Professional Documents
Culture Documents
Marketing Project
Marketing Project
PROJECT REPORT
ON
A Study on Customer Satisfaction towards Services Provided by
HIH Realty
FOR
Home India Home Pvt Ltd
MASTER OF MANAGEMENT STUDIES (MMS)
UNIVERSITY OF MUMBAI
SUBMITTED TO
MARATHA MANDIRS
BABASAHEB GAWDE INSTITUTE OF
MANAGEMENT STUDIES
MUMBAI CENTRAL
DECLARATION
Signature
ACKNOWLEDGEMENT
I would like to express my gratitude and sincere thanks to Mr.Tushar Manik ,
Co-Founder and Chief Marketing Officer of HIH Realty Pvt.Ltd, for giving me
this opportunity and for instilling confidence in me to carry out this study and
extending valuable guidance and encouragement from time to time, without
which it would not have been possible to undertake and complete this
project.
I also wish to extend my appreciation to others who have contributed towards
this project through their feedback and comments to complete the findings
and report.
I would also like to thank Mr. Sunil Karve, Director, Maratha Mandirs
Babasaheb Gawde Institute of Management Studies, for his continuous
support, encouragement and support.
I would also like to thank my parents and others, who have stood by me
whenever needed, and without whose support this task would not have been
accomplished.
CONTENTS
EXECUTIVE SUMMARY ... 5
INTRODUCTION .... 6
Research Design... 43
Sample Size ... 44
Data collection ..... 45
Statistical Tool...... 46
EXECUTIVE SUMMARY
The aim of the study is to understand the level of customer satisfaction towards the
services provided by Home India Home Realty Pvt. Ltd. This study will help us to get a
better picture as to what customers perceive about companies services and their
awareness about the same.
The project incorporates taking feedback from already booked customers to know their
satisfaction level towards services provided by company.
The sample was decided based on simple random sampling method. The responses were
recorded by conducting a survey with the help of a questionnaire. The questionnaire has
been designed in such a way so as to bring out the most accurate data, which will enable
the study to get the closest vicinity of its objectives. The data collected from the survey
has been appropriately analyzed and has been interpreted in a meaningful way to offer
some suggestions and recommendations on improving performance.
INTRODUCTION
INDIAS REAL ESTATE SECTOR
Overview
While India continues to be one of the fastest growing economies, this pace of growth is
unlikely to sustain unless it is supported by an equally robust development of its
infrastructure. Key requirements in order to achieve a GDP growth rate exceeding 8-9%
include roads, power, ports as well as urban infrastructure. The last couple of budgets
have taken steps in the right direction for growth of the sector. An allocation of Rs. 200
billion towards infrastructure projects under the 2011 budget is an attempt to achieve the
Governments target for growth of Infrastructure under the Eleventh Plan.
India will have around 27 to 30 million shortages of housing units by 2013 and for this;
huge amount is required to carry on the development. Slowdown in the global economy
along with consistent increase in policy rates by the Reserve Bank of India (RBI) finally
seems to be impacting the domestic economy with the GDP growth cooling down since
past few quarters.
The GDP growth recorded during first quarter of financial year 2012 has slowed down to
7.7percent as against 9.3 per cent during first quarter of financial year 2011.Even the
projected GDP growth for financial year 2012 has been revised downward to 7.9 per cent
from 8.2 percent by the RBI.
The real estate sector in India is being recognized as an infrastructure service that is
driving the economic growth engine of the country. In fact, Foreign Direct Investment
(FDI) in the sector is expected to increase to US$ 25 billion in the next 10 years, from
present US$ 4 billion. The country's urban population will soar to 590 million by 2030,
from 340 million in 2008.India's cities could generate 70 percent of the net new jobs
created by 2030, produce more than70 percent of the country's Gross Domestic Product
(GDP), and stimulate a near four-fold increase in per capita income. It also says that India
needs to invest US$ 1.2 trillion over next 20years to modernize urban infrastructure and
keep pace with the growing urbanization.
Non-resident Indians and foreign citizens who are Persons of Indian Origin (PIO) are
allowed to purchase immoveable property in India. Residential property prices have
stabilized now and are deemed attractive for the NRI home buyer. Industry experts feel
that with attractive pricing and innovation in construction technology and variety of
designs, NRIs are taking a fresh look at India as a unique market in which they can
invest.
Introduction
Real Estate business was one of the key drivers of growth before we witnessed the
present economic slowdown. Now, with companies trying to consolidate their positions
and finding effective means of sustaining growth, the management of real estate has
emerged as one of the key challenges for the corporate sector. The largest occupier of
office space in the country has been the Information Technology/ Information Technology
enabled Services (IT/ ITeS) segment, which primarily serves the US and European
markets. The economic slowdown in these markets have resulted in increasing pressures
on the margins of companies operating out of India, which in turn has led to the
companies looking to cut costs through reducing expenditure on the real estate segment.
The real estate sector in India assumed greater prominence with the liberalization of the
economy, as the consequent increase in business opportunities and labour migration led
to rising demand for commercial and housing space. At present, the real estate and
construction sectors are playing a crucial role in the overall development of Indias core
infrastructure. The real estate industrys growth is linked to developments in the retail,
hospitality and entertainment (hotels, resorts, cinema theatres) industries, economic
services (hospitals, schools) and information technology (IT)-enabled services (like call
centers) etc and vice versa.
