A STUDY OF CONSUMER SATISFACTION

INTRODUCTION

Customer satisfaction (often abbreviated as CSAT, more correctly CSat) is a term frequently used in marketing. It is a
measure of how products and 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.The Marketing Accountability Standards Board (MASB)
endorses the definitions, purposes, and constructs of classes of measures that appear in Marketing Metrics as part of its
ongoing Common Language in Marketing Project. 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 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.
PURPOSE
 A business ideally is continually seeking feedback to improve 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, the collection, 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 percentage of surveyed customers who indicate that they would
recommend a brand to friends." When a customer is satisfied with a product, he or she might recommend it to friends,
relatives and colleagues. This can be a powerful marketing advantage.) "Individuals who rate their satisfaction level as '1,' by
contrast, are unlikely to return. Further, they can hurt the firm by making negative comments about it to prospective
customers. Willingness to recommend is a key metric relating to customer satisfaction.
THEORETICAL GROUND

In literature antecedents of satisfaction are studied from different aspects. The considerations extend from psychological to
physical and from normative to positive aspects. However, Im in most of the cases the consideration is focused on two basic
constructs as customers expectations prior to purchase or use of a product and his relative perception of the performance of
that product after using it. Expectations of a customer on a product tell us his anticipated performance for that product. As it is
suggested in the literature, consumers may have various "types" of expectations when forming opinions about a product's
anticipated performance. For example, four types of expectations are identified by Miller (1977): ideal,expected, minimum
tolerable, and desirable. While, Day (1977) indicated among expectations, the ones that are about the costs, the product
nature, the efforts inobtaining benefits and lastly expectations of social values. Perceived product performance is considered
as an important construct due to its ability to allow making comparisons with the expectations. It is considered that customers
judge products on a limited set of norms and attributes. Olshavsky and Miller (1972) and Olson and Dover (1976) designed
their researches as to manipulate actual product performance, and their aim was to find out how perceived performance ratings
were influenced by expectations. These studiestook out the discussions about explaining the differences between expectations
and perceived performance." [4]In some research studies, scholars have been able to establish that customer satisfaction has a
strong emotional, i.e., affective, component.[5] Still others show that the cognitive and affective components of customer
satisfaction reciprocally influence each other over time to determine overall satisfaction.[6] Especially for durable goods that
are consumed over time, there is value to taking a dynamic perspective oncustomer satisfaction.
2. REVIEW OF LITERATURE

3. LEARNING’S FROM THE STUDY

4. RESEARCH METHODOLOGY

4.1. TYPE OF RESEARCH

4.2. SAMPLE SIZE - 6 YEARS

4.3. TOOLS OF ANALYSIS.

a) NAV(NET ASSET VALUE).
b) TABLE
c) GRAPH AND MEAN,STANDARD DEVIATION,COEFFICIENT VARIATION.

5. LIMITATIONS OF THE STUDY

6. SUGGESTIONS AND CONCLUSION

7. REFERENCES
1. INTRODUCTION TO MUTUAL FUND AND ECONOMIC GROWTH

Mutual Fund is one of the most effective instrument for the small & medium investors for investment and offers opportunity to
them to participate in capital market with low level of risk. It also provides the facility of diversification i.e. investors can invest
across different types of schemes. Indian Mutual Fund has achieved a lot of popularity since last two decades. For a longtime UTI
enjoyed the monopoly in mutual fund industry. But with the passage of time many new players came in the market and industry
faces a lot of competition. Now a days this industry has become the major player of the financial system. Therefore it becomes
important to investigate the mutual fund performance at continuous basis. The aim of this paper is to evaluate the performance of

mutual fund schemes ranked one by CRISIL. To analysis the performance of selected funds’ schemes, mean returns and their
standard deviation were considered and then basic measures in this regard- Sharpe’s Ratio, Jensen’s Ratio and performer among

the selected schemes during April 2016 to March 2017.

