LG LED TVs Proj

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Dept. of Mgmt, Page - 1

INTRODUCTION


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INTRODUCTION

Most companies pay more attention to their market share than to their customers’ satisfaction.

This is a mistake. Market share is a backward-looking metric; customer satisfaction is a

forward-looking metric. If customer satisfaction starts slipping, then market share erosion

will soon follow. Companies need to monitor and improve the level of customer satisfaction.

The higher the customer satisfaction, the higher the retention. Here are four facts:

1. Acquiring new customers can cost 5 to 10 times more than the costs involved in satisfyingand retaining current customers.

2. The average company loses between 10 and 30% of its customers each year.3. A 5% reduction in the customer defection rate can increase profits by 25 to 85%, depending

on the industry.

4. The customer profit rate tends to increase over the life of the retained customer.One company bragged that 80% of its customers are satisfied or highly satisfied. This

sounded pretty good until it learned that its leading competitor attained a 90% customer

satisfaction score. The company was further dismayed to learn that this competitor was

aiming for a 95% satisfaction score.

Companies that achieve a high satisfaction score should advertise it. J. D. Powers gave the

Honda Accord the number one rating in customer satisfaction for several years, and this

helped sell more Accords. LG achieved the highest satisfaction ratings for its LED TVs

service and advertised this in its ads, giving prospects confidence that they could trust

ordering a LG LED TVs sight unseen from LG. The importance of aiming for high customer

satisfaction is underscored in company ads. Honda says: “One reason our customers are so

satisfied is that we aren’t.” Cigna advertises, “We’ll never be 100% satisfied until you

are, too.” But don’t make too big a claim. Holiday Inns ran a campaign a fe w years ago that

promised ―No Surprises.‖ Guest complaints were so high that the slogan ―No Surprises‖ wasmocked, and Holiday Inn quickly canceled this slogan.

Customer satisfaction is a necessary but not sufficient goal. Customer satisfaction only

weakly predicts customer retention in highly competitive markets. Companies regularly lose

some percentage of their satisfied customers. Companies need to focus on customer retention.

But even retention can be misleading, as when it is based on habit or an absence of alternative

suppliers. A company needs to aim for a high level of customer loyalty or commitment.

Loyal packaged-goods customers, for example, generally pay seven to 10% more than non-

loyal customers.

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COMPANY PROFILE


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COMPANY PROFILE

LG Electronics is a South Korean multinational electronics company headquartered in Yeouido-

dong, Seoul, and a member of the LG Group. The company operates its business through five divisions: Mobile

Communications, Home Entertainment, Home Appliances, Air Conditioning, and Energy Solutions. It is the

world's second-largest television manufacturer (after Samsung and Hitachi), and the world's fifth-largest mobile

phone maker by unit sales in the second quarter of 2012.

LG Corporation:

LG Corp. founder Koo In-Hwoi established Lak-Hui Chemical Industrial Corp. in 1947. In 1952, Lak-

Hui (pronounced "Lucky", currently LG Chem) became the first Korean company to enter the plastic industry.

As the company expanded its plastic business, it established GoldStar Co. Ltd. (currently LG Electronics Inc.) in

1958. Both companies Lucky and GoldStar merged and formed Lucky-Goldstar.

GoldStar produced South Korea's first radio. Many consumer electronics were sold under the brand

name GoldStar, while some other household products (not available outside South Korea) were sold under the

brand name of Lucky. The Lucky brand was famous for hygiene products such as soaps and HiTi laundry

detergents, but the brand was mostly associated with its Lucky and Perioe toothpaste. Even today, LG continues

to manufacture some of these products for the South Korean market, such as laundry detergent.

In 1995, to compete better in the Western market, the Lucky-Goldstar Corporation was renamed "LG".

The company also associates the letters LG with the company's tagline "Life's Good", which is actually

a backronym. Since 2009, LG has owned the domain name LG.com.

In 1996 LG formed a joint venture with IBM; it was later terminated.

On 1 April 2000, LG Chemical was split into three separate companies, namely LGCI, LG Chem, and

LG Household & Health Care. Later, in July 2007, LG Chem merged with LG Petrochemical.

Since 2001, LG has two joint ventures with Royal Philips Electronics: LG Philips Display and LG

Philips LCD, but Philips sold off its shares in late 2008.[6]

In 2005, LG entered into a joint venture with Nortel

Networks, creating LG-Nortel Co. Ltd.

On November 30th 2012, comScore released a report of the October 2012 U.S. Mobile Subscriber

Market Share that found LG lost its place as second in the U.S mobile market share to Apple Inc.

On 20 January 2013, Counterpoint Research announced that LG has overtaken Apple to become

second largest in US. market share.

On August 7th 2013, comScore released a report of the June 2013 U.S. Smartphone Subscriber MarketShare that found LG fell to fifth place in the U.S mobile market share.

LG has owned the LG Twins baseball club in Seoul, South Korea, since 1989.

The company logo of LG features a circle containing the letters "L" and "G", presented in the form of a

smiling human face.

History of LG Electronics

The company was originally established in 1958 as GoldStar, producing radios, TVs, refrigerators,

washing machines, and air conditioners.[4]

The company has received some technical supports from Hitachi for

many years, so it has a deep relation with Hitachi. The LG Group was formed through the merger of two Korean

companies, Lucky and GoldStar, from which the abbreviation of LG was derived. The current "Life's Good"

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Mobile Communications division

The Mobile Communications division provides mobile communication terminals,

personal computers and communication devices.