The Indian real estate sector has traditionally been dominated by a number of small
regional players with relatively low levels of expertise and/or financial resources.
Historically, the sector has not benefited from institutional capital; instead, it has
traditionally tapped high net-worth individuals and other informal sources of financing,
which has led to low levels of transparency.
This scenario underwent a change with in line with the sectors growth, and as of today,
the real estate industrys dynamics reflect consumers expectations of higher quality with
Indias increasing integration with the global economy.
Housing ranks fourth in terms of the multiplier effect on the economy and third amongst
14 major industries in terms of total linkage effect according to Economic Survey 201112.Demand for real estate is expected to grow at a compound annual growth rate (CAGR)
of 19percent between 2010 and 2014 Tier 1 metropolitan cities are projected to account
for about 40percent of this. Growing requirements of space from sectors such as
education, healthcare and tourism provide opportunities in the real estate sector. With
institutional credit for housing investment growing at a CAGR of about 18 to 20 per cent
per annum in the next three-five years, the housing sectors contribution to GDP is likely
to increase to 6 per cent. While India is among the top countries in terms of housing and
work space needs, it ranks 181st in construction permission processes according to the
World Banks Doing Business 2012 report.
Market Segment
In recent years, the Industry has evolved from a highly fragmented and unorganized
Market into a Semi-organized Market. The sector can be divided into residential,
commercial, retail and hospitality asset classes.
1. Commercial Sector
The commercial office space in India has evolved significantly in the past 10 years due to
change in business environment. The growth of commercial real estate has been driven
largely by service sectors, especially IT-ITeS. However, with the emergence of IT-ITeS,
which had huge office space requirement, commercial development started moving
towards city suburbs. It resulted in multifold development of city outskirts and suburbs
like Gurgaon near New Delhi, Bandra and Malad in Mumbai, and the Electronic city in
Bangaluru. In addition, over the last 10years, locations such as Bengaluru, Gurgaon,
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prices following the global recovery post the dot com bust and 9/11 terrorist attacks in
New York. At the same time, there was steady growth in Indian economic activity,
noteworthy recovery in IT/ITES industry, growing urbanization and a rising trend
towards nuclear families.
Phase II (2006-2008) was a high growth phase where high demand for residential real
estate led to doubling of housing prices. Demand rapidly increased due to Indias growing
population, accentuated urbanization, rising disposable incomes, rapidly growing middle
class and youth population, low interest rates, fiscal incentives on interest and principal
payment for housing loans and heightened customer expectations.
Phase III (2009-2010) witnessed substantial slowdown and part recovery in demand
because of the global economic downturn, which led to a decline in affordability and tight
liquidity. The retreat of various real estate investors, accompanied by slowdown in the
capital markets, has resulted in over supply and falling prices.
Phase IV (2011-2014) is expected to remain a consolidation phase after slowdown.
Demand is expected to remain strong with capital values witnessing modest rise. This
period is expected to witness substantial supply of housing especially in urban areas. In
spite of the stupendous growth witnessed in the past 10 years, substantial housing
shortage is still prevalent in India. The housing shortage in India is estimated at
78.7million units at the end of Phase II. The overall housing shortage in India is likely to
decline to 75.5 million units by the end of Phase IV.
However, housing shortage in urban areas will continue to rise owing to migration
towards urban areas and increasing trend of nuclear families. Housing shortage in urban
areas is estimated at 19.3 million units at the end of 2008, up from 15.1 million units at
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the start of 2005. Housing shortage in urban areas is likely to touch a walloping 21.7
million units by the end of 2014.
Rural areas, on the other hand, will witness a reduction in housing shortage due to
migration and conversion of kutcha houses into pucca houses. The governments
continuous focus on improving the housing situation, especially for population below
poverty line, under schemes like Indira AwaasYojna, Rajeev Gandhi Aawaas Yojna, Two
Million Housing Programmers, is expected to reduce housing shortage in rural areas.
Rural housing shortage is expected to decline to 53.8 million units by 2013-14 from 59.4
million units at the end of 2008.
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the prime cities as well as select Tier II and Tier III cities. FDI in multi brand real estate,
when finally permitted, is expected to catalyze a lot of demand from international
retailers. That said, international luxury brands will restrict their growth plans to Mumbai,
Delhi and Bangalore.
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POLICY INITIATIVES
Investment Policy
The Government has proposed one per cent TDS (tax deduction at source) on transfer of
immovable property if the sale value exceeds Rs 50 lakh in urban centers and Rs 20 lakh
in other areas in the Union Budget 2012-13.
The Reserve Bank of India (RBI) has granted permission to foreign citizens of Indian
origin to purchase property in India for residential or commercial purposes. The purchase
consideration should be met either out of inward remittances in foreign exchange through
normal banking channels or out of funds from NRE/FCNR accounts maintained with a
bank in India. According to the latest reforms, FDI up to 100 per cent under the automatic
route in townships, housing, built-up infrastructure and construction-development
projects (which would include, but not be restricted to, housing, commercial premises,
hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional
level infrastructure) is allowed subject to the following guidelines (also for investment by
NRIs)The project shall conform to the norms and standards, including land use
requirements and provision of community amenities and common facilities, as laid down
in the applicable building control regulations, bye-laws, rules, and other regulations of
the State Government/Municipal/ Local Body concerned.
