gross domestic product (GDP) and 80 percent of employment. Note also that these data do not include internal services provided within a manufacturing company (such as IBM or Boeing) or services that these manufacturers sell externally.

CUSTOMER EXPECTATIONS OF SERVICE

Customer expectations are beliefs about service delivery that function as standards of reference points against which performance is judged. Because customers compare their perceptions of performance with these reference points when evaluating service quality, thorough knowledge about customer expectations is critical to services marketers. Knowing what the customer expects is the first and possibly most critical step in delivering quality service. Being wrong customers want can mean losing a customer's business when another company hits the target exactly. Being wrong can also mean expending money, time, and other resources on things that don't count to the customer. Being wrong can even mean not surviving in a fiercely competitive market.

Among the aspects of expectations that need to be explored and understood for successful services marketing are the following: What types of expectation standards do customers hold about services? What factors most influence the formation of these expectations? what role do these factors play in changing expectations? How can a service company meet or exceed customer expectations?

FACTORS THAT INFLUENCE CUSTOMER EXPECTATIONS OF SERVICE

Because expectations play such a critical role in customer evaluation of services, marketers need and want to understand the factors that shape them. Marketers would also

like to have control over these factors as well. But many of the forces that influence customer expectations are uncontrollable. In this section of the chapter we try to separate the many influences on customer expectations.

Sources of Desired Service Expectations

The two largest influences on desired service level are personal needs and philosophies about service. Personal needs those states or conditions essential to the physical or psychological well-being of the customer, are pivotal factors that shape what we desire in service. Personal needs can fall into many categories, including physical, social, psychological, and functional. A fan who regularly goes to baseball games right from work, and is therefore thirsty and hungry hopes and desires that the food and drink vendors will pass by his section frequently, where as a fan who regularly has dinner elsewhere has a low or zero level of desired service from the

26

vendors. A customer with high social and dependency needs may have relatively high expectations for a hotel's ancillary services, hoping, for example, that the hotel has a bar with live music and dancing. The effect of personal needs on desired service is illustrated by the different expectations held by two business insurance customer.

What Is Customer Satisfaction?

Everyone knows what satisfaction is, until asked to give a definition' Then, it seems’ nobody knows. This quote from Richard L. Oliver, respected expert and longtime writer and researcher on the topic of customer satisfaction, expresses the challenge of defining this most basic of customer concepts. Building from previous definitions' Oliver offers his own formal definition:

“Satisfaction is the consumer's fulfillment response. It is a judgment that a product or service feature, or the product or service itself, provides a pleasurable level of consumption-related fulfillment.”

In less technical terms, we translate this definition to mean that satisfactorily is the customers' evaluation of a product or service in terms of whether that product or service has met their needs and expectations. Failure to meet needs and expectations is assumed to result in dissatisfaction with the product or service’

In addition to a sense” of fulfillment in the knowledge that one's needs have been met, satisfaction can also be related to other types of feelings, depending on the particular context or type of service. For example, satisfaction can be viewed as contentment-more. of a passive response that consumers may associate with services they don't think a lot about or services that they receive routinely over time' Satisfaction may also be associated with feelings of pleasure for services that make the consumer feel good or are associated with a sense of happiness. For those services that really surprise the consumer in a positive way, satisfaction may mean delight. And in some situations, where the removal of a negative leads to satisfaction, the consumer may associate a sense of relief with satisfaction.

It is also important to recognize that although we tend to measure consumer satisfaction at a particular point in time as if it were static, satisfaction is a dynamic, moving target that may evolve over time, influenced by a variety of factor’s. Particularly when product usage or the service experience takes place over time, satisfaction maybe rightly variable depending on which point in the usage or experience cycle one is focusing on. Similarly, in the case of very new services or a service not previously experienced, customer expectations may be barely forming at the point of initial purchase, these expectations will solidify as the process unfolds and the consumer begins to form his or her perceptions. Through the service cycle the consumer may have a variety of different experiences, some good, some not good-and each will ultimately impact satisfaction.

27

2.2 IMPORTENCE OF CUSTOMER SATISFACTION

Customer satisfaction is influenced by specific product or service features and by perceptions Of quality as suggested by Figure 4.1. Satisfaction is also influenced by customers' emotional responses, their attributions, and their perceptions of equity.

Product and Service Features

Customer satisfaction with a product or service is influenced significantly by the customer's evaluation of product and services features. For a service such as a resort hotel, important features might include the pool area, access to golf facilities, restaurants, room comfort and privacy, helpfulness, and courtesy of staff, room price, and so forth. In conducting satisfaction, studies, most firms will determine through some means (often focus groups) what the important features and attributes are for their service and then measure perceptions of those features as well as overall service satisfaction. Research has shown that customers of services will make trade-offs among different service features (for example, price level versus quality, versus friendliness of personnel versus level of customization), depending on the type of service being evaluated and the criticality of the service.