LG mobile devices are made for CDMA networks worldwide. LG phones are available also

in unlocked versions that can be used on any GSM and network worldwide.[11]

LG sold 116.7 million mobile phones in 2010, corresponding to a market share of 8.4%.[12]

Home Appliances division

The Home Appliances division manufactures refrigerators, washing machines, stoves,

microwave ovens, vacuum cleaners, compressors, and motors.

Its 2007 sales totaled KRW 11.8 trillion, accounting for 29% of the company's total revenue.

The division's profit was KRW 717.1 billion. About 35% of the company's home appliance

revenue comes from the North American market.[13]

Air Conditioning & Energy Solutions division[edit]

The Air Conditioning & Energy Solutions division makes air conditioners and LED

lighting.

AWARDS AND RECOGNITIONSASIA

YearReceived

Awards & Recognition Organizer

2008. 04. The Vietnam Labor Medal Government of Vietnam

2008. 10.Selected as the Most admired Multi-

National Company in India4Ps(Indian Magazine), India

2008. 12. Brands of Year Award 2008Standards & Quality ControlAuthority, Pakistan

2008. 12.Investment Award 2008(Selected as the top foreign enterprise)

Government of Indonesia

2009. 01.Presidential Award for the Best Design inIndonesia

Government of Indonesia

2009. 10.LG air-conditioners were selected as theBest But Product in Australia

Australia Consumer Association

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EUROPE

YearReceived

Awards & Recognition Organizer

2008. 06. if Design Award 2008 (11categories) International Forum Design, Germany

2008. 06.2008 Red dot Design Award (11Categories)

Design Zentrum Nordrhein Westfalen,Germany

2009. 03.Selected as the best mobile handsetmaker in 2009 at the Mobile

News Awards

Mobile News, and IT journal ofEngland

2009. 08.

European Imaging and Sound

Association Awards(4 Categories)

European Imaging and Sound

Association

2009. 09.Customer Innovation Award at the2009 Innovation ManagementAwards

BearingPoint (consulting firm),L'Expansion (economic journal ofFrance), Ecole des Ponts ParisTech, and TNS Sofre(market researchfirm)

KOREA

YearReceived Awards & Recognition Organizer

2008. 07.Energy Winner Award(Grand Prize and the Minister ofKnowledge and Economy Prize)

Ministry of Environment/ Ministry ofKnowledge and Economy/Korean Energy ManagementCorporation/ Consumers Korea

2008. 10. CDP Woorim AwardThe Korean Committee of CarbonDisclosure Project (CDP)

2008. 11.Changwon1 plant, awarded the top prizein waste minimization(President's Commendation)

Ministry of Environment, Korea

2008. 12.

Selected as the top training organizationfor a consortium ofsmall and medium-sized businesses(2years in a row)

Ministry of Labor

2008. 12.Selected as a companythat encourages breast-feeding in theworkplace

The Korean Committee for UNISEF/

Ministry of Gender Equality, Korea


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LG INDIA

LG Electronics India Pvt. Ltd., a wholly owned subsidiary of LG Electronics, South

Korea was established in January 1997 after clearance from the Foreign Investment

Promotion Board (FIPB). LG set up a state-of-the art manufacturing facility at Greater Noida,near Delhi, in 1998, with an investment of Rs 500 Crores.

LG corporate office is located at Plot no.51, Udyog Vihar, Kasna, Road, Greater

Noida, India. This facility manufactured Color Televisions, Washing Machines, Air-

Conditioners and Microwave Ovens.

''Company is setting up a chain of exclusive premium showrooms. LG plans to launch

60 premium Brand Shoppes by the end of the first quarter of this year. At present, LG has a

total of 83 LG stores across the country, of which 45 are shoppes and 38 are exclusive stores.

Brand shoppes will be placed in the premium segment and the target audience will comprise

buyers interested in premium and high end products.

LG Brand Shoppe goes beyond the concept of a normal exclusive store by having a

more interactive environment and additional lifestyle orientation on display so that the

customer can actually experience the LG products in his or her own home settings.

LG Electronics India Ltd (LGEIL), consumer durables leader with 27% market share,

is planning a brand new image. To attract inspirational and young consumers across India,

company will roll out a new marketing strategy. The exercise will cost the company Rs 360

crore. LG Electronics India is the fastest growing company in the consumer electronics, home

appliances, and computer peripherals industry today. LG Electronics is continually providing,

superior technology products & value for money to more than 50 lakh households in India.

LGEIL is celebrating the 11th anniversary this year.

LG Soft India the innovation wing of LG Electronics in Bangalore is LG Electronics'

largest R&D centre outside Korea. We at LGSI focus on niche technology areas such as

mobile application development, digital video broadcast and biometrics software and support

LG Electronics with our expertise. Motivated by a passion for technology, a strong work

culture and loyalty to the organization, we are determined to see LG become one of the top

three brands globally.