The investor/ investee company shall be responsible for obtaining all necessary
approvals, including those of the building/layout plans, developing internal and
peripheral areas and other infrastructure facilities, payment of development, external
development and other charges and complying with all other requirements as prescribed
under applicable rules/ bye-laws/regulations of the State Government/ Municipal/ Local
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Body concerned.
The State Government/ Municipal/ Local Body concerned, which approves the
building/development plans, would monitor compliance of the above conditions by the
developer.
Investment Opportunities
Real estate emerged as the popular sector for private equity (PE) funds, which witnessed
investments worth US$ 1,700 million in the sector during 2011. PE in real estate projects
will fetch considerable returns by next year-end or early 2013. Limited partners (who
write cheque for funds) expect 15-25% returns from real estate deals. Foreign investors
are optimistic about India. All they want is prompt action and friendly policies.
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COMPANY PROFILE
ABOUT COMPANY
Home India Home Realty Pvt.Ltd is an organization offering the customers in the
residential real estate sector a true value for their money. This company assists them in
making an informed decision by bringing forth an array of suitable choices to their
disposal by partnering with the best-in-class developers. Company gives them the best
offers and much more at No service charge.
Established in 2009, HIH Realty Private Limited has grown from an employee base of 2
to 40 employees currently. This company is a growing organization committed to deliver
excellence in all their endeavours.
Home India Home is the brainchild of two young, vibrant and budding entrepreneurs
from the Computer Engineering Stream of Watumull College. It was started off to
revolutionize the Real Estate Advisory Business and to organize the currently
unorganized Real Estate Sector in India by bringing in a more professional and
innovative approach coupled with the right technological backing. Being run by a team of
young and dynamic people, everyone is ambitious and charged to make
HomeIndiaHome.com larger than imagined.
The Founders scout for talents in the organization through continuous performance
assessment tools and qualitative metrics. The selected employee has the option of getting
personal mentorship from the founders under the V-NurTure Program.
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COMPANIES VISION
Company seeks to become a world class, professional real estate organization that bridges
perfect transactions between the developers and the consumers.
By 2015, company aspires to complete 25,000 delightful transactions.
COMPANIES MISSION
To bring delight to every stakeholder and build lifelong relationships with:
Employees:
To provide a nurturing workplace and opportunities for developing to their full potential.
Developers:
To provide the support of our talented workforce to enable the best-in-class to reach their
desired customers.
Customers:
To provide an assuring hand at every juncture and to assist them in making an informed
choice.
Investors:
To build a growing, sustainable and profitable enterprise through concerted and focused
efforts.
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COMPANIES VALUES
People first:
Company values their employees who in turn treat their customers like their own family
members. Company puts their people first, nurture them and assist them in giving the
customers the best service.
Integrity:
Company delivers all their services with utmost integrity and transparency. All their
dealings bear the seal of trust and the promise of a brand name promoted via word-of
mouth by their own customers.
Commitment:
Company values commitment as the way of life in their organization. Company is
committed to deliver their customers unparalleled service standards in the industry.
Leadership:
Company cultivate ethos that promote leadership qualities in our team. Employees are
encouraged to share their views and opinions on matters concerning them and our
organization.
Excellence:
Company strives for excellence in all the services that they offer to their customers.
Excellence in the organization is manifested by the continuous improvement through
focus on training and nurturing talents.
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Innovation:
Company promotes innovation by encouraging flow of ideas and exchange of thoughts in
an interactive milieu aimed towards self-development of the individuals in the
organization.
Companys portal HomeIndiaHome.com makes property search very easy for their
customers.
CULTURE AT HOMEINDIAHOME
Company has a team of dynamic people; so they are very rich with new ideas, young
Blood, Enthusiastic work approach.
HIH believes in Mutual and inclusive growth with all our stake-holders.
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Strong believers and followers of our values and a famous quote All work and no
play make Jack a Dull Boy.
Taking the customers to the actual sites; thus maintaining relations with customers
and maintaining integrity.
Closing the deal and making final negotiations with the customer.
Receiving leads from the marketing department and making follow-up calls to the
prospective customers.
Pitching for various residential projects and negotiating site visit details.
Taking clients for on-site visits, explaining project details and showing sample
flats.
Tracking & reporting of all pending and closed business operations in assigned
database.
Taking a note of the personal details of the customer, his/her financing options,
purpose of investment, etc and advising the customer accordingly.
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Lodha Group
Established in 1980, the Lodha Group is Mumbai's premier real estate developer. The
Group is currently developing in excess of 35 million sq.ft of prime real estate, with
over 30 projects in and around Mumbai, from Nepean Sea Road to Dombivali. The
Group has further extended its promise of luxury living with successful projects in
Hyderabad and Pune.
The Lodha Group has several landmark developments to its credit, including World One the world's tallest residential tower, Lodha Bellissimo - the only Indian residential
development to feature amongst the top 1000 landscapes in the world, and Palava
India's most livable city, spread over 4000 acres and located close to the upcoming Navi
Mumbai international airport.
The Group has also made history by recording the biggest land deal in India till date,
buying a plot in Wadala for Rs.4,053 crore, from the Mumbai Metropolitan Region
Development Authority (MMRDA).