Consumer Emotions

Customers' emotions can also affect their perceptions of satisfaction -with products and services. These emotions can be stable, preexisting emotions-for example, mood state or life satisfaction. Think of times when you are a very happy stage in your life (such as when you are on vacation), and your good, happy mood and positive frame of mind have influenced how you feel about the services you experience. Alternatively, when you are in a bad mood your negative feelings may carry over into how you respond to services, causing you to overreact or respond negatively to any little problem.

Specific emotions may also be induced by the consumption experience itself, influencing a consumer's satisfaction with the service. Research done in a river-rafting context showed that the river guides had a strong effect on their customers' emotional responses to the trip and that those feelings (both positive and negative) were linked to overall trip satisfaction. positive emotions such has, happiness pleasure, elation, and a sense of warm-heartedness enhanced customers' satisfaction with the rafting trip. In turn, negative emotions such as sadness, sorrow, regret, and anger led to diminished customer satisfaction. Overall, in the rafting context, positive emotions had a stronger effect than negative ones. Similar effects of emotions on satisfaction were found in a Finnish study that looked at consumers' satisfaction with a government labor bureau, service.l6 In that study, negative emotions including anger, depression, guilt, and humiliation had a strong effect on customers, dissatisfaction ratings.

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Attributions for Service Success or Failure

Attributions-the perceived causes of events-influence perceptions of satisfaction as well. When they have been surprised by an outcome (the service is either much better or much worse-than expected), consumers tend to look for the reasons, and their assessments of the reasons can influence their satisfaction' For example, if a customer of a weight-loss organization fails to lose weight as hoped for, she will likely search for the for the causes –was it something she did, was the diet plan ineffective, or did circumstances simply not allow her to follow the diet regimen-before determining her level of satisfaction or dissatisfaction with the weight-loss company. For many services customers take at least partial responsibility for how things turn out.

Even when they don't take responsibility for the outcome, customer satisfaction may be influenced by other kinds of attributions. For example, in research done in a travel agency context it was found that customers were less dissatisfied with a pricing error made by the agent if they felt the reason was outside the agent's control or if they felt it was a rare mistake, unlikely to occur again.

Perceptions of Equity or Fairness

Customer satisfaction is also influenced by perceptions of equity and fairness.2o Customers ask themselves: Have I been treated fairly compared with other customers'? Did other customers get better treatment, better prices, or better quality service? Did I pay a fair price for the service? Was I treated well in exchange for what I paid and the effort I expended? Notions of fairness are central to customers' perceptions of satisfaction with products and services. The example of Sears Auto Centers division illustrates consumers' strong reactions to unfair treatment. Over a decade ago the division was charged with defrauding customers in 44 states by performing unnecessary repairs. Sears employees had been rewarded based on the quantity of repairs sold resulting in substantial unnecessary charges to customers. The $27-million Sears paid settling complaints and the additional loss of business all resulted from extreme dissatisfaction of its customers over the unfair treatment.

Other Consumers, Family Members, and Coworkers

In addition to product and service features and one's own individual feelings and beliefs, consumer satisfaction is often influenced by other people.22 For example, satisfaction with a family vacation trip is a dynamic phenomenon, influenced by the reactions and expressions of individual family members over the duration of the vacation. Later, what family members express in terms of satisfaction or dissatisfaction with the trip will be influenced by stories that are retold among the family and selective memories of the events. Similarly, the satisfaction of the rafters in Figure 4.2 is certainly influenced by individual perceptions, but it is also influenced greatly by the experiences, behavior, and view's of the other rafters. In a business setting, satisfaction with a new service or technology-for example, a new customer relationship management software service-will be influenced by individuals' personal experiences with the

29

software itself, but also by what others say about it in the company, how others use it and feel about it, and how widely it is adopted in the organization.

National Customer Satisfaction Indexes

Because of the importance of customer satisfaction to firms and overall quality of life, many countries how have a national index that measures and tracks customer satisfaction at a macro level.23 Many public policymakers believe that these measures could and should be used as tools for evaluating the health of the nation's economy, along with traditional measures of productivity and price. Customer satisfaction indexes begin to get at the quality of economic output, whereas more traditional economic indicators tend to focus only on quantity. The first such measure was the Swedish Customer Satisfaction Barometer introduced in 1989. Through out the 1990s similar indexes were introduced in Germany (Deutsche Kundenbarometer, or DK, in 1992), the United States (American Customer Satisfaction Index, ACSI, in 1994), and Switzerland (Swiss Index of Customer Satisfaction, SWICS, in 1998).

The American Customer Satisfaction index (ACS...)