Prominent consumer electronic company, LG Electronics Inc. has said that it expects

the sale of its products in India to up by 15 per cent in 2008. Moon Bum Shin, managing

director of LG Electronics India has said that the company has earmarked 4.8 billion rupees

for investment purpose in India this year. The said money will be used to market as well as


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manufacture new products. LG Electronics, which is originally a South Korean Company

with branch in India, informed that its sales of GSM mobile phones, color televisions, air

conditioners and other household goods in the Indian market was to the tune of 95 billion

rupees ($2.4 billion) in 2007. As per Shin's estimate, the sales in 2008 would be around 110

billion rupees.

In order to achieve its target, Shin said LG Electronics will concentrate on catering to

the high-end consumer market which will help boost sales this year. India churns out six (6)

per cent of LG Electronics global revenues of $42 billion. The Indian branch of LG exports to

40 countries.

LG WAY

"Jeong-do Management" ? is LG's unique application of ethics. LG will succeed through fair

management practices and constantly developing our business skills.

VISION OF LG INDIA PVT.LTD.

LG Electronics is pursuing the vision of becoming a true global digital leader, attracting

customers worldwide through its innovative products and design. The company’s goal is to

rank among the top 3 consumer electronics and telecommunications companies in the world

by 2010. To achieve this, we have embraced the idea of ―Great Company, Great People,‖

recognizing that only great people can create a great company.


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light in specific, normal distributions. This can result in a display that more accurately

renders colors in the visible spectrum. Other companies are also developing quantum dots for

displays: Nanosys, 3M, QD Vision of Lexington, Massachusetts and LG Display of South

Korea

Introduction LG LED TVs’:

Presenting LG LED TV with advanced features to change your TV viewing

experience forever. Designed

for Indian weather

conditions, it delivers

exceptional picture quality

and sound. Packed withfeatures like Robust IPS

Panel, USB Connectivity,

Lightening Protection,

Summer Heat Protection &

Humid Protection, it also

saves power up to 60%.

IPS Panel: The secret behind LG TV’s life-like color and wide viewing angle is the panel.

Just as the quality of the beans determines the quality of the coffee, the quality of the panel

determines the quality of the TV. The IPS Panel used by LG is the reason why LG LED TVs

have clearer, more consistent and sturdy screens.

Life-like Color: IPS offers a color impression that is most identical to that of the original

image. The colors are truly closest to nature and most comfortable for the eyes.

Wide Viewing Angle: Among LCD panels, it is visibly clear that IPS shows the most

consistent color and contrast from all angles. Free from color wash and contrast loss, it is the

ideal panel for all purposes.

Blur-free Clarity: IPS is decidedly superior to the competing panels in the clarity of its

pictures during fast motion display, allowing blur-free, crystal-clear pictures.

Stable Screen: IPS panels are stable and sturdy, and resistant to damage, as opposed to weak

competing panels; just try a simple knock or poke at the screens to see for you. All Round

Protection: LG TVs are equipped with All round protection with a Robust IPS Panel,

Lightening Protection, Summer Heat Protection, Humidity Protection & Works without

Stabilizer.

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Robust IPS Panels (In Select models): LG TVs come with IPS Panel that is known for its

Robust and Sturdy design. These panels are more resistant to high temperature and pressure

as compare to conventional VA panels.

Works without stabilizer: LG TVs Can safely operate in wide range power supply

conditions (100~240V AC, 50~60Hz).

Lightening Protection: LG TVs come equipped with 500V Cap, Fuse, Arrestor, Hermiston

and Isolator for protection against unexpected lightening surge. Summer Heat & Humidity

Protection LG TV are designed and tested thoroughly to safely operate in Indian Tropical

conditions

Smart Energy Saving: The Smart Energy Saving feature helps users to be a little greener by

limiting power consumption. The feature includes backlight control for adjusting brightness,

a screen-off function that turns the picture off for playing audio-only, and the Standby Mode

Zero function which allows the TV to effectively hibernate, using zero electricity.

MCI 100: Motion Clarity Index, the maximum number of response signals per second, is a

comprehensive indicator of the genuine clarity of fast motion display, incorporating factors

beyond mere frame rates. LG’s detailed backlight scanning, advanced panel technology and

powerful engine all add to a superb performance in reducing blur in fast-moving pictures.

USB Movie: Simply connect your USB or external hard drive to the USB port to play its

contents on your TV screen.

THX Certification:

First let’s start with what THX is. You’ve probably been in a movie theater when, suddenly, a

huge THX logo appeared on the screen — accompanied by a sound

that raised the hairs on the back of your neck. Well, just as THX has

always been synonymous with amazing cinematic sound, it now

also represents the benchmark for image quality in HDTVs.

Achieving THX Certification is no easy task. Before the TV even

hits the shelves, THX conducts 200 tests covering over 400 data

points. The cinematic experts at THX analyze every aspect of a TV’s picture quality—

including brightness, contrast, color accuracy and off-angle viewing performance. Based on

their findings, we further enhance the image quality until it meets THX standards. Only then

can the TV bear the mark of THX Certification.


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many common features with the LS3400-series.

Model 32LS3500

Screen size 32 inches

Resolution HD-ready

Connectivity options 1 HDMI; 1 USB

Miscellaneous Digital tuner; touch controls; ISFccc

Price Rs. 28224

Quick summary

Compared with the 32LS3400, this model delivers a sleeker design and marginal power

savings, though it comes with a slight price premium.