Pioneering new trends in the market, the Group introduced CASA by Lodha, offering the
mid-income consumer luxury homes within easy reach. The Group also introduced the
concept of branded office spaces, with offerings at every level, from world-class
corporate offices to large-scale office campuses to signature boutique offices for growing
businesses.
The Group's tremendous success has been marked by financial investments from the
finest global investors, including JP Morgan, Deutsche Bank, HDFC Ventures and ICICI
Ventures and State Bank of India.
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The Group currently employs over 3100 associates and provides site-based employment
to over 25,000 workers. And going beyond its role as a premier real estate developer, the
Lodha Group has been a socially responsible corporate, focusing on education as the best
medium to enrich society.
Hiranandani Developers
Hiranandani has continually pioneered newer technologies, bold design and precision
engineering to create landmark residential townships and commercial complexes.
Propelled by the drive to change expectations and the lifestyle of people thus changing
the skyline of the city, Hiranandani has ushered in an era marked by higher standards of
living and global lifestyles.
With its far sightedness to spot the shifting societal trends, Hiranandani is today a leading
real estate group in its flagship business of construction with a pan India as well as
international presence.
The Group is known for its projects of Hiranandani Gardens, Powai, Hiranandani
Meadows, Thane, Hiranandani Estate, Thane, Hiranandani Business Park Powai &
Thane.
Puraniks Group
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property and has won over 4,000 families who happily reside in homes built by us. And
these numbers continue to grow each day.
Currently, Puranik Builders owns a land bank of 300 plus acres and is progressively
expanding its area of business into wider territories across India. Our ventures include
ongoing and upcoming residential properties in prime areas of Mulund, Thane,
Dombivali, Neral, Pune, Nashik, Kalyan and Lonavala. Our future endeavors comprise of
a range of realty projects, namely residential, commercial, retail, IT Parks and row
houses.
Over the last 30 years, Happy Home Group has delivered more than 15 lakh square feet
of residential and commercial projects, redefining lives and enriching lifestyles of the
people. Its portfolio of ongoing projects spreads over one million square feet, with 500
saleable units available in premium, up-market locations of Bandra, Dadar-Matunga and
Mulund. Being the pioneers of property redevelopment and experts in open land
development projects, the Group has laid a solid foundation for setting new milestones in
the real estate redevelopment sector in Mumbai.
Happy Home Group has carved for themselves, a niche in the real estate redevelopment
projects. The Group has earned the trust and confidence land owners, societies and flat
purchasers by their excellent track record in executed prestigious residential and
commercial landmarks which adorn the skyline of Mumbai and its suburbs.
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Progressive Group
Since its inception Progressive Group it has steadily built itself on the trust that its
customers have placed in it. The successful and timely completion of past projects has
further strengthened this trust. Over the past years, Progressive Group has achieved
success and growth by creating an environment of integrity and fair practices. Our work
is at par with international standards and has fetched us a number of national awards for
quality and timely completion. Our buildings occupy prime locations, which are easily
accessible by road and rail. They are also well connected to educational institutes,
hospitals and shopping centers. Progressive Group is also the first builder in Navi
Mumbai to be selected by HDFC to be promoted in India and abroad. We believe that a
company gets its edge over competition by the services that it has to offer. All our
projects are price competent and free from price escalation. We have also tied up with
several financial companies to offer our customers housing loans, which are easy to
repay. We believe in bringing to our customers not houses but homes.
Galaxy Group
The Galaxy Group is catering to the ever increasing need for quality housing and
commercial properties since 1995. What started out as a startup with just a few
employees has since grown into a group that now employees 100+ people and offers a
portfolio of residential and commercial properties from Rs.10 lacs to Rs. 1.5 crores and
beyond. Developed 26 residential/commercial construction projects consisting of 2639
units covering approximate land area of 6.00 lakh sq.mts. The group has completed 15
residential/commercial projects consisting of 1256 units and 11 residential/commercial
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projects consisting of 1383 units in various stages of implementations. The group has
contributed to Government projects like 76 km Sardar Patel Ring Road around
Ahmadabad (Developed by Urban Development Authority) Project cost of Rs.25 crore)
and the prestigious Sujulam Sufalam irrigation project of Government of Gujarat.
Experience in construction of public roads as Government Contractor registered in A
Class, one of the highest classes.
Ever since its inception in 1994, Sai Developers has believed that success & opportunity
come through the people it serves. We have constantly & relentlessly focused on creating
a more fulfilling experience for our customers. Today our efforts bear fruit & our name
rhymes with commitment to quality, reliability, integrity & excellence in architecture.
Sai Developers believes in delivering best-in-class projects that cater to our customer's
requirements in terms of quality, space utilization, location, safety & timely completion 97% of the projects are completed on or before time. Today, Sai Developers is highly
regarded for our transparency, commitment, integrity & honesty, marking standard for
quality and flawless execution of projects.
Juhi Developers
Juhi Developers provides the most loyal and dedicated service in the Real Estate Industry.
Clients satisfaction is our foremost concern and we implement this dedication towards
building a long term client relationship. We are a team of committed professionals. Our
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CUSTOMER SATISFACTION
Why Organizations Focus on Customer Satisfaction
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This also works the other way around, if a customer leaves unhappy, he will not hesitate
to voice his negative opinion and this might scare off possible future customers.
Sometimes however it can be enough to keep customers within the zone of tolerance.
