I N D E X. Preface Acknowledgement Index List of Tables List of Figures List of Maps List of Abbreviations Used

Transcription

1 Preface Acknowledgement Index List of Tables List of Figures List of Maps List of Abbreviations Used I N D E X Contents Page No I III V XIII XXI XXV XXVI Chapter I: Introduction & Methodology Introduction Indian Financial Service Sector and Financial Exclusion Dimension Growth Potential of Indian Financial Service Sector Indian Mutual Fund Industry A Brief Review Mutual Fund Products History of Mutual Fund Growth in Asset Under Management (AUM) Trend of Number of Folios and Retail Investors Reason for Low Share of Retail Investors in AUM Retail Investors and Marketing Mix Genesis of the Problem Rationale of the Study Review of Literature and Research Gap Analysis Related Theoretical Underpinning Scope of the Study Conceptual Framework Objectives of the Study Hypotheses of the Study 59 V

2 Contents Page No 1.14 Methodology of the Study Research Design Sampling Design Data Collection Design Geographical Coverage Analysis Design External Validity Ethical Considerations Reporting Design 84 Chapter References 86 Chapter II: Customer Solution Dimension of Mutual Fund Introduction Objective Hypothesis Gap Analysis between Customer Solution Experienced and Customer Solution Expected Description of Items Measuring the Latent Variables 109 Customer Solution Experienced and Customer Solution Expected Reliability Statistics of Customer Solution Experienced and 111 Customer Solution Expected Normality Test of Customer Solution Experienced and 111 Customer Solution Expected Descriptive Statistics of Customer Solution Experienced and 112 Customer Solution Expected Hypothesis Testing and Observation of Customer Solution Dimension 115 VI

3 Contents Page No Interpretation of Gap from the Perspective of Individual Items 116 of Customer Solution Dimension - Area-wise Confidence Level Analysis of the Mutual Fund Retail Investors on Customer Solution Dimension Scale Interpretation for Cross Sectional Analysis of 130 Customer Solution Dimension Cross Sectional Analysis Customer Solution Dimension Conclusion 135 Chapter References 136 Chapter III: Customer Cost Dimension of Mutual Fund Introduction Objective Hypothesis Gap Analysis between Customer Cost Experienced and Customer Cost Expected Description of Items Measuring the Latent Variables 144 Customer Cost Experienced and Customer Cost Expected Reliability Statistics of Customer Cost Experienced and 146 Customer Cost Expected Normality Test of Customer Cost Experienced and Customer 146 Cost Expected Descriptive Statistics of Customer Cost Experienced and 147 Customer Cost Expected Hypothesis Testing and Observation of Customer Cost 150 Dimension Interpretation of Gap from the Perspective of Individual Items of Customer Cost Dimension - Area-wise 151 VII

4 Contents Page No Confidence Level Analysis of the Mutual Fund Retail Investors on Customer Cost Dimension Scale Interpretation for Cross Sectional Analysis of 165 Customer Cost Dimension Cross Sectional Analysis Customer Cost Dimension Conclusion 170 Chapter References 171 Chapter IV: Customer Communication Dimension of Mutual Fund Introduction Objective Hypothesis Gap Analysis between Customer Communication Experienced and Customer Communication Expected Description of Items Measuring the Latent Variables 179 Customer Communication Experienced and Customer Communication Expected Reliability Statistics of Customer Communication Experienced 181 and Customer Communication Expected Normality Test of Customer Communication Experienced and Customer Communication Expected Descriptive Statistics of Customer Communication 182 Experienced and Customer Communication Expected Hypothesis Testing and Observation of Customer 185 Communication Dimension Interpretation of Gap from the Perspective of Individual Items 186 of Customer Communication Dimension - Area-wise Confidence Level Analysis of the Mutual Fund Retail Investors on Customer Communication Dimension 200 VIII