LS4600-series LED TVs

(Credit: LG)

One step up from LS3500-series is the LS4600 LED

TVs which offer a full-HD resolution and better

connectivity. The panels in this series feature three

HDMI inputs, an optical audio output and an

Ethernet port. The wired-networking socket enables

media file streaming from DLNA-compatible devices

such as a PC and a network-attached storage (NAS). Aesthetically, these panels are also more

stylish, thanks to a slim bezel and a trapezoidal-shaped stand.

Model 32LS4600 42LS4600

Screen size 32 inches 42 inches

Resolution Full-HD

Connectivity options 3 HDMI; 1 USB

Miscellaneous DLNA; Ethernet; digital tuner

Price Rs. 35904 Rs. 46,208

Quick summary

With a full-HD resolution and more HDMI inputs, the LS4600 LED-edgelit TVs will be

more than adequate to handle Blu-ray movies and other HD content.


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LS5700-series LED TVs

(Credit: LG)

These flagship LG 2D TVs are set apart by their

25 percent higher contrast and an enhanced MCI200Hz performance. More importantly, they

boast smart TV capabilities and the following

advanced features:

WiDi to wirelessly display images fromselected Intel laptops

Wi-Fi Screen Share to stream videos from the TV to mobile devices Digital video recording via external USB hard drive Skype through an optional USB cameraSupporting these functions is a strong connectivity suite, which includes Wi-Fi via an

optional USB dongle. However, the cheabol's Magic Remote is not bundled with the TV.

Model 32LS5700 42LS5700 47LS5700 55LS5700

Screen size 32 inches 42 inches 47 inches 55 inches

Resolution Full-HD

Connectivityoptions 4 HDMI; 3 USB; Wi-Fi-ready

Miscellaneous WiDi; Smart TV; DLNA

Price

Rs.46,208 Rs. 61,632 Rs. 82,112 Rs. 1.33,632

Quick summary

The two major propositions for these flagship 2D TVs are their higher picture quality and

onboard smart TV functions.

LM6200-series 3D LED TVs

(Credit: LG)

You can enjoy bright and flicker-free 3D movies using

lightweight passive 3D glasses with the affordable

LM6200-series 3D TVs. Four pairs of goggles are shipped

together with these panels, which are touted to offer 60

percent improvement in contrast ratio and a faster MCI400Hz motion reproduction.

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LG has given the entire series a stylish brushed-metal bezel, too. This includes the

65LM6200, which is the largest 3D display in its 2012 lineup.

Model 42LM6200 47LM6200 55LM6200 65LM6200

Screen size 42 inches 47 inches 55 inches 65 inches

Resolution Full-HD

Connectivity options 4 HDMI; 3 USB; Wi-Fi-ready

Miscellaneous MCI 400Hz; Smart TV; DLNA

Price Rs.77,056 97,600 Rs. 1,49,096 Rs.2,82,725

Quick summary

These are the most affordable 3D TVs from LG. Yet, they are surprisingly well-equipped

with most of the extras found on their pricier siblings.


(Credit: LG)

These TVs are largely similar with their

LM6200 counterparts in terms of

specifications, but sport better-looking

Cinema Screen design. With a bezel thatmeasures a mere 10.5mm thin, the LM6410

panels exude an alluring "frameless" look

that resembles an edge-to-edge screen.

Another major distinction is the onboard Wi-Fi connectivity, which helps cut down cable

clutter and frees the USB ports for other accessories such as a Skype camera.

Model 42LM6410 47LM6410 55LM6410

Screen size 42 inches 47 inches 55 inches

Resolution Full-HD

Connectivity options 4 HDMI; 3 USB; Wi-Fi

Miscellaneous Cinema Screen design; Smart TV; DLNA

Price Rs. 82,176 Rs. 1,07,904 Rs.1,59,296

Quick summary

Easy on the eyes, the LM6410 series offers both a svelte TV design and 3D-compatibilty for

a slight price premium.


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(Credit: LG)

LG has added local dimming to enhance the black-

level performance for these LED-edgelit TVs. A

Magic Remote is also included out-of-the-box.

However, we prefer the LM6410's ribbon stand

over the trapezoidal version bundled with this

model.

Model 42LM6690 47LM6690

Screen size 42 inches 47 inches

Resolution Full-HDConnectivity options 4 HDMI; 3 USB; Wi-Fi

Miscellaneous Magic Remote; Smart TV; DLNA

Price Rs.92,480 Rs.1,43,872

Quick summary

The LM6690 3D TVs are bundled with LG's Magic Remote and are capable of producing

deeper blacks compared with the more affordable LM6410 panels.Other Series:

LED-LCD/LCD SERIES

LG LD / LK SeriesThe LG LK Series of HDTVs are entry-level models with LCDscreens and CCFL backlighting. Most of the sets have 1080presolution, but there are some 720p sets scattered throughout the

bunch.

LG LV SeriesThe LV Series from LG are mainstream models with LED-LCDscreens and LED backlighting. These sets are mostly equipped with1080p resolution and some have access to streaming content, in theform of LG Smart TV.

LG LW SeriesLG's high-end LW Series are 1080p LED-LCD sets with LED PlusLocal Dimming. Some sets are capable of passive 3D-playback whilethe top end features active 3D viewing. All models have access tostreaming content, a magic motion remote is provided to improvenavigation of LG's Smart TV service.