The zone of tolerance means that the customer gets good enough service to be fairly
satisfied. The zone of tolerance lies between what kind of service the customer actually
wants and what he is willing to accept. When a customer is within the zone of tolerance
he rarely goes out deliberately searching for a new service provider. However, if a
customer like this stumbles upon a better offer, he might not be so faithful.
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that you can get from e.g. libraries or the government. A company can also have
secondary data themselves if they have kept some information about their customers or
they have made some previous studies. Primary data is a lot more time-consuming as it
is done by collecting new information about a certain field through e.g. conducting
interviews, making people fill out questionnaires or through making observations. To best
measure customer satisfaction it is good to have both secondary and primary data. When
collecting primary data there are two different techniques that can be used.
Primary data can be collected by either doing qualitative or quantitative research.
When doing qualitative research you do not study a large number of customers, instead
you concentrate on getting as much information as possible from a smaller 16number of
customers. In-depth interviews face to face or by telephone can be used for qualitative
research. It is good to have some kind of a structure of what to ask the customer, but here
you also have the chance to react to the answers and ask the customer to elaborate on his
comments, leading into more insight.
When quantitative research is being carried out it is good to follow at least 50people in
order to get a reliable and realistic result. This kind of research is usually done with the
help of a questionnaire that can be left to fill out at a restaurant for example, it can be
mailed or e-mailed to customers, you can phone customers and interview them or you can
walk up to people asking them the questions and ticking their answers.
Designing a questionnaire
When designing a questionnaire there are many things to keep in mind. If a questionnaire
is too long, too complicated or too boring, the customer might just fill it out without even
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thinking to get it over and done with. If a question is too long and complicated it might be
misunderstood and therefore answered incorrectly. The questions should be easy to
follow and in a logical order. A questionnaire should always start with the simplest
questions for an easy start.
Some questions might also be a bit sensitive for some people and extra-attention should
be paid to the forming of these questions so that the respondent does not feel the need to
lie just to avoid feeling embarrassed. A poorly done questionnaire can end up just giving
wrong information instead of helping the company.
A questionnaire should not be too long, but sometimes asking two or three questions
instead of one is better. This is in the case of a complicated or ambiguous question.
Confusing the respondents should be avoided as much as possible. A questionnaire
should also be done in a way that it does not lead the respondents to give a certain
answer. Routing, meaning that depending on an answer you move on to another segment,
should be used carefully in 17questionnaires as they can easily be confusing.
Questions can either be open or closed and both types can be used in the same
questionnaire. An open question gives the respondent the chance to answer in his own
words and a questionnaire like this reminds a bit of a conversation. This method can
bring more details, but open questions require more effort from the respondent and can
risk being poorly answered or end up simply not answered at all. Open questions should
preferably be placed at the end of the questionnaire if there is a use of both open and
closed questions. This helps the customer to first warm-up a bit to the subject before
moving on to trickier questions.
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Questions that can only be answered yes, no or I dont know are closed
questions. Closed questions are also the kind that has ready-made suggestions and where
you simply tick the right answer. Usually you can only tick one answer, but there are also
questions where you can choose several options. This has to be clearly indicated in the
questionnaire. These are the kind of questions that could not start a real conversation.
Closed questions have the advantage of being fairly easy to analyze. (Brace, 2008, 40)
Paper-questionnaires can sometimes have an advantage because of the lack of
interviewer. It is easier to be honest with sensitive questions when there is not a person in
front of you and the questionnaire is anonymous. A written questionnaire also gives the
respondent the chance to take his time thinking about the answers and filling out openended questions. There is also the possibility to add pictures if this suit the questionnaire.
Disadvantages of a paper-questionnaire might in some cases be that the respondent can
read through it before responding and that the respondent has too much time to think
about the answers if the questionnaire is actually looking for attitudes and first thoughts.
Whether to include an I dont know option or not in closed questions should be
carefully considered. It makes the option an acceptable alternative and many people
might end up ticking this alternative as it is the easiest. However, it might be needed at
least in some questions, because the respondent might not actually know the 18answer or
at all be familiar with what is asked. If this option is not offered the question might be left
blank by many respondents.
The layout of a questionnaire should be neat. It should be written in a font that is easy to
read and the paper should never be too crammed as it makes the questionnaire hard to
follow. One should avoid too long questionnaires, but using more papers instead of
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cramming it all onto one page usually gives a better response rate. The questionnaire
should include a presentation or a cover letter of who is doing the research and why if the
respondents are made to answer it without an interviewer. If an interviewer is present, he
should explain the aim of the research. This helps give a sense of purpose to the
respondents and can help motivate them. A questionnaire should always also include a
thank you to the respondents!
It is interesting how small details can influence the outcome of a research. If you ask a
question like How do you feel about the food offered on our lunch menu? and then
provide options from excellent to extremely poor or from extremely poor to excellent,
this will influence the answers. One could think that it is the same question and the same
answers, but people for some reason tend to tick some of the first alternatives, meaning
that if you start with the positive, you will get a more positive outcome and vice versa!
Once you have the results of a study they need to be analyzed carefully. A well done
questionnaire research can give a lot of insight to a company and shed light on problems
a company did not know it had. With the help of open ended questions customers can be
able to voice different needs that they have that the company was not aware of. Once the
analysis has been done the company can start to think about how to address possible
faults and how to be able to wow their customers in the future.
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 organization being
measured.
