Professional Documents
Culture Documents
A
PROJECT REPORT
ON
Submitted for the Partial Fulfillment of the Requirement for the Degree of Master of Business Administration (M.B.A), under SMU Under the guidance of Prof. Sunil Kumar Mr. Manas Ranjan Pattanaik (Faculty, ASMS, RKL) Submitted By
Kalandi Mohanty
REGD. NO. - 521072030 MBA (2009-11)
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DECLARATION
training, which I did as a part of the curriculum for the fulfillment of Master of Business Administration (MBA) degree. It has not been duplicated from any other earlier works and all information provided in this report is genuine. This report submitted for the partial fulfillment of MBA program. It has not been submitted to any other university or for any other degree.
Place : Date : -
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ACKNOWLEDGEMENT
INSPIRATION LEADS TO DEDICATION, DEDICATION LEADS TO ACOMPLISHMENT, ACOMPLISHMENT LEADES TO ACKNOWLEDGMENT. First and foremost I thank god, my friend for blessing showered on me. All my efforts will remain meaningful authorities, who helped me more than I expected, while I working on my project. I have project privilege of undergoing major concurrent project for one month at Reliance Money Rourkela. I would like to express my sincere gratitude to Sir. Sunil Kumar (Senior Manager) for providing me an opportunity to under take major concurrent project and guidance through out the project to complete successfully. I extend my sincere thanks and acknowledgement to all the Officer/Executive of Reliance Money, Rourkela, who extended their wholehearted guidelines and their co-operation, in spit of their schedule in completing my project work successfully. I would like extend my sincere feeling of gratitude to Sri RK Hota (GM), Dr. Nilachal Sahoo (Sr.General Manager) and Prof. Sunil Kumar. Finally I thank to all the faculty member of our institute who have given me their valuable suggestions from time to time Name: Kalandi Mohanty Branch: MBA (marketing) Session: (2010-2012) Regd.No:521072030
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This is to certify that Mr. Kalandi Mohanty has done his project entitled Marketing Strategy of Reliance Money. He has done his project with much sincerity and wish him good luck in future.
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UNIVERSITY STUDY CENTRE CERTIFICATE This is to certify that the project report entitled Marketing Strategy of Reliance Money submitted in partial fulfillment of the requirements for the degree of Master of Business Administration of Sikkim Manipal University of Health, Medical & Technological Sciences. Kalandi Mohanty has worked under my supervision and guidance and that no part of this project report has been submitted for any award of any other Degree, Diploma, Fellowships or any other similar titles and that work has been published in any journal or magazine.
Certified
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EXAMINERS CERTIFICATION
The Project report of Kalandi Mohanty Marketing Strategy of Reliance Money is approved and acceptable in quality and form.
Internal Examiner
External Examiner
Name :
Name :
Qualification:
Qualification :
DESIGNATION: -
DESIGNATION: -
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CONTENTS
CHAPTER NO. CHAPTER I TOPIC INDUSTRY PROFILE CHAPTER II DEMAT ACCOUNT MUTUAL FUND LIFE INSURANCE GENERAL INSURANCE 38 - 42 PAGE NO. 9 - 37
ABOUT THE COMPANY COMPANY PROFILE VISION AND MISSION ORGANISATIONAL HIERARCHY
CHAPTER III
PRODUCT OFFERING TRADING PORTAL FINANCIAL PRODUCT VALUE ADDED SERVICES CREDIT CARD GOLD COIN RETAILING
43-64
CHAPTER IV
MARKETING STRATEGY WHAT IS GOOD MARKETING ASPECTS OF GOOD MARKETING STP CONCEPT STRATEGY 4 PS OF MARKETING DISTRIBUTION CHANNEL TELEMARKETING CANOPY
65 - 83
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84 - 86
CHAPTER VIII
CONCLUSION
86-87
CHAPTER IX
QUESTIONNAIRE
87 - 89
CHAPTER X
APPENDIX BIBLIOGRAPHY
90
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Sponsors
The sponsor is the company which sets up the mutual fund. It means anybody corporate acting alone or in combination with another body corporate established a mutual fund after initiating and completing the formalities.
Trustees
The management of the mutual fund is subject to the control of the board of trustees of the fund. They guide the operations of the fund and carry the crucial responsibility to see that AMC always act in the best interest of the investors.