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THEORITICAL BACGROUND OF

CUSTOMER SATISFACTION

Definitions:According to Philip Kotler, “satisfaction is a person’s feelings of pressure or

disappointment resulting from product’s perceived performance (outcome) in relation to his

or her expectations. Customer satisfaction is the level of a person’s felt state resulting from

comparing a product’s perceived performance (outcome) in relation to the person’s

expectations‖.

Introduction:

Customer satisfaction, a term frequently used in marketing, is a measure of how productsand services supplied by a company meet or surpass customer expectation. Customer

satisfaction is defined as "the number of customers, or percentage of total customers, whose

reported experience with a firm, its products, or its services (ratings) exceeds

specified satisfaction goals." In a survey of nearly 200 senior marketing managers, 71 percent

responded that they found a customer satisfaction metric very useful in managing and

monitoring their businesses.

It is seen as a key performance indicator within business and is often part of a BalancedScorecard. In a competitive marketplace where businesses compete for customers, customer

satisfaction is seen as a key differentiator and increasingly has become a key element of

business strategy.

"Within organizations, customer satisfaction ratings can have powerful effects. They focus

employees on the importance of fulfilling customers’ expectations. Furthermore, when these

ratings dip, they warn of problems that can affect sales and profitability. . . . These metrics

quantify an important dynamic. When a brand has loyal customers, it gains positive word-of-

mouth marketing, which is both free and highly effective."

Therefore, it is essential for businesses to effectively manage customer satisfaction. To be

able do this, firms need reliable and representative measures of satisfaction.

"In researching satisfaction, firms generally ask customers whether their product or service

has met or exceeded expectations. Thus, expectations are a key factor behind satisfaction.

When customers have high expectations and the reality falls short, they will be disappointed

and will likely rate their experience as less than satisfying. For this reason, a luxury resort, for

http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Satisfactionhttp://en.wikipedia.org/wiki/Key_performance_indicatorhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Balanced_Scorecardhttp://en.wikipedia.org/wiki/Key_performance_indicatorhttp://en.wikipedia.org/wiki/Satisfactionhttp://en.wikipedia.org/wiki/Marketing


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example, might receive a lower satisfaction rating than a budget motel — even though its

facilities and service would be deemed superior in 'absolute' terms."

The importance of customer satisfaction diminishes when a firm has increased bargaining

power. For example, skin care providers, such as Fair & Lovely and Garnier, participate in an

industry that is an oligopoly, where only a few suppliers of a certain product or service exist.

As such, many skin care products have a lot of fine print with provisions that they would

never get away if there were, say, a hundred skin care products providers, because customer

satisfaction would be far too low, and customers would easily have the option of leaving for a

better contract offer.

There is a substantial body of empirical literature that establishes the benefits of customer

satisfaction for firms.

Purpose of Customer Satisfaction:

"Customer satisfaction provides a leading indicator of consumer purchase intentions and

loyalty." "Customer satisfaction data

are among the most frequently

collected indicators of market

perceptions. Their principal use is

twofold:"

1. "Within organizations, thecollection, analysis and

dissemination of these data

send a message about the

importance of tending to

customers and ensuring that they have a positive experience with the company’s

goods and services."

2. "Although sales or market share can indicate how well a firm is performing currently,satisfaction is perhaps the best indicator of how likely it is that the firm’s customers

will make further purchases in the future. Much research has focused on the

relationship between customer satisfaction and retention. Studies indicate that the

ramifications of satisfaction are most strongly realized at the extremes." On a five-

point scale, "individuals who rate their satisfaction level as '5' are likely to become

return customers and might even evangelize for the firm. (A second important metric

related to satisfaction is willingness to recommend. This metric is defined as "The

http://en.wikipedia.org/wiki/Bargaining_powerhttp://en.wikipedia.org/wiki/Bargaining_powerhttp://en.wikipedia.org/wiki/AT%26Thttp://en.wikipedia.org/wiki/Verizonhttp://en.wikipedia.org/wiki/Fine_printhttp://en.wikipedia.org/wiki/Fine_printhttp://en.wikipedia.org/wiki/Verizonhttp://en.wikipedia.org/wiki/AT%26Thttp://en.wikipedia.org/wiki/Bargaining_powerhttp://en.wikipedia.org/wiki/Bargaining_power


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THE CUSTOMER SATISFACTION MANAGEMENT PROCESS

Successful quality improvement and customer satisfaction initiatives are the result of a

process, not a program. A program has a beginning and an end, whereas a process is usually

continuous. The concept of total quality management is based on continuous improvement

driven by customer satisfaction requirements.

In fact, the criteria for the MBNQA represent just such a model. The importance of the award

is not winning it or even applying for it. What makes the MBNQA unique is its congruity

with the major concepts of quality improvement and its process-based approach to total

quality driven by customer satisfaction, with strong linkage between quality results and

operating results (National Institute of Standards and Technology, 1991). The MBNQA

criteria link the economic and organizational benefits of internal process improvement with

the requirements of the external customer to improve market share and revenue performance.

This powerful combination adds value to all aspects of a company's activities.

Exhibit 1-1 outlines the seven MBNQA categories and their relative importance. Category 7,

customer satisfaction, carries the greatest weight and provides significant support to all other

categories. Customer satisfaction information provides performance measures for the key

processes of the organization.

