Customer Satisfaction Analysis: A Report on Fossil Watch Affordability

This report presents a comprehensive analysis of customer satisfaction with Fossil watches. The research employs a descriptive design, utilizing a random sampling technique to gather primary data through questionnaires administered to customers at Westfield London. The study aims to determine if there is a significant difference between customers' opinions on the affordability of Fossil watches, as well as their perception of the product range. The methodology includes a Chi-square test to analyze the data and test two hypotheses. The findings reveal customer satisfaction levels, opinions on product affordability, and the impact of competition within the watch industry. The report concludes with recommendations for Fossil watches to enhance customer satisfaction, emphasizing the importance of adapting to market demands and providing excellent customer service. The report also includes findings on website ratings and customer recommendations, offering insights for strategic improvements.

CUSTOMER
SATISFACTION

Table of Contents
INTRODUCTION...........................................................................................................................3
METHODOLOGY..........................................................................................................................3
RESEARCH................................................................................................................................3
RESEARCH DESIGN.................................................................................................................3
SAMPLING TECHNIQUE.........................................................................................................3
FINDINGS.......................................................................................................................................5
Calculations:................................................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
APPENDICES...............................................................................................................................10

INTRODUCTION
Customer satisfactions are one of the most concerned issues for every organization these days.
Every firm works on to satisfy their customers in best possible way; as customers are the only
source for generating income and foundation of any organization is dependent on its clients. This
research report based on the same topic; the chosen firm for doing sample analyses is Fossil wrist
watches. The main purpose of this project report is to identify the answer of research question “Is
there any significant difference between customers’ opinion about affordability of Fossil
watches”. As Fossil watches is well known expensive brand; so the basic idea of the research
was to identify the impact of company’s product cost on customers’.
METHODOLOGY
RESEARCH
This research is based on systematic and proper process of facts with a fixed goal of evaluating
customer satisfaction for Fossil watches. The main objective of this report is to have insight into
problems faced by Fossil Watch clients for implementing effective solution to solve this issue.
RESEARCH DESIGN
Research design represents research, research or study questions, process of study, and method
of study. Research design represents the process of scientific study in a phased or sorted manner
of research or research. Through research design, all the steps are presented for the subject
matter and purpose of research, method of collection of data related to research or study,
methodology of analysis, etc. Research design is the framework designed to find answers to
research questions. The method chosen will affect the results and the way in which the results are
performed. There are two main types of research design: qualitative and quantitative. That said,
there are many ways to classify research designs. A research design is a set of circumstances or
collections.
Study design defines the type of study (descriptive, corrective, quasi-experimental, experimental,
review or analytical goal) and subtype (as a case of longitudinal descriptive study), research
problem, hypothesis, independent and dependent variables, design Performs experimental and

statistical analysis scheme. The research carried on customer satisfaction has purely descriptive
design (Kothari, 2004).
SAMPLING TECHNIQUE
Random sampling method has been used for gathering primary data. In this technique; small
group among large population have been selected for collecting responses. A stratified sample is
one that ensures that subgroups (strata) of a given population are each adequately represented
within the sample population of a research study. For example, a sample of an adult may be
divided into subgroups by age, such as 18–29, 30–39, 40–49, 50–59, and 60 and above. To
interpolate this sample, the researchers would then randomly choose a proportional amount of
people from each age group. There was no biasness in selecting samples and every respondent
get mutually exclusive chance to be selected. The sampling technique is of two types; probability
and non probability sampling method. Here non-probability sampling technique is applied for
given set of data (Mackey and Gass, 2015).
Non-Probability sampling
This sampling method is not based on estimating probability of including each factor of the
population in the sample.
Convenience sampling
Convenience sampling method has been adopted for collecting data for this research project.
Sample Size
For collecting data 50 respondents were chosen for sample.
Data Collection
Target Audience: Fossil Watches customer visited at Westfield London.
PRIMARY DATA
The first source of information collected is known as primary data; here the primary data is
collected through responses in questionnaires and comment box.
SECONDARY DATA

