Term Paper on "Customer Satisfaction"

Term Paper 4 pages (1114 words) Sources: 2

[EXCERPT] . . . .

Customer Satisfaction: Investment Survey Evaluation and Critique

There are a number of problems with the methodology of the study. First of all, using the telephone is not necessarily a good idea, because it does not specifically target the securities trading firm's clientele. The central aim of the study must always be kept in mind, namely is the securities trading firm losing clients to online investment services? At very least, the study should specifically focus on a list of the firm's clients that have agreed to make their phone numbers available for a survey, within conventional business hours, or the firm should send paper surveys with SASEs to a mailing list of representative clients, or brokers should give surveys to clients after they have used the broker's services, which can be returned immediately upon completion.

Calling people and asking them "have you invested in money in the stock market?" indicates that the brokers may not be calling individuals who are the core clients. Perhaps the typical firm's client does not answer phone interviews. Secondly, the question of whether the respondent manages his or her own investments or uses an investment firm shows the unfocused nature of the survey. Instead, the questionnaire should specifically call people who are current users of the firm's services, individuals who have recently left the firm, and only then perhaps a control group of randomly selected investors from outside of the firm.

Satisfaction is often a critical area of interest in surveys, but what makes a person satisfied with a firm may vary. At least there are follow-up questions about what makes an investor satisfied in the current survey, and there are also inquiries about the importance an investor attaches to particular financial services, as well as questions about the importance of having personalized investment counseling in general. But the survey focuses on such factors as the commission charged by firm, personal service, return on investment, and investment counseling and not upon Internet services and the added value Internet may be perceived to add to investors. Not addressing Internet services means that the survey does not address the original purpose of the study, namely if the firm's core constituents are leaving the firm because of the perceived greater value generated from using Internet firms.

Duration of time of investing with and using a particular brokerage firm is important, although a follow-up question should be included as to how long the individual has been investing in general, as a person who has been investing for 40 years and is with the current firm for 3 months may have a different profile from someone who has only been investing for 3 months in general, meaning that that investor has only been involved with one firm for the duration of his or her investment career. Also, the question of proportionality must be addressed regarding how much capital the individual has invested, regarding the individual's assessment or risk and the importance of investing. An individual with a large income only investing $10,000-50,000 is someone with a less investment-focused financial profile than someone investing that same amount with a low income, indicating a higher appetite for risk and desire to invest in the stock market.

In terms of profiling respondents, age and risk aversion may be critical determinants in terms of which investors prefer Internet firms over brick and… READ MORE

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