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
1

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.
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
2

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:
3

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 consumptionrelated 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 factors. 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.
4

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.

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 scrips are traded. It is a market place which
provides liquidity to the scrips issued in the primary market. Thus, the growth of secondary
market depends on the primary market. More the number of companies entering the primary
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 scrips provides liquidity and
offers an opportunity to the investors to buy or sell the scrips.
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
7

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.

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
8

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
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.
9

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
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 nationwide 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.
10

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

Precious Metals

--------------- Gold, Silver, Platinum etc

Other Metals

-------------- Nickel, Aluminum, Copper, Zinc etc

STRUCTURE OF THE COMMODITY MARKET:

NM F2N C B C0MRNo e mOai n g t im hno eino s r da t r liR yt ey og f i o n a l

OMCD E TE x Cx c coE h hnx a acs n unh g mga e ne se sg r e s
CX X E
11

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
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
12

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:
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 practicesattempted 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.
13

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.
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
14

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
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:
15

 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
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.

16

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
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.

17

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.
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.

18

1.3.4 PRODUCT PROFILE

BULLIONS
1. Gold
2. Silver M
3. Gold HNI
4. Gold M
5. Platinum
6. Silver
7. Silver HNI
8. Gold Guinea
METALS
1.
2.
3.
4.
5.
6.
7.
8.
9.

Aluminum
Copper
Lead
Zinc Mini
Mild Steel Ingot, Billets
Nickel
Tin
Zinc
Lead Mini

ENERGY
1.
2.
3.
4.
5.
6.
7.

ATF
Crude Oil
Natural Gas
Gasoline
Heating Oil
Imported Thermal Coal
Electricity Monthly & Weekly

OIL & OIL SEEDS

1. Crude Palm Oil
2. Kapasia Khalid
3. Soya Bean
4. Refined Soya Oil
CEREALS
1. Barley
2. Wheat
3. Maize-Feed / Industrial Grade
PLANTATIONS
1. Rubber
PULSES
1. Chana
WEATHER
1. Carbon (CER)
2. Carbon (CFI)
FIBER
1. Kapas
SPICES
1. Cardamom
2. Turmeric
3. Coriander
OTHERS
1. Almond
2. Gaur Seed
3. Potato (Agra)
4. Menthe Oil
5. Melted Menthol Flakes
19

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

20

systems ensures that our clients and stakeholders can have their quota of the much-need peaceful
sleep.
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
21

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
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).
22

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
23

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.

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
25

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
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
26

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 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 consumptionrelated 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 factors. 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.

28

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 worsethan 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 regimenbefore 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 Ps: product, price, place and promotion.

30

PRODUCT:
Product is the firms 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
31

little effect in stimulating further demand. Market potential is the limit approached by
market demand as industry marketing expenditures approach infinity for a given
marketing environment.

COMPANY DEMAND:
It is the companys estimated share of market demand at alternative levels of company
marketing effort in a time period. The companys 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 companymarketing 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

32

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

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.

33

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.

34

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.

35

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.

36

 Percentage =

No. of respondents 100

Total respondents

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.

37

CHAPTER-4
DATA ANALYSIS
4.1 EDUCATIONAL QUALIFICATION OF CUSTOMERS
TABLE:4.1
OPTION

EDUCATIONAL
QUALIFICATION
15
20
40
25
100

None
Inter
Graduate
Higher
Total

PERCENTAGE(%)
15
20
40
25
100

CHART:4.1
45

40

40
35
30

25

25
20
15

20
15

10
5
0

None

Inter

Graduate

Higher

EDUCATIONAL QUALIFICATION

INTERPRETATION:
38

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.

4.2 INCOME LEVELS OF CUSTOMERS

TABLE:4.2
OPTION
Less than 2 lakhs
Between 2 to 4 lakhs
Between 4 to 8 lakhs
More 8 lakhs
total

INCOME LEVELS

PERCENTAGE(%)
45
25
20
10
100

45
25
20
10
100

CHART:4.2
50
45
40
35
30
25
20
15
10
5
0

45

25

la
kh
s
M
or
e

la
kh
s
Be
tw
ee
n

to

4
Be
tw
ee
n

to

la
kh
s

la
kh
s

10

th
an
Le
ss

20

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.