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This goes without saying really. We all know how annoying it is to wait days for a
response to an email or phone call. It might not always be practical to deal with all
customers' queries within the space of a few hours, but at least email or call them back
and let them know you've received their message and you'll contact them about it as soon
as possible. Even if you're not able to solve a problem right away, let the customer know
you're working on it. A good example of this is my Web host. They've had some trouble
with server hardware which has caused a fair bit of downtime lately. At every step along
the way I was emailed and told exactly what was going on, why things were going
wrong, and how long it would be before they were working again. They also apologized
repeatedly, which was nice. Now if they server had just gone down with no explanation I
think I'd have been pretty annoyed and may have moved my business elsewhere. But
because they took time to keep me informed, it didn't seem so bad, and I at least knew
they were doing something about the problems. That to me is a prime example of
customer service.
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6. Anticipate Your Client's Needs & Go Out Of Your Way to Help Them Out
Sometimes this is easier said than done! However, achieving this supreme level
of understanding with your clients will do wonders for your working relationship Take
this as an example: you're working on the front-end for your client's exciting new
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ecommerce Endeavour. You have all the images, originals and files backed up on your
desktop computer and the site is going really well. During a meeting with your client
he/she happens to mention a hard-copy brochure their internal marketing people are
developing. As if by magic, a couple of weeks later a CD-ROM arrives on their doorstep
complete with high resolution versions of all the images you've used on the site. A note
accompanies it which reads:
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LITERATURE REVIEW
2013 Home Buyer/Seller Satisfaction study by J.D. Power:Repeat buyers and sellers expressed more satisfaction with their real estate company
compared to customers who were selling or buying a home for the first time, according to
the J.D. Power 2013 Home Buyer/Seller Satisfaction study. The 2013 Home Buyer/Seller
Study includes 4,371 evaluations from 3,930 respondents who bought or sold a home
between March 2012 and April 2013.A real estate companys agent remains the most
important aspect of the customers experience among first-time and repeat home buyers
and sellers; however, customer loyalty is first to the company and second to the agent.
Real estate companies remain challenged in adapting their customer service approach to
best meet the needs of first-time home buyers and sellers. They need to educate these
customers by explaining the current state of the market, discuss foreclosure and short sale
transactions, and walk them through every step of the closing process.
To measure satisfaction, the study looked at four factors in the home buying experience:
agent/salesperson, real estate office, closing process, and variety of additional services.
42
43
44
SCOPE OF STUDY
1. Customers expectations change accordingly with time. Customers expectations
should be studied with great efforts, so that marketers can design the product
based on the need of the customers.
2. If the customers need were met then the customer may turn as an asset to the
company because they become opinion leader for others. So that the company can
increase its market share.
3. It helps the organization to understand the customer psychology on choosing the
product or service so that easily the product can be positioned.
4. Helps the company to understand the efficiency of the service provided to the
customers, so that it can create the basis for further improvement.
5. The study helps to assess the real opinion and mindset of customers and aids to
meet out their expectation in future. This in turn will increase the volume of sales.
RESEARCH METHODOLOGY
INTRODUCTION:
45
SAMPLE SIZE:
The study was done on 156 booked customers of the company of which effective
responses were gathered from 80 booked customer. Therefore the sample size which was
drawn was 80 out of 156.The data of 156 booked customers was obtained from the
customer database maintained by the company from 2011-2012 and 2012-2013.
provided by company. The questionnaire not only focused gathering information on the
above mentioned areas but also about the service suggestions to be envisaged under
support, update and engage.
Questionnaire contains four types of questions
1. Open Ended
2. Dichotomous
3. Fixed Alternative Question
STUDY CONDUCTED
The primary data was gathered through Tele research. The information was gathered from
the structured questionnaire.
SECONDARY DATA:
Secondary data has been collected from the Company Website, Internet etc.
48
STATISTICAL TOOLS:
The data are analyzed through statistical methods. Simplex percentage analysis are used
for analyzing are used for analyzing the data collected.
Simplex percentage analysis:
Percentage analysis is the method to represent raw streams of data as a percentage ( a part
in100 percent) for better understanding of collected data.