The ACSI, developed by researchers at the National Quality Research Center at the University of Michigan, is a measure of quality of goods and services as experienced by consumers. The measure tracks customer perceptions across 200 firms representing all major economic sectors, including government agencies. Within each industry group, major industry segments are included" and within each industry the largest companies in that industry are selected to participate. For each company approximately 250 interviews are conducted with current customers. Each company receives an ACSI score computed from its customers' perceptions of quality, value, satisfaction, expectations, complaints, and future loyalty.

MARKETING:

Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging product and services of value with others.

MARKETING MANAGEMENT:

Marketing m management is the process of planning and executing the conception, pricing, promotion of ideas, goods and services to create exchanges that satisfy individuals and organization goals.

MARKETING MIX:

Marketing mix is the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market. Four factor classifications of these tools are called the four P’s: product, price, place and promotion.

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PRODUCT:

Product is the firm’s tangible offer to the market, which includes the product quality, design, branding and packaging.

PRICE:

Price is the amount of money the customers have to pay to obtain the product

PLACE:

Place makes the product of the company available to target customers.

PROMOTION:

Promotion includes all the activities of the company undertake to communicate and promote its product to the target market. It consists of advertising, sales promotion, public relation etc.

BRAND:

Brand is the name, term, sign, symbol of design or a communication of there intended to identify the goods and services of one seller or group of seller and to differentiate them from those of competitors.

BRAND IMAGE:

It is nothing but the set of benefits to` consumers hold about a particular brand.

ADVERTISING:

Any paid from of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.

MARKET DEMAND:

Market demand for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period marketing environment under a defined marketing program

MARKET POTENTIAL:

The market forecast shows expected demand, not maximum market demand. For the latter, we have to visualize the level of market demand resulting from a very high level of industry marketing expenditure, where further increases in marketing effort would be little effect in stimulating further demand. Market potential is the limit approached by

31

market demand as industry marketing expenditures approach infinity for a given marketing environment.

COMPANY DEMAND:

It is the company’s estimated share of market demand at alternative levels of company marketing effort in a time period. The company’s share of market demand depends on how its products, services, prices, communications, and so on are perceived relative to the competitor

COMPANY SALES FORECAST:

It is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment.

COMPANY SALES POTENTIAL:

Company sales potential is the sales limit approached by company demand as company-marketing effort increases relative to that of competitors.

Marketing executives want to estimate total market potential, area market potential, and total industry sales and market shares.

TOTAL MARKET POTENTIAL

It is the maximum amount of sales that might be available to all the forms in an industry during a given period ‘under a given level of industry marketing effort and environmental conditions.

AREA MARKET POTENTIAL

Companies face the problem of selecting the best territories and allocating their marketing budget optimally among the best territories. Therefore, they need to estimate the market potential of different cities, states and nations.

INDUSTRY SALES AND MARKET SHARES

Besides estimating total potential and area potential, a company needs to know the actual industry sales taking place in its market. This means identifying its competitors and estimating their sales

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CHAPTER-3

RESEARCH METHODOLOGY

3.1 NEED FOR THE STUDY

Every business needs to know about customer satisfaction because

It increases customer repurchase intentions and customer loyalty. It reduces customer churn. It increases customer life time value. It reduces negative word of mouth. and Finally it is easier and cheaper to retain a satisfied customer than acquiring new

customers.

So there is a need to understand the customer satisfaction in ADITYA TRADING SOLUTIONS PVT LTD to have satisfied. Customers to increase the customer loyalty towards ADITYA TRADING SOLUTIONS PVT LTD.

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3.2 SCOPE OFTHE STUDY

The study covers factors of satisfaction towards services provided by ADITYA TRADING SOLUTIONS PVTLTD.

The study covers existing customers only as respondents. The study covers Tirupathi and in around customers of ADITYA TRADING

SOLUTIONS PVT LTD.

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3.3 OBJECTIVES OFTHE STUDY

To study the satisfaction level of customers with respect to service and investment options provided by ADITYA TRADING SOLUTIONS PVTLTD.

To know the present and future expectations of customers of ADITYA TRADING SOLUTIONS PVT LTD.

To suggest suitable measures to improve the customer satisfactions towards ADITYA TRADING SOLUTIONS PVT LTD.

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3.4 METHODOLOGY OF THE STUDY

3.4.1 SOURCE OF DATA

Primary data

Primary data is collected by using a structured questionnaire from ADITYA TRADING SOLUTIONS PVT LTD customers directly from respondents through the telephonic interview.

Secondary data

Information is gathered from the company profile from company website, information broachers and records of ADITYA TRADING SOLUTIONS PVT LTD.