Keywords: Mutual Fund, Net Asset Value, Performance Measures, Return, Beta etc.
ECONOMIC GROWTH

Economic growth can be achieved through the development of a capital market which can meet the
financial requirements of the country. One of vital components of financial system is financial institutions which
can serve the dual purpose- generating savings from the public and providing funds for investment purpose. The
mutual fund industry is one such financial institution which raises funds through the sale of the small units to
public and provides funds for investment among various sectors. Despite the global economic slowdown of
2010-13, a remarkable increase is observed in mutual fund investments in India. According to facts of PwC

analysis (2016), this industry has reported highest growth during last seven years while grew with eighteen percent CAGR
during the period of last ten year. As per India Attractive Survey Report, EY’s 2015, our country
Is considered most attractive investment destination at global front as per one third of respondents under survey
while remaining considers India as in top three investment centres.
 HOW DOES A MUTUAL FUND’S WORK

INVESTORS

REINVESTMENT
FUND MANAGER

RETURNS FINANCIAL SECURITIES

ELIGIBLE PERSONS FOR ICICI MUTUAL FUND
1.1.d. MISSION AND VISION

• VISION OF ICICI PRUDENTIAL MUTUAL FUND :

 To be the leading provider of financial services in INDIA and a major global bank.

• MISSION:

 We will leverage our people, technology , speed and financial capital to.

 Be the banker of first choice for our customers by delivering high quality ,world class products and services.

 Expand the frontiers of our business globally .

 Play a proactive role in the full realisation of INDIA’S potential.

 Maintain a high standards of governance and ethics.

 Contribute positively to the various countries and markets in which

we operate .
 Create value for our stakeholders.
1.1.e. PRODUCTS AND SERVICES:

The AMC manages significant Assets under Management (AUM) in the Mutual Fund segment across asset classes. The
AMC also caters to Portfolio Management Services and Real Estate Division for investors, spread across the country,
along
with International Advisory Mandates for clients across international markets.

Mutual Fund

The Mutual Fund caters primarily to retail investors.

• Portfolio Management Services

The Portfolio Management Services allow high net worth investors to invest in more concentrated portfolio aiming
at higher returns. In the year 2000, ICICI Prudential AMC was the first institutional participant to offer the service,
and has now got a successful track record of over 10 years.

• Real Estate Business

The Real Estate division caters to high net worth investors and domestic institutional investors, with ICICI
Prudential AMC starting the Real Estate Investment Series Portfolio in the year 2007.
1.1.f . AWARDS AND ACHIEVEMENTS
AWARDS
ACHIEVMENTS
1.1.g. COMPETITORS

A few of the competitors for ICICI Prudential Mutual Fund in the mutual fund
sector are :

• HDFC Mutual Fund

• Reliance Mutual Fund

• SBI Mutual Fund

• Birla Sun Life Mutual Fund

• UTI Mutual Fund

1.1.h. ABOUT THE ORGANISATION

NO. BOARD OF DIRECTORS MANAGEMENT TEAM INVESTMENT MANAGEMENT

1.  MS. CHANDA KOCHHAR-  MR.NIMESH SHAH  MR.S.NAREN-CIO
CHAIRPERSON
2.  MR.SURESH KUMAR  MR.B RAMAKRISHNA  MR.RAHUL GOSWAMI-CIO-FIXED
-EXECUTIVE VICE PRESIDENT INCOME
3.  MR.VIJAY THACKER  MR. RAGHAV IYENGAR  MR.RAHUL RAI-HEAD OF REAL
-EXECUTIVE VICE PRESIDENT ESTATE BUSINESS
AND HEAD OF RETAIL
4. MR.N.S.KANNAN  MR.HEMANT AGARWAL-HEAD
OF OPERATIONS
5.  MR.C.R.MURALIDHARAN  MR.VIVEK SRIDHARAN

6.  MR.NIMESH SHAH  MR.AMAR SHAH-HEAD OF

RETAIL BUSINESS
7.  MR.GUY STRAPP  MS.SUPRIYA SAPRE-HEAD OF
COMPLIANCE AND LEGAL
8.  MS.LAKSHMI  MR.AMIT BHOSALE-HEAD OF
RISK MANAGEMENT
9.  MR.NIKHIL BHENDE-HEAD OF
HUMAN RESOURCES
 1.2. RATIONALE OF THE STUDY

The basic purpose of this study is to analyze the Portfolio management of the ICICI Asset Management Company
(AMC) in India are:

 To understand the concept of portfolio management and the role of the Asset Management Company in capturing
maximum share of investor‘s markets.