The first step in gaining control over quality and customer satisfaction in your business is to

understand the concept of process. A process is simply a series of events that yield an

outcome; coupled with a feedback loop, it becomes a continuous process. Quality

improvement and customer satisfaction are continuous processes.

It is process, not product or service, which drives quality and competitiveness. Everything we

sell is directly related to the process we use. To attain quality improvements, it is necessary to

understand our processes and continually to investigate ways of improving these processes.

With the understanding of our processes, we begin to identify overlaps, redundancies, and

gaps. This knowledge, together with the understanding of our customers' requirements and

expectations, allows us to improve our processes on a continuous basis. There are several

valuable yet simple techniques for mapping, understanding, and improving processes, which

will be discussed later.

The intent of process improvement is to change our simple definition of a series of events

that produce an outcome to a planned series of events that yield a predictable, desired

outcome. Note the addition of the three key words, planned, predictable, and desired. We

need all three conditions to be successful. A planned, predictable, and desired process


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outcome will go a long way toward transforming an organization into one that will be

structured to respond to the needs of customers in a superior way.

Traditionally, many companies have determined what was important to them in terms of

internal performance and then gone out to ask their customers how well they were performing

in these areas. Regrettably, these companies frequently were not measuring what was

important to the customer, only what was important to the companies.

Customers have an entirely different view of your organization than you have, and the things

that are important to you may not matter at all to them. Because it is customers who keep you

in business, it's important that you measure what is important to them, not you.

Successful customer satisfaction activities are outwardly focused and driven by the customer.

This customer-driven approach allows the organization to adjust existing processes or create

new processes to better satisfy customer requirements.

The challenge in customer satisfaction management and quality improvement is to identify

and listen to the voice of the customer and then translate that voice into process

improvements. How to best hear the voice of the customer and act on it is a process in itself.

This book provides a proved conceptual model (Exhibit 1-2) and explains how to implement

the model and make it work for you.

Throughout the remainder of the book, we will define each of the steps in the customer

satisfaction management process. In essence, the model provides the framework for the

following:

Define clear objectives as to how the information will be used to improvecustomer satisfaction.

Identify customer and employee perceptions of quality and satisfaction. Measure the relative importance of customer requirements. Benchmark performance on these attributes. Assess employees' perceptions of the organization's ability to deliver quality

and satisfaction.

Deploy those customer requirements throughout the organization to allowvarious functions to work as teams in improving processes.

Provide feedback measurement of performance improvement over time, plusmonitoring of critical issues.


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Each of these phases of the comprehensive management process is summarized on the

following pages.

IMPORTANCE

The objectives-setting phase of the process provides the necessary opportunity for leaders inthe organization to understand how the process works. It assists them in defining what their

information needs are and how the information from customers will be used.

For the customer satisfaction management process to be successful, functional leaders need to

be willing to take ownership of the results of the research. This ensures that the process

improvement teams representing various functions will be as effective as possible in their

work.

The objectives-setting phase also provides the environment to link customer satisfaction

activities with any existing quality improvement initiatives. Quality improvement should be

an integrated system of specific improvement processes rather than a series of unrelated ad

hoc tasks or programs.

Expectations and Customer Satisfaction

Expectations are beliefs (likelihood or probability) that a product/service (containing

certain attributes, features or characteristics) will produce certain outcomes (benefits-values)

given certain anticipated levels of performance based on previous affective, cognitive, and

behavioral experiences. Expectations are often seen as related to satisfaction and can be

measured as follows:

Importance: Value of the product/service fulfilling the expectation. Overall Affect-Satisfaction Expectations: Like / Dislike of the product/service. Fulfillment of Expectation: The expected level of performance vs. the desired

expectations. This is ―Predictive Fulfillment‖ and is a respondent-specific index of the

performance level necessary to satisfy.

Expected Value from Use: Satisfaction is often determined by the frequency of use.If a product/service is not used as often as expected, the result may not be as

satisfying as anticipated. For example a motorcycle that sits in the garage, an unused

year subscription to the local fitness center/gym, or a little used season pass to a ski

resort would produce more dissatisfaction with the decision to purchase than with the

actual product/service.


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OBJECTIVESRESEARCH METHODOLOGY

LIMITATIONS


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OBJECTIVES

To know up to what extent the LG LED TVs satisfied the consumers. Dissertation of satisfaction level of customers about the after sales services rendered

by the dealer.

To study the price value and satisfaction on price of the LG LED TVs in view point ofcustomers.

To know whether customers are satisfied with the innovative features of LG LEDTVs.

To know whether the loyalty of Customer towards LG.


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containing question relating to certain specific aspects, regarding which the researches collect

the data. The questionnaire is given to the respondents to be filled up.

85 questionnaires were distributed among customers out of whom only 45 customers

are the users of LG LED TVs. Therefore only 45 questionnaires were considered for

analyzing and interpretation.

SAMPLE SIZE:

45 customers were surveyed during the study period

SAMPLING UNITS:

The sampling units are customers of LG LED TVs.

METHOD OF SAMPLING:

Only non-probability sampling is adopted. Non-sampling methods are those, which do

not provide every item in the universe with a known chance of being included in the sample.

The selection process is partially subjective. In non-probability sampling, Quota sampling

method is used.