3.4.2 SAMPLING PLAN

Research design

Sampling technique : Convenience sampling

Population size : Existing customers of MAITRA

COMMODITIES PVT LTD (500 members)

Sample size : 100

Sample area : Tirupati

Data collection tool : Questionnaire and telephonic interview

Data analysis tool : Simple percentage.

QUESTIONNAIRE DESIGN

Questionnaire Design is prepared on the basis of the following parameters.

Customers satisfaction Customer Awareness

STATUSTICAL TOOLS: For data analysis statistical tool used are simple percentage.

Percentage = No. of respondents × 100 Total respondents

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3.5 LIMITATIONS OF THE STUDY

The study is confined to existing customers of ADITYA TRADING SOLUTIONS PVT LTD only.

The study is confined to Tirupati in and around area only. Time, money are the major constraints for the study. Quality of information is based on response of customers only.

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CHAPTER-4

DATA ANALYSIS

4.1 EDUCATIONAL QUALIFICATION OF CUSTOMERS

TABLE:4.1

OPTION EDUCATIONAL QUALIFICATION

PERCENTAGE(%)

None 15 15Inter 20 20Graduate 40 40Higher 25 25Total 100 100

CHART:4.1

None Inter Graduate Higher0

5

10

15

20

25

30

35

40

45

15

20

40

25

EDUCATIONAL QUALIFICATION

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,15%of respondents are uneducated, 20% are intermediate,40% of respondents are graduates,25% of respondents are higher graduates.

38

4.2 INCOME LEVELS OF CUSTOMERS

TABLE:4.2

OPTION INCOME LEVELS PERCENTAGE(%) Less than 2 lakhs 45 45Between 2 to 4 lakhs 25 25Between 4 to 8 lakhs 20 20More 8 lakhs 10 10total 100 100

CHART:4.2

Less than 2 lakhs Between 2 to 4 lakhs Between 4 to 8 lakhs More 8 lakhs0

5

10

15

20

25

30

35

40

45

5045

25

20

10

INCOME LEVELS

INTERPRETATION:

From the above data it is inferred that out of 100 respondents, 45% of respondents are having income less than 2 lacks,25% of respondents are between 2 to 4 lacks,20% of respondents are between 4 to 8 lacks,10% of respondents are having more than 8 lacks income per year.

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4.3 EXPERIENCE IN TRADING

TABLE:4.3

OPTION EXPERIENCE INTRADING PERCENTAGE(%)

Less than 1 year 45 451 to 5 years 20 205 to 10 years 25 25More than 10 year 10 10total 100 100

CHART:4.3

Less than 1 year 1 to 5 years 5 to 10 years More than 10 year0

5

10

15

20

25

30

35

40

45

5045

20

25

10

EXPERIENCE IN TRADING

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,45% of respondents are trading from less than 1 year,20% of respondents had trading experience of 1 to 5 years,25% of respondents had trading experience of 5 to 10 years,10% of respondents had trading experience of more than 10 years.

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4.4 AWARENESS ABOUT ONLINE TRADING

TABLE:4.4

OPTION AWARENESS ABOUT ONLINE TRADING

PERCENTAGE(%)

Yes 75 75No 25 25total 100 100

CHART:4.4

Yes No0

10

20

30

40

50

60

70

80 75

25

AWARENESS ABOUT ONLINE TRADING

INTERPRETATION:

From the above data it is inferred that 75% of customers are aware about the online trading,25% customers are not aware about online trading.

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4.5 PREFERENCE TOWARD TRADING OPTION

TABLE:4.5

OPTION TRADING OPTION PERCENTAGE(%)Self trading online 45 45Trade through broker 35 35Others 20 20total 100 100

CHART:4.5

Self trading online Trade through broker Others0

5

10

15

20

25

30

35

40

45

5045

35

20

TRADING OPTION

INTERPRETATION:

From the above data it is inferred that out of 100 respondents, 45% of respondents are preferring self trading option, 35% of respondents prefer trade through brokers,20% of respondents are preferring other trading options.

4.6 FREQUENCY OF TRADING

42

TABLE:4.6

OPTION FREQUENCY OF TRADING

PERCENTAGE(%)

Daily 30 30Weekly 20 20Monthly 15 15Yearly 35 35Total 100 100

CHART:4.6

Daily Weekly Monthly Yearly0

5

10

15

20

25

30

35

40

30

20

15

35

FREQUENCY OF TRADING

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,30% of respondents are trading daily,20% of respondents are trading weekly,15% of respondents are trading monthly,35% of respondents are trading yearly.

4.7 INVESTORS OPINION ABOUT TRADING OPTION

43

TABLE:4.7

OPTION INVESTORS OPINION ABOUT TRADING OPTION

PERCENTAGE(%)

Long term Investment 45 45Call and Put 25 25Intra day 30 30total 100 100

CHART:4.7

Long term Investment Call and Put Intra day0

5

10

15

20

25

30

35

40

45

5045

25

30

INVESTORS OPINION ABOUT TRADING OPTION

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,45% of respondents prefer long term investment,25% of respondents prefer call and put option,30% of respondents preferring investment option intraday.