5 Contents Page No Scale Interpretation for Cross Sectional Analysis of Customer Communication Dimension Cross Sectional Analysis Customer 204 Communication Dimension 4.5 Conclusion 206 Chapter References 207 Chapter V: Customer Convenience Dimension of Mutual Fund Introduction Objective Hypothesis Gap Analysis between Customer Convenience Experienced and Customer Convenience Expected Description of Items Measuring the Latent Variables 215 Customer Convenience Experienced and Customer Convenience Expected Reliability Statistics of Customer Convenience Experienced 217 and Customer Convenience Expected Normality Test of Customer Convenience Experienced and 218 Customer Convenience Expected Descriptive Statistics of Customer Convenience Experienced 218 and Customer Convenience Expected Hypothesis Testing and Observation of Customer Convenience 221 Dimension Interpretation of Gap from the Perspective Analysis of Individual Items of Customer Convenience Dimension - Areawise 222 IX

6 Contents Confidence Level Analysis of the Mutual Fund Retail Investors on Customer Convenience Dimension Scale Interpretation for Cross Sectional Analysis of Customer Convenience Dimension Cross Sectional Analysis Customer Convenience Dimension Page No Conclusion 241 Chapter References 242 Chapter VI: State of Mental Accounting and Retail Investors of Mutual Fund Introduction Objective Hypothesis Conceptual Framework Verification Measure of State of Mental Accounting Descriptive Statistics of 4C Marketing Mix based State of 260 Mental Accounting and Level of Gap in 4C Marketing Mix Normality Test of 4C Marketing Mix based State of Mental 264 Accounting and Level of Gap in 4C Marketing Mix Association between 4C Marketing Mix based State of Mental 264 Accounting and Level of Gap in 4C Marketing Mix Association between State of Mental Accounting and Level 266 of Gap - Marketing Mix Element-wise Association between 4C Marketing Mix based State of Mental Accounting and Level of Gap in 4C Marketing Mix - Areawise Revision of the Conceptual Framework Perceived 270 X

7 Contents Page No Association between 4C Marketing Mix based Level of Past 273 Experience and 4C Marketing Mix based State of Mental Accounting Association between 4C Marketing Mix based State of Mental 275 Accounting and 4C Marketing Mix based Level of Future Expectation Validity of Revised Conceptual Framework Association between 4C Marketing Mix based Level of Past 279 Experience and 4C Marketing Mix based State of Mental Accounting - Area-wise 6.7 Association between 4C Marketing Mix based State of Mental 282 Accounting and 4C Marketing Mix based Level of Future Expectation - Area-wise 6.8 Association between Level of Past Experience and State of Mental 285 Accounting - Marketing Mix Element-wise 6.9 Association between State of Mental Accounting and Level of Future 289 Expectation - Marketing Mix Element-wise 6.10 Positioning of Mutual Fund Products Positioning of Mutual Fund Products - Area-wise Conclusion 307 Chapter References 310 Chapter VII: Conclusion Introduction Objective Overall Conclusion and Generalisation Suggestions Limitations of the Study Scope for Future Research 332 XI

8 Contents Page No Chapter References 333 Annexure Annexure - A: Questionnaire I 337 Annexure - B: Questionnaire II 341 Bibliography 349 List of Publications & Publications 379 XII

9 LIST OF ABBREVIATIONS USED Abbreviations AMC AMFI ASSOCHAM AUM CAGR CAMS CII ETF F&CIT GDP GIC FI FII HNI ICT KPMG KS KVP LICI Full Form : Asset Management Company : Association of Mutual Fund of India : Associated Chambers of Commerce & Industry in India : Assets Under Management : Compound Annual Growth Rate : Computer Age Management Services : Confederation of Indian Industries : Exchange Traded Funds : Foreign and Colonial Investment Trust : Gross Domestic Product : General Insurance Corporation of India : Financial Institution : Foreign Institutional Investors : High Networth Individual : Information and Communication Technology : Klynveld Peat Marwick Goerdeler : Kolmogorov Smirnov : Kissan Vikash Patra : Life Insurance Corporation of India XXVI

