Description
project on CRM after doing work for 2 months @ financial company
Minor Project Report on
“AN ORGANISATIONAL STUDY ON BASKET OPTION PVT. LTD. (CONSUMER RELATIONSHIP MANAGEMENT)”
Submitted in partial fulfilment of the requirement of the Bachelor of Business Management Degree offered by Jain University during the year 2013
By
RISHABH RATHI REG NO: 12BBM20125
Semester-3rd Section-A
Under the Guidance of
Ms MEENA JAIN
#1/1-1, Atria Towers, Palace Road, Bangalore - 560 001, India Phone: +91 80 4343 0200 | Fax: +91 80 2235 3215 E-mail: [email protected] | Website: www.cms.ac.in
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CHAPTER 1
INTRODUCTION
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Basket option came out with initiative to provide financial services and financial education to people who wants secure life and to fulfil their needs and wants.
1.1 ABOUT THE INDUSTRY Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
HISTORY The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.
TYPES OF FINANCIAL SERVICES:
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1. 2. 3. 4. 5.
Banking Insurance Investment Loans Financial education
FINANCIAL INDUSTRY IN INDIA The Indian financial services sector is one of the most complex, yet one of the most robust service segments of the Indian economy. Spanning from insurance to capital markets, banking to foreign direct investments (FDI) and from mutual funds to private equity (PE) investments, the financial services sector covers all related segments under its umbrella. Having major effects in its abstract as well as physical form post liberalisation, the financial services segment is undoubtedly the mainstay of Indian economy. Today it is at par with the international financial frameworks and promises to surpass them in terms of performance in the years to come. This is very much evident from the fact that Indian financial services industry was amongst the least affected during the crisis the world faced in 2010-11. Major developments pertaining to the sub-segments of Indian financial services industry are discussed hereafter.
Insurance Sector ? Indian life insurance sector collected new business premiums worth Rs. 11,742.7 crore (US$ 1.96 billion) for April-May 2013, according to data from the Insurance Regulatory and Development Authority (IRDA). Life insurers collected Rs. 1, 07, 010.7 crore (US$ 17.84 billion) worth of new premiums for the financial year ended March 31, 2013. ? Meanwhile, the general insurance industry grew by 19.6 per cent in April-May period of FY14, wherein the non-life insurers collected premium worth Rs. 13,552.46 crore (US$ 2.26 billion). Banking Services
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? According to the Reserve Bank of India (RBI)?s „Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks?, September 2012, Nationalised Banks accounted for 52.0 per cent of the aggregate deposits, while the State Bank of India (SBI) and its Associates accounted for 22.3 per cent. The share of New Private Sector Banks, Old Private Sector Banks, Foreign Banks, and Regional Rural Banks in aggregate deposits was 13.6 per cent, 4.8 per cent, 4.3 per cent and 2.9 per cent, respectively. ? Nationalised Banks accounted for the highest share of 50.9 per cent in gross bank credit followed by State Bank of India and its Associates (22.1 per cent) and New Private Sector Banks (14.7 per cent). Foreign Banks, Old Private Sector Banks and Regional Rural Banks had shares of around 4.9 per cent, 4.9 per cent and 2.6 per cent, respectively. ? India's foreign exchange (forex) reserves stood at US$ 280.167 billion for the week ended July 5, 2013, according to data released by the central bank. The value of foreign currency assets (FCA) the biggest component of the forex reserves – stood at US$ 252.103 billion, according to the weekly statistical supplement released by the RBI. Mutual Funds Industry in India ? India?s asset management companies (AMCs) have witnessed growth for the fifth consecutive quarter wherein their average assets under management (AUM) during April-June 2013 increased by 3.68 per cent. The AUM?s value touched a new high of Rs 8.47 lakh crore (US$ 141.17 billion), according to the latest statistics available from industry body Association of Mutual Funds in India (AMFI).
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Private Equity, Mergers & Acquisitions in India ? Private equity (PE) firms upped their investments in India Inc by a hefty 42 per cent to US$ 5.4 billion through 197 deals during the first half of 2013; major deal being the US$ 1.2 billion-Bharti Airtel deal, according to a report by EY India (formerly Ernst & Young). ? Meanwhile, Merger and acquisition (M&A) activity in India was also quite intense in April-June 2013 period. The deal tally stood at US$ 10.9 billion across 130 transactions, according to global deal tracking firm Merger market.
VARIOUS TOP FINANCIAL SERVICE PROVIDER IN INDIA: ? ? ? ? ? ? ? ? ? ? SBI Capital Markets Limited Housing development finance corporation Bajaj Capital Limited PNB Housing Finance Limited Birla Global Finance Limited LIC Finance Limited ICICI Group L & T Finance Limited Delhi land and finance Reliance life
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1.2 CONSUMER RELATIONSHIP MANAGEMENT Consumer relationship management (CRM) is a model for managing a company?s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. The biggest challenge for any organisation is Consumer relationship management and without this any organisation will not work well. Consumer relationship management technology should enable greater consumer insight, increased consumer access, more effective interactions, and integration throughout consumer channel and back office enterprise functions.
BUSINESS ARCHITECTURE:
Valued consumer experience ? ? ? ? ? ? ? ? ? ? ? Understand requirements Monitor expectations Satisfaction vs. competition Collaboration and feedback Consumer communication
Organisational collaboration Culture and structure Consumer understanding People: skill, competencies Incentives and compensation Employee communications Partners and suppliers
CRM processes: consumer life cycle and knowledge management. CRM metrics: value, retention, satisfaction, loyalty and cost to serve. CRM information: data analysis and one view across channels.
NEED FOR CONSUMER RELATIONSHIP MANAGEMENT:
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? No accurate information on who your consumers are and what their needs or desires are or will be any given stage in their lives. ? Losing customers because of lack of understanding of your consumers. ? Consumers have different characteristics. TYPES OF CONSUMER RELATIONSHIP MANAGEMENT SYSTEM: ? Strategic CRM The aim of strategic CRM is to concentrate and enhance the knowledge about customers and use this knowledge to improve and customize the interactions with customers to maintain a longterm relationship with them. ? Operational CRM Operational CRM is mainly focused on automation, improvement and enhancement of business processes which are based on customer-facing or customer supporting. ? Analytical CRM Analytical CRM supports organizational back-office operations and analysis. It deals with all the operations and processes that do not directly deal with customers. Hence, there is a key difference between operational CRM and Analytical CRM. Unlike from operational CRM, where automation of marketing, sales-force and services are done by direct interaction with customers and determining customer?s needs, analytical CRM is designed to analyze deeply the customer?s information and data and unwrap or disclose the essential convention and intension of behavior of customers on which capitalization can be done by the organization. Primary goal of analytical CRM is to develop, support and enhance the work and decision making capability of an organization by determining strong patterns and predictions in customer data and information which are gathered from different operational CRM systems.
? Collaborative CRM
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Collaborative CRM deals with synchronization and integration of customer interaction and channels of communications like phone, email, fax, web etc. with the intent of referencing the customers a consistent and systematic way. The idea is not only enhancing the interactions but also to increase and improve customer retention and liberty. Collaborative CRM entangles various departments of organization like sales, marketing, finance and service and shares the customer information among them to highlight better understanding of customers. For example, the information of preferred products could be shared with marketing department so that analysis can be performed in this aspect to provide preferred products to customers. The information regarding varied cost or price of a particular product in market defined by customers can be delivered to finance department so that strategies could be created to match the product cost with similar products in market and after analysis bring an affordable and efficient product in market. The information regarding a specific service which is not installed in the company?s environment and intimated by the customers can be transferred to service department to improve or install that particular service inhouse. All this is done efficaciously within the range of channels so that the process automates the needs and minimal time is required for fulfilling these needs.
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IMPORTANCE OF CONSUMER RELATIONSHIP MANAGEMENT:
FEATURES OF CONSUMER RELATIONSHIP MANAGEMENT: Consumer Needs An organization can never assume what actually a consumer needs. Hence it is extremely important to interview a consumer about all the likes and dislikes so that the actual needs can be ascertained and prioritized. Without modulating the actual needs it is arduous to serve the consumer effectively and maintain a long-term deal.
Consumer Response Consumer response is the reaction by the organization to the queries and activities of the consumer. Dealing with these queries intelligently is very important as small misunderstandings could convey unalike perceptions. Success totally depends on the understanding and interpreting these queries and then working out to provide the best solution. During this situation if the supplier wins to satisfy the consumer by properly answering to his queries, he succeeds in explicating a professional and emotional relationship with him.
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Consumer Satisfaction Consumer satisfaction is the measure of how the needs and responses are collaborated and delivered to excel consumer expectation. In today?s competitive business marketplace, consumer satisfaction is an important performance exponent and basic differentiator of business strategies. Hence, the more is consumer satisfaction; more is the business and the bonding with customer.
Consumer Loyalty Consumer loyalty is the tendency of the consumer to remain in business with a particular supplier and buy the products regularly. This is usually seen when a consumer is very much satisfied by the supplier and revisits the organization for business deals, or when he is tended towards re-buying a particular product or brand over times by that supplier. To continue the consumer loyalty the most important aspect an organization should focus on is consumer satisfaction. Hence, consumer loyalty is an influencing aspect of CRM and is always crucial for business success.
Consumer Retention Consumer retention is a strategic process to keep or retain the existing customers and not letting them to diverge or defect to other suppliers or organization for business. Usually a loyal consumer is tended towards sticking to a particular brand or product as far as his basic needs continue to be properly fulfilled. He does not opt for taking a risk in going for a new product. More is the possibility to retain consumers the more is the probability of net growth of business.
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Consumer Complaints Always there exists a challenge for suppliers to deal with complaints raised by consumers. Normally raising a complaint indicates the act of dissatisfaction of the consumer. There can be several reasons for a consumer to launch a complaint. A genuine reason can also exist due to which the consumer is dissatisfied but sometimes complaints are launched due to some sort of misunderstanding in analysing and interpreting the conditions of the deal provided by the supplier regarding any product or service. Handling these complaints to ultimate satisfaction of the consumer is substantial for any organization and hence it is essential for them to have predefined set of process in CRM to deal with these complaints and efficiently resolve it in no time.