4.8 REASONS FOR CHOOSING ADITYA TRADING SOLUTIONS

44

TABLE 4.8.

OPTION REASONS FOR CHOOSING ADITYA TRADING SOLUTIONS

PERCENTAGE(%)

Opening charges 20 20Service or commissions 20 20Image in market 35 35Credit worthiness and trust 10 10Friends or relatives suggested me 5 5Employee of aditya trading solutions.

10 10

Total 100 100

CHART:4.8.

Opening c

harges

Servic

e or c

ommissions

Image

in m

arket

Credit w

orthiness

and tru

st

Frien

ds or r

elatives

sugge

sted m

e

Employee

of adity

a trad

ing solutions.

05

10152025303540

20 20

35

105

10

PERCENTAGE(%)

INTERPRETATION:

From the above data it is inferred that the reason for choosing aditya trading solutions are 20% of respondents are choosing because of opening charges,20% of respondents are service or commissions,35% of respondents are image in market,10% of respondents are credit worthiness and trust,5% of respondents are friends or relatives suggested them and10% of respondents are employee of ADITYA TRADING SOLUTIONS approached them.

4.9 INVESTORS SATISFACTION LEVELS TOWARDS BROKERAGE FEES BEING COLLECTED BY ADITYA TRADING SOLUTIONS

45

TABLE:4.9

OPTION INVESTORS SATISFACTION LEVELS

PERCENTAGE(%)

Highly satisfied 20 20Satisfied 40 40Neutral 25 25Dissatisfied 15 15Highly dissatisfied 0 0Total 100 100

CHART:4.9

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

45

20

40

25

15

0

INVESTORS SATISFACTION LEVELS

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,20% of respondents are highly satisfied with brokerage fee,40% of respondents are satisfied with brokerage fee,25% of respondents are neutral with brokerage fee,15% of respondents are dissatisfied with brokerage fee.

4.10 INVESTORS AMOUNT OF INVESTMENT IN ADITYA TRADING SOLUTIONS

TABLE:4.10

46

OPTION INVESTORS AMOUNT OF INVESTMENT

PERCENTAGE(%)

Less than 50,000 20 2051,000- 2,00,000 35 352,01,000-5,00,000 30 30More than 5,00,000 15 15total 100 100

CHART:4.10

Less than 50,000 51,000- 2,00,000 2,01,000-5,00,000 More than 5,00,0000

5

10

15

20

25

30

35

40

20

35

30

15

INVESTORS AMOUNT OF INVESTMENT

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,20% of respondents are investing less than 50,000,35% of respondents are investing 51,000-2,00,000,30% of respondents are investing 2,01,000-5,00,000,15% of respondents are investing more than 5,00,000.

4.11 SATISFACTION LEVELS TOWARDS ADITYA TRADING SOLUTIONS TABLE:4.11

47

OPTION SATISFACTION LEVELS PERCENTAGE(%)Highly satisfied 25 25Satisfied 40 40Neutral 15 15Dissatisfied 15 15Highly dissatisfied 5 5total 100 100

CHART:4.11

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

45

25

40

15 15

5

SATISFACTION LEVELS

INTERPRETATION:

From the above table it is inferred that out of 100 respondents,25% of respondents are highly satisfied,40% of respondents are satisfied,15% of respondents are neutral,15% of respondents are dissatisfied and only 5% of respondents are highly dissatisfied with ADITYA TRADING SOLUTIONS.

4.12 SATISFACTION LEVELS WITH TRADING TIMES OF ADITYA TRADING SOLUTIONS

48

TABLE:4.12

OPTION SATISFACTION LEVELS WITH TRADING TIMES

PERCENTAGE(%)

Highly satisfied 15 15Satisfied 45 45Neutral 18 18Dissatisfied 17 17Highly dissatisfied 10 10total 100 100

CHART:4.12

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

45

50

15

45

18 17

10

SATISFACTION LEVELS WITH TRADING TIMES

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,15% of respondents are highly satisfied,45% of respondents are satisfied,18% of respondents are neutral,17% of respondents are dissatisfied,10% of respondents are highly dissatisfied with trading times of ADITYA TRADING SOLUTIONS.