 To carry out analysis of the expected stock returns of various ICICI fund schemes prevailing in the market.

 To understand the problems faced by fund houses in managing the funds.

 To analyze the benefits of Portfolio Management services to the investors and fund houses.

 To know whether investor‘s home is biased or not while selecting the Asset Management companies to invest into.
 To find out major fund management players in India and to study their consciousness towards investors .

 To study the influence of liberalization and globalization of the economy on the flow of capital and their management
thereof.

 To study risk-returns mechanism and how it can be fruitfully achieved through portfolio management.

 To examine growth trail of ICICI mutual funds in India and their impact on the common investor.

 To study the scope for improvement in quality of portfolio management provided by ICICI Asset Management Company
(AMC).
 1.3. OBJECTIVES OF THE STUDY

There are several parties to ICICI mutual fund such as sponsor, the trustees,the AMCs, the custodians and investors as
beneficiaries. To gain an overview of the current performance trends of the Indian mutual fund industry and investors’
preference, the present thesis is intended to evaluate the performance of ICICI mutual funds and its impact of diversification
of portfolio on risk and risk potential of ICICI mutual funds, in particular. It is felt necessary to understand the preferences of
ICICI mutual funds with respect to the risk tolerance, return expectation, tenure of investment and investment influencing
factors etc. in relation to age, qualification, gender, marital status, occupation and income levels.

The objective of the present study are:

 To present the trends in the growth of ICICI mutual funds.

 To evaluate the performance of the select equity growth schemes and compare it with the benchmark to find out
whether there is equality of means (returns).

 To compare the risk and return of equity and debt funds for a period of10 years to study the long run performance.
 To study the growth and development of ICICI mutual funds in general in India

 To study and measure the performance of the two selected ICICI mutual fund Schemes.

 To study the perceptions of investors on ICICI Prudential Mutual Funds.

 To draw conclusions and to provide meaningful suggestions that contributes to better performance of ICICI Mutual funds in
general and with special reference to the two selected mutual funds.

 To analyze the trends in returns of selected types of ICICI Mutual fund .

 To create awareness among the customers about ICICI mutual fund investment and their benefit through the online portal of
ICICI.

 To make customers user friendly with the website of ICICI Direct.com.

 To understand the functions of an ICICI Asset Management Company.

 To understand the performances of various schemes using various tools to measure the performances.

 To measure and compare the performance of selected type of ICICI mutual fund schemes of different ICICI mutual fund
company and other asset management company.
2. REVIEW OF LITERATURE

Literature Review:

• Dr. Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact of Sharpe Ratio & Treynor’s Ratio on
ICICI Mutual Fund Schemes. This paper examines the performance of a ICICI mutual fund schemes, that the risk profile of
the aggregate mutual fund universe can be accurately compared by a simple market index that offers comparative monthly
liquidity, returns, systematic & unsystematic risk and complete fund analysis by using the special reference of Sharpe ratio
and Treynor’s ratio.

• Dr. K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014), conducted a research on Comparative Performance Analysis of
ICICI Mutual Fund Schemes. This study analyzes the performance of ICICI mutual funds and compares their performance.
The performance of these funds was analyzed using a five year NAVs and portfolio allocation. Findings of the study reveals
that, funds out perform naïve investment. Mutual funds as a medium-to-long term investment option are preferred as a
suitable investment option by investors.