Graphs:
Graphical representations are used to show the results in simple form. The graphs are
prepared on the basis of data that is received from the percentage analysis
49
DATA ANALYSIS
Website Parameter Analysis:
120
100
9.09
6.06
6.06
9.37
12.9
8
21.21
80
33.33
24.24
24
16.12
37.5
60
29.03
39.39
40
36
33.33
48.48
25
32.25
20
27.27
24.24
6.06
0
18.75
24
15.15
6.06
0
9.37
0
Extremely Dissatisfied
Very Dissatisfied
Somewhat Dissatisfied
Somewhat Satisfied
Very Satisfied
Extremely Satisfied
50
6.45
3.22
Website Analysis:
Website
Somewhat Satisfied
34%
51
120
100
10.41
80
18.75
8.51
12.76
27.65
29.78
60
33.33
34.04
40
20
36.17
33.33
27.65
0
4.16
Personalization
0
2.12
Content relevance
17.02
4.25
0
Easy Understanding
Extremely Dissatisfied
Very Dissatisfied
Somewhat Dissatisfied
Somewhat Satisfied
Very Satisfied
Extremely Satisfied
52
Email Analysis
Email
Extremely Satisfied Extremely Dissatisfied Very Dissatisfied
11%
2%
1%
Very Satisfied Somewhat Dissatisfied
25%
26%
Somewhat Satisfied
35%
53
120
100
12.9
16.66
80
20
32.25
60
30
40
38.7
20
20
9.67
10
0
6.45
0
Content Relevance
3.33
Personalization
Extremely Dissatisfied
Very Dissatisfied
Somewhat Dissatisfied
Somewhat Satisfied
Very Satisfied
Extremely Satisfied
54
SMS Analysis:
SMS
Somewhat Satisfied
34%
55
120
100
10.41
6.12
8.16
22.44
80
6.12
6.38
26.53
23.4
32.65
29.16
14.28
60
12.77
34.69
22.91
22.44
40
20
27.08
10.41
0
22.44
24.48
12.24
10.2
2.04
2.04
28.57
36.17
24.48
21.27
Extremely Dissatisfied
Very Dissatisfied
Somewhat Dissatisfied
Somewhat Satisfied
Very Satisfied
Extremely Satisfied
Tele-consultant Analysis:
56
Tele-consultant
Extremely Satisfied Extremely Dissatisfied
7%
1%
Very Satisfied
Very Dissatisfied
16%
Somewhat Satisfied Somewhat Dissatisfied
21%
28%
27%
57
120
100
13.75
10.38
9.33
9.85
58
8.69
18.3
9.09
17.08
80
19.48
26.66
10.6
21.73
Relationship Manager
Extremely Satisfied
Extremely Dissatisfied
Very Satisfied 12%
8%
20%
Very Dissatisfied
Somewhat Satisfied 12%
20%
Somewhat Dissatisfied
27%
59
120
100
5.4
7.54
17.64
27.5
80
28.57
20.75
25
10.81
16.21
50
29.41
60
20.75
25
25
42.85
17.64
40
48.64
15
35.84
5.88
5.88
20
14.28
30
7.54
50
8.1
23.52
7.54
50
14.28
10.81
2.5
0
Extremely Dissatisfied
Very Dissatisfied
Somewhat Dissatisfied
Somewhat Satisfied
Very Satisfied
Extremely Satisfied
60
CustomerRelationship Manager
Extremely Dissatisfied
Extremely Satisfied 9%
15%
Very Dissatisfied
8%
Very SatisfiedSomewhat Dissatisfied
21%
31%
Somewhat Satisfied
15%
Company Analysis:
61
Company Analysis
62
Yes
90
80
70
60
50
40
30
20
10
0
77% respondent said they want home decor facility service to be included in the
services offered by the company.
69% respondent said they want Home Furniture and Fixtures service to be
included in the services offered by the company.
73% respondent said they want Transport facility from residence to the site to be
included in the services offered by the company.
80% respondent said they want Intermittent Email on market analysis of the
property to be included in the services offered by the company.
66% respondent said they want new investment suggestions service to be included
in the services offered by the company.
84% respondent said they want home snapshot by email on construction updates
to be included in the services offered by the company.
63
53% respondent said they want Documents and legal advisory service to be
included in the services offered by the company.
FINDINGS
Observation for various services provided by company:
Website:
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5. The Tele-consultant only focused on Lodha Projects and they have improper
information of other projects.
6. There is no follow up after commitment of call back.
Relationship Manager
1. There had been a lot of false commitment made to the customers.
2. The RM was not able to make comparison between various projects.
3. The information dissemination was not properly structured by RM.
4. The RM has pressurized the customer to close the deal fast.
5. The RM acted like a broker not as a realty consultant.
6. The developer and client did not have trust and confidence in RM.
7. The RM did not efficiently negotiate with developer for the client in respect of the
prices committed by the RM to the client.
66
67
LIMITATIONS
1. Data issues
Wrong number
The data which was available consisted of 12 wrong numbers.
Property cancelled
The data which was available consisted of 13 contact information of clients
who had cancelled the property.
2. Incomplete responses
There was incomplete response from 7 respondents because they were highly
unsatisfied.
There was incomplete response from 16 respondents as they were not interested
3.
reach.
There were 9 respondents who were not answered the call.
4. Appointment given beyond the target date
There were 14 respondents who gave call appointments beyond the target date.
5. Non- availability of data
The booked customer data was not available on time to achieve the target on
given data.
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CONCLUSIONS
After conducting market research for HIH Realty Pvt Ltd we came to know different
needs of consumers, their valuable suggestions, responses to the different questions.
With this information we can conclude that customers are somewhat satisfied by
services provided by the company. The research gives an exemplary insight of the
performance of the company.
The table depicts below mentions the customer satisfaction level towards their overall
experience with the company.
Customer Satisfaction Level
Percentage of Respondent
Extremely Dissatisfied
Very Dissatisfied
5%
10%
Somewhat Dissatisfied
Somewhat Satisfied
Very Satisfied
Extremely Satisfied
27%
24%
23%
11%
SUGGESTIONS
Suggestions for improvement in services provided by the company:
Website
69
1. Continual update of the images on the website of projects would build confidence
in the customer.
2. Important information of the project should be highlighted on the webpage, so
that it can catch the eye of the customer.
3. Website should be updated with current market analysis.
4. Images of the projects should get updated every month, so the current constructed
status could be clear.