10 Abbreviations MBA MIT NAV NSC PF PSU PwC SEBI SET SPSS UK USA UTI Full Form : Master of Business Administration : Massachusetts Investors Trust : Net Asset Value : National Saving Certificate : Provident Fund : Public Sector Undertaking : Pricewaterhouse Coopers : Securities Exchange Board of India : Stock Exchange of Thailand : Statistical Package for Social Sciences : United Kingdom : United States of America : Unit Trust of India XXVII

11 LIST OF FIGURES Contents Figure No. Title Page No. Figure 1.1 Financial Inclusion as Compared to other Economies (Per lakh 3 Adults) Figure 1.2 Growth of AUM (Rs. in Crore) 9 Figure 1.3 AUM Status (Rs in Crore) As on 31 st March, Figure 1.4 Equity Composition in AUM 11 Figure 1.5 Non- Equity Composition in AUM 11 Figure 1.6 Trend of Number of Folios (As on 31 st March, ) 13 Figure 1.7 Area-Wise Contribution in AUM 16 Figure 1.8 Cognitive Domain Hierarchy 48 Figure 1.9 Relationship Model between Experience - Expectation - Gap and 57 State of Mental Accounting Figure 2.1 Comparison between Customer Solution based Level of Past Experience and Customer Solution based Level of Future Expectation - Area-wise 113 Figure 2.2 Figure 2.3 Figure 2.4 Figure 2.5 Item-wise Comparison between Customer Solution based Level of Past Experience and Customer Solution based Level of Future Expectation - Dibrugarh Item-wise Comparison between Customer Solution based Level of Past Experience and Customer Solution based Level of Future Expectation - Guwahati Item-wise Comparison between Customer Solution based Level of Past Experience and Customer Solution based Level of Future Expectation - Jorhat Item-wise Comparison between Customer Solution based Level of Past Experience and Customer Solution based Level of Future Expectation - Nagaon XXI

12 Figure No. Title Page No. Figure 2.6 Figure 3.1 Figure 3.2 Figure 3.3 Figure 3.4 Figure 3.5 Figure 3.6 Figure 4.1 Figure 4.2 Item-wise Comparison between Customer Solution based Level of Past Experience and Customer Solution based Level of Future Expectation - Tezpur Comparison between Customer Cost based Level of Past Experience and Customer Cost based Level of Future Expectation Area-wise Item-wise Comparison between Customer Cost based Level of Past Experience and Customer Cost based Level of Future Expectation - Dibrugarh Item-wise Comparison between Customer Cost based Level of Past Experience and Customer Cost based Level of Future Expectation - Guwahati Item-wise Comparison between Customer Cost based Level of Past Experience and Customer Cost based Level of Future Expectation - Jorhat Item-wise Comparison between Customer Cost based Level of Past Experience and Customer Cost based Level of Future Expectation - Nagaon Item-wise Comparison between Customer Cost based Level of Past Experience and Customer Cost based Level of Future Expectation - Tezpur Comparison between Customer Communication based Level of Past Experience and Customer Communication based Level of Future Expectation Area-wise Item-wise Comparison between Customer Communication based Level of Past Experience and Customer Communication based Level of Future Expectation - Dibrugarh XXII

13 Figure No. Title Page No. Figure 4.3 Figure 4.4 Figure 4.5 Figure 4.6 Figure 5.1 Figure 5.2 Figure 5.3 Figure 5.4 Figure 5.5 Item-wise Comparison between Customer Communication based Level of Past Experience and Customer Communication based Level of Future Expectation - Guwahati Item-wise Comparison between Customer Communication based Level of Past Experience and Customer Communication based Level of Future Expectation - Jorhat Item-wise Comparison between Customer Communication based Level of Past Experience and Customer Communication based Level of Future Expectation - Nagaon Item-wise Comparison between Customer Communication based Level of Past Experience and Customer Communication based Level of Future Expectation - Tezpur Comparison between Customer Convenience based Level of Past Experience and Customer Convenience based Level of Future Expectation Area-wise Item-wise Comparison between Customer Convenience based Level of Past Experience and Customer Convenience based Level of Future Expectation - Dibrugarh Item-wise Comparison between Customer Convenience based Level of Past Experience and Customer Convenience based Level of Future Expectation - Guwahati Item-wise Comparison between Customer Convenience based Level of Past Experience and Customer Convenience based Level of Future Expectation - Jorhat Item-wise Comparison between Customer Convenience based Level of Past Experience and Customer Convenience based Level of Future Expectation - Nagaon XXIII