Consumer Service In an organization consumer Service is the process of delivering information and services regarding all the products and brands. Consumer satisfaction depends on quality of service provided to him by the supplier. The organization has not only to elaborate and clarify the details of the services to be provided to the customer but also to abide with the conditions as well. If the quality and trend of service go beyond customer?s expectation, the organization is supposed to have a good business with consumers.
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CHAPTER 2
COMPANY PROFILE
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2.1 ABOUT COMPANY:
1. Type of company: PRIVATE LIMITED 2. Inception date: November 2004 3. Founder name: Abdul Gaffar Sait 4. Nature of business: Financial Services 5. Number of branches: 5 6. Website address: www.basketoption.com Basket option is promoted by Jain Group of Institutions. A Professional Organization aimed at providing optimum solutions to individuals, Corporate and institutes in the area of investments, Insurance and Loans. Basket Option Pvt. Ltd. seeks to carry out extensive research in every service it provides, so that its clients get the best advice in the fields of financial planning, Investment advisory & corporate advisory services. In addition to its commitment to treating client?s investment as its own, Basket Option Pvt. Ltd. also strives to create awareness amongst its client investors and the general public about the investment options available. Basket Option Pvt. Ltd. is one of its kinds in terms of the value-added services and has already made a difference in its short span of existence in the financial services industry. Basket Option Pvt. Ltd. has nurtured enduring relationships with reputed financial companies ensuring a diversity of investment hubs. At Basket Option Pvt. Ltd., they endeavour to provide invaluable service to client investors and differentiate themselves from other competitors by offering an attitude of cooperation and unparalleled industry experience.
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TIMELINE
? 2005 Basket Option was incorporated, with 2 employees ? 2006 Loan Basket initiated. Known for highest ticket size of loan in Karnataka. Expanded to 12 employees. Started Wealth Management division. ? 2007 1st Corporate Client. 1st Institutional Client. ? 2008 Launched 2nd branch and the Basket Option Research Bureau. ? 2009 Launched 3rd branch. I human, company's CSR vertical initiated ? 2010 Launched Claims Express division. ? 2012 Launched Educonsult division o E-market launched o Street Smart launched o Real World launched ? 2013 170+ corporate clients, 10,000+ retail customers, 70+ team members, and 4 branches o Corporate office at Jayanagar inaugurated. o Stock Market Institute launched. o Online access to Claims Status initiated. ? 2013 Launched 52 Week High
VISION
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“To be the leader in wealth management and research based advisory services and to provide the best financial care to our clients”.
MISSION
Basket Option Pvt. Ltd. will ensure maximum returns and long-term profitability for its stakeholders and create a trustworthy environment for its employees with excellence and growth.
CREDENTIALS
? An ISO 9001: 2000 Certified Company.
CLIENTS BASE
? Business person ? Employees and workers ? Students
CORE VALUES
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? High ethical standards in performance of their duties. ? Transparency and confidentiality in all transactions. ? A spirit of collective ownership. ? Commitment to quality, reliable and trusted service.
TEAM
? A right blend of Public and Private Sector Experts. ? Director?s combined experience of more than 100 years.
CORPORATE SOCIAL RESPONSIBILITY
“They believe a society without proper education is not worth living in. They intend to divert 50 % of their profits towards providing education for the under privileged”. Activities Undertaken: 1) Free Heart check-up camp. 2) Blood donation camp 3) Leave Space to the Ambulance initiative.
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2.2 Organizational Structure of BASKET OPTION
Chairman (Dr. R. Chenraj Jain)
Chief Executive Officer (Abdul G Sait)
General Manager (Adithya Kumar)
National Head Retail (Athar SMY)
National Head Investments (Harsha)
Managers
Managers
Assistant Managers
Assisstant Managers
Executives
Executives
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2.3 BASKET OPTION INITIATIVES:
It is a constant process to strive for excellence and keep the client happy. They figure that the best way to do this is to keep on innovating and launch initiatives that take the term service a step further and set them apart from the rest of the field. Some of their initiatives are:
1.)
Claims Express:
A venture of Basket Option Pvt. Ltd. known in the industry for innovation insurance & investments solution. Claims express is an initiative to bridge the gap between the perceived notion that claims are never settled and the reality. It is a transparent, righteous and truthful undertaking by their organization for which ethics has been one of the core beliefs.
2.)
Educonsult:
Taking Care of a child is perhaps the most important job a parent can have. It is but natural that we would like to give our child best, and therefore, this is the time when careful financial planning can help we fulfil the aspirations that we have for children. It is an initiative that helps parents for their children?s
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Career guidance, Education loan, Admissions and Counselling.
3.)
BO Consultancy Services:
They are professionals who specialize in assisting businesses and individuals in assessing their insurance needs and creating a plan that will meet those needs. Their Mission is to put the client?s requirements ahead of all else and provide the best coverage at the best price. This service allows people to get their insurance portfolio assessed. An unbiased opinion of very well informed risk analysis experts is extremely rare to find and this is what they offer. They analyse the portfolio and tell people where it is that the portfolio can be reinforced and where they can reduce the load.
4.)
CSR I-human
Every business or an organization has to have a Human Side, the same should be for the betterment of society, so who better can understand a responsibility of a corporate like we do, where is more than 50% of our earnings goes towards educating underprivileged through the Free School run by Jain Group of Institutions. We also have been conducting lot of other society and health related activities in corporates, societies and business parks, the activities like Blood Donation Camp, Total health Check-up, Leave Space of Ambulance initiative and much more.
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Under this initiative we have always been looking forward for ways to help the development of Man Kind and the society.
5.)
E-market (online courses)
For many people, the time required to attend classes in a class room is non-existent. Many a times distance/location is a major constraint preventing people from taking up courses that can enhance their careers and skills. As part of an effort to overcome these constraints, Stock Market Institute has introduced E-Market, an online Capital Market Course to be released in various versions. Aspirants can be in the comforts of their surroundings and take out time as available to sit through this detailed course on Capital Market.
6.)
Trade basket
Trade Basket is the vertical of basket option. It deals with Equity and Commodity Trading, De-mating and Advisory Services. Our main objective is to provide investors with the option of trading in both online and offline mode with ease, along with advisory services to suit their needs. Equity Trading: Trade basket has been associated with IFCI Financial Services Ltd, as the sub-broker to provide investors with an adequate Equity trading platform of 2 types, Browser based for the Investors and Odin platform for the Traders. Commodities Trading: Trade basket has been associated with GEPL Commodities Ltd, as the sub broker. We provide access to both the Commodities Segment Namely MCX and NCDEX, to trade and also extent advisory services for trading based on the Intensive study of markets and technical parameters.
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7.)
52 week high
52 Week High is a unit of Basket Option Pvt. Ltd, which is an incubated company by JGI Ventures. 52 Week High is a premium service which is into investment advisory services, providing individuals with comprehensive and detailed analysis of investments. Our principle can be described in the one sentence quoted by Benjamin Franklin- "An investment in knowledge pays the best interest". When it comes to investing, nothing can pay off more than doing the necessary research and analysis before taking decisions. Our on-demand analysis give you a result of in-depth and unbiased research that is simple to understand and covers all the fundamental and technical aspects of the market.
8.)
Loan basket
Think Loan Basket – One roof solution for all your financial needs, advices and support. We deal with all big private firms, NBFC, Banks and Nationalized banks to assist you in your financial deficiencies (personal loans, home loans, education loans, car loans etc.) which makes our special USP to provide u the best offer in market. We get u the least interest rates available in the markets and makes your work hassle-free. We help u to make the right decision by providing the transparent information about your loan options. We have established a good trust among all our existing customers and bankers and will strive to maintain that relation forever.
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9.)
Real world
Team BO is happy to announce its formal foray into the world of Real Estate. Real Returns comes out of Real Investments; so does Real happiness and the actual happiness comes out of Real Estate. We believe whole heartedly in this philosophy and continue our efforts to bring happiness in the lives of all. Now, we have found a way to add value to your investments. We offer you all the services in the world of real estate through Real World. At Real World, the ultimate goal and philosophy is to give every individual an identity of ownership of property on this beautiful planet. You can always bank on us for professional and highest quality of service; we assure you the best of deals for your properties as per your requirements, it may be: ? Residential Properties ? Commercial Properties ? Farm Land ? Plots
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10.) Red lounge
Red Lounge Wealth Management is a unit of Basket Option Private Limited, a JGI Ventures initiative. Red Lounge is a value investing organization aiming at helping clients achieve Financial Freedom by realizing their Financial Goals through its expertise in integrated advisory & wealth management. Our experts do extensive research and deal with long term investment portfolios. We Breathe and Breed to enhance client's wealth in a synergistic fashion with limited tax liability! Our very existence is based on the talent of Asset Allocation. Red Lounge Wealth Management provides Financial Advisory Services exclusively to High Net-worth Individuals (HNIs) and Corporates. Our sphere of expertise lies in tailor-made Investment Management Strategy to enhance Portfolio growth based on Fundamental Analysis, our forte being designing a well-diversified portfolio across myriad asset classes comprising: ? Equity ? Debt ? Derivatives ? Commodities ? Real estate ? Risk protection through Insurance
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11.) Street smart
As part of its financial inclusion strategy and with the aim of reaching out to the masses, Basket Option has introduced multi-functional financial service self-help kiosks named Street Smart to be placed across corporates. The main aim of this initiative is to provide easy access to financial services and products and an affordable platform to deliver financial products.
12.) Stock Market Institute:
Stock Market Institute (SMI) is one of its kinds in the market which emphasizes on SPREADING FINANCIAL LITERACY. It?s an Institute providing real time learning to individuals about all financial services/products in Indian market and world market. The uniqueness of SMI is to provide real-time learning through industry experts and applying the concepts in real time scenario.