4.13 SATISFACTION LEVELS WITH GUIDENCE PROVIODED BY ADITYA TRADING SOLUTIONS

49

TABLE:4.13

OPTION SATISFACTION LEVELS WITH GUIDENCE PROVIODED

PERCENTAGE(%)

Highly satisfied 20 20Satisfied 35 35Neutral 20 20Dissatisfied 20 20Highly dissatisfied 5 5Total 100 100

CHART:4.13

INTERPRETATION:

From the above table it is inferred that out of 100 respondents,20% of respondents are

highly satisfied,35% of respondents are satisfied,20% of respondents are neutral,20% of

respondents are dissatisfied,5% of respondents are highly dissatisfied with guidance provided by

ADITYA TRADING SOLUTIONS.

4.14 SATISFACTION LEVELS WITH TRADING TIPS PROVIODED BY ADITYA TRADING SOLUTIONS

50

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

20

35

20 20

5

SATISFACTION LEVELS WITH GUIDENCE PROVIODED

TABLE:4.14

OPTION SATISFACTION LEVELS WITH TRADING TIPS PROVIODED

PERCENTAGE(%)

Highly satisfied 5 5Satisfied 25 25Neutral 30 30Dissatisfied 35 35Highly dissatisfied 5 5Total 100 100

CHART:4.14

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

5

25

30

35

5

SATISFACTION LEVELS WITH TRADING TIPS PROVIODED

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,5% of respondents are

highly satisfied,25% of respondents are satisfied,30% of respondents are neutral,35% of

respondents are dissatisfied,5% of respondents are highly dissatisfied with trading tips provided

by ADITYA TRADING SOLUTIONS.

4.15 SATISFACTION TOWARDS PUTTING ORDERS WITHOUT DELAY

TABLE:4.15

51

OPTION SATISFACTION TOWARDS PUTTING ORDERS WITHOUT DELAY

PERCENTAGE(%)

Highly satisfied 15 15Satisfied 35 35Neutral 30 30Dissatisfied 15 15Highly dissatisfied 5 5

total 100 100

CHART:4.15

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

15

35

30

15

5

SATISFACTION TOWARDS PUTTING ORDERS WITHOUT DELAY

INTERPRETATION:

From the above data it is inferred that out of 100 respondents, 15% of respondents

are highly satisfied,35% of respondents are satisfied,30% of respondents are neutral,15% of

respondents are dissatisfied,5% of respondents are highly dissatisfied towards putting orders

without delay.

4.16 SATISFACTION TOWARDS REGULARITY IN SENDING LEDGERS

TABLE:4.16

52

OPTION SATISFACTION TOWARDS REGULARITY IN SENDING LEDGERS

PERCENTAGE(%)

Highly satisfied 10 10Satisfied 30 30Neutral 35 35Dissatisfied 20 20Highly dissatisfied 5 5total 100 100

CHART:4.16

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

10

30

35

20

5

SATISFACTION TOWARDS REGULARITY IN SENDING LEDGERS

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,10% of respondents are highly satisfied,30% of respondents are satisfied,35% of respondents are neutral,20% of respondents are dissatisfied,5% of respondents are highly dissatisfied with regularity in sending ledgers.

4.17 SATISFACTION LEVELS ABOUT THE FACILITY OF LOAN AGAINST SHARES

TABLE:4.17

53

OPTION SATISFACTION LEVELS ABOUT THE FACILITY OF LOAN AGAINST SHARES

PERCENTAGE(%)

Highly satisfied 15 15Satisfied 20 20Neutral 30 30Dissatisfied 15 15Highly dissatisfied 20 20total 100 100

CHART:4.17

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

15

20

30

15

20

SATISFACTION LEVELS ABOUT THE FACILITY OF LOAN AGAINST SHARES

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,15% of respondents are highly satisfied,20% of respondents are satisfied,30% of respondents are neutral,15% of respondents are dissatisfied,20% of respondents are highly dissatisfied with the facility of loan against shares.

4.18 SATISFACTION WITH CO-OPERATION BY OFFICE STAFF

TABLE:4.18

54

OPTION SATISFACTION WITH CO-OPERATION BY OFFICE STAFF

PERCENTAGE(%)

Highly satisfied 10 10Satisfied 35 35Neutral 30 30Dissatisfied 15 15Highly dissatisfied 10 10total 100 100

CHART:4.18

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

10

35

30

15

10

SATISFACTION WITH CO-OPERATION BY OFFICE STAFF

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,10% of respondents are highly satisfied,35% of respondents are satisfied,30% of respondents are neutral,15% of respondents are dissatisfied,10% of respondents are highly dissatisfied with co-operation by office staff.

4.19 SATISFACTION TOWARDS FACILITY TRADING THROUGH TELEPHONE

TABLE:4.19

55

OPTION SATISFACTION TOWARDS FACILITY TRADING THROUGH TELEPHONE

PERCENTAGE(%)

Highly satisfied 25 25Satisfied 30 30Neutral 30 30Dissatisfied 10 10Highly dissatisfied 5 5total 100 100

CHART:4.19

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

25

30 30

10

5

SATISFACTION TOWARDS FACILITY TRADING THROUGH TELEPHONE

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,25% of respondents are highly satisfied,30% of respondents are satisfied,30% of respondents are neutral,10% of respondents are dissatisfied,5% of respondents are highly dissatisfied with facility of trading through telephone.