14 Figure No. Title Page No. Figure 5.6 Figure 6.1 Figure 6.2 Figure 6.3 Figure 6.4 Figure 6.5 Figure 6.6 Figure 6.7 Figure 6.8 Item-wise Comparison between Customer Convenience based Level of Past Experience and Customer Convenience based Level of Future Expectation - Tezpur Relationship Model between Experience Expectation - Gap and State of Mental Accounting Revised Model Representing Relationship between Level of Past Experience, State of Mental Accounting and Level of Future Expectation Positioning of Mutual Fund Products based on Level of Past Expectation and State of Mental Accounting (4C Marketing Mix Based) Positioning of Mutual Fund Products based on Level of Future Expectation and State of Mental Accounting (4C Marketing Mix Based) Positioning of Mutual Fund Products based on Level of Past Experience and State of Mental Accounting (4C Marketing Mix Based) Positioning of Mutual Fund Products based on Level of Past Experience and State of Mental Accounting (4C Marketing Mix Based) [Area-wise] Positioning of Mutual Fund Products based on State of Mental Accounting and Level of Future Expectation (4C Marketing Mix Based) [Area-wise] Positioning of Mutual Fund Products based on Level of Past Experience and Level of Future Expectation (4C Marketing Mix Based) [Area-wise] XXIV

15 LIST OF MAPS Contents Map No. Title Page No. Map 1.1 Map of the State of Assam 77 XXV

16 LIST OF TABLES Contents Table No. Title Page No Table 1.1 Asset Under Management 9 Table 1.2 Scheme-wise Share in AUM 12 Table 1.3 Composition of Different Types of Investors in terms of Number 13 of Folios Table 1.4 Review of Customer Expectation Definitions 27 Table 1.5 Review of Customer Experience Definitions 29 Table 1.6 Review of Mutual Fund Definitions 33 Table 1.7 Review of Positioning Definitions 35 Table 1.8 Bloom s Taxonomy of Learning 50 Table 1.9 Age Profile of the Respondents 68 Table 1.10 Gender Profile of the Respondents 68 Table 1.11 Occupation Profile of the Respondents 68 Table 1.12 Qualification Profile of the Respondents 68 Table 1.13 Income Profile of the Respondents 69 Table 1.14 Top 10 Districts of Assam in Terms of Banking & Insurance 77 business and District Domestic Product (Rs in Lakh) Table 1.15 Deposits in Scheduled Commercial Bank (Rs. in Lakh) 78 Table 2.1 Description of the Items Relating to Customer Solution 110 Table 2.2 Reliability Statistics of Customer Solution Experienced and 111 Customer Solution Expected Table 2.3 One Sample Kolmogorov-Smirnov Test of Customer Solution 112 Experienced and Customer Solution Expected Table 2.4 Area-Wise and Overall Descriptive Statistics of Customer 112 Solution Dimension Table 2.5 Wilcoxon Sign-rank Test of Customer Solution (Test Statistics a, c ) 116 Table 2.6 Descriptive Statistics of Customer Solution Items (Dibrugarh) 117 XIII