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2.5 DEPARTMENTAL CLASSIFICATION:
Basket Option has three departments- H.R, Marketing and Finance under which its operations are carried out.
1. H.R DEPARTMENT:
Basket Option being in its initial stage of growth does not have a fully established HR department. The existing HR department consists of an HR executive who manages the pay roll function of the organization. The HR Managers focus over building up the human resource of the organisation, for instance:? Job Design: The tasks, duties and responsibilities in to the organisational unit of work for the purpose of accomplishing a certain objective like marketing, promotions etc. Techniques of Job Design: 1. Scientific Techniques: It?s done by observing past performances. 2. Job Rotation: Shifting an employee from one job to another.
? Job Analysis:
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It is the step where they analyse the job of the employees, like the information collected of Job Analysis is of two forms:1. Job Description: Describes the jobs and its tasks. 2. Job Specification: They describe the requirements of the people for the Job.
? Recruitment: It is the process where the managers procure employees directly from the final year college students, which curbs the cost of involving an outsourcing unit as an intermediary unit.
? Selection: It is the process where the managers try and select the appropriate and suitable candidate for particular job. Methods of selection for a project:1. Past performance. 2. Quick Interview for confidence check. 3. Aptitude Test.
? Employee Benefits: The employees are provided fixed perks in terms of bonuses, appraisal, incentive and team vacation outings. They are also breaks where in the highest departmental authority to the lowest power enabled person join together for recreational activities on every Saturday.
2. MARKETING DEPARTMENT:
The marketing department of Basket Option consists of a team of 40 employees who are assisted by a research team in order to formulate marketing strategies based on the market research. The workflow of the marketing department is defined by its functions. Most organizations have a marketing division responsible for marketing strategy, advertising, researching, promoting, conducting customer surveys, branding, public relations and creating of corporate style. All
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these responsibilities can be gathered in several main functions of the marketing department. These functions are as follows:
? ? ?
Development of marketing goals and strategy Conducting marketing researches and monitoring customer needs Promotion and advertisement
Development
of
marketing
goals
and
strategy
One of the most important functions of marketing department is to design a set of written goals, objectives and strategies for marketing activities of the organisation. This means establishing rules and business concept of how the organization will conduct itself on the market, what marketing instruments will be used, what goals will be set and what strategies should be applied to attaining effective advertising campaigns. The marketing department develops a market-based business strategy that provides unique value to the customers on all services and products of the organization. The strategy establishes the workflow in the marketing department so that each process within the workflow can be continually evaluated, measured, and improved until the marketing goals are successfully achieved. VIP Task Manager allows to design and share marketing goals and strategy in Task List view and build marketing department workflow. By using this software, Marketing Director can create a structure in Task Tree view for coordinating all marketing processes toward the attainment of organizational goals.
Conducting marketing customer needs
researches
and
monitoring
To introduce products and services into a market and create value in the mind of the customers, the managers of the marketing department need clear and appropriate information. The marketing research provides the facts and directions that the managers can use to make
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their important decisions for marketing and competitive activities. To organize the workflow for managing market research and monitoring customer needs, the marketing department can use VIP Task Manager. By using this software, each marketing research can be created as a project with appropriate stages and to-do lists. In Calendar view the managers can create schedules for marketing researches and set due dates per task.
Advertising and Promotion
Finding new customers is the key challenge for every business. Through creative advertising and promotion a business can attract new customers and gain more revenue. The marketing department is responsible for providing product/service advertising and promotion. The function of advertising and promotion is especially important when the organization launches a new brand and it should be promoted by informing the customers of the brand?s features and advantages. By using VIP Task Manager, the marketing department can arrange advertising campaigns and manage promotion activities. The software allows to break down a campaign into stages and tasks with possibility to track each step of the involved employees and measure the campaign outcome. VIP Task Manager is convenient tool for brand and product management.
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3. FINANCE DEPARTMENT:
The finance department consists of two sub-departments-insurance and investment department. It also has a corporate advisory department which extends its services to the corporate clients as well as the institutional clients. This department carries out the core functions of basket option independently. FUNCTIONS & DUTIES:
? ? ? ? ? ? ? ? ?
?
Preparation and compilation of Budget estimates, revised estimates and supplementary grants. Administration of the Consolidated Fund and Contingency fund of the state. Control of expenditure and economy measures. Audit and Accounts. All matters related to Banks and banking institutions. Matters related to creation of posts, fixation of pay and grants-in-aid. Financing of Five year Plans and expenditure sanctions relating to Plan and Non-Plan Schemes of all departments. Loans and advances. Exercise of financial powers delegated by the Governor in case where such powers have not been specifically delegated to other departments and authorities. Scales of pay and allowances, revision, etc.
4. OPERATIONS DEPARTMENT:
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This department concentrates on follow up of every day transaction. Also gets back to clients for their feedback in order to develop and improvise its service. It also incorporates field work of Marketing Operations and Financial Operations for example:Creation
?
The foundation of every production and operations department is the creation of goods or services. Traditionally, production included the physical assembly of goods, but production can also include data-based goods such as websites, analysis services and order processing services. Customer Service In many companies, the production and operations department contains the customer-facing customer service department that addresses the needs of the customer after the purchase of goods or services. The support function usually is served through phone, online or mail based support. The main function of the production and operations department is to produce a product or service that creates profit and revenue for the company. Actualization of profit requires close monitoring of expenses, production methodology and cost of inputs. Evaluation
?
?
?
Every production and operations department must function as selfevaluating entity that monitors the quality, quantity, and cost of goods produced. Analysis usually takes the form of statistical metrics, production evaluation and routine reporting. Tasks
?
Common task functions in a production and operation department include forecasting, scheduling, purchasing, design, maintenance, people management, flow analysis, reporting, assembly and testing. Fulfilment
?
Production and operations departments typically function as a fulfilment entity that ensures the timely delivery of the output from production to
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customers. Traditionally fulfilment is a shipping and mailing based function, but can be electronically based in a data-driven product. Analysis
?
Standard analysis functions in a production and operations department include critical path analysis, stock control analysis, utilization analysis, capacity analysis, just-in-time analysis of inputs, quality metrics analysis and break-even analysis.
CHAPTER 3
METHODOLOGY OF THE STUDY
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3.1 TITLE OF STUDY
“AN ORGANISATIONAL STUDY ON BASKET OPTION PVT. LTD. (CONSUMER RELATIONSHIP MANAGEMENT)”
3.2 STATEMENT OF THE PROBLEM:
The process of developing a cooperative and collaborative relationship between the consumer and seller is called consumer relationship management. As we know that consumers are like king for companies. Without consumers how company will work, and here comes the main problem which is known as consumer relationship management. The biggest management challenge in the new millennium of liberalization and globalization for a business is to serve and maintain good relationship with the king - the consumer. In the past producers took their consumer for granted, because at that time the consumers were not demanding nor had alternative source of supply or suppliers. But today there is a radical transformation. The changing business environment is characterized by economic liberalization, increasing competition, high consumer choice, demanding customer, more emphasis on quality and value of purchase etc.
3.3 OBJECTIVE OF THE STUDY:
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To find out the impact of CRM on the profitability of the organization and consumer satisfaction.
3.4 SCOPE OF THE STUDY:
According to the current working and status of basket option pvt. Ltd. Consumer relationship management, is concerned with the development and maintenance of mutually beneficial relationships with strategically significant partners. Its focus is the creation of long-term value, and not just short-term profits, for the company and all it works with. The scope of CRM can thus be defined according to its constituencies, how longterm value can be created for and with them and the benefits of doing so.
3.5 METHODOLOGY OF STUDY:
Survey was conducted by questionnaire method; this questionnaire consists of close-ended questions. The sample size for the project is 25 respondents. The data was put in tabular form under headings as no. of respondents and percentage. The data has been represented in the form of pie charts.
3.6 TOOLS OF DATA COLLECTION:
? PRIMARY DATA
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Primary data is the information collected for research purpose at hand. Primary data was collected through an interview with the help of a structured Questionnaire, which contained queries that were relevant to the purpose of the study as well as pertinent; industry related questions. The present study questionnaire makes use of close ended question.
? SECONDARY DATA Secondary data is the information, which already exists. The secondary data for this research was obtained from the company profile and other details available on the internet, corporate magazines, corporate broacher?s journals etc. Various books and other published matter were also referred to for sorting, tabulating and analysing the raw data collected. The secondary data pertaining to the specific problem of study was not easily available. Therefore more emphasis was given to the primary data. The merit of secondary data is that it is economical and less time consuming.
3.7 REFERENCE PERIOD:
The duration of the project was 1 month.
3.8 LIMITATIONS OF THE STUDY
? Time constraint has been one of the biggest hindrances in the study.
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? It was very difficult to get information on various topics. ? The reliability of the data interpreted dependent on reliability of the data provided by the respondent. ? The data is limited with only 25 respondents. ? The data is affected by respondents bias.
CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
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Table no. 4.1 From how many years you are using financial services by basket option?
RESPONCES
NO. OF RESPONCES 7
PERCENTAGE (%)
0-2 years
28%
2-4 years
9
36%
More than 4 years
9
36%
ANALYSIS:
From the table 4.1 it can be analysed that 28% of consumer are using financial services from 0-2 years by our firm, 36% of consumer are using from 2-4 years and rest 36% of consumer are using more than 4 years.
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4.1 From how many years you are using financial services by basket option?
28% 36%
0-2 years 2-4 years more than 4 years
36%
INTERPRETATION:
From the chart 4.1 it can be seen that 36% of consumers are very much satisfied with financial service by basket option, so their consumption period of services is more than 4 years.
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Table no. 4.2 Which product you prefer for investment?