• Dr Surender Kumar Gupta and Dr. Sandeep Bansal (Jul 2012), have done a Comparative Study on Debt Scheme of
ICICI Mutual Fund. This study provides an overview of the performance of debt scheme of ICICI mutual fund with the help
of Sharpe Index after calculating Net Asset Values and Standard Deviation. This study reveals that returns on Debt Schemes
are close to Benchmark return (Crisil Composite Debt Fund Index: 4.34%) and Risk Free Return: 6% (average adjusted for
last five year).
 
• Prof. V. Vanaja and Dr. R. Karrupasamy (2013), have done a Study on the Performance of ICICI Private Sector Balanced
Category Fund Schemes in India. This study of performance evaluation would help the investors to choose the best schemes
available and will also help the AUM’s in better portfolio construction and can rectify
 the problems of underperforming schemes. The objective of the study is to evaluate the performance of ICICI Private sector
balanced schemes on the basis of returns and comparison with their bench marks and also to appraise the performance of
different category of funds using risk adjusted measures as suggested by Sharpe, Treynor and Jensen

• Asset E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net Values of ICICI Mutual Funds Using Auto-
Regressive Integrated Moving Average (Arima). In this paper, some of the mutual funds in India had been modeled using Box-Jenkins
autoregressive integrated moving average (ARIMA) methodology. Validity of the models was tested using standard statistical techniques and
the future NAV values of the mutual funds have been forecasted.

• Dr. Ranjit Singh, Dr. Anurag Singh and Dr. H. Ramananda Singh (August 2011), have done research on Positioning of ICICI Mutual
Funds among Small Town and Sub-Urban Investors. In the recent past the significant proportion of the investment of the urban investor is
being attracted by the mutual funds. This has led to the saturation of the market in the urban areas. In order to increase their investor base,
the ICICI mutual fund companies are exploring the opportunities in the small towns and sub-urban areas. But marketing the ICICI mutual
funds in these areas requires the positioning of the products in the minds of the investors in a different way. The product has to be acceptable
to the investors, it should be affordable to the investors, it should be made available to them and at the same time the investors should be
aware of it. The present paper deals with all these issues. It measures the degree of influence on acceptability, affordability, availability and
awareness among the small town and sub-urban investors on their investment decisions.

• Prof. Kalpesh P Prajapati and Prof. Mahesh K Patel (Jul 2012), have done a Comparative Study On Performance Evaluation of ICICI
Mutual Fund Schemes. In this paper the performance evaluation of ICICI mutual funds is carried out through relative performance index,
risk-return analysis, Treynor's ratio, Sharp's ratio, Sharp's measure, Jensen's measure, and Fama's measure. The data used is daily closing
NAVs. The source of data is website of Association of Mutual Funds in India (AMFI). The study period is 1st January 2007 to 31st
December, 2011. The results of performance measures suggest that most of the mutual fund have given positive return during 2007 to 2011.

• C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of Equity Growth ICICI Mutual Funds in India: An Empirical
Study during 1st June 2010 To 31st May 2013. The study evaluates performance of growth equity funds in India, carried out using portfolio
performance evaluation techniques such as Sharpe and Treynor measure. S&P CNX NIFTY has been taken as the benchmark. The study
conducted with 15 equity growth Schemes (NAV ) were chosen from top 10 AMCs ( based on AUM) for the period 1st June 2010 to 31st
may 2013(3 years).
 been studied. For measuring various phenomena and analyzing the collected data effectively and efficiently for drawing
sound conclusions, drawing pie charts has been used and for analyzing the various factors responsible for investment in
mutual funds.

• Rahul Singal, Anuradha Garg and Dr Sanjay Singla (May 2013), have done Performance Appraisal of ICICI Growth Mutual
Fund. The paper examines the performance of 25 ICICI Growth Mutual Fund Schemes. Over the time period Jan 2004 to Dec
2008. For this purpose three techniques are used (I) Beta (II) Sharpe Ratio (III) Treynor Ratio. Rank is given according to result
drawn from this scheme and comparison is also made between results drawn from different schemes and normally the different
are insignificant.