17 Table No. Title Page No Table 2.7 Descriptive Statistics of Customer Solution Items (Guwahati) 121 Table 2.8 Descriptive Statistics of Customer Solution Items (Jorhat) 122 Table 2.9 Descriptive Statistics of Customer Solution Items (Nagaon) 124 Table 2.10 Descriptive Statistics of Customer Solution Items (Tezpur) 127 Table 2.11 Criteria Used for Identifying the Level of Investors Confidence 131 on Customer Solution Dimension Table 2.12 Customer Solution based Level of Past Experience * Customer 133 Solution based Level of Future Expectation - Cross-Tabulation Table 2.13 Status of Investors Confidence on Customer Solution Dimension 134 Table 3.1 Description of the Items Relating to Customer Cost 145 Table 3.2 Reliability Statistics of Customer Cost Experienced and 146 Customer Cost Expected Table 3.3 One Sample Kolmogorov-Smirnov Test of Customer Cost 147 Experienced and Customer Cost Expected Table 3.4 Area-Wise and Overall Descriptive Statistics of Customer Cost 147 Items Table 3.5 Wilcoxon Sign-rank Test of Customer Cost (Test Statistics a, c ) 150 Table 3.6 Descriptive Statistics of Customer Cost Items (Dibrugarh) 151 Table 3.7 Descriptive Statistics of Customer Cost Items (Guwahati) 154 Table 3.8 Descriptive Statistics of Customer Cost Items (Jorhat) 158 Table 3.9 Descriptive Statistics of Customer Cost Items (Nagaon) 161 Table 3.10 Descriptive Statistics of Customer Cost Items (Tezpur) 162 Table 3.11 Criteria Used for Identifying the Level of Investors Confidence 166 on Customer Cost Dimension Table 3.12 Customer Cost based Level of Past Experience * Customer Cost 168 based Level of Future Expectation - Cross-Tabulation Table 3.13 Status of Investors Confidence on Customer Cost Dimension 169 Table 4.1 Description of the Variables Relating to Customer 180 Communication XIV

18 Table No Title Page No Table 4.2 Reliability Statistics of Customer Communication Experienced and Customer Communication Expected 181 Table 4.3 One Sample Kolmogorov-Smirnov Test of Customer 182 Communication Experienced and Customer Communication Expected Table 4.4 Area-Wise and Overall Descriptive Statistics of Customer 183 Communication Items Table 4.5 Wilcoxon Sign-rank Test of Customer Communication (Test 186 Statistics a, c ) Table 4.6 Descriptive Statistics of Customer Communication Items 187 (Dibrugarh) Table 4.7 Descriptive Statistics of Customer Communication Items 191 (Guwahati) Table 4.8 Descriptive Statistics of Customer Communication Items (Jorhat) 192 Table 4.9 Descriptive Statistics of Customer Communication Items 195 (Nagaon) Table 4.10 Descriptive Statistics of Customer Communication Items 199 (Tezpur) Table 4.11 Criteria Used for Identifying the Level of Investors Confidence 202 on Customer Communication Dimension Table 4.12 Customer Communication based Level of Past Experience * 205 Customer Communication based Level of Future Expectation - Cross-Tabulation Table 4.13 Status of Investors Confidence on Customer Communication 206 Dimension Table 5.1 Description of the Items Relating to Customer Convenience 216 Table 5.2 Reliability Statistics of Customer Convenience Experienced and Customer Convenience Expected 217 XV

19 Table No. Title Page No Table 5.3 One Sample Kolmogorov - Smirnov Test of Customer 218 Convenience Experienced and Customer Convenience Expected Table 5.4 Area-Wise and Overall Descriptive Statistics of Customer 219 Convenience Dimension Table 5.5 Wilcoxon Sign-rank Test of Customer Convenience (Test Statistics a, c ) 221 Table 5.6 Descriptive Statistics of Customer Convenience Items 224 (Dibrugarh) Table 5.7 Descriptive Statistics of Customer Convenience Items (Guwahati) 225 Table 5.8 Descriptive Statistics of Customer Convenience Items (Jorhat) 227 Table 5.9 Descriptive Statistics of Customer Convenience Items (Nagaon) 230 Table 5.10 Descriptive Statistics of Customer Convenience Items (Tezpur) 234 Table 5.11 Criteria Used for Identifying the Level of Investors Confidence 236 on Customer Convenience Dimension Table 5.12 Customer Convenience based Level of Past Experience * 239 Customer Convenience based Level of Future Expectation - Cross-Tabulation Table 5.13 Status of Investors Confidence from the Perspective of Customer 240 Convenience Dimension Table 6.1 Description of Items - Customer Solution based State of Mental 254 Accounting Table 6.2 Description of Items - Customer Cost based State of Mental 255 Accounting Table 6.3 Description of Items - Customer Communication based State of 256 Mental Accounting Table 6.4 Description of Items - Customer Convenience based State of 257 Mental Accounting Table 6.5(a) Descriptive Statistics of 4C Marketing Mix Based State of Mental Accounting 260 XVI

