Background of the study The trade atmosphere today is changing more rapidly than ever before. It is characterized by Increasing competition from both domestic and foreign companies, a brandish of mergers and acquisitions, and more sophisticated and demanding customers who have great expectations related to their consumption experiences. Since services are Intangible, heterogeneous, and Inseparable, It is difficult to measure service quality objectively. So the companies have focus to so many different aspects in order to make sure their sales.
This report deals with meeting up he new challenges that LUG Is facing to manage the selling environment. LUG has stared so many projects to get a better position in the market. The objective of the study is to see customer satisfaction about marketing mix of LUG soap. 1. 2 Significance This report is a requirement of the program for MBA program. We have tried our level best to make it as an excellent one. We used all the latest data and information. The report can help as the Indicator of the level of satisfaction of the customers of the LUG soap and its marketing mix.
It provides the true practice taking place in the racketing industry, which plays an important role for every student to meet the extreme challenges of the Job market. It helps us In gathering knowledge on the modern practices of the marketing programs of LUG and its way to serve its customers. Its data comparison is based on the published information and further analysis. 1. 3 Scope of the study It Illustrates a study on customer satisfaction about the marketing mix of LUG soap.
Milliner Bangladesh undertakes huge promotional activities to promote LUG which has topped the beauty soap industry of Bangladesh. It spends almost 20% to 25% of its Net Proceeds from Sales (NAP) of LUG for promotional activities for LUG. It’s certain annual promotional campaigns like LUG Channel I Superstar and LUG Channel I Annual Cinema Awards has made the product a part of the glamour world. Since the asses, over 400 of the world’s most stunning and sensuous women have been proudly associated with LUG advertisements. They do not only promote LUG in and the company proved that, by including world famous male celebrity Shrunk
Khan for their advertising campaign. Milliner Bangladesh Ltd spends a huge amount of money for promoting LUG through TV commercials, newspaper advertisements and billboards. 3. Theoretical Aspect 3. 1 Customer satisfaction: Customer satisfaction is a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as “the number of customers or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals”.
In a survey of nearly 200 senior marketing managers, 71 percent responded that they found a customer satisfaction metric very useful in managing and monitoring their businesses. The importance of measuring customer satisfaction is discussed below: * It is seen as a key performance indicator within business and is often part of a Balanced Scorecard. In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy. * Within organizations, customer satisfaction ratings can have powerful effects.
They focus employees on the importance of fulfilling customers’ expectations. Furthermore, when these ratings dip, they warn of problems that can affect sales and profitability. These metrics quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-mouth marketing, which is both free and highly effective. Therefore, it is essential for businesses to effectively manage customer satisfaction. To be able do this, firms need reliable and representative measures of satisfaction. * In researching satisfaction, firms generally ask customers whether their product or service has met or exceeded expectations.
Thus, expectations are a key factor behind satisfaction. When customers have high expectations and the reality falls short, they will be disappointed and will likely rate their experience as less than satisfying. For this reason, a luxury resort, for example, might receive a lower satisfaction rating than a budget motel;even though its facilities and service would be deemed superior in ‘absolute’ terms. * Customer satisfaction provides a leading indicator of consumer purchase intentions and loyalty. Customer satisfaction data are among the most frequently collected indicators of market perceptions.
Within organizations, the collection, analysis and dissemination of these data send a message about the importance of tending to customers and ensuring that they have a positive experience with the company’s goods and services. * Although sales or market share can indicate how well a firm is performing currently, satisfaction is perhaps the best indicator of how likely it is that the firm’s customers will make further purchases in the future. Much retention. Different processes to measure Customer satisfaction are given below: 1 . Theoretical Ground: In literature antecedents of satisfaction are studied from different aspects.
The considerations extend from psychological to physical and from normative to positive aspects. However, in most of the cases the consideration is focused on two basic constructs as customers’ expectations prior to purchase or use of a product and his relative perception of the performance of that product after using it. Expectations of a customer on a product tell us his anticipated performance for that product. As it is suggested in the literature consumers may have various “types” of expectations when forming opinions about a product’s anticipated performance. 2. The Discrimination Model:
The Discrimination Model is based on the comparison of customers’ expectations and their perceived performance ratings. Specifically, an individual’s expectations are confirmed when a product performs as expected. It is negatively confirmed when a product performs more poorly than expected. The discrimination is positive when a product performs over the expectations. There are four constructs to describe the traditional discrimination paradigm mentioned as expectations, performance, discrimination and satisfaction. The usual measures of customer satisfaction involve a survey with a set of statements using a Liker Technique or scale.
The customer is asked to evaluate each statement and in term of their perception and expectation of performance of the organization being measured. Their satisfaction is generally measured on a five-point scale. Customer satisfaction data can also be collected on a 10-point scale. Regardless of the scale used, the objective is to measure customers’ perceived satisfaction with their experience of a firm’s offerings. Good quality measures need to have high satisfaction loadings, good reliability, and low error variances. 3. 2 Marketing mix: The marketing mix is a business tool used in marketing and by marketing refashions.
The marketing mix is often crucial when determining a product or brand’s offering, and is often synonymous with the four AS: price, product, promotion, and place; in service marketing, however, the four As have been expanded to the Seven As or eight As to address the different nature of services. In recent times, the concept of four CSS has been introduced as a more customer-driven replacement of four As. And there are two four CSS theories today. One is Alternator’s four CSS (consumer, cost, communication, convenience), another is Summit’s four CSS (commodity, cost, communication, channel).