RESPONCES Insurance Loan Share market Real estate
NO. OF RESPONCES 12 3 8 2
PERCENTAGE (%) 48% 12% 32% 8%
ANALYSIS:
From the table 4.2 it can be analysed that people who prefer to invest in insurance, loan, share market and real estate are 48%, 12%, 32% and 8% respectively.
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4.2 Which product you prefer for investment?
8%
Insurance
32%
48%
loan share market real estate
12%
INTERPRETATION:
From the chart 4.2 it can be seen that 48% of consumers are using insurance policy because insurance policy is a safer side in less cost.
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Table no. 4.3 Are you satisfied by the information given to you by our employees related to your product?
RESPONCES Yes No
NO. OF RESPONCES 22 3
PERCENTAGE (%) 88% 12%
ANALYSIS:
From the table 4.3 it can be analysed that 88% of consumers are satisfied by the information given to them by our employees related to their product and 12% of consumers are not satisfied.
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4.3 Are you satisfied by the information given to you by our employee related to your product?
12%
yes no
88%
INTERPRETATION:
From the chart 4.3 it can be seen that 88% of our consumers are satisfied because they received all the information they want to know and the other 12% of our consumers are little confused with the information they received.
Table no. 4.4 Do you get updates related to your product?
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RESPONCES Yes No
NO. OF RESPONCES 23 2
PERCENTAGE (%) 92% 8%
ANALYSIS:
From the table 4.4 it can be analysed that 92% of consumers receives update related to their product and rest 8% are not updated with information about their product.
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4.4 Do you get updates related to your product?
8%
yes no
92%
INTERPRETATION:
From the chart 4.4 it can be seen that 92% of our consumers are updated with the information related to their product because they have curiosity to be updated and the rest 8% of our consumers ignores customer care calls due to some busy schedule.
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Table no. 4.5 Are you satisfied by the information given in our website?
RESPONCES Yes No
NO. OF RESPONCES 23 2
PERCENTAGE (%) 92% 8%
ANALYSIS:
From the table 4.5 it can be analysed that 92% of consumers are satisfied by information given in our website 8% of them are not satisfied.
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4.5 Are you satisfied by the information given in our website?
8%
yes no
92%
INTERPRETATION:
From the chart 4.5 it can be seen that 92% are satisfied with information given in our website and 8% are not because they are lack in financial service knowledge and English terminologies.
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Table no. 4.6 Did you receive benefit by investing with our firm?
RESPONCES Enough
NO. OF RESPONCES 20
PERCENTAGE (%) 80
Not enough
5
20
ANALYSIS:
From the table 4.6 it can be analysed that 80% of consumers received enough benefit by investing with basket option, while 20% of them not received enough benefit.
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4.6 Did you receive benefit by investing with our firm?
20%
enough not enough
80%
INTERPRETATION:
From the chart 4.6 it can be seen that 80% of our consumer received enough benefit because they kept focus on what is happening in market.
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Table no. 4.7 Did you get fully attention by our employee whenever you required?
RESPONCES Yes No
NO. OF RESPONCES 24 1
PERCENTAGE (%) 96% 4%
ANALYSIS:
From the table 4.7 it can be analysed that our 96% of consumer get fully attention whenever they required, while the remaining 4% are not satisfied.
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4.7 Did you get fully attention by our employee whenever you required?
4%
yes no
96%
INTERPRETATION:
From the chart 4.7 it can be seen that 96% of our consumers are get fully attention whenever they requires, and 4% of consumers are not satisfied because our employee are busy or disturb with other works.
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Table no. 4.8 Are you satisfied with our customer care service?
RESPONCES Yes No
NO. OF RESPONCES 22 3
PERCENTAGE (%) 88% 12%
ANALYSIS:
From the table 4.8 it can be analysed that 88% of our consumers are satisfied with our customer care service and remaining 12% of them are not.
4.8 Are you satisfied with our customer care service?
12%
yes no
88%
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INTERPRETATION:
From the chart 4.8 it can be seen that 88% of our consumers are satisfied with our customer care services because they gave proper information related to the problem and also received a valid feedback to problem.
Table no. 4.9 Rate your overall satisfaction with basket option?
RESPONCES Highly satisfied Satisfied Somewhat satisfied
NO. OF RESPONCES 10 12 3
PERCENTAGE (%) 40% 48% 12%
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Highly dissatisfied
0
0%
ANALYSIS:
From the table 4.9 it can be analysed that the rate of highly satisfied, satisfied, somewhat satisfied and highly dissatisfied are 40%, 48%, 12% and 0% respectively.
4.9 Rate your overall satisfaction with basket option?
12% 0%
Highly satisfied Satisfied Somewhat satisfied Highly dissatisfied
40%
48%
INTERPRETATION:
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From the chart 4.9 it can be seen that 88% of our consumers are satisfied with our services and company have to work out with rest 12% of employee to feel them satisfied.
Table no. 4.10 Would you like to invest further with basket option?
RESPONCES Yes No May be
NO. OF RESPONCES 16 3 6
PERCENTAGE (%) 64% 12% 24%
ANALYSIS:
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From the table 4.10 it can be analysed that 64% of consumer will invest again with basket option, 24% of consumer are not sure and 12% of consumer are not want to invest further.
4.10 Would you like to invest further with basket option?
24%
yes no
12%
64%
may be
INTERPRETATION:
From the chart 4.10 it can be seen that 64% of our consumers are satisfied with the profit and service they received and so they will invest again with basket option and company have to work out more with consumers who are not sure and don?t want to invest with basket option.
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CHAPTER 5
SUMMARY OF FINDINGS, SUGGESTION AND CONCLUSION
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5.1 SUMMARY OF THE FINDINGS:
This project has been a learning experience. It has helped me to gain useful insight into the concept of marketing. The findings of the project can be summarized as follow: All the working employees are qualified according to job requirement. Majority of consumers are working in service sector. Thus it can be a good target market for the company. The company must undertake vigorous marketing strategies in order to make the company and its? initiatives visible in the market as the awareness about the company is very less. Basically company deals in various sectors i.e. insurance, loans, education, real estate and consultancy, so company approaching all business person, students and working class people. It can be seen demand of insurance, loans and real estate is very high. Many companies and educational institutes have health insurance for their employees. After survey the analysis are as follow:? 36% of consumer are using financial services from 2-4 years by Basket Option. ? 48% of consumers prefers to invest in insurance. ? 88% of consumers are satisfied by the information given to them by our employees related to their product. ? 92% of consumers receives update related to their product. ? 92% of consumers are satisfied by information given in our website. ? 80% of consumers received enough benefit by investing with basket option. ? 96% of consumer get fully attention whenever they required. ? 88% of consumers are satisfied with customer care service. ? The percentage of overall satisfied consumers is 48%. ? 64% of consumer prefers to invest again with basket option.
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5.2 SUGGESTIONS:
Company have to maintain good relationship with consumers by following way: ? Company have to keep consumers satisfied so they keep using financial services with basket option for a long period. ? To increase investment in loan, share market and real estate. Company have to create more awareness of the services and creating more offers. ? Company have to explain the information to consumer related to their product and services for better understandings. ? Information in website have to be more easily accessible for consumer benefit. ? Company have to provide more offers by which consumers will earn more benefits and feel satisfied. ? Company?s employee have to pay full attention whenever consumers want, this make them feel secure. ? Company have to train employee so they will take feedback and solve consumer problems and suggest them a right path. ? Company have to maintain a good relation and satisfy to consumer so they will invest again with basket option. ? By creating more offers and providing quality services Company will attract more people.
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5.3 CONCLUSION:
Working on this project was an enriching experience for me. Not only had I got to know about the financial industry but also the working and the market of financial industry. After going through the data collected I came to a conclusion that the company should work a little more on their services. There is a huge market, the company must look up to make people aware about the need of Financial Literacy. The company must have a dedicated team to take up clients. The team must consist of employees with good skills and good network or contacts. Since the income of the clients is increasing day by day, and people are getting induced towards comforts to luxury so many of them would like to invest real estate, share market and other financial services. The important factor to be noticed here is most of them would be looking for safety measures so the company has a greater scope in this field by giving the best and appropriate tips which would yield them higher profits. The clients in this field are increasing day by day because now-adays these clients always plan for future. Since there is heavy competition in this field the company can apply its skills in right place and be a competent company. The objective of the study is to know marketing strategies of company to maintain a good relation with consumer which leads company to earn huge market share and profits.
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ANNEXURE
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I, Rishabh Rathi, the student of Jain University, have conducted a study on “Basket Option Pvt. Ltd. for consumer interest”. As a particular fulfilment of my project kindly co-operate by spending your precious time providing me precious information.
NAMEAGEGENDER-
1. From how many years you are using financial services by basket option? ? 0-2 years ? 2-4 years ? More than 4 years
2. ? ? ? ?
Which product you prefer for investment? Insurance Loan Share market Real estate
3. Are you satisfied by the information given to you by our employee related to your product? ? Yes ? No
4. Do you get updates related to your product? ? Yes ? No
5. Are you satisfied by the information given in our website?
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? Yes ? No
6. Did you receive benefit by investing with our firm? ? Enough ? Not enough
7. Did you get fully attention by our employee whenever you required? ? Yes ? No
8. Are you satisfied with our customer care service? ? Yes ? No
9. ? ? ? ?
Rate your overall satisfaction with basket option? Highly satisfied Satisfied Somewhat satisfied Highly dissatisfied
10. Would you like to invest further with basket option? ? Yes ? No ? May be
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BIBLOGRAPHY
Books referred:
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Marketing Management by PHILIP KOTLER. Consumer Behaviour by MICHAEL R. SOLOMON.