Data collected through primary research or secondary research of other person is known as
secondary data. The main source concern for collection of secondary data is websites and
journals.
Significance of the study
Today watch industry has huge market and growing rapidly. The entrance of new firms like
Rado and Rolex make this industry more competitive. The main objective of this study is to
identify the fact about impact of product quality on competition within watch industry. The result
of the study based on sample collected will show current trend in market and what people really
think about watch; this information will support company’s future operations through making
appropriate strategies (Marczyk, DeMatteo and Festinger, 2005).
Customer Satisfaction
Satisfaction can be defined as fulfillment of desire through finding worth paying. If the customer
thinks that the product he is buying has less value than money he is paying, then this will be less
satisfaction for him (Noor, 2008). On the other hand; if money paid by client has less value than
product, then customer will get more satisfaction. Customer satisfaction is defined as the
"number of customers or percentage of total customers whose reported experience with a firm
exceeds the satisfaction goals specified by its products, or its services (ratings).
Determinants of customer satisfaction
Customer satisfaction can be measured in following terms given below:
 Features of products and services.
 Emotionally attachment of customers with the product delivered to him.
 Attributions for success or failure of services.
 Customer perception for equality or not biased.
 Neighbors, family members and colleagues.

FINDINGS
Summary of main findings
On the other hand; respondents also show disappointment for customers’ enquiry as it was not
found up to the mark by them. They also recommend company to give them proper product
knowledge and training. More than 75% customers show their disapproval to go with rival brand
of the company. It shows company’s victory in maintaining excellence of product service to
clients which stopped them to choose competitors brand watch. Further studies on website rating
by viewers and customers; shows average rating of 50 respondents is above 3.5 out of 5 which
has good achievement and it could be improved further through offering attractive schemes of
discounting and avail free vouchers for their royalty as a reward.
Calculations:
Method for calculation
Chi-square test has been applied to identify the outcome between affordability of watch by
customer. Test is single tailed and reason for choosing particular method is non parametric
information based on survey questionnaires (Miller, 1994).

Testing of Hypothesis
Hypothesis 1:
H0 (Null hypothesis): There is no significance difference between customer’s opinion about
affordability of Fossil watches.
H1 (Alternate hypothesis): There is significance difference between customer’s opinion about
affordability of Fossil watches.
O E (O – E)2 (O – E)2/
E
Strongly agree 15 10 25 2.5
Somewhat agree 20 10 100 10
Disagree 5 10 25 2.5
Strongly
disagree
6 10 16 1.6
Neutral 4 10 36 3.6
50 50 20.2
X2 = (O – E)⅀ 2 / E = 20.2
Degree of freedom, n – 1 = 5 – 1 = 4
Significance level = 0.05
Table value = 9.488
Interpretation: P value is less than 20.2 (20.2 > P); hence null hypothesis will be rejected and
alternate hypothesis will be accepted. So, it can be stated that there is significance difference
between customers’ opinion about affordability of Fossil watches.
Hypothesis 2
H0: There is no significance difference between customers’ opinion about product range provided
by Fossil watches.
H1: There is significance difference between customers’ opinion about product range provided by
Fossil watches.

O E (O – E)2 (O – E)2/
E
Strongly agree 11 10 1 0.1
Somewhat agree 12 10 4 0.4
Disagree 9 10 1 0.1
Strongly
disagree
13 10 9 0.9
Neutral 5 10 25 2.5
50 50 4
X2 = ⅀ (O – E) 2 / E = 4
Degree of freedom, n – 1 = 5 – 1 = 4
Significance level = 0.05
Table value (p) = 9.488
Interpretation: P value is greater than calculated value (4 < p < 9.488); thus null
hypothesis will be accepted and alternate hypothesis will be rejected. Therefore, there is
no significance difference between customers’ opinion about product range provided by
Fossil watches (Evans and Basu, 2010).

CONCLUSION
After analyzing all the findings and facts from survey and secondary data; it can be concluded
that Fossil watches has built good repo with customer and company should focus more to
provide better facilities to its customers. For surveillance in a long-term of business, the first
thing required by every organization is to change according to demand and customer
expectations. The impact of globalization and foreign trade on London watch history is much;
new entrants give hard competition to Fossil watches with their innovative product and creativity
in selling. These gadgets has replace all classical stuff, hence it become difficult for watch
company’s selling only classical watches to impress customers.
In simple words, customer satisfaction is the key to the success of your business. Treat them
special and they will make your business attractive. In addition to making themselves accessible,
the second method to make them happy is through the use of a robust CRM, to treat them with
hospitality and provide prompt services. Let's first find out what CRM means. CRM can be
defined as a business strategy specifically designed to improve customer service and their
satisfaction. It empowers you to gain more customers and retain existing ones business grows.

REFERENCES
Books and Journals

APPENDICES
QUESTIONNAIRE.