20 Table No Title Page No Table 6.5(b) Descriptive Statistics of Level of Gap in 4C Marketing Mix 263 Table 6.6 One Sample Kolmogorov-Smirnov Test - 4C Marketing Mix 264 based State of Mental Accounting and Level of Gap in 4C Marketing Mix Table 6.7 Criteria Used for Identification of Type of Association 265 Table 6.8 Association between 4C Marketing Mix based State of Mental 265 Accounting and Level of Gap in 4C Marketing Mix Table 6.9 Regression Model Summary - Level of Gap in 4C Marketing 266 Mix on 4C Marketing Mix based State of Mental Accounting Table 6.10 Association between State of Mental Accounting and Level of 267 Gap (Marketing Mix Element-wise) Table 6.11 Regression Model Summary- Level of Gap on State of Mental 268 Accounting (Marketing Mix Element-wise) Table 6.12 Association between 4C Marketing Mix based State of Mental 269 Accounting and Level of Gap in 4C Marketing Mix (Area-wise) Table 6.13 Regression Model Summary- Level of Gap in 4C Marketing 270 Mix on 4C Marketing Mix based State of Mental Accounting (Area-wise) Table 6.14 One Sample Kolmogorov-Smirnov Test 4C Marketing Mix 273 based Level of Past Experience and 4C Marketing Mix based State of Mental Accounting Table 6.15 Association between 4C Marketing Mix based Level of Past 274 Experience and 4C Marketing Mix based State of Mental Accounting Table 6.16 Regression Model Summary - 4C Marketing Mix based Level of 275 Past Experience on 4C Marketing Mix based State of Mental Accounting Table 6.17 One Sample Kolmogorov-Smirnov Test 4C Marketing Mix based State of Mental Accounting and 4C Marketing Mix based Level of Future Expectation 276 XVII

21 Table No Title Page No Table 6.18 Table 6.19 Table 6.20 Table 6.21 Table 6.22 Table 6.23 Table 6.24 Table 6.25 Table 6.26 Table 6.27 Association between 4C Marketing Mix based State of Mental Accounting and 4C Marketing Mix based Level of Future Expectation Regression Model Summary- 4C Marketing Mix based State of Mental Accounting on 4C Marketing Mix based Level of Future Expectation Reliability Dimension of 4C Marketing Mix based Level of Past Experience and 4C Marketing Mix based State of Mental Accounting (Area-wise) One Sample Kolmogorov-Smirnov Test 4C Marketing Mix based Level of Past Experience and 4C Marketing Mix based State of Mental Accounting (Area-wise) Association between 4C Marketing Mix based Level of Past Experience and 4C Marketing Mix based State of Mental Accounting (Area-wise) Regression Model Summary- 4C Marketing Mix based Level of Past Experience on 4C Marketing Mix based State of Mental Accounting (Area-wise) Reliability Dimension of the 4C Marketing Mix based State of Mental Accounting and 4C Marketing Mix based Level of Future Expectation (Area-wise) One Sample Kolmogorov-Smirnov Test 4C Marketing Mix based State of Mental Accounting and 4C Marketing Mix based Level of Future Expectation (Area-wise) Association between 4C Marketing Mix based State of Mental Accounting and 4C Marketing Mix based Level of Future Expectation (Area-wise) Regression Model Summary - 4C Marketing Mix based State of Mental Accounting on 4C Marketing Mix based Level of Future Expectation (Area-wise) XVIII