Data: Data provided by “Basket Option Pvt. Ltd.” Questionnaire
Websites: www.basketoption.com www.wikipedia.com www.investopedia.com www.entrepreneur.com www.businessdictionary.com
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doc_844955447.docx
project on CRM after doing work for 2 months @ financial company
Minor Project Report on
“AN ORGANISATIONAL STUDY ON BASKET OPTION PVT. LTD. (CONSUMER RELATIONSHIP MANAGEMENT)”
Submitted in partial fulfilment of the requirement of the Bachelor of Business Management Degree offered by Jain University during the year 2013
By
RISHABH RATHI REG NO: 12BBM20125
Semester-3rd Section-A
Under the Guidance of
Ms MEENA JAIN
#1/1-1, Atria Towers, Palace Road, Bangalore - 560 001, India Phone: +91 80 4343 0200 | Fax: +91 80 2235 3215 E-mail: [email protected] | Website: www.cms.ac.in
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CHAPTER 1
INTRODUCTION
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Basket option came out with initiative to provide financial services and financial education to people who wants secure life and to fulfil their needs and wants.
1.1 ABOUT THE INDUSTRY Financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
HISTORY The term "financial services" became more prevalent in the United States partly as a result of the Gramm-Leach-Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank which simply buys an insurance company or an investment bank, keeps the original brands of the acquired firm, and adds the acquisition to its holding company simply to diversify its earnings. Outside the U.S. (e.g., in Japan), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent, and has its own customers, etc. In the other style, a bank would simply create its own brokerage division or insurance division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company.
TYPES OF FINANCIAL SERVICES:
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1. 2. 3. 4. 5.
Banking Insurance Investment Loans Financial education
FINANCIAL INDUSTRY IN INDIA The Indian financial services sector is one of the most complex, yet one of the most robust service segments of the Indian economy. Spanning from insurance to capital markets, banking to foreign direct investments (FDI) and from mutual funds to private equity (PE) investments, the financial services sector covers all related segments under its umbrella. Having major effects in its abstract as well as physical form post liberalisation, the financial services segment is undoubtedly the mainstay of Indian economy. Today it is at par with the international financial frameworks and promises to surpass them in terms of performance in the years to come. This is very much evident from the fact that Indian financial services industry was amongst the least affected during the crisis the world faced in 2010-11. Major developments pertaining to the sub-segments of Indian financial services industry are discussed hereafter.
Insurance Sector ? Indian life insurance sector collected new business premiums worth Rs. 11,742.7 crore (US$ 1.96 billion) for April-May 2013, according to data from the Insurance Regulatory and Development Authority (IRDA). Life insurers collected Rs. 1, 07, 010.7 crore (US$ 17.84 billion) worth of new premiums for the financial year ended March 31, 2013. ? Meanwhile, the general insurance industry grew by 19.6 per cent in April-May period of FY14, wherein the non-life insurers collected premium worth Rs. 13,552.46 crore (US$ 2.26 billion). Banking Services
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? According to the Reserve Bank of India (RBI)?s „Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks?, September 2012, Nationalised Banks accounted for 52.0 per cent of the aggregate deposits, while the State Bank of India (SBI) and its Associates accounted for 22.3 per cent. The share of New Private Sector Banks, Old Private Sector Banks, Foreign Banks, and Regional Rural Banks in aggregate deposits was 13.6 per cent, 4.8 per cent, 4.3 per cent and 2.9 per cent, respectively. ? Nationalised Banks accounted for the highest share of 50.9 per cent in gross bank credit followed by State Bank of India and its Associates (22.1 per cent) and New Private Sector Banks (14.7 per cent). Foreign Banks, Old Private Sector Banks and Regional Rural Banks had shares of around 4.9 per cent, 4.9 per cent and 2.6 per cent, respectively. ? India's foreign exchange (forex) reserves stood at US$ 280.167 billion for the week ended July 5, 2013, according to data released by the central bank. The value of foreign currency assets (FCA) the biggest component of the forex reserves – stood at US$ 252.103 billion, according to the weekly statistical supplement released by the RBI. Mutual Funds Industry in India ? India?s asset management companies (AMCs) have witnessed growth for the fifth consecutive quarter wherein their average assets under management (AUM) during April-June 2013 increased by 3.68 per cent. The AUM?s value touched a new high of Rs 8.47 lakh crore (US$ 141.17 billion), according to the latest statistics available from industry body Association of Mutual Funds in India (AMFI).
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Private Equity, Mergers & Acquisitions in India ? Private equity (PE) firms upped their investments in India Inc by a hefty 42 per cent to US$ 5.4 billion through 197 deals during the first half of 2013; major deal being the US$ 1.2 billion-Bharti Airtel deal, according to a report by EY India (formerly Ernst & Young). ? Meanwhile, Merger and acquisition (M&A) activity in India was also quite intense in April-June 2013 period. The deal tally stood at US$ 10.9 billion across 130 transactions, according to global deal tracking firm Merger market.
VARIOUS TOP FINANCIAL SERVICE PROVIDER IN INDIA: ? ? ? ? ? ? ? ? ? ? SBI Capital Markets Limited Housing development finance corporation Bajaj Capital Limited PNB Housing Finance Limited Birla Global Finance Limited LIC Finance Limited ICICI Group L & T Finance Limited Delhi land and finance Reliance life
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1.2 CONSUMER RELATIONSHIP MANAGEMENT Consumer relationship management (CRM) is a model for managing a company?s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. The biggest challenge for any organisation is Consumer relationship management and without this any organisation will not work well. Consumer relationship management technology should enable greater consumer insight, increased consumer access, more effective interactions, and integration throughout consumer channel and back office enterprise functions.
BUSINESS ARCHITECTURE:
Valued consumer experience ? ? ? ? ? ? ? ? ? ? ? Understand requirements Monitor expectations Satisfaction vs. competition Collaboration and feedback Consumer communication
Organisational collaboration Culture and structure Consumer understanding People: skill, competencies Incentives and compensation Employee communications Partners and suppliers
CRM processes: consumer life cycle and knowledge management. CRM metrics: value, retention, satisfaction, loyalty and cost to serve. CRM information: data analysis and one view across channels.
NEED FOR CONSUMER RELATIONSHIP MANAGEMENT:
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? No accurate information on who your consumers are and what their needs or desires are or will be any given stage in their lives. ? Losing customers because of lack of understanding of your consumers. ? Consumers have different characteristics. TYPES OF CONSUMER RELATIONSHIP MANAGEMENT SYSTEM: ? Strategic CRM The aim of strategic CRM is to concentrate and enhance the knowledge about customers and use this knowledge to improve and customize the interactions with customers to maintain a longterm relationship with them. ? Operational CRM Operational CRM is mainly focused on automation, improvement and enhancement of business processes which are based on customer-facing or customer supporting. ? Analytical CRM Analytical CRM supports organizational back-office operations and analysis. It deals with all the operations and processes that do not directly deal with customers. Hence, there is a key difference between operational CRM and Analytical CRM. Unlike from operational CRM, where automation of marketing, sales-force and services are done by direct interaction with customers and determining customer?s needs, analytical CRM is designed to analyze deeply the customer?s information and data and unwrap or disclose the essential convention and intension of behavior of customers on which capitalization can be done by the organization. Primary goal of analytical CRM is to develop, support and enhance the work and decision making capability of an organization by determining strong patterns and predictions in customer data and information which are gathered from different operational CRM systems.
? Collaborative CRM
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Collaborative CRM deals with synchronization and integration of customer interaction and channels of communications like phone, email, fax, web etc. with the intent of referencing the customers a consistent and systematic way. The idea is not only enhancing the interactions but also to increase and improve customer retention and liberty. Collaborative CRM entangles various departments of organization like sales, marketing, finance and service and shares the customer information among them to highlight better understanding of customers. For example, the information of preferred products could be shared with marketing department so that analysis can be performed in this aspect to provide preferred products to customers. The information regarding varied cost or price of a particular product in market defined by customers can be delivered to finance department so that strategies could be created to match the product cost with similar products in market and after analysis bring an affordable and efficient product in market. The information regarding a specific service which is not installed in the company?s environment and intimated by the customers can be transferred to service department to improve or install that particular service inhouse. All this is done efficaciously within the range of channels so that the process automates the needs and minimal time is required for fulfilling these needs.
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IMPORTANCE OF CONSUMER RELATIONSHIP MANAGEMENT:
FEATURES OF CONSUMER RELATIONSHIP MANAGEMENT: Consumer Needs An organization can never assume what actually a consumer needs. Hence it is extremely important to interview a consumer about all the likes and dislikes so that the actual needs can be ascertained and prioritized. Without modulating the actual needs it is arduous to serve the consumer effectively and maintain a long-term deal.
Consumer Response Consumer response is the reaction by the organization to the queries and activities of the consumer. Dealing with these queries intelligently is very important as small misunderstandings could convey unalike perceptions. Success totally depends on the understanding and interpreting these queries and then working out to provide the best solution. During this situation if the supplier wins to satisfy the consumer by properly answering to his queries, he succeeds in explicating a professional and emotional relationship with him.
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Consumer Satisfaction Consumer satisfaction is the measure of how the needs and responses are collaborated and delivered to excel consumer expectation. In today?s competitive business marketplace, consumer satisfaction is an important performance exponent and basic differentiator of business strategies. Hence, the more is consumer satisfaction; more is the business and the bonding with customer.
Consumer Loyalty Consumer loyalty is the tendency of the consumer to remain in business with a particular supplier and buy the products regularly. This is usually seen when a consumer is very much satisfied by the supplier and revisits the organization for business deals, or when he is tended towards re-buying a particular product or brand over times by that supplier. To continue the consumer loyalty the most important aspect an organization should focus on is consumer satisfaction. Hence, consumer loyalty is an influencing aspect of CRM and is always crucial for business success.
Consumer Retention Consumer retention is a strategic process to keep or retain the existing customers and not letting them to diverge or defect to other suppliers or organization for business. Usually a loyal consumer is tended towards sticking to a particular brand or product as far as his basic needs continue to be properly fulfilled. He does not opt for taking a risk in going for a new product. More is the possibility to retain consumers the more is the probability of net growth of business.