4.20 SATISFACTION WITH PAYMENT COLLECTION FACILITY

TABLE:4.20

56

OPTION SATISFACTION WITH PAYMENT COLLECTION FACILITY

PERCENTAGE(%)

Highly satisfied 25 25Satisfied 40 40Neutral 15 15Dissatisfied 17 17Highly dissatisfied 3 3total 100 100

CHART:4.20

Highly satisfied Satisfied Neutral Dissatisfied Highly dissatisfied0

5

10

15

20

25

30

35

40

45

25

40

1517

3

SATISFACTION WITH PAYMENT COLLECTION FACILITY

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,25% of respondents are highly satisfied,40% of respondents are satisfied,15% of respondents are neutral,17% of respondents are dissatisfied,3% of respondents are highly dissatisfied with payment collection facility.

4.21 FACING PROBLEM WHILE TRADING WITH ADITYA TRADING SOLUTIONS

TABLE:4.21

57

OPTION FACING PROBLEM WHILE TRADING

PERCENTAGE(%)

Yes 55 55No 45 45total 100 100

CHART:4.21

Yes No0

10

20

30

40

50

6055

45

FACING PROBLEM WHILE TRADING

INTERPRETATION:

From the above data it is inferred that 55% of respondents are facing problem while trading with ADITYA TRADING SOLUTIONS,45% of respondents are not facing any problem while trading with ADITYA TRADING SOLUTIONS.

4.22 INVESTORS PROBLEMS

TABLE:4.22

58

OPTION INVESTORS PROBLEMS PERCENTAGE(%)Hidden charges 10 10Log in problems 25 25Delay in Order execution 15 15Lack of security 30 30Software speed problem 20 20total 100 100

CHART:4.22

Hidden charges Log in problems Delay in Order execution Lack of security Software speed problem0

5

10

15

20

25

30

35

10

25

15

30

20

INVESTORS PROBLEMS

INTERPRETATION:

From the above data it is inferred that out of 100 respondents, 10% of respondents are facing problem with hidden charges,25% of respondents are facing log in problems,15% of respondents are facing problem with delay in order execution,30% of respondents are facing security problem,20% of respondents are facing problem with software speed.

4.23 INVESTORS EXPECTATION FROM ADITYA TRADING SOLUTIONS

TABLE:4.23

59

OPTION INVESTORS EXPECTATION

PERCENTAGE(%)

Good investment suggestions 20 20Frequent Information about trends in market

15 15

Information about status of trading 30 30Information about status of profit/loss 20 20If other specify____________________

15 15

total 100 100

CHART:4.23

Good inves

tmen

t sugge

stions

Frequen

t Inform

ation ab

out tren

ds in m

arket

Informati

on about st

atus o

f trad

ing

Informati

on about st

atus o

f profit/lo

ss

If other

specify_

______

______

______

_05

101520253035

2015

30

2015

INVESTORS EXPECTATION

INTERPRETATION:

From the above data it is inferred that out of 100 respondents,20% of respondents are expecting good investment suggestions,15% of respondents are expecting frequent information about trends in market,30% of respondents are expecting information about status of trading,20% of respondents are expecting information about status of profit/loss,15% of respondents are expecting other specifications.

CHAPTER-5

FINDINGS & RECOMMENDATIONS

60

5.1 FINDINGS

40% of investors are graduates and 25% of investors are higher graduates.

45% of investors income levels was less than 2 lacks,25% of investors income

level was 2-4 lacks and 20% of investors income level was 4-8 lacks.

75% of investors are aware about online trading and 25% of investors are not

aware about online trading.

45% of investors are having trading experience of less than 1 year and 55% of

investors are having trading experience of 1-10 years.

45% of investors are preferring self trading option,35% of investors are

preferring trade through brokers and 20% of investors preferring other trading

options.

35% of investors are trading yearly,30% of investors are trading daily, and 20%

of investors are trading weekly.

45% of investors are preferring long term investment,30% of investors are

preferring intraday.

35% of investors are choosing because of image in market,20% of investors are

choosing because of opening charges and 20% of investors are choosing because

of service and commissions.

60% of investors are satisfied with brokerage fees and only 25% of investors are

neutral with brokerage.

55% of investors satisfied with guidance provided by ADITYA TRADING

SOLUTIONS and 20% of investors are neutral guidance provided by ADITYA

TRADING SOLUTIONS.

61

40% of investors dissatisfied with trading tips provided by ADITYA TRADING

SOLUTIONS and 30% of investors are neutral with trading tips provided by

ADITYA TRADING SOLUTIONS.