• Dhimen Jani and Dr. Rajeev Jain (Dec 2013), have studied Role of ICICI Mutual Funds in Indian Financial System as a Key
Resource Mobiliser. To find out correlation coefficient Kendall’s tau b and spearman’s rho correlation ship was applied, the data
range was selected from 1998-99 to 2009-10.

• Dr.R.Narayanasamy and V. Rathnamani(Apr 2013), have done Performance Evaluation of ICICI Equity Mutual Funds (On
Selected Equity Large Cap Funds). This study, basically, deals with the ICICI equity mutual funds that are offered for investment
by the various fund houses in India. This study mainly focused on the performance of ICICI equity large cap mutual fund
schemes in terms of risk- return relationship. The main objectives of this research work are to analysis financial performance of
ICICI mutual fund schemes through the statistical parameters such as (alpha, beta, standard deviation, r-squared, Sharpe ratio).

• Dr. Ashok Khurana and Kavita Panjwani (Nov, 2010), have analysed Hybrid ICICI Mutual Funds. ICICI Mutual fund returns
can be compared using Arithmetic mean & Compounded Annual Growth Rate. Risk can be analyzed by finding out Standard
Deviation, Beta while performance analysis is based on Risk-Return adjustment. Key ratios like Sharpe ratio and Treynor ratio
are used for Risk-Return analysis. Funds are compared with a benchmark, industry average, and analysis of volatility and return
per unit to find out how well they are performing with respect to the market Value at Risk analysis can be done to find out the
maximum possible losses in a month given the investor had made an investment in that month. Based on the quantitative study
conducted company a fund is chosen as the best fund in the Balance fund growth schemes.
• Dr. Mamta Shah (Dec 2012) has done research on Marketing Practices of ICICI Mutual Funds. Development of an economy
necessarily depends upon its financial system and the rate of new capital formation which can be achieved by mobilizing savings
and adopting an investment pattern, be its self-financing (i.e. direct or indirect)

• where financial intermediaries like banks, insurance and other financial companies come in the picture and mediate between
savers and borrowers of funds. In the same way there are different types of investors and each category of investors differs in
its objectives and hence it is imperative for investment managers to choose an appropriate investment policy for the group
they are dealing with, further managing the investment is a dynamic and an ongoing process.

• Rajiv G. Sharma (Aug 2013) has done a Comparative Study on ICICI Mutual Funds in India. The study at first tests whether
there is any relation between demographic profile of the investor and of ICICI mutual fund alternative from among public
sector and private sector. For the purpose of analysis perceptions of selected investors from public and private sector mutual
funds are taken into consideration. The major factors influencing the investors of public and private sectors mutual funds are
identified. The factors under consideration to compare between perceptions of public and private sector mutual fund investors
are Liquidity, Security, Flexibility, Management fee, Service Quality, Transparency, Returns and Tax benefits.

• Vibha Lamba (Feb 2014), has done an analysis of ICICI’s Portfolio Management in India. The purpose of present study is to
analyse the scope and importance of portfolio management in India. This paper also focuses on the types and steps of
portfolio management which a portfolio manager should take to provide maximum returns and minimum risk to his clients for
their investments.

• Dr. N. K. Sathya Pal Sharma and Ravikumar. R (2013), have done the Analysis of the Risk and Return Relationship of
Equity Based ICICI Mutual Fund. In this paper an attempt has been made to analyze the performance of equity based ICICI
mutual funds. A total of 15 schemes have been studied over the period April 1999 to April 2013 (15years). The analysis has
been made using the risk-return relationship and Capital Asset Pricing model (CAPM).
3. LEARNING FROM THE STUDY