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Consumer Complaints Always there exists a challenge for suppliers to deal with complaints raised by consumers. Normally raising a complaint indicates the act of dissatisfaction of the consumer. There can be several reasons for a consumer to launch a complaint. A genuine reason can also exist due to which the consumer is dissatisfied but sometimes complaints are launched due to some sort of misunderstanding in analysing and interpreting the conditions of the deal provided by the supplier regarding any product or service. Handling these complaints to ultimate satisfaction of the consumer is substantial for any organization and hence it is essential for them to have predefined set of process in CRM to deal with these complaints and efficiently resolve it in no time.
Consumer Service In an organization consumer Service is the process of delivering information and services regarding all the products and brands. Consumer satisfaction depends on quality of service provided to him by the supplier. The organization has not only to elaborate and clarify the details of the services to be provided to the customer but also to abide with the conditions as well. If the quality and trend of service go beyond customer?s expectation, the organization is supposed to have a good business with consumers.
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CHAPTER 2
COMPANY PROFILE
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2.1 ABOUT COMPANY:
1. Type of company: PRIVATE LIMITED 2. Inception date: November 2004 3. Founder name: Abdul Gaffar Sait 4. Nature of business: Financial Services 5. Number of branches: 5 6. Website address: www.basketoption.com Basket option is promoted by Jain Group of Institutions. A Professional Organization aimed at providing optimum solutions to individuals, Corporate and institutes in the area of investments, Insurance and Loans. Basket Option Pvt. Ltd. seeks to carry out extensive research in every service it provides, so that its clients get the best advice in the fields of financial planning, Investment advisory & corporate advisory services. In addition to its commitment to treating client?s investment as its own, Basket Option Pvt. Ltd. also strives to create awareness amongst its client investors and the general public about the investment options available. Basket Option Pvt. Ltd. is one of its kinds in terms of the value-added services and has already made a difference in its short span of existence in the financial services industry. Basket Option Pvt. Ltd. has nurtured enduring relationships with reputed financial companies ensuring a diversity of investment hubs. At Basket Option Pvt. Ltd., they endeavour to provide invaluable service to client investors and differentiate themselves from other competitors by offering an attitude of cooperation and unparalleled industry experience.
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TIMELINE
? 2005 Basket Option was incorporated, with 2 employees ? 2006 Loan Basket initiated. Known for highest ticket size of loan in Karnataka. Expanded to 12 employees. Started Wealth Management division. ? 2007 1st Corporate Client. 1st Institutional Client. ? 2008 Launched 2nd branch and the Basket Option Research Bureau. ? 2009 Launched 3rd branch. I human, company's CSR vertical initiated ? 2010 Launched Claims Express division. ? 2012 Launched Educonsult division o E-market launched o Street Smart launched o Real World launched ? 2013 170+ corporate clients, 10,000+ retail customers, 70+ team members, and 4 branches o Corporate office at Jayanagar inaugurated. o Stock Market Institute launched. o Online access to Claims Status initiated. ? 2013 Launched 52 Week High
VISION
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“To be the leader in wealth management and research based advisory services and to provide the best financial care to our clients”.
MISSION
Basket Option Pvt. Ltd. will ensure maximum returns and long-term profitability for its stakeholders and create a trustworthy environment for its employees with excellence and growth.
CREDENTIALS
? An ISO 9001: 2000 Certified Company.
CLIENTS BASE
? Business person ? Employees and workers ? Students
CORE VALUES
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? High ethical standards in performance of their duties. ? Transparency and confidentiality in all transactions. ? A spirit of collective ownership. ? Commitment to quality, reliable and trusted service.
TEAM
? A right blend of Public and Private Sector Experts. ? Director?s combined experience of more than 100 years.
CORPORATE SOCIAL RESPONSIBILITY
“They believe a society without proper education is not worth living in. They intend to divert 50 % of their profits towards providing education for the under privileged”. Activities Undertaken: 1) Free Heart check-up camp. 2) Blood donation camp 3) Leave Space to the Ambulance initiative.
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2.2 Organizational Structure of BASKET OPTION
Chairman (Dr. R. Chenraj Jain)
Chief Executive Officer (Abdul G Sait)
General Manager (Adithya Kumar)
National Head Retail (Athar SMY)
National Head Investments (Harsha)
Managers
Managers
Assistant Managers
Assisstant Managers
Executives
Executives
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2.3 BASKET OPTION INITIATIVES:
It is a constant process to strive for excellence and keep the client happy. They figure that the best way to do this is to keep on innovating and launch initiatives that take the term service a step further and set them apart from the rest of the field. Some of their initiatives are:
1.)
Claims Express:
A venture of Basket Option Pvt. Ltd. known in the industry for innovation insurance & investments solution. Claims express is an initiative to bridge the gap between the perceived notion that claims are never settled and the reality. It is a transparent, righteous and truthful undertaking by their organization for which ethics has been one of the core beliefs.
2.)
Educonsult:
Taking Care of a child is perhaps the most important job a parent can have. It is but natural that we would like to give our child best, and therefore, this is the time when careful financial planning can help we fulfil the aspirations that we have for children. It is an initiative that helps parents for their children?s
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Career guidance, Education loan, Admissions and Counselling.
3.)
BO Consultancy Services:
They are professionals who specialize in assisting businesses and individuals in assessing their insurance needs and creating a plan that will meet those needs. Their Mission is to put the client?s requirements ahead of all else and provide the best coverage at the best price. This service allows people to get their insurance portfolio assessed. An unbiased opinion of very well informed risk analysis experts is extremely rare to find and this is what they offer. They analyse the portfolio and tell people where it is that the portfolio can be reinforced and where they can reduce the load.
4.)
CSR I-human
Every business or an organization has to have a Human Side, the same should be for the betterment of society, so who better can understand a responsibility of a corporate like we do, where is more than 50% of our earnings goes towards educating underprivileged through the Free School run by Jain Group of Institutions. We also have been conducting lot of other society and health related activities in corporates, societies and business parks, the activities like Blood Donation Camp, Total health Check-up, Leave Space of Ambulance initiative and much more.
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Under this initiative we have always been looking forward for ways to help the development of Man Kind and the society.
5.)
E-market (online courses)
For many people, the time required to attend classes in a class room is non-existent. Many a times distance/location is a major constraint preventing people from taking up courses that can enhance their careers and skills. As part of an effort to overcome these constraints, Stock Market Institute has introduced E-Market, an online Capital Market Course to be released in various versions. Aspirants can be in the comforts of their surroundings and take out time as available to sit through this detailed course on Capital Market.
6.)
Trade basket
Trade Basket is the vertical of basket option. It deals with Equity and Commodity Trading, De-mating and Advisory Services. Our main objective is to provide investors with the option of trading in both online and offline mode with ease, along with advisory services to suit their needs. Equity Trading: Trade basket has been associated with IFCI Financial Services Ltd, as the sub-broker to provide investors with an adequate Equity trading platform of 2 types, Browser based for the Investors and Odin platform for the Traders. Commodities Trading: Trade basket has been associated with GEPL Commodities Ltd, as the sub broker. We provide access to both the Commodities Segment Namely MCX and NCDEX, to trade and also extent advisory services for trading based on the Intensive study of markets and technical parameters.
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7.)
52 week high
52 Week High is a unit of Basket Option Pvt. Ltd, which is an incubated company by JGI Ventures. 52 Week High is a premium service which is into investment advisory services, providing individuals with comprehensive and detailed analysis of investments. Our principle can be described in the one sentence quoted by Benjamin Franklin- "An investment in knowledge pays the best interest". When it comes to investing, nothing can pay off more than doing the necessary research and analysis before taking decisions. Our on-demand analysis give you a result of in-depth and unbiased research that is simple to understand and covers all the fundamental and technical aspects of the market.
8.)
Loan basket
Think Loan Basket – One roof solution for all your financial needs, advices and support. We deal with all big private firms, NBFC, Banks and Nationalized banks to assist you in your financial deficiencies (personal loans, home loans, education loans, car loans etc.) which makes our special USP to provide u the best offer in market. We get u the least interest rates available in the markets and makes your work hassle-free. We help u to make the right decision by providing the transparent information about your loan options. We have established a good trust among all our existing customers and bankers and will strive to maintain that relation forever.
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9.)
Real world
Team BO is happy to announce its formal foray into the world of Real Estate. Real Returns comes out of Real Investments; so does Real happiness and the actual happiness comes out of Real Estate. We believe whole heartedly in this philosophy and continue our efforts to bring happiness in the lives of all. Now, we have found a way to add value to your investments. We offer you all the services in the world of real estate through Real World. At Real World, the ultimate goal and philosophy is to give every individual an identity of ownership of property on this beautiful planet. You can always bank on us for professional and highest quality of service; we assure you the best of deals for your properties as per your requirements, it may be: ? Residential Properties ? Commercial Properties ? Farm Land ? Plots
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10.) Red lounge
Red Lounge Wealth Management is a unit of Basket Option Private Limited, a JGI Ventures initiative. Red Lounge is a value investing organization aiming at helping clients achieve Financial Freedom by realizing their Financial Goals through its expertise in integrated advisory & wealth management. Our experts do extensive research and deal with long term investment portfolios. We Breathe and Breed to enhance client's wealth in a synergistic fashion with limited tax liability! Our very existence is based on the talent of Asset Allocation. Red Lounge Wealth Management provides Financial Advisory Services exclusively to High Net-worth Individuals (HNIs) and Corporates. Our sphere of expertise lies in tailor-made Investment Management Strategy to enhance Portfolio growth based on Fundamental Analysis, our forte being designing a well-diversified portfolio across myriad asset classes comprising: ? Equity ? Debt ? Derivatives ? Commodities ? Real estate ? Risk protection through Insurance
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11.) Street smart
As part of its financial inclusion strategy and with the aim of reaching out to the masses, Basket Option has introduced multi-functional financial service self-help kiosks named Street Smart to be placed across corporates. The main aim of this initiative is to provide easy access to financial services and products and an affordable platform to deliver financial products.