Custodian
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Investment by Structure
Open-ended Schemes:
An open-end scheme accepts funds from investors by offering its units or shares on a continuing basis i.e. an investor can invest in an open-ended schemes whenever he wants and he can purchase units at the market price at that moment. Open-end scheme permits investors to withdraw funds on a continuing
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Close-ended Schemes:
The subscription to a closed-end scheme is kept open only for a limited period (usually one month to three months). After that he cannot invest in that fund. A closed-end scheme does not allow investors to withdraw funds as and when they like. A closed-end scheme has a fixed maturity period (usually five to fifteen years). The closed-end schemes are listed on the secondary market.
Interval Schemes:
Interval funds combine the features of open-ended and close-ended schemes. They are open for sale or redemption during pre-determined intervals at NAV related prices.
Investment by Objective
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Debt Schemes
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Balanced Schemes
A BALANCED FUND invests in both equity and debt instruments. It aims to generate growth and income by periodically distributing its assets over both types of securities. These funds are ideal for investors looking for a combination of income and moderate growth.
ADVANAGES OF MUTUAL FUND Reduction of risk Professional Management Tax benefits Low transaction costs Well regulated Liquidity Diversification Return potential Transparency Flexibility
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LIFE INSUARNCE
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Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of
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With the largest number of life insurance policies in force in the world, Indias insurance sector accounted for 4.1 per cent of GDP in 2006-07, up from 1.2 per cent in 1999-2000, far ahead of China where insurance accounts for just 1.7 per cent of the GDP and even the US where insurance penetration stands at 4 per cent of the GDP. One area that continues to cause concern is the number of customer grievances in insurance, especially in a few specific classes. This calls for more transparency in designing the contract wording and on insisting that the applicant is sufficiently informed about the coverage and more particularly the exclusions. In addition, the legislation itself requires to be transformed to meet the needs of the emerging markets. The Law Commission of India which has gone extensively into the various insurance laws has submitted its report. Further, the
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Some of the important milestones in the general insurance business in India are:
1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.
1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.
1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance
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General Insurance Corporation of India (GIC) Royal Sundaram Alliance Insurance Co. Ltd. Bajaj Allianz General Insurance Co. Ltd. Reliance General Insurance Co. Ltd. ICICI Lombard General Insurance Co. Ltd. Cholamandalam General Insurance Co. Ltd. TATA AIG General Insurance Co. Ltd. IFFCO Tokio General Insurance Co. Ltd. Export Credit Guarantee Corporation Ltd. HDFC-Chubb General Insurance Co. Ltd.
COMPANY PROFILE
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Introduction
Reliance Money is a group company of Reliance Capital; one of India's leading and fastest growing private sector financial services companies, ranking among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group. Reliance Money, the financial products distribution company of Anil Dhirubhai Ambani Group, today unveiled the new brand identity for Travelmate Services and announced major business plans for its Money Changing Services and FullFledged Money Transfer business. Travelmate Services, a part of Kuoni Group, was acquired by Reliance in November 2006 and is now a wholly owned subsidiary of Reliance Capital. The company has been in the Money Transfer Services (MTS) and Full-Fledged Money Changing (FFMC) business in the country since 1993. Reliance Money, which started operations in April 2007, is adding about 2,000 to 2,500 customers every day. It currently has about 1.65 lakh customers. And the traded volumes have crossed about Rs 1,200 crore.
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VISION
To build a global enterprise for all our stakeholders and a great future for our country by giving millions of young Indians the power to shape their destiny: The means to realize their full potential.
MISSION
To create and nurture a world-class, high performance environment aimed at delighting our customers by providing endless financial products in all part of the country.
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National head Zonal Head Zonal Head Regional Head Zonal Head Regional Head Zonal Head Regional Head Regional Head Cluster head Center Manager
Cluster head
Center Manager
BDMs
BDMs
BDMs
BDMs
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NIZATIONAL HIERARCHY National Level Zonal Level Regional Level Divisional leve Branch Level Area Level BDMs : : :
.
: National Head : Zonal Head : Regional head Cluster Head Center Manager Business Development Managers (BDM) (previously
PRODUCT OFFERING
1. Trading Portal (with almost negligible brokerage )
Equity Broking Commodity Broking Derivatives ( Futures & Options ) Offshore Investments (Contract For Differences) D-Mat Account.