 How to analyze and determine the portfolio of the financial sector companies and how it daily deals with the market
changes.
 We get to know that how NAV and its price units changes .
 We get to know that taking risk in mutual funds means earning profit in large amount , mutual fund can be a part of risk but
not at a high amount for the knowledgeable person.
 We get to know the knowledge of the ICICI schemes and how can we invest in it .
 We get to know that advertisements shown on the television is not appropriate because it is just showing to earn profit not to
be get aware of it terms and policies .
 We get to know how investors money flows in the market and how investors money increases .
 We get to know that only knowledgeable person can earn higher rate of amount in long term but in short term any one can
earn low amount at a lower rate.
 We get to know that people invest only in branded companies or AMC’s and their are sudden changes in its units and NAV
price.
 We get to know that people are not directly involved in mutual fund, they go through by an financial agent who give them
advice about which AMC is to be invested and it is a best way to be invested in any mutual funds company.
4. RESEARCH METHODOLOGY

RESEARCH & METHODOLOGY

This Report is based on primary and as well secondary data however primary data collection was given more importance since
it is overhearing factor in attitude studies .One of the most important users of research methodology is that it helps in identifying
the problem ,collecting, analyzing the required information data and providing an alternative solution to the problem .It helps in
collecting the vital information that is required by the top management to assist them for the better decision making both day to
day decision and critical ones.

DATA SOURCES

Research is based on primary data as well as secondary data .Secondary data can be used only for the reference .Research has
been done by secondary data collection and secondary data has been collected most from internet, various journals and ICICI
direct.com.

SAMPLING
 SAMPLING PROCEDURE
The sample was selected randomly irresepective of them being investors or not or availing the services or not .It was also
collected through personal by formal and informal talks and through filling up the questionnaire prepared. The data has been
analyzed by using mathematical/statistical tool.
 SAMPLE SIZE
The sample size of our project is limited to 6 years only.
 SAMPLE DESIGN
Data has been presented with the help of bar graph,pie charts,line graph etc.
4.1 TYPE OF RESEARCH: SECONDAY DATA

SECONDARY DATA

Secondary data refers to data which is collected by someone who is someone other than the user. Common sources of
secondary data for social science include censuses, information collected by government departments, organizational records
and data that was originally collected for other research purposes.Primary data, by contrast, are collected by the investigator
conducting the research.

Secondary data analysis can save time that would otherwise be spent collecting data and, particularly in the case
of quantitative data, can provide larger and higher-quality databases that would be unfeasible for any individual researcher to
collect on their own. In addition, analysts of social and economic change consider secondary data essential, since it is
impossible to conduct a new survey that can adequately capture past change and/or developments. However, secondary data
analysis can be less useful in marketing research, as data may be outdated or inaccurate.

Sources of secondary data

Secondary data can be obtained from different sources:

 Information collected through censuses or government departments like housing, social security, electoral statistics, tax records .
 Internet searches or libraries.
 Progressive reports.

4.2 SAMPLE SIZE

The sample size of our project is limited to 6 years only.

4.3 TOOLS & ANALYSIS

a) NAV ( NET ASSET VALUE )

WHAT IS NAV ?

Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end
or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are
redeemed at their net asset value. This may also be the same as the book value or the equity value of a business. Net
asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held
by investors, thereby representing the net asset value per share.

 Net asset value and other accounting and recordkeeping activities are the result of the process of fund accounting (also
known as securities accounting, investment accounting, and portfolio accounting). Fund accounting systems are
sophisticated computerized systems used to account for investor capital flows in and out of a fund, purchases and sales of
investments and related investment income, gains, losses and operating expenses of the fund. The fund's investments and
other assets are valued regularly; daily, weekly, or monthly, depending on the fund and associated regulatory or sponsor
requirements. There is no universal method or basis of valuing assets and liabilities for the purposes of calculating the net
asset value used throughout the world, and the criteria used for the valuation will depend upon the circumstances, the
purposes of the valuation and any regulatory and/or accounting principles that may apply.

 At the completion of the valuation process and once all other appropriate accounting entries are posted, the accounting books
are "closed" enabling a variety of information to be calculated and produced including the net asset value per share.
 b) TABLE OF ICICI MF. NAV MONTHLY UNIT PRICE(Rs.)