5. Multimedia and Animated display of projects should be there.
6. Audio Visual information of the projects should be uploaded.
Email
1. There should be unsubscribed option for email.
2. The Credential of the person should be known before sending the email and it
should not be send to a wrong person.
3. Email sending should be moderate and should not be overdone.
4. It should contain the detailed information of the project. i.e.
construction
loan information
70
amenities
2. The call should not be a general call. It should be very specific to the project
search by the client.
3. The customization should be refined to the specific customer requirement.
4. Clarity in delivery should be there so that client trust could build up.
5. They should call only on time given by the customer, not on any other time.
Relationship Manager
1. The reciprocation by the RM should be quick and on time.
2. The RM should have a good knowledge of the all the project in the vicinity.
3. The RM should give detailed information about projects, and make them
understand about all the procedure for acquiring the property.
4. The RM should not represent the developer, understand customers requirement
and accordingly should give proper suggestions.
5. The information of overall cost in acquisition of property should be given to client
properly.
6. The RM should have proper knowledge of tax applicable, agreement, formulation
and other documentation for acquiring the property.
7. The site visit should be must before the possession of the property.
8. RM should stay in touch till the completion of the process.
9. The RM should not pressurize the customer to close the deal fast.
72
2. Company should help in getting better home loan deals from the bank.
3. Company should provide services for letting out property.
4. Company should provide service for re-sale of property.
5. The company should provide a list of contact details of all the proximate Dish
service, Internet service and electric appliance repair service and newspaper
service and laundry service providers.
6. The company should issue monthly booklets or magazines containing hot
property information.
RECOMMENDATIONS
Service Recommendations
A. Support Services
1. Home Loan Acquisition
74
75
C. Engage Services
1. Tweets
2. Solicitation and Greetings through mails and call and gifts.
3. Blogs on Facebook and followership
4. Community on Facebook with an online game platform.
5. Half yearly Customer Interaction Meet
6. Linked in Profile Improvement for Professional Engagement.
76
BIBLIOGRAPHY
1. Barnes, James G. 2000. Secrets of Customer Relationship Management : It's All
about How You Make Them Feel. McGraw-Hill.
2. CUSTOMER SATISFACTION IN 7 STEPS Article by Adrian Thompson.
3. Kotler Philip, Principles of Marketing, Sultan Chand and Company Ltd., New
Delhi, 2002.
4. Gerson, Richard, 1993. Measuring customer satisfaction: A guide to managing
quality service. Course Technology Crisp.
Kothari C.R., Research Methodology, WishwaPrakashan, New Delhi,
1985(Reprint 2003).
Websites:
1. http://www.sitepoint.com/satisfaction-7-steps/
2. http://www.homeindiahome.com/Mumbai
3. www.cci.in/pdfs/surveys-reports
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ANNEXURE
Customer Satisfaction Questionnaire
Home India Home Pvt Ltd.
Name:
Age:
Occupation:
Project:
Relationship Manager:
Q1. How did you come to know about the company?
a) Online
b) friends & relatives
c) SMS
d) other
Q2. Please rate the Website of the company on the given parameters
Paramete
rs
1.Extremel
y
Dissatisfie
d
2.Very
Dissatisfi
ed
3.Somewhat
Dissatisfied
4.Somewh
at
Satisfied
5.Very
Satisfied
Engaging
and
Memorable
Experience
Graphics
and
Multimedia
Timely
Response to
Query
Submission
Navigation
Goal
Achievemen
t
Updated
and
accurate
Q3. Please suggest any improvement for the website which would
enhance your
Website experience.
78
6.Extreme
ly
Satisfied
Q4. Please rate the E-Mails sent by the company on the given
parameters.
3.Somewh 4.Somewh 5.Very
6.Extremely
Parameter 1.Extremel 2.Very
y
Dissatisfie
at
at
Satisfied
Satisfied
s
Dissatisfie
d
Dissatisfie
d
Satisfied
Personalizati
on
Content
Relevance
Easy
Understandi
ng
Q5. Please rate the SMS sent by the company on the given parameters
3.Somewh 4.Somewh 5.Very
6.Extremely
Parameter 1.Extremel 2.Very
y
Dissatisfie at
at
Satisfied Satisfied
s
Dissatisfie
d
Dissatisfie
d
Satisfied
Personalizati
on
Content
Relevance
Dissatisfie
d
Welcome
Message
Communicati
on
Information
Sufficiency
Customized
Information
Relevant
Suggestions
79
Satisfied
Q8. Please suggest any other service which the Tele-Consultant should
provide?
1.Extremel
y
Dissatisfie
d
2.Very
Dissatisfi
ed
3.Somewh
at
Dissatisfie
d
4.Somewh
at
Satisfied
5.Very
Satisfie
d
6.Extremel
y Satisfied
Project Detail
Information
Project
Analysis
Documentati
on
Information
Project
Comparative
Analysis
Project
Market
Analysis
Realty
Market
Analysis
Relevant
Property
Suggestions
Q11. Please suggest any other service which the Relationship Manager
should
Provide.
Dissatisfie at
d
Dissatisfie
d
Welcome
Correspondenc
80
at
Satisfied
Satisfie
d
6.Extremel
y Satisfied
e
(call & e-mail)
Welcome Kit
Home Loan
Advisory &
Procurement
Cheque pick up
and drop
facility
Fine Reversal
Payment
Reminders after
registration
Developer
Issues
Yes
No
81