12.) Stock Market Institute:
Stock Market Institute (SMI) is one of its kinds in the market which emphasizes on SPREADING FINANCIAL LITERACY. It?s an Institute providing real time learning to individuals about all financial services/products in Indian market and world market. The uniqueness of SMI is to provide real-time learning through industry experts and applying the concepts in real time scenario.
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2.5 DEPARTMENTAL CLASSIFICATION:
Basket Option has three departments- H.R, Marketing and Finance under which its operations are carried out.
1. H.R DEPARTMENT:
Basket Option being in its initial stage of growth does not have a fully established HR department. The existing HR department consists of an HR executive who manages the pay roll function of the organization. The HR Managers focus over building up the human resource of the organisation, for instance:? Job Design: The tasks, duties and responsibilities in to the organisational unit of work for the purpose of accomplishing a certain objective like marketing, promotions etc. Techniques of Job Design: 1. Scientific Techniques: It?s done by observing past performances. 2. Job Rotation: Shifting an employee from one job to another.
? Job Analysis:
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It is the step where they analyse the job of the employees, like the information collected of Job Analysis is of two forms:1. Job Description: Describes the jobs and its tasks. 2. Job Specification: They describe the requirements of the people for the Job.
? Recruitment: It is the process where the managers procure employees directly from the final year college students, which curbs the cost of involving an outsourcing unit as an intermediary unit.
? Selection: It is the process where the managers try and select the appropriate and suitable candidate for particular job. Methods of selection for a project:1. Past performance. 2. Quick Interview for confidence check. 3. Aptitude Test.
? Employee Benefits: The employees are provided fixed perks in terms of bonuses, appraisal, incentive and team vacation outings. They are also breaks where in the highest departmental authority to the lowest power enabled person join together for recreational activities on every Saturday.
2. MARKETING DEPARTMENT:
The marketing department of Basket Option consists of a team of 40 employees who are assisted by a research team in order to formulate marketing strategies based on the market research. The workflow of the marketing department is defined by its functions. Most organizations have a marketing division responsible for marketing strategy, advertising, researching, promoting, conducting customer surveys, branding, public relations and creating of corporate style. All
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these responsibilities can be gathered in several main functions of the marketing department. These functions are as follows:
? ? ?
Development of marketing goals and strategy Conducting marketing researches and monitoring customer needs Promotion and advertisement
Development
of
marketing
goals
and
strategy
One of the most important functions of marketing department is to design a set of written goals, objectives and strategies for marketing activities of the organisation. This means establishing rules and business concept of how the organization will conduct itself on the market, what marketing instruments will be used, what goals will be set and what strategies should be applied to attaining effective advertising campaigns. The marketing department develops a market-based business strategy that provides unique value to the customers on all services and products of the organization. The strategy establishes the workflow in the marketing department so that each process within the workflow can be continually evaluated, measured, and improved until the marketing goals are successfully achieved. VIP Task Manager allows to design and share marketing goals and strategy in Task List view and build marketing department workflow. By using this software, Marketing Director can create a structure in Task Tree view for coordinating all marketing processes toward the attainment of organizational goals.
Conducting marketing customer needs
researches
and
monitoring
To introduce products and services into a market and create value in the mind of the customers, the managers of the marketing department need clear and appropriate information. The marketing research provides the facts and directions that the managers can use to make
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their important decisions for marketing and competitive activities. To organize the workflow for managing market research and monitoring customer needs, the marketing department can use VIP Task Manager. By using this software, each marketing research can be created as a project with appropriate stages and to-do lists. In Calendar view the managers can create schedules for marketing researches and set due dates per task.
Advertising and Promotion
Finding new customers is the key challenge for every business. Through creative advertising and promotion a business can attract new customers and gain more revenue. The marketing department is responsible for providing product/service advertising and promotion. The function of advertising and promotion is especially important when the organization launches a new brand and it should be promoted by informing the customers of the brand?s features and advantages. By using VIP Task Manager, the marketing department can arrange advertising campaigns and manage promotion activities. The software allows to break down a campaign into stages and tasks with possibility to track each step of the involved employees and measure the campaign outcome. VIP Task Manager is convenient tool for brand and product management.
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3. FINANCE DEPARTMENT:
The finance department consists of two sub-departments-insurance and investment department. It also has a corporate advisory department which extends its services to the corporate clients as well as the institutional clients. This department carries out the core functions of basket option independently. FUNCTIONS & DUTIES:
? ? ? ? ? ? ? ? ?
?
Preparation and compilation of Budget estimates, revised estimates and supplementary grants. Administration of the Consolidated Fund and Contingency fund of the state. Control of expenditure and economy measures. Audit and Accounts. All matters related to Banks and banking institutions. Matters related to creation of posts, fixation of pay and grants-in-aid. Financing of Five year Plans and expenditure sanctions relating to Plan and Non-Plan Schemes of all departments. Loans and advances. Exercise of financial powers delegated by the Governor in case where such powers have not been specifically delegated to other departments and authorities. Scales of pay and allowances, revision, etc.
4. OPERATIONS DEPARTMENT:
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This department concentrates on follow up of every day transaction. Also gets back to clients for their feedback in order to develop and improvise its service. It also incorporates field work of Marketing Operations and Financial Operations for example:Creation
?
The foundation of every production and operations department is the creation of goods or services. Traditionally, production included the physical assembly of goods, but production can also include data-based goods such as websites, analysis services and order processing services. Customer Service In many companies, the production and operations department contains the customer-facing customer service department that addresses the needs of the customer after the purchase of goods or services. The support function usually is served through phone, online or mail based support. The main function of the production and operations department is to produce a product or service that creates profit and revenue for the company. Actualization of profit requires close monitoring of expenses, production methodology and cost of inputs. Evaluation
?
?
?
Every production and operations department must function as selfevaluating entity that monitors the quality, quantity, and cost of goods produced. Analysis usually takes the form of statistical metrics, production evaluation and routine reporting. Tasks
?
Common task functions in a production and operation department include forecasting, scheduling, purchasing, design, maintenance, people management, flow analysis, reporting, assembly and testing. Fulfilment
?
Production and operations departments typically function as a fulfilment entity that ensures the timely delivery of the output from production to
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customers. Traditionally fulfilment is a shipping and mailing based function, but can be electronically based in a data-driven product. Analysis
?
Standard analysis functions in a production and operations department include critical path analysis, stock control analysis, utilization analysis, capacity analysis, just-in-time analysis of inputs, quality metrics analysis and break-even analysis.
CHAPTER 3
METHODOLOGY OF THE STUDY
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3.1 TITLE OF STUDY
“AN ORGANISATIONAL STUDY ON BASKET OPTION PVT. LTD. (CONSUMER RELATIONSHIP MANAGEMENT)”
3.2 STATEMENT OF THE PROBLEM:
The process of developing a cooperative and collaborative relationship between the consumer and seller is called consumer relationship management. As we know that consumers are like king for companies. Without consumers how company will work, and here comes the main problem which is known as consumer relationship management. The biggest management challenge in the new millennium of liberalization and globalization for a business is to serve and maintain good relationship with the king - the consumer. In the past producers took their consumer for granted, because at that time the consumers were not demanding nor had alternative source of supply or suppliers. But today there is a radical transformation. The changing business environment is characterized by economic liberalization, increasing competition, high consumer choice, demanding customer, more emphasis on quality and value of purchase etc.
3.3 OBJECTIVE OF THE STUDY:
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To find out the impact of CRM on the profitability of the organization and consumer satisfaction.
3.4 SCOPE OF THE STUDY:
According to the current working and status of basket option pvt. Ltd. Consumer relationship management, is concerned with the development and maintenance of mutually beneficial relationships with strategically significant partners. Its focus is the creation of long-term value, and not just short-term profits, for the company and all it works with. The scope of CRM can thus be defined according to its constituencies, how longterm value can be created for and with them and the benefits of doing so.
3.5 METHODOLOGY OF STUDY:
Survey was conducted by questionnaire method; this questionnaire consists of close-ended questions. The sample size for the project is 25 respondents. The data was put in tabular form under headings as no. of respondents and percentage. The data has been represented in the form of pie charts.
3.6 TOOLS OF DATA COLLECTION:
? PRIMARY DATA
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Primary data is the information collected for research purpose at hand. Primary data was collected through an interview with the help of a structured Questionnaire, which contained queries that were relevant to the purpose of the study as well as pertinent; industry related questions. The present study questionnaire makes use of close ended question.
? SECONDARY DATA Secondary data is the information, which already exists. The secondary data for this research was obtained from the company profile and other details available on the internet, corporate magazines, corporate broacher?s journals etc. Various books and other published matter were also referred to for sorting, tabulating and analysing the raw data collected. The secondary data pertaining to the specific problem of study was not easily available. Therefore more emphasis was given to the primary data. The merit of secondary data is that it is economical and less time consuming.
3.7 REFERENCE PERIOD:
The duration of the project was 1 month.
3.8 LIMITATIONS OF THE STUDY
? Time constraint has been one of the biggest hindrances in the study.
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? It was very difficult to get information on various topics. ? The reliability of the data interpreted dependent on reliability of the data provided by the respondent. ? The data is limited with only 25 respondents. ? The data is affected by respondents bias.
CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
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Table no. 4.1 From how many years you are using financial services by basket option?
RESPONCES
NO. OF RESPONCES 7
PERCENTAGE (%)
0-2 years
28%
2-4 years
9
36%
More than 4 years
9
36%
ANALYSIS:
From the table 4.1 it can be analysed that 28% of consumer are using financial services from 0-2 years by our firm, 36% of consumer are using from 2-4 years and rest 36% of consumer are using more than 4 years.
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4.1 From how many years you are using financial services by basket option?
28% 36%
0-2 years 2-4 years more than 4 years
36%
INTERPRETATION:
From the chart 4.1 it can be seen that 36% of consumers are very much satisfied with financial service by basket option, so their consumption period of services is more than 4 years.