22 Table No Title Page No Table 6.28 Table 6.29 Table 6.30 Table 6.31 Table 6.32 Table 6.33 Table 6.34 Table 6.35 Table 6.36 Table 6.37 Table 6.38 Table 6.39 Reliability Dimension of Level of Past Experience and State of Mental Accounting (Marketing Mix Element-wise) One Sample Kolmogorov-Smirnov Test Level of Past Experience and State of Mental Accounting (Marketing Mix Element-wise) Association between Level of Past Experience and State of Mental Accounting (Marketing Mix Element-wise) Regression Model Summary- Level of Past Experience on State of Mental Accounting (Marketing Mix Element-wise) Reliability Dimension of State of Mental Accounting and Level of Future Expectation (Marketing Mix Element-wise) One Sample Kolmogorov-Smirnov Test State of Mental Accounting and Level of Future Expectation (Marketing Mix Element-wise) Association between State of Mental Accounting and Level of Future Expectation (Marketing Mix Element-wise) Regression Model Summary- State of Mental Accounting on Level of Future Expectation (Marketing Mix Element-wise) Cross Tabulation: 4C Marketing Mix based Level of Past Experience * 4C Marketing Mix based State of Mental Accounting Cross Tabulation: 4C Marketing Mix based Level of Future Expectation * 4C Marketing Mix based State of Mental Accounting Cross Tabulation: 4C Marketing Mix based Level of Past Experience * 4C Marketing Mix based Level of Future Expectation Influence of State of Mental Accounting and Non-State of Mental Accounting Factors on Migration XIX

23 Table No Title Page No Table 6.40 Table 6.41 Table 6.42 Table 6.43 Cross-Tabulation: 4C Marketing Mix based Level of Past Experience * 4C Marketing Mix based State of Mental Accounting (Area-wise) Cross Tabulation: 4C Marketing Mix based Level of Future Expectation * 4C Marketing Mix based State of Mental Accounting (Area-wise) Cross Tabulation: 4C Marketing Mix based Level of Experience * 4C Marketing Mix based Level of Expectation (Area-wise) Influence of State of Mental Accounting and Non-State of Mental Accounting Factors on Migration (Area-wise) XX

24 List of Publications A. Research Publications in National & International Journals 1. Bhowal, A., & Paul, T. (2012). Mental Accounting of Retail Investor and Marketing Mix- A Tango. Reflection, 1(1), [ISSN: X]. 2. Bhowal, A., & Paul, T. (2014). Measuring Satisfaction of Mutual Fund Investors from the Customer Communication Dimension of the Marketing Mix. Indian Journal of Marketing, 44(12), [ISSN: ]. 3. Bhowal, A., & Paul, T. (2013). Behavioural Finance: A Psychological Perspective of Investment Decision. Dehing- Pulse of Survival, 4, 7-13 [ISSN: X]. 4. Bhowal, A., & Paul, T. (2013). Gaps in Customer Solution - A Case Stuy of Mutual Funds in India. The SAMS Journal, 7(1), 33-41[ISSN: X]. 5. Bhowal, A., & Paul, T. (2014). Customer Experience, Mental Accounting-Some Issues. Intercontinental Journal of Marketing Research Review, 2(7), 12-21[ISSN: (P), ISSN: (O)]. 6. Bhowal, A., & Paul, T. (2014). Mutual Fund Investors Expectation and Experience Gap A study from the 'Customer Convinence' Dimension of 4C marketing mix. Asian Journal of Research in Marketing, 3(1), [ISSN: ]. 7. Paul, T. (2009). Mental Accounting Operations in Investment Decision Making. The Accounting World, 9(9), [ISSN: ]. 8. Paul, T. (2012). A Study on level of Expectation of Mutual Fund Investors and the Impact of Demographic profile on Period of Investment. International Journal of research in Commerce and Management, 3(7), [ISSN: ]. 9. Paul, T. (2012). An Assessment of Gap Between Expectation an Experience of Mutual Fun Investors. International Journal of Marketing, Financial Services an Management Research, 1(7), [ISSN: ] 10. Paul, T. (2013). Mental Accounting of Mutual Fund Investors and Marketing Mix -- A Study from 4C Marketing Mix Perspective. Asia Pacific Journal of Marketing & Management Review, 2(2), [ISSN: ]. 11. Paul, T. (2014). A Review of Mutual Fund Investors' Satisfaction from Marketing Mix Dimensions. Asian Journal of Research in Business Economics and Management, 4(5), 65-71[ISSN: ]. 379