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3. Value-Added Services
Retirement Planning
Financial Planning Tax Saving Children Future Planning
4. Credit Cards
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PRODUCT FEATURES; DEMAT ACCOUNT There are many broking houses doing business in India and they charge a brokerage on every transaction made online or offline. (Buying and Selling are treated as separate transaction). Reliance Moneys advantage over others is that its charging the lowest brokerage in the market which is just 1 paisa on every executive trade irrespective of the volume traded. Reliance Money, the brokerage and distribution arm of Reliance ADA Group, aims to tap investors in the smaller towns and cities through a flat fee structure. The current leaders in the retail broking segment like ICICI Direct, India Infoline and India bulls offer a pay per use model where the customer pays a percentage of the amount transacted by him. Reliance Moneys brokerage rates are quite competitive. The new wonder is Reliance Money's pre-paid card for stock market brokerage. Reliance Money, the financial services division of Anil Dhirubhai Ambani Group[DEPT OF MBA] Page 45
IPOs, Mutual Funds, Insurance, Money transfer and Money Changing - all through single window, both off-line and online. Reliance Money has already tied-up with CMC Capital Plc UK to offer offshore Investment products to Indian consumers as per guidelines.
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FEE
2000
12 months
6 cr
Rs. 5.4 cr
Rs. 60 lac
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electronic gadget) that generates a password, which are a third level of security in addition to the customer log in and a password provided. The password generated by the token is valid only for a period of 20 seconds. If the web page expires, for the fresh login, a new password generated by the token has to be keyed in by the customer. 2. Lowest brokerage: Reliance offers the lowest brokerage of 1 paisa which is very less with respect to the other DPs in the market. 3. User friendly software: The portal offered is very easy to understand and use. 4. Forex and offshore investment: Reliance provides the offshore facility which no other AMC is providing in the market.
5. Better research and news: Reliance offers news from the DOW JONES and REUTERS. "Reliance Mutual Fund schemes are managed by Reliance Capital Asset
Management Limited., a subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being held by minority shareholders."
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Debt Schemes
Reliance Income Fund Reliance Medium Term Fund Reliance Short Term Fund Reliance Liquid Fund Reliance Monthly Income Plan Reliance Gilt Securities Fund Reliance Floating Rate Fund Reliance NRI Income Fund Reliance Interval Fund Reliance Liquid Plus Fund Reliance Fixed Horizon Fund- I, II, III, IV, V, VI, VII Reliance Fixed Tenor Fund Reliance Fixed Horizon Fund- Plan C
Reliance Mutual Fund has launched Forty Three Schemes till date, namely: ABOUT RELIANCE LIFE INSURANCE
Reliance Life Insurance is an associate company of Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of Indias leading private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock broking, life and general insurance, proprietary investments, private equity and other activities in financial services.
Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934.
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FOR INDIVIDUALS EMPLOYERS LIABILITY SOLUTIONS PROTECTION PLANS SAVINGS AND INVESTMENT PLANS RETIREMENT PLANS CHILD PLANS EMPLOYEE PROTECTION SOLUTIONS EMPLOYEE VOLUNTARY BENEFITS
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In life, you have always given your family whatever they have wanted. Yet, there are some promises you have to fulfill, such as taking your family for a vacation, or buying that dream house. Set aside some money to achieve these specific goals with the help of Reliance Savings & Investment Plans. The plan allows you to experience the joys of life and provide for your familys needs. By this plan one can save the money while making an investment.
3. RETIREMENT PLANS
You are a young and earning individual. The income you earn allows you to enjoy life, your only worry being whether you will be able to continue the same lifestyle after retirement. A Reliance Retirement Plan will help you save money for your retirement. It ensures that you continue to get some income after retirement thereby ensuring that you do not have to depend on any other person or make any compromises to maintain the same lifestyle.
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Being a parent is one of the joys of life. Your child looks up to you and depends on you for love, protection and support. You want to provide your child with the best in life. The Reliance Child Plan helps you save systematically so that you can secure your childs future needs. Be it higher education, his or her first home or any other requirement, you will always be there for your child when he or she needs you.
Protection plan
Retirement plans
Child plans
2. Reliance Super InvestAssure Plan Plus 3. Reliance Total Investment Plan Series I
3. Reliance Super Golden 3. Reliance Super Years Plan Value InvestAssure Plan
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A. Reliance Group Credit Shield Plan B. Reliance Group Term Assurance Plan
GENERAL INSURANCE
Fundamentals of General Insurance companies are business houses. The product they sell is financial protection. To succeed and survive, they must cover their costs, which include payments to cover the losses of policyholders, as well as sales and administrative expenses, taxes and dividends. Insurance companies have two sources of income for covering these costs: premium and investment income. The premium are collected on a regular basis and invested in Government Bonds, Gift stocks, mutual funds, real estates and other conservative avenues. However, investment income depends on market conditions, interest rates, economy etc and varies from year to year. Because of the uncertainty associated with the investment income, insurance companies must generate enough income form premium to cover the bulk of their expenses. The primary function of insurance is to provide protection against financial losses caused by unforeseen events. This protection is available to individuals, businessmen and large companies alike.