QUOTA SAMPLING:

In quota sampling the selection of the sample is made by the interviewer, who has

been given quotas to fill from specified sub-groups of the population.

The targeted group is on customers of Sherwin Williams paints only not that to any

customers who purchase paints.

They are similarities with stratified sampling, but in quota sampling the selection of

the sample is non-random. Anyone who has had the experience of trying to interview people

in the street knows how tempting it is to ask those who look most helpful, hence it is not the

most representative of samples, but extremely useful.

TOOLS FOR DATA ANALYSIS:

The tool used for the purpose of analysis is percentage method.

PERCENTAGE METHOD:

Percentage method refers to a special kind of rates. Percentage method used in

making comparison between two or more series of data.

Percentage= No. of respondents x 100

Total no. of samples


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LIMITATION

The study is restricted to only Kurnool city. So we cannot say the overall informationof LG Customers Satisfaction.

Time factor is the main limitation for the study. The research has been centered to only 45 customers rather than millions. Customers

around the world.

Some of the consumers are not interested to give the accurate information about theirLG LED TV. So information might be biased.

The suggestions drawn are subjected to the information provided by the various buyers contacted.


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DATA ANALYSIS

INTERPRETATION


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1. What is your profession?

Professionals Number of respondents Percentage

Employees 21 25%

Businessmen 27 32%

Professionals 32 37%

Others 5 6%

Total 85 100%

Interpretation:

The above table indicates that 32% of the respondents are Businessmen, 37% of the

respondents are professionals, 25% of the respondents are employees and the rest of the

respondents are from other profession.


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1. What is your profession?

0%

5%

10%

15%

20%

25%

30%

35%

40%

Employees Businessmen Professionals Others

25%

32%

37%

6%

Profession of the respondents

Percentage


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2. What would be your monthly Income?

Monthly Income Level Number of respondents Percentage

Below 15000 11 13%

15000 – 25000 16 19%

25000 – 35000 31 36%

Above 35000 27 32%

Total 85 100%

Interpretation:

The above table showing the monthly income level of the respondents. It shows that

36% respondents monthly income is 25000 to 35000, 32% respondents’ monthly income is

above 35000, 19% respondents monthly income is between 15000 to 25000 and the

remaining respondents monthly income is below 15000.


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2. What would be your monthly Income?

0%

5%

10%

15%

20%

25%

30%

35%

40%

Below 15000 15000 – 25000 25000 – 35000 Above 35000

13%

19%

36%

32%

Monthly Income levelof the respondents

Percentage


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3. Which brand of LED TV you have?

LED TV Brand Number of respondents Percentage

LG 45 53%

Samsung 14 16%

Sony 17 20%

Others 09 11%

Total 85 100%

Interpretation:

The above table describes the different brand’s LED TVs used by respondents. From

the above table it is concluded that 53% of the respondents using LG LED TVs, 20% are

using Sony LED TVs, 16% using Samsung LED TVs and the rest 11% using other LED TVs.


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Note: In the above analysis (Analysis no. 3), we have seen that there are only 45

respondents who are using LG LED TVs. With respect to this, the rest of the data

analysis part will be carried out based on the 45 respondents’ perspective.

4. Which series of LG LED TV you have?

Series of LG LED TV Number of respondents Percentage

LG LM Series 6 13%

LG LS Series 17 39%

LG LD/LK Series 11 24%

LG LV Series 7 15%

LG LW Series 4 9%

Total 45 100%

Interpretation:

The above table indicates that, 39% of the respondents are using LG LS Series, 24%

of the respondents are using LG LD/LK Series, 15% are using LG LV Series, 13% and 9%

are using LG LM Series and LG LW Series.


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5. Why do you prefer LG LED TVs?

Preference factors Number of respondents Percentage

Quality 9 20%

Technology 11 25%

Brand Image 7 15%

Prestige 5 11%

All of the above 13 29%

Total 45 100%

Interpretation:

The above table is representing the preference factors to Prefer LG LED TVs

purchasing, 25% of the respondents say they preferred LG LED TV because of Technology

factor, 20% say it is quality factor, 15% say it is Brand image, 11% say it is prestige factor

where the rest 29% of the respondents say they preferred LG LED TV because of all factors

(Quality, Technology, Brand Image, Prestige).


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5. Why do you prefer LG LED TVs?

20%

25%

15%

11%

29%

0%

5%

10%

15%

20%

25%

30%

35%

Quality Technology Brand Image Prestige All of the above

Preference factors towards LG LED TV

Percentage


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6. Who influenced you to purchase LG LED TVs ?

Influencing Factors Number of respondents Percentage

Friends 14 31%

Relatives 6 13%

Advertisement 17 38%

Others 8 18%

Total 45 100%

Interpretation:

The above table is representing the influencing factors to purchase LG LED TV, and

it shows 31% of the respondents influenced by friends to purchased LG LED TV, 38% of the

respondents influenced by advertisements, 13% and 18 % of the respondents influenced by

relatives and others.


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6. Who influenced you to purchase LG LED TVs ?

0%

5%

10%

15%

20%

25%

30%

35%

40%

Friends Relatives Advertisement Others

31%

13%

38%

18%

Influencing factors towards LG LED TVs

Percentage


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7. What is your perspective about prices of LG LED TVs?