25 12. Paul, T. (2014). Customer Communication Dimension of Marketing Mix- A Review of Gap between Mutual Fund Investors' Expectation and Experience. Scholar Journal of Economics, Business & Management, 1(5), Paul, T. (2014). Customer Communication Dimension of Marketing Mix-A Review of Gap between Mutual Fund Investors Expectation and Experience. Scholars Journal of Econimics Business Management, 1(5), [ISSN: (P), ISSN: ]. 14. Paul, T. (2014). Customer Experience Driven Expectations - A Cognitive Process. Indian Journal of Applied Research, 4(4), [ISSN: X]. 15. Paul, T. (2014). Influence of Mutual Fund Cost Experience on Investors' Mental Accounting. Asian Journal of Research in Social Science and Humanities, 4(9), [ISSN: ]. 16. Paul, T. (2014). Investors' Experience-Expectation Gap & Mental Accounting- The Unexplained Relationship. Global Journal for Research Analysis, 4(7), [ISSN: ]. 17. Paul, T. (2014). Investors' Experience Expectation Gap & Mental Accounting The Unexplained Relationship. Global Journal for Research Analysis, 3(7), [ISSN: ]. 18. Paul, T. (2014). Mutual Fund Investors Expectation and Experience Gap-A study from the Customer Convenience Dimension of 4C marketing mix. Asian Journal of Research in Marketing, 3(1), [ISSN: ]. 19. Paul, T. (2014). Mutual Fund Investors Perceived Experience & Mental Accounting A study from Customer Communication Perspective. International Journal of Research and Development - A Management Review, 3(1), [ISSN: ]. 20. Paul, T., & Bajaj, S. (2012). A Study on level of Expectation of Mutual Fund Investors & Impact of Demographic Profile on Period of Investment in Mutual Fund. International Journal of Research in Commerce & Management, 3(7), [ ]. 21. Paul, T., & Bihani, P. (2014). Expectation Based Customer Oriented Marketing Mix. International Jornal on Research and Development- A Management Review, 3(1), [ISSN: ]. 22. Paul, T., & Garodia, E. (2012). Equity Investors' Expectation and Experience- A Gap analysis. Asia Pacific Journal of Marketing and Management Review, 1(3), [ISSN: ]. 380

26 B. Contributory Chapters in Edited Books 1. Paul, T. (2014). The Journey of Producer Centric Marketing Mix to Customer Centric Marketing Mix. In J. Lydia, R. Rajkumar, N. Kogila & M. Ganesh Babu, (Ed), Dynamics of Commerce and Management (pp ). Bangalore: Archers & Elevators Publishing House [ISBN: ]. C. Conference/Seminar Papers Presented 1. Paul, T. (2012). Retail Investors of Mutual Fund and Marketing Mix- A Tango, 11th International conference on Global Contemporary Issues, Innovations &Future Challenges in Business, IT & Management, Jaipur, India. 5 th and 6 th January, Paul, T. (2012). Costumer Communication Dimension of Mutual Fund Marketing- A Gap Analysis, UGC SPONSORED NATIONAL SEMINAR ON Small Investors and Current Investment Scenario: Issues and Challenges Ahead, Sibsagar Commerce College, 13 th and 14 th SEPTEMBER,