MONTHLY(NAV) UNITS

PRICE(Rs.)

MONTHS 2013 2014 2015 2016 2017 2018

JANUARY 12.52 13.82 19.25 16.94 19.663 24.4

FEBRUARY 12.28 13.65 19.55 16.76 20.25 23.67

MARCH 12.22 14.32 19.87 17.39 21.33 23.67

APRIL 11.62 14.68 19.95 18.1 21.06 23.69

MAY 12.68 15.88 19.5 18.52 21.799 23.48

JUNE 11.81 16.45 19.22 19.41 21.85 23.87

JULY 12.25 16.93 19.63 19.95 22.7 24.41

AUGUST 11.69 17.3 19.3 19.97 22.29 25.27

SEPTEMBER 12.62 18.19 18.14 20.31 22.54 24.97

OCTOBER 13.12 18.11 18.73 20.16 23.25 22.73

NOVEMBER 13.49 19.35 18.31 19.46 23.76

DECEMBER 13.72 18.89 18.11 19.12 24.07

 BAR-GRAPH

MONTHLY(NAV) UNITS
30

25

20
NAV UNITS

15

10

MONTHS

0
JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

2013 2014 MONTHLY(NAV) UNITS PRICE(Rs.) 2015

MONTHLY(NAV) UNITS PRICE(Rs.) 2016 MONTHLY(NAV) UNITS PRICE(Rs.) 2017 MONTHLY(NAV) UNITS PRICE(Rs.) 2018
 PIE-CHART

MONTHLY(NAV) UNITS

9% 8%

9% 8%

8%
9%

8%
8%

8%
8%
8% 8%

JANUARY FEBRUARY MARCH APRIL MAY JUNE

JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
 LINE GRAPH

MONTHLY(NAV) UNITS
140

120
24.41 25.27 24.97 22.73
23.48 23.87
23.67 23.69
24.4 23.67
100
23.25 23.76
0 24.07
0
22.7 22.29 22.54
21.8 21.85
21.33 21.06
19.66 20.25
80
NAV UNITS

19.95 20.31 20.16 19.46 19.12

18.52 19.41 19.97
16.94 16.76 17.39 18.1
60

18.73 18.31 18.11

19.5 19.22 19.63 19.3 18.14
19.25 19.55 19.87 19.95
40

18.19 18.11 19.35 18.89

15.88 16.45 16.93 17.3
13.82 13.65 14.32 14.68
20
12.52 12.28 12.22 12.68 11.81 12.25 11.69 12.62 13.12 13.49 13.72
11.62

0
JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

MONTHS

2013 2014 MONTHLY(NAV) UNITS PRICE(Rs.) 2015

MONTHLY(NAV) UNITS PRICE(Rs.) 2016 MONTHLY(NAV) UNITS PRICE(Rs.) 2017 MONTHLY(NAV) UNITS PRICE(Rs.) 2018
 CALCULATION OF MEAN,STANDARD DEVIATION & OF VARIATION COEFFICIENT OF
VARIATION.

1.) Calculation of Mean :

x̄ = Σ X/ N
ΣX = 2013:- 150.02/12 =12.50
2014:- 197.57/12=16.46
2015:- 229.56/12=19.13
2016:- 226.09/12=18.84
2017:- 264.562/12=22.04
2018:- 240.16/12=20.01
ΣX = 108.98
N= 6
x̄ = Σ X/ N :- 108.98/6
= 18.16
mean is 18.16.

2.) CALCULATION OF STANDARD DEVIATION :

X X- x̄
12.50 -5.66
16.46 -1.7
19.13 0.97
18.84 0.68
22.04 3.88
20.01 1.85
(ΣX- x̄)2 = 0.0004/6-1 σ = 0.00894
= 0.0004/5 standard deviation is 0.00894.
σ =  √0.00008
3.) CALCULATION OF COEFFICIENT OF VARIATION

CV = σ/ ̄x * 100
= 0.00894/18.16 * 100

= 0.0492

CV is 0.0492.
5. LIMITATIONS OF THE STUDY

 The secondary data is collected from various websites, and books. There could appear some variations from the original
data. The information for some schemes was not available for longer periods and hence not included in the study.