39

4.3 EXPERIENCE IN TRADING

TABLE:4.3
OPTION

EXPERIENCE INTRADING

Less than 1 year

1 to 5 years
5 to 10 years
More than 10 year
total

PERCENTAGE(%)
45
20
25
10
100

45
20
25
10
100

CHART:4.3
50
45
40
35
30
25
20
15
10
5
0

45

25

20

ye
ar
M
or
e

th
an

10

ye
ar
s
5

to

10

5
to
1

Le
ss

th
an

ye
ar
s

ye
ar

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%

40

of respondents had trading experience of 5 to 10 years,10% of respondents had trading

experience of more than 10 years.

4.4 AWARENESS ABOUT ONLINE TRADING

TABLE:4.4
OPTION

AWARENESS ABOUT
ONLINE TRADING
75
25
100

Yes
No
total

PERCENTAGE(%)
75
25
100

CHART:4.4
80

75

70
60
50
40
30

25

20
10
0

Yes

No

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.

41

4.5 PREFERENCE TOWARD TRADING OPTION

TABLE:4.5
OPTION
Self trading online
Trade through broker
Others
total

TRADING OPTION
45
35
20
100

PERCENTAGE(%)
45
35
20
100

CHART:4.5
50
45

45

40

35

35
30
25

20

20
15
10
5
0

Self trading online

Trade through broker

Others

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.
42

4.6 FREQUENCY OF TRADING

TABLE:4.6
OPTION

FREQUENCY OF
TRADING
30
20
15
35
100

Daily
Weekly
Monthly
Yearly
Total

PERCENTAGE(%)
30
20
15
35
100

CHART:4.6
40
35
30

35
30

25

20

20

15

15
10
5
0

Daily

Weekly

Monthly

Yearly

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.
43

4.7 INVESTORS OPINION ABOUT TRADING OPTION

TABLE:4.7
OPTION
Long term Investment
Call and Put
Intra day
total

INVESTORS OPINION
ABOUT TRADING OPTION
45
25
30
100

PERCENTAGE(%)
45
25
30
100

CHART:4.7
50
45

45

40
35

30

30

25

25
20
15
10
5
0

Long term Investment

Call and Put

Intra day

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.
44

4.8 REASONS FOR CHOOSING ADITYA TRADING SOLUTIONS

TABLE 4.8.
OPTION

REASONS FOR CHOOSING

ADITYA TRADING SOLUTIONS
Opening charges
20
Service or commissions
20
Image in market
35
Credit worthiness and trust
10
Friends or relatives suggested me 5
Employee of aditya trading
10
solutions.
Total
100

PERCENTAGE(%)
20
20
35
10
5
10
100

CHART:4.8.
35

10

tr
us
t

10

an
d

O
pe
ni
ng

20

Cr
ed
it
wo
rt
hi
ne
ss

20

ch
ar
ge
s

40
35
30
25
20
15
10
5
0

PERCENTAGE(%)

45

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
TABLE:4.9
OPTION

INVESTORS SATISFACTION
LEVELS
20
40
25
15
0
100

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
Total

PERCENTAGE(%)
20
40
25
15
0
100

CHART:4.9
40
25
20

H
ig
hl
y

di
ss

at
is
fe
d

fe
d
D
is
sa
tis

eu
tr
al
N

Sa
tis
fe
d

15

H
ig
hl
y

sa
tis
fe
d

45
40
35
30
25
20
15
10
5
0

INVESTORS SATISFACTION LEVELS

INTERPRETATION:
46

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
OPTION

INVESTORS AMOUNT OF
INVESTMENT
20
35
30
15
100

Less than 50,000

51,000- 2,00,000
2,01,000-5,00,000
More than 5,00,000
total

PERCENTAGE(%)
20
35
30
15
100

CHART:4.10
40
35
30
25
20
15
10
5
0

35
30
20

5,
00
,0
00
th
an
M
or
e

2,
01
,0
00
-5
,0
0,
00
0

51
,0
00
-2
,0
0,
00
0

Le
ss

th
an

50
,0
00

15

INVESTORS AMOUNT OF INVESTMENT

INTERPRETATION:
47

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
OPTION
Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