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Personal Accident
Personal Accident Group Personal Accident
Fire
Standard Fire and Special Perils Consequential Loss (Fire) Industrial All Risks
Engineering
Erection All Risks/Storage-cum-Erection Contractors All Risks Contractors Plant and Machinery
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Marine
Marine Cargo Insurance
Motor
Private Car Comprehensive
Liability
Directors and Officers Liability Public Liability (Act) Public Liability Product Liability Professional Indemnity Workmens compensation
Miscellaneous
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Travel
Individual and Family Asia Student Corporate
BASIC FEATURES
Hospitalization Expenses Daycare Treatment
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POLICY FEATURES
Income Tax Benefit Sum Insured Pre-insurance Health Check up
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MARKETING STRATEGY
What is marketing?
According to Kotler marketing is an organizational function and a set of processes for creating, communicating and delivering value to the customer and for managing customer relationship in ways that benefits the organization as well as its stakeholders. It is the art of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Definition of marketing depends upon the core concepts like needs, wants, demands, targeting, positioning, segmentation, products, services, value, satisfaction
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Induce Trial
Demonstrate Benefits
STP concept
Segmentation: Segmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer behavior. The world is made up from billions of buyers with their own sets of needs and behavior. Segmentation aims to match groups of purchasers with the same set of needs and buyer behavior. Such a group is known as a 'segment' . Segmentation is that part of the population on which the company gives its focus and tries to get its customers from that area. Reliance money mainly gives focus on people who are above 18 to 20 years.
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4Ps of Marketing
Product: the product of Reliance Money is the Demat account. It also provides the Credit Card services. Along with the demat account it also sells other financial products like Life insurance , General insurance, Mutual Fund, Gold coins, Money transfer, Forex exchange, etc. it also provides the offline trading facilities through Reliance Money partners in 5000 cities across India and through phone calls by dialing 022-39886000. In Demat account one has various investment options line Equity Trading at NSE/BSE, Derivatives Trading, IPO Investment, Commodity Trading, Forex Trading, etc.
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Place:
Reliance Money branches are present all over India. Reliance Money has around 10,000 branches in around 5,000 cities in India. Their main target is the metro cities and other big cities in India.
Promotion:
The products are mainly sold because of the sales people. So Reliance Money mainly promotes or encourages its sales force to sell more. It also conducts monthly campaigns and rewards the sales
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Distribution Head
1.
This channel deals with the distribution of Demat accounts. In this channel there is a team leader who is responsible for the sales in that territory. He also assigns the tasks to his team members. So it is a group effort to attain the target.
2. Emerging market channel:
This channel deals with the distribution of products like life insurance, general insurance, mutual fund, etc. of Reliance Money. In this there is a team head who assigns the task to the subordinates.
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This channel distributes the products like life insurance, general insurance, mutual fund of other companies like ICICI, HDFC, Cholamandalam, Birla life insurance, TATA AIG etc. in this there is no team leader. Everyone has to do the task individually.
They have tie-up with the DTDC courier to fasten the delivery of their products and services.
TELEMARKETING
Telemarketing is a method of direct marketing in which a salesperson solicits to prospective customers to buy products and services over the phone. It makes lead generation for the business or if converted to sales builds business for the company. Reliance Money has tie-up with different banks like ICICI, HDFC, AXIS, IDBI and other banks. So it gets data about the customers of these banks. This also makes it easier for cold calling, lead generation and convert it to sales. First they segregate the data collected from these banks and then find out who could be the prospective customers. Then they call from the Reliance Money office and fix an appointment with them. During the meeting they tell about the product and
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e-Sponsored programme : Reliance Money in partnership with CNBC Awaaz, NSE and NSDL presents Pehla Kadam a national - level investor education programme, focusing on guiding and educating first time investors on the hows and whys of investment. It is a one-stop destination providing solutions to all the dilemmas a new investor faces at the start of any investment.