 Selected schemes have been taken into consideration.

 There is no uniformity in inception of schemes; hence all the schemes are not included.

 The primary data is collected from WAGH Mutual fund shareholder who provided us .The data and AMC branches which
may not represent whole population. Any study having a bearing on attitude, incomplete, wrong information and non response
to some questions couldn’t be avoided; however utmost care is taken so as to minimize such errors.

 The entire analysis of the study revolves around post-liberalisation era alone.
 The size of the sample is limited to 5 years only.

 Non-availability of the required monthly units and NAV data for the study period under consideration has set limitation on
bringing about more effectiveness in the comparative analysis.

 The primary data collected from the respondents involved potentially serious problem of reluctance on their part to disclose
particulars relating to financial transactions. This undoubtedly has hampered the effectiveness in the analyses of the investors’
perceptions.
6. SUGGESTIONS AND CONCLUSION

SUGGESTIONS

1. The most vital problem spotted is of ignorance ,investors should be made aware of the benefits. Nobody will invest until and

unless he is fully convinced .Investors should be made to realize that ignorance is no longer bliss and what they are losing by
not investing.

ICICI mutual funds offer a lot of benefit which no other single option could offer .But most of the people are not even aware
of what actually it is ? They only see it as a just another investment option .So the advisors should try to change their mind
sets .The advisors should target for more and more young investors .Young investors as well as persons at the height of their
career would like to go for advisors due to lack of expertise and time.

2. ICICI COMPANY needs to give the training to its financial advisor about the fund and scheme and its objective, because they
are the main source to influence the investors.

3. Before making any investment financial advisor should first enquire about the risk tolerance to the investors/customers, their
need and time (how long they want to invest) .By considering these three things they can take the customers into consideration .
4. Younger people will be a key new customer group into the future ,so making greater efforts with younger customers
who show some interest in investing should pay off .Customers with graduate level education are easier to sell to and
there is a large untapped market there . To succeed however ,advisors must provide sound advice and high quality.

5. Systematic investment plan (SIP) is one the innovative products launched by asset management companies very recently
in the industry. SIP is easy for monthly salaried persons as it provides the facility of do the investment in EMI. Though most
of the prospects and potential investors are not aware about the SIP . There is a large scope for the companies to tap the
salaried persons.
 CONCLUSION

 Running a financial management companies requires complete understanding of the peculiarities of the Indian stock market
and also the psyche of the small investors. This study has made an attempt to understand the financial behavior of ICICI
mutual fund investors in connection with the preferences of products and channels etc. we observed that many of the people
have fear of it. They think their money will not be secure in it. They need the knowledge of the ICICI mutual fund and its
related terms . Many of the people do not have invested in it due to lack of awareness although they have money to invest.

 As we see in our study we find that no. of investors are rapidly growing and it is good to say that youngsters are also
involving in it and becoming the investors of ICICI Mutual fund . People are creating awareness slowly of mutual funds and
its AMC and their schemes .

 With the help of bar-graph , pie chart and line diagram we can easily say that net asset value of the company is growing and
has little effects of the external factors. So now we can say that there is growing prospectus of ICICI mutual fund and its
investors and the coming future is all abut the financial intermediaries like investment in mutual fund , shares , government
bonds etc.

 Distribution channels are also most important for the investors in ICICI mutual fund . Financial advisors are the most
preferred channel for the investment in ICICI mutual fund. They can change investors mind from one investment option to
others . Many of the investors directly invest their money and all those people who directly invest knew all about ICICI
MUTUAL FUND and its related terms .
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 BIBLIOGRAPHY

WEBSITES:
 WWW.GOOGLE.COM
 WWW.ICICIPRUAMC.COM
 WWW.BSEINDIA.COM
 WWW.SLIDESHARE.NET