SATISFACTION LEVELS

PERCENTAGE(%)
25
40
15
15
5
100

25
40
15
15
5
100

CHART:4.11
40
25
15

15

at
is
fe
d

H
ig
hl
y

di
ss

fe
d
D
is
sa
tis

eu
tr
al
N

Sa
tis
fe
d

H
ig
hl
y

sa
tis
fe
d

45
40
35
30
25
20
15
10
5
0

SATISFACTION LEVELS

INTERPRETATION:
48

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

TABLE:4.12
OPTION

SATISFACTION LEVELS
WITH TRADING TIMES
15
45
18
17
10
100

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

PERCENTAGE(%)
15
45
18
17
10
100

CHART:4.12
45

17

at
is
fe
d

H
ig
hl
y

di
ss

fe
d

eu
tr
al
N

Sa
tis
fe
d

10

D
is
sa
tis

H
ig
hl
y

18

15

sa
tis
fe
d

50
45
40
35
30
25
20
15
10
5
0

SATISFACTION LEVELS WITH TRADING TIMES

49

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
TABLE:4.13
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
Total

SATISFACTION LEVELS
WITH GUIDENCE
PROVIODED
20
35
20
20
5
100

PERCENTAGE(%)

20
35
20
20
5
100

CHART:4.13

50

35

20

20

20

at
is
fe
d

H
ig
hl
y

di
ss

fe
d
D
is
sa
tis

eu
tr
al
N

H
ig
hl
y

Sa
tis
fe
d

sa
tis
fe
d

40
35
30
25
20
15
10
5
0

SATISFACTION LEVELS WITH GUIDENCE PROVIODED

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
TABLE:4.14
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
Total

SATISFACTION LEVELS
WITH TRADING TIPS
PROVIODED
5
25
30
35
5
100

PERCENTAGE(%)

5
25
30
35
5
100

CHART:4.14
51

35
30
25

H
ig
hl
y

di
ss

at
is
fe
d

fe
d
D
is
sa
tis

H
ig
hl
y

eu
tr
al

Sa
tis
fe
d

sa
tis
fe
d

40
35
30
25
20
15
10
5
0

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
OPTION

PERCENTAGE(%)

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied

SATISFACTION TOWARDS
PUTTING ORDERS
WITHOUT DELAY
15
35
30
15
5

total

100

100

15
35
30
15
5

CHART:4.15
52

35
30

15

15

H
ig
hl
y

di
ss

at
is
fe
d

fe
d

eu
tr
al
N

D
is
sa
tis

H
ig
hl
y

Sa
tis
fe
d

sa
tis
fe
d

40
35
30
25
20
15
10
5
0

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
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

SATISFACTION TOWARDS
REGULARITY IN SENDING
LEDGERS
10
30
35
20
5
100

PERCENTAGE(%)

10
30
35
20
5
100

CHART:4.16
53

35
30
20
10

H
ig
hl
y

di
ss

at
is
fe
d

fe
d

eu
tr
al
N

D
is
sa
tis

H
ig
hl
y

Sa
tis
fe
d

sa
tis
fe
d

40
35
30
25
20
15
10
5
0

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
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

SATISFACTION LEVELS
ABOUT THE FACILITY OF
LOAN AGAINST SHARES
15
20
30
15
20
100

PERCENTAGE(%)