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STRENGTH
WEAKNESS
Brand image RELIANCE Good database Low pricing Extra security Aggressive sales force
OPPURTINITY
Increased spending power of customers Rural markets are out of reach Only around 20% people are insured in the country
Unpredictable SENSEX
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METHOD OF DATA COLLECTION Primary data: Procedure of data collection : Survey Tools for data collection : Questionnaire LIMITATIONS
1. The sample size is very less, hence the response of just 50 respondents does not imply for the whole population.
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DATA INTERPRETATION
1. PREFERENCE OF INVESTMENT
derivatives 10% shares 48%
bonds 18%
Interpretation: it shows that most of the people are now investing in the share market rather
than in the mutual funds. So the customers are more aware about the share market now-adays.
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Interpretation:
It shows that most of the people are aware about the online trading of shares. This all happened because of the development in the IT industry. People know about the computers and they are able to trade online.
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no 24%
yes 76%
Interpretation:
Most of the people are aware about the Reliance Money as a brand. This brand awareness will help in the future to increase the market share of Reliance Money and it is a good sign for Reliance Money.
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Others 14%
Interpretation:
From the pie chart it is very much clear that ICICI and Reliance Money has equal market share in the market. Its closest competitors are ICICI and India Infoline.
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no 30%
yes 70%
Interpretation: From the graph it is very clear that around 1/3rd of the customers i.e. 30% are not satisfied with the present brokers. So there is a chance that Reliance Money can convert these people to its customers.
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Interpretation: From the graph it is very much clear that satisfaction level of around 38% people are below 60%. Only 42% people have a satisfaction level of more than 80%. It will help in increasing the market share of the company.
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weekly 40%
Interpretation: Share market gives the maximum return in todays world. Maximum people are doing the trading daily and weekly manner. But 24% people are doing it in a monthly basis and 10% on yearly basis. It shows that there are very less people who invest in share market for a longer period.
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10% TO 25% 50% below 10% 38% 25% TO 50% 10% above 50% 2%
Interpretation: It clearly shows that half the people are investing around 10% to 25% of their earning. There are only few players who are investing more than 50% of their earning. This is because of the volatile nature of the share market 88% people are investing below the 25% of their investment.
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Most of the people are investing in shares now-a-days. So there is a huge market for the brokerage firm.
The people who invest in share they know about Reliance Money and most of the people are aware about Reliance Money.
Reliance Money has a great market share in the area. It is around 22% which is a good sign. It can be a market leader.
Nearly 30% of the people are not satisfied by their current brokers and satisfaction level is below 50% for 35%-40% customers. So they may change their brokerage firms. Reliance Money can acquire these customers.
Reliance Money provides the service at a cheaper cost as compared to other brokerage firms in India.
They are present in all over India. They have around more than 10,000 branches in all over India.
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During interaction with the customers of Reliance Money, I found that they are not happy with the customer service of Reliance Money.
SUGGESTIONS Based on the findings of the project I would like to suggest the following
After sales services are very important for getting new references. So trained telesales should be appointed for this purpose.
Reliance Money should mention in written that it charges only 1 paisa
on selling and not on buying because people are thinking that there are some underlying charges involved. Along with the limit card they have to go for the percentage brokerage i.e. the charges should be charged based on the transaction amount or turnover. It should provide regular training programs for the advisors in order to update their knowledge. Reliance Money has different financial products like form Demat account to general insurance. Each advisor is not aware about all the products. So for them special training programs should be conducted.
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Questionnaire Form
1. In which of the financial instruments do you invest? a. Shares b. Mutual funds 2. Are you aware of online share trading? a. Yes 3. Have you heard about Reliance Money? a. Yes
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c. Bonds d. Derivatives
b. No
b. No
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5. What differentiates your share trading company from others? (in regards of brokerage, satisfaction, services, products, etc.) 6. Are you currently satisfied with your share trading company? a. Yes 7. What is your satisfaction level? a. Below 20% b. 20% to 40% c. 40% to 60% 8. How often do you trade? a. Daily b. Weekly c. Monthly d. Yearly d. 60% to 80% e. 80% to 100% b. No
9. How do you rate these share trading companies? (from 1 to 5)(ICICI, Reliance Money, India infoline, Kotak Mahindra, India bulls, Others) 10.What do you think you require with your Demat account?
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BIBLIOGRAPHY
Kotler India Today Magazine http://www.amfiindia.com www.finance.indiamart.com www.investorguide.com
http://www.quickmba.com/marketing/market-segmentation/ http://www.marketingteacher.com/Lessons/lesson_targeting.htm
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