0%

10%

20%

30%

40%

20%

29%

40%

11%

0%

Price Perspective towards LG LED TVs

Percentage


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8. Up to what extent you are satisfied with LG LED TVs?

Satisfaction Level towards

LG LED TVsNumber of respondents Percentage

Highly Satisfied 19 42%

Satisfied 21 47%

Neutral 3 7%

Not satisfied 2 4%

Highly not satisfied 0 0%

Total 45 100%

Interpretation:

The above table is showing the respondents satisfaction level on LG LED TVs and it

shows, 42% of the respondents are highly satisfied, 47% of the respondents say they are

satisfied where 7% and 4% of the respondents are neutral and not satisfied. Where 0% of the

respondents are not highly satisfied.


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8. Up to what extent you are satisfied with LG LED TVs?

0%

5%

10%

15%

20%

25%

30%35%

40%

45%

50%

Highly

Satisfied

Satisfied Neutral Not satisfied Highly not

satisfied

42%

47%

7%4%

0%

Respondents Satisfaction Level towards LG

LED TVs

Percentage


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9. How much satisfied are you with the innovative features of LG LED TVs?

Satisfaction Level on

Features of LG LED TVsNumber of respondents Percentage


Satisfied 24 54%

Neutral 3 7%

Not satisfied 2 4%


Total 45 100%

Interpretation:

The above table shows the satisfaction level of respondents on features of LG LED

TVs, and it shows 54% of the respondents are satisfied with the features of LG LED TV,

35% are very satisfied, where 7 and 4% of the respondents are neutral and not satisfied and

no respondents is Highly not satisfied i.e. 0%.


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9. How much satisfied are you with the innovative features of LG LED TVs?

0%

10%

20%

30%

40%

50%

60%

Highly

Satisfied

Satisfied Neutral Not satisfied Highly not

satisfied

35%

54%

7%4%

0%

Respondents Satisfaction Level on Features of

LG LED TVs

Percentage


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10. What do you feel about the after sales services of LG?

Satisfaction Level on After

sales service of LGNumber of respondents Percentage


Satisfied 9 20%

Neutral 31 69%

Not satisfied 1 2%


Total 45 100%

Interpretation:

The table indicates the satisfaction level of customers towards after sales service of

LG, and it is illustrated that 69% of the respondents are neutral, 20% and 9% of the

respondents are satisfied and highly satisfied where 2% of the respondents are not satisfied

with the after sales service of LG.

It could be noted that, 69% of the respondents who are neutral on the scale have not

taken after sales service of LG. So they are neutral and have not pointed their satisfaction

level.


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10. What do you feel about the after sales services of LG?

0%

10%

20%

30%

40%

50%

60%

70%

Highly

Satisfied

Satisfied Neutral Not

satisfied

Highly not

satisfied

9%

20%

69%

2% 0%

Satisfaction Level on After sales service of

LG

Percentage


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11. Are you loyal to LG?

Loyalty towards LG Number of respondents Percentage

Yes 39 87%

No 6 13%

Total 45 100%

Interpretation:

The above table indicates the loyalty of customers towards LG, and it shows that 87%

of the respondents are loyal to LG where 13% of the respondents are not loyal to LG.


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11. Are you loyal to LG?

87%

13%

Loyalty towards LG

Yes No


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12. Would you like to recommend buying LG LED TVs to others?

Recommendations to others Number of respondents Percentage

Yes 34 75%

No 11 25%

Total 45 100%

Interpretation:

When it is asked whether the respondents wants to recommend the product LG LED

TV to others 75% of the respondents say they are willing to represent the product to others

and 25% of the respondents are not willing to recommend the product to others.


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SUGGESTIONS

1. Many of the consumers thinks the price of LG LED TVs are high, so thecompany should reduced the price of the product.

2. The company needs to improve the after sales service as some of therespondents are not satisfied with the after sales service.

3. Company should contact the customers as they have some suggestions toimprove the company and its product sales.

4. Though the company is leading the market, it should beware of competitorslike Sony, Samsung, Oneida, Videocon, Panasonic, which is also trying to

compete with LG LED TVs by offering better quality products at economical

prices.


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QUESTIONNAIRE

BIBLIOGRAPHY


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11. What is your opinion about sales promotional activities [ ]

A. Excellent b. Good c. Fair d. Poor

12. How do you feel about the after sales services of LG [ ]

A. Excellent b. Good c. Fair d. Poor

13. Are you loyal to LG [ ]

A. Yes b. No

14. Would you like to recommend buying LG LED TVs to others? [ ]

a. Yes b. No

If you have any suggestions to LG Electronics; suggest here:

_____________________________________________________________________

___________________________________________________________________________

___________________________________________________________________________

TTThhhaaannnk k k YYYooouuu f f f ooorrr YYYooouuurrr

VVVaaallluuuaaabbbllleee TTTiiimmmeee


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BIBLIOGRAPHY

Reference Books:

Company Brouchers

TEXT: ―Marketing Management‖

-By Philip Kotler

-By C.H.Sontaki

Reference Web Sites:

www.wikipedia.org

www.lg.com

www.lg.co.in

www.asia.cnet.com
http://www.wikipedia.org/http://www.lg.com/http://www.lg.co.in/http://asia.cnet.com/http://asia.cnet.com/http://asia.cnet.com/http://www.lg.co.in/http://www.lg.com/http://www.wikipedia.org/

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