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Table no. 4.2 Which product you prefer for investment?
RESPONCES Insurance Loan Share market Real estate
NO. OF RESPONCES 12 3 8 2
PERCENTAGE (%) 48% 12% 32% 8%
ANALYSIS:
From the table 4.2 it can be analysed that people who prefer to invest in insurance, loan, share market and real estate are 48%, 12%, 32% and 8% respectively.
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4.2 Which product you prefer for investment?
8%
Insurance
32%
48%
loan share market real estate
12%
INTERPRETATION:
From the chart 4.2 it can be seen that 48% of consumers are using insurance policy because insurance policy is a safer side in less cost.
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Table no. 4.3 Are you satisfied by the information given to you by our employees related to your product?
RESPONCES Yes No
NO. OF RESPONCES 22 3
PERCENTAGE (%) 88% 12%
ANALYSIS:
From the table 4.3 it can be analysed that 88% of consumers are satisfied by the information given to them by our employees related to their product and 12% of consumers are not satisfied.
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4.3 Are you satisfied by the information given to you by our employee related to your product?
12%
yes no
88%
INTERPRETATION:
From the chart 4.3 it can be seen that 88% of our consumers are satisfied because they received all the information they want to know and the other 12% of our consumers are little confused with the information they received.
Table no. 4.4 Do you get updates related to your product?
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RESPONCES Yes No
NO. OF RESPONCES 23 2
PERCENTAGE (%) 92% 8%
ANALYSIS:
From the table 4.4 it can be analysed that 92% of consumers receives update related to their product and rest 8% are not updated with information about their product.
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4.4 Do you get updates related to your product?
8%
yes no
92%
INTERPRETATION:
From the chart 4.4 it can be seen that 92% of our consumers are updated with the information related to their product because they have curiosity to be updated and the rest 8% of our consumers ignores customer care calls due to some busy schedule.
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Table no. 4.5 Are you satisfied by the information given in our website?
RESPONCES Yes No
NO. OF RESPONCES 23 2
PERCENTAGE (%) 92% 8%
ANALYSIS:
From the table 4.5 it can be analysed that 92% of consumers are satisfied by information given in our website 8% of them are not satisfied.
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4.5 Are you satisfied by the information given in our website?
8%
yes no
92%
INTERPRETATION:
From the chart 4.5 it can be seen that 92% are satisfied with information given in our website and 8% are not because they are lack in financial service knowledge and English terminologies.
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Table no. 4.6 Did you receive benefit by investing with our firm?
RESPONCES Enough
NO. OF RESPONCES 20
PERCENTAGE (%) 80
Not enough
5
20
ANALYSIS:
From the table 4.6 it can be analysed that 80% of consumers received enough benefit by investing with basket option, while 20% of them not received enough benefit.
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4.6 Did you receive benefit by investing with our firm?
20%
enough not enough
80%
INTERPRETATION:
From the chart 4.6 it can be seen that 80% of our consumer received enough benefit because they kept focus on what is happening in market.
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Table no. 4.7 Did you get fully attention by our employee whenever you required?
RESPONCES Yes No
NO. OF RESPONCES 24 1
PERCENTAGE (%) 96% 4%
ANALYSIS:
From the table 4.7 it can be analysed that our 96% of consumer get fully attention whenever they required, while the remaining 4% are not satisfied.
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4.7 Did you get fully attention by our employee whenever you required?
4%
yes no
96%
INTERPRETATION:
From the chart 4.7 it can be seen that 96% of our consumers are get fully attention whenever they requires, and 4% of consumers are not satisfied because our employee are busy or disturb with other works.
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Table no. 4.8 Are you satisfied with our customer care service?
RESPONCES Yes No
NO. OF RESPONCES 22 3
PERCENTAGE (%) 88% 12%
ANALYSIS:
From the table 4.8 it can be analysed that 88% of our consumers are satisfied with our customer care service and remaining 12% of them are not.
4.8 Are you satisfied with our customer care service?
12%
yes no
88%
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INTERPRETATION:
From the chart 4.8 it can be seen that 88% of our consumers are satisfied with our customer care services because they gave proper information related to the problem and also received a valid feedback to problem.
Table no. 4.9 Rate your overall satisfaction with basket option?
RESPONCES Highly satisfied Satisfied Somewhat satisfied
NO. OF RESPONCES 10 12 3
PERCENTAGE (%) 40% 48% 12%
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Highly dissatisfied
0
0%
ANALYSIS:
From the table 4.9 it can be analysed that the rate of highly satisfied, satisfied, somewhat satisfied and highly dissatisfied are 40%, 48%, 12% and 0% respectively.
4.9 Rate your overall satisfaction with basket option?
12% 0%
Highly satisfied Satisfied Somewhat satisfied Highly dissatisfied
40%
48%
INTERPRETATION:
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From the chart 4.9 it can be seen that 88% of our consumers are satisfied with our services and company have to work out with rest 12% of employee to feel them satisfied.
Table no. 4.10 Would you like to invest further with basket option?
RESPONCES Yes No May be
NO. OF RESPONCES 16 3 6
PERCENTAGE (%) 64% 12% 24%
ANALYSIS:
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From the table 4.10 it can be analysed that 64% of consumer will invest again with basket option, 24% of consumer are not sure and 12% of consumer are not want to invest further.
4.10 Would you like to invest further with basket option?
24%
yes no
12%
64%
may be
INTERPRETATION:
From the chart 4.10 it can be seen that 64% of our consumers are satisfied with the profit and service they received and so they will invest again with basket option and company have to work out more with consumers who are not sure and don?t want to invest with basket option.
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CHAPTER 5
SUMMARY OF FINDINGS, SUGGESTION AND CONCLUSION
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5.1 SUMMARY OF THE FINDINGS:
This project has been a learning experience. It has helped me to gain useful insight into the concept of marketing. The findings of the project can be summarized as follow: All the working employees are qualified according to job requirement. Majority of consumers are working in service sector. Thus it can be a good target market for the company. The company must undertake vigorous marketing strategies in order to make the company and its? initiatives visible in the market as the awareness about the company is very less. Basically company deals in various sectors i.e. insurance, loans, education, real estate and consultancy, so company approaching all business person, students and working class people. It can be seen demand of insurance, loans and real estate is very high. Many companies and educational institutes have health insurance for their employees. After survey the analysis are as follow:? 36% of consumer are using financial services from 2-4 years by Basket Option. ? 48% of consumers prefers to invest in insurance. ? 88% of consumers are satisfied by the information given to them by our employees related to their product. ? 92% of consumers receives update related to their product. ? 92% of consumers are satisfied by information given in our website. ? 80% of consumers received enough benefit by investing with basket option. ? 96% of consumer get fully attention whenever they required. ? 88% of consumers are satisfied with customer care service. ? The percentage of overall satisfied consumers is 48%. ? 64% of consumer prefers to invest again with basket option.
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5.2 SUGGESTIONS:
Company have to maintain good relationship with consumers by following way: ? Company have to keep consumers satisfied so they keep using financial services with basket option for a long period. ? To increase investment in loan, share market and real estate. Company have to create more awareness of the services and creating more offers. ? Company have to explain the information to consumer related to their product and services for better understandings. ? Information in website have to be more easily accessible for consumer benefit. ? Company have to provide more offers by which consumers will earn more benefits and feel satisfied. ? Company?s employee have to pay full attention whenever consumers want, this make them feel secure. ? Company have to train employee so they will take feedback and solve consumer problems and suggest them a right path. ? Company have to maintain a good relation and satisfy to consumer so they will invest again with basket option. ? By creating more offers and providing quality services Company will attract more people.
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5.3 CONCLUSION:
Working on this project was an enriching experience for me. Not only had I got to know about the financial industry but also the working and the market of financial industry. After going through the data collected I came to a conclusion that the company should work a little more on their services. There is a huge market, the company must look up to make people aware about the need of Financial Literacy. The company must have a dedicated team to take up clients. The team must consist of employees with good skills and good network or contacts. Since the income of the clients is increasing day by day, and people are getting induced towards comforts to luxury so many of them would like to invest real estate, share market and other financial services. The important factor to be noticed here is most of them would be looking for safety measures so the company has a greater scope in this field by giving the best and appropriate tips which would yield them higher profits. The clients in this field are increasing day by day because now-adays these clients always plan for future. Since there is heavy competition in this field the company can apply its skills in right place and be a competent company. The objective of the study is to know marketing strategies of company to maintain a good relation with consumer which leads company to earn huge market share and profits.
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ANNEXURE
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I, Rishabh Rathi, the student of Jain University, have conducted a study on “Basket Option Pvt. Ltd. for consumer interest”. As a particular fulfilment of my project kindly co-operate by spending your precious time providing me precious information.
NAMEAGEGENDER-
1. From how many years you are using financial services by basket option? ? 0-2 years ? 2-4 years ? More than 4 years
2. ? ? ? ?
Which product you prefer for investment? Insurance Loan Share market Real estate
3. Are you satisfied by the information given to you by our employee related to your product? ? Yes ? No
4. Do you get updates related to your product? ? Yes ? No
5. Are you satisfied by the information given in our website?
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? Yes ? No
6. Did you receive benefit by investing with our firm? ? Enough ? Not enough
7. Did you get fully attention by our employee whenever you required? ? Yes ? No
8. Are you satisfied with our customer care service? ? Yes ? No
9. ? ? ? ?
Rate your overall satisfaction with basket option? Highly satisfied Satisfied Somewhat satisfied Highly dissatisfied
10. Would you like to invest further with basket option? ? Yes ? No ? May be
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BIBLOGRAPHY
Books referred:
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Marketing Management by PHILIP KOTLER. Consumer Behaviour by MICHAEL R. SOLOMON.
Data: Data provided by “Basket Option Pvt. Ltd.” Questionnaire
Websites: www.basketoption.com www.wikipedia.com www.investopedia.com www.entrepreneur.com www.businessdictionary.com
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doc_844955447.docx