45% of investors are satisfied with co-operation by office staff and 30% of

investors are neutral with co-operation by office staff.

65% of investors are satisfied with payment collection facility and 15% of

investors are neutral with payment collection facility.

55% of investors are facing problem while trading with ADITYA TRADING

SOLUTIONS.

30% of investors are facing security problem, 25% of investors are facing login

problems with software speed.

5.2 SUGGESTIONS

It is suggested to the company to reduce the brokerage fees as the investors are dissatisfied towards the fees collected by ADITYA TRADING SOLUTIONS.

62

The company has to specify the trading timings.

The company should give proper guidance for the investors as most of them are not having awareness about trading.

It is suggested to the company to put orders with out delay and maintain regularity in sending ledgers.

The company has to train the staff regularity in assisting the investors.

The company has to take certain steps in providing the facility of loans against shares.

The company has to improve the option of trading through telephone.

The investors are expecting more information regarding market trends, trade status. Therefore the company has to maintain proper communication with investors.

5.3 CONCLUSION

63

Company is basically intended for performing innovation for better production and up gradation. The quality measures try to take satisfactory levels of trading with regard to customer’s needs and wants. Company should concentrate on providing more opportunities to trading people.

ANNEXURE

64

QUESTIONNAIRE

A STUDY ON CUSTOMER SATISFACTION TOWARDS

ADITYA TRADING SOLUTIONS PVT.LTD IN TIRUPATHI

Respondent Name: _________________________________

Address: _________________________________________

Contact: __________________________________________

Age: a) 20 – 30 b) 31 – 40 c) 41 – 50 d) 50 above

1) What is your educational qualification?

a) None b) Inter

c) Graduate d) Higher

2) What is your annual income?

a) Less than 2 lakhs b) Between 2 to 4 lakhs

c) Between 4 to 8 lakhs d) More than 8 lakhs

3) How long you have been in trading?

a) Less than 1 year b) 1 to 5 years

c) 5 to 10 years d) More than 10 years

4) Did you know about online trading?

a) Yes b) No

5) What is your preferred trading option?

a) Self trading online b) Trade through broker

c) Others

6) What is your frequency of trading?

a) Daily b) Weekly

65

c) Monthly d) Yearly

7) Which of the following ways in which you do trading?

a) Long term investment b) Call and put

c) Intra Day

8) Why did you choose ADITYA TRADING SOLUTIONS?

a) Opening charges b) Service or commissions

c) Image in market d) Credit worthiness and trust

e) Friends or relatives suggested me

f) Employee of ADITYA TRADING SOLUTIONS approached me

9) What is your present amount of investment in ADITYA TRADING SOLUTIONS?

a) Less than 50, 000 b) 51,000 - 2, 00, 000

c) 2, 01, 000 - 5, 00, 000 d) More than 5, 00, 00010) Are you satisfied with brokerage fees being collected by ADITYA TRADING SOLUTIONS?

a) Highly satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) High dissatisfied

11) Are you satisfied with ADITYA TRADING SOLUTIONS?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

12) Are you satisfied with the trading time of ADITYA TRADING SOLUTIONS?

a) Highly Satisfied b) Satisfied

66

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

13) Are you satisfied with guidance provided by ADITYA TRADING SOLUTIONS’s employee?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

14) Are you satisfied with trading tips provided by ADITYA TRADING SOLUTIONS‘s Analysts?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

15) Are you satisfied with putting orders without delay?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

16) Are you satisfied with regularity in sending Ledgers?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

17) Are you satisfied with the facility of loan against shares?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

18) Are you satisfied with co-operation by office staff?

a) Highly Satisfied b) Satisfied

67

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

19) Are you satisfied with facility of trading through Telephone?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

20) Are you satisfied with payment collection facility?

a) Highly Satisfied b) Satisfied

c) Neutral d) Dissatisfied

e) Highly Dissatisfied

21) Did you face any problem while trading with ADITYA TRADING SOLUTIONS?

a) Yes b) No

22) If yes, what problem did you face?

a) Hidden charges b) Log in problem

c) Delay in Order execution d) Lack of security

e) Software speed problem

23) What is your expectation from ADITYA TRADING SOLUTIONS?

a) Good investment Suggestions b) Frequent Information about trends in market

c) Information about status of Trading d) Information about status of Profit/Loss

e) If other Specify _________________________

Thank you for your kind Response

6.2 BIBLOGRAPHY

68

Marketing management Philip kotler

Marketing management V.S. Ramaswamy &Namakumari 1998

Research methodology C.R. Kothari

Websites:

http://google.com

http://ADITYA TRADING SOLUTIONS pvt ltd.com

http://wikipedia.com

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