15
20
30
15
20
100

CHART:4.17
54

30
20

20

at
is
fe
d
di
ss

fe
d
H
ig
hl
y

D
is
sa
tis

H
ig
hl
y

eu
tr
al

15

Sa
tis
fe
d

15

sa
tis
fe
d

35
30
25
20
15
10
5
0

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
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

SATISFACTION WITH COOPERATION BY OFFICE

STAFF
10
35
30
15
10
100

PERCENTAGE(%)

10
35
30
15
10
100

CHART:4.18
55

35
30

15

di
ss

at
is
fe
d

fe
d
H
ig
hl
y

D
is
sa
tis

H
ig
hl
y

eu
tr
al

10

Sa
tis
fe
d

10

sa
tis
fe
d

40
35
30
25
20
15
10
5
0

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
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

SATISFACTION TOWARDS
FACILITY TRADING
THROUGH TELEPHONE
25
30
30
10
5
100

PERCENTAGE(%)

25
30
30
10
5
100

CHART:4.19
56

30

30

25

10

at
is
fe
d

H
ig
hl
y

di
ss

fe
d
D
is
sa
tis

eu
tr
al
N

Sa
tis
fe
d

H
ig
hl
y

sa
tis
fe
d

35
30
25
20
15
10
5
0

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
OPTION

Highly satisfied
Satisfied
Neutral
Dissatisfied
Highly dissatisfied
total

SATISFACTION WITH
PAYMENT COLLECTION
FACILITY
25
40
15
17
3
100

PERCENTAGE(%)

25
40
15
17
3
100

CHART:4.20
57

40
25
17

15

H
ig
hl
y

di
ss

at
is
fe
d

fe
d

eu
tr
al
N

D
is
sa
tis

H
ig
hl
y

Sa
tis
fe
d

sa
tis
fe
d

45
40
35
30
25
20
15
10
5
0

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
OPTION
Yes
No
total

FACING PROBLEM WHILE

TRADING
55
45
100

PERCENTAGE(%)
55
45
100

CHART:4.21

58

60

55

50

45

40
30
20
10
0

Yes

No

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
OPTION
Hidden charges
Log in problems
Delay in Order execution
Lack of security
Software speed problem
total

INVESTORS PROBLEMS
10
25
15
30
20
100

PERCENTAGE(%)
10
25
15
30
20
100
59

CHART:4.22
35
30
25
20
15
10
5
0

30
25
20
15

pr
ob
le
m
sp
ee
d

D
el
ay

in

So
ftw
ar
e

O
rd
er

H
id
de
n

ch
ar
ge
s

ex
ec
ut
io
n

10

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
OPTION
Good investment suggestions
Frequent Information about trends in
market
Information about status of trading
Information about status of profit/loss
If other

INVESTORS
EXPECTATION
20
15

PERCENTAGE(%)

30
20
15

30
20
15

20
15

60

specify____________________
total

100

100

CHART:4.23
30
20

__
__
__
__
__

__

__

__

ta
tu
s
ab
ou
ts
at
io
n

In
fo
rm

15

__

of
tr
ad
in
g

tio
ns
ug
ge
s
in
ve
st
m
en
ts
G
oo
d

20

15

If
ot
he
rs
pe
ci
fy
__

35
30
25
20
15
10
5
0

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

61

 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.

62

 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.
63

 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
Company is basically intended for performing innovation for better production
and up gradation. The quality measures try to take satisfactory levels of trading
64

with regard to customers needs and wants. Company should concentrate on

providing more opportunities to trading people.

ANNEXURE
QUESTIONNAIRE
65

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

c) Monthly

d) Yearly
66

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, 000
10) 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

c) Neutral

d) Dissatisfied
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e) Highly Dissatisfied
13) Are you satisfied with guidance provided by ADITYA TRADING SOLUTIONSs
employee?
a) Highly Satisfied

b) Satisfied

c) Neutral

d) Dissatisfied

e) Highly Dissatisfied
14) Are you satisfied with trading tips provided by ADITYA TRADING SOLUTIONSs
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

c) Neutral

d) Dissatisfied
68

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

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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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