A project report on Customer Relationship Management in ReligareSecurities with special reference to equities Equities - Summer Training Project ReportSubmitted in the partial fulfillment of the requirements For the degree of MASTERS OF BUSINESS ADMINISTRATION By DEPARTMENT OF BUSINESS ADMINISTRATIONPUNJAB COLLEGE OF TECHNICAL EDUCATIONBADDOWAL (Ludhiana) AFFLIATED TO PUNJAB TECHNICAL UNIVERSITY, JALANDHAR
CERTIFICATEThis is to certify that the project “Customer Relationship Management in Religare securitieswith special reference to equities” submitted in the partial fulfillment of the requirement for the degree of Master in Business Administration of the Punjab College of Technical Education, Baddowal is a bonafide research work carried out by …………………………, under my supervision and that no part of this research project has been submitted for any other degree.The assistance and help received during the course of this investigation has been fullyacknowledged.Dated: Training Advisor Faculty PCTE, Baddowal, Ludhiana.
ACKNOWLEDGEMENTAny person can never do work of this nature alone. This formal piece of acknowledgementmay not be sufficient to express the feeling of gratitude and affection for those who wereassociated with the project and without whose co-operation and guidance this project couldnot have been conducted properly.It is a matter of great pleasure for me in submitting the project report on “CustomerRelationship Management” in Religare Securities with Special Reference to Equity” in thepartial fulfillment of the requirement of my course from “ PUNJAB COLLEGEOFTECHNICAL EDUCATION, BADDOWAL.” It is my profound privilege to thankfullyacknowledge the inspiring co-operation extended to me by all the staff members for thesuccessful completion of my project.My first word of thanks goes to …………………. Branch Manager, Religare Securities, CPNew Delhi for giving me an excellent chance to undergo training in a reputed and prestigiousbrokerage firm of India.I further, am in deep gratitude to …………………., Senior Relationship Manager for Hiskind support and guidance in marshalling my knowledge to the shaping of and the Becomingof the project & other staff members of Religare for their kindness and Valuable guidanceand assistance, which helped me in the completion of my summer Training. 3
ABSTRACTEver since we have attained independence we have been attaining some sort of nourishmentin one field or another. Finance is the backbone of every country and India is no exception.Being the country it is have lot of pressure of population and that burden has to be born bythe earning population of the country. Indian financial market has been progressing leaps andbounds in last decade or so.World see India as the emerging power of the planet and Indian finance has major role toplay in letting the country in this great position. Share market is the breathing zone of Indianfinancial market. Every Indian company which has some significance with lot of people hasbeen listed in the stock exchange and has been affecting country.Broking firms play a major role in the smooth functioning of the Stock Market becauseinvestors trade through these broking firms. So because of lots of opportunity in this sectorwith that is competition. More and more companies are entering into this sector, so tomaintain and acquire the client base it requires good marketing strategies on the companiespart.It must be kept in mind that major share of investors are price sensitive and they decide theinvestment options and the options to trade trough on the basis of cost effectiveness.(Signature of major advisor) (Signature of student)
TABLE OF CONTENTIntroduction to Brokerage industry1.1 Primary Market1.2 Secondary Market1.3 Evolution of the Indian Brokerage Market1.4 Development in the Brokerage Industry1.5 Industry Insight1.6 Main players in the brokerage industry areIntroduction to Religare Enterprise Limited2.1Historical Background Of The Group2.2Vision & Mission2.3Now What Does RELIGARE Mean?2.4 Key Events and Milestones2.5Organization Structure2.6 Central Leadership Team2.7 Board of Directors - Religare Enterprises Limited2.8 Addresses2.9 Religare Global Presence2.10 Following are the companies Under Religare Enterprise Limited3. Religare Securities Limited3.1 Products and services3.2 Key Executives3.3 SWOT Analysis Of Religare Securities LtdFINANCIAL ANALYSIS4.1Profit and Loss Account4.2Balance Sheet4.3 Financial Statement Analysis4.4 Trend Analysis Part
Introduction to the project1.1 Customer relationship management1.2 Need of the study2.1 Review of Literature2.2 Title2.3 Objectives of Research Methodology3.1 Scope of the research project3.2 Type of Research3.3 Method of Data collection3.4 Sample Design3.5 Limitations of the StudyData analysis and interpretation Table4.1 Profession In which respondent is engagedTable 4.2 Time period of investing.Table 4.3 Reasons For InvestingTable 4.4 Awareness of Customer relationship marketing policiesTable 4.5 Customer Relationship marketing Policies. 81 Table 4.6 Choose any 3 Customerrelationship PracticesTable 4.7 Reason for Religare to follow these practicesTable 4.8 (a) Satisfaction Level for Staff EfficiencyTable 4.8 (b) Satisfaction Level for Redressing of complaintsTable 4.8 (c) Satisfaction Level for Timely ResponsesTable 4.8 (d) Satisfaction Level for Updated informationTable 4.8 (e) Satisfaction Level for Clarity of conceptTable 4.9 Influence of Customer Relationship Practices in further InvestingTable 4.10 Recommend to othersTable 4.11 Experience in Stock marketResults and findingsRecommendations
INTRODUCTION TO BROKERAGE INDUSTRYGlobalization has proved to be a boon for the Indian economy. After globalization there hasbeena tremendous growth in the Indian economy. Every sector of the economy has shown anoutstanding performance after globalization. Earlier Trading was confined in limitedboundaries but now the scenario has been totally different after the entrance of online trading.There is a cut throat competition between the broking houses. Now the brokers are moreconcerned about their customers to improve their performance.The sector is undergoing fundamental changes that have diluted its traditional role ofprotecting small deposits against capital and income risk and facilitating the conversion ofSavings into investment. Also there have been a drastic increase in the volume of share tradedon stock exchange and with that the online trading has shown Bull Run. The IndianBrokerage Industry consists of companies that primarily act as agents for the buy inlandselling of securities (e.g. stocks, shares, and similar financial instruments) on a commissionertransaction fee basis. Hence, to understand this industry we have to study Security Market:Security market has two main interdependent segments:1- Primary MarketsThe primary is that part of the capital markets that deals with the issuance of new securities.Companies, governments or public sector institutions can obtain funding through the sale ofanew stock or bond issue. This is typically done through a syndicate of securities dealers. Theprocess of selling new issues to investors is called underwriting. In the case of a new stockissue, this sale is an initial public offering (IPO). Dealers earn a commission that is built intothe price of the security offering, though it can be found in the prospectus.In primary market certain companies issue their shares directly to the public, collectapplications and after sorting out the good issues, they put in their applications. The sharebrokers get their brokerage on the transactions made.2- Secondary MarketThe secondary market is that market in which trading is done of securities that have alreadybeen issued in an initial private or public offering. The secondary market comprises ofbrokerage that a broker earns in the buying and selling of companies that are listed in thestock exchange. These stock brokers are in charge of the conformation and carrying out oftransactions. Orders are taken and executed on behalf of the clients. The fluctuation of ratesin the share market makes the activity in a trade market a dynamic process. It is necessary fora broker to have adequate knowledge about the economic and political factors as they affectthe share market.Evolution of the Indian Brokerage Market The Indian broking industry is one of the oldesttrading industries that had been around even before the establishment of the BSE in 1875.Despite passing through a number of changes in the post liberalization period, the industry
has found its way towards sustainable growth. The evolution of the brokerage market isexplained in three phases: pre1990, 1990-2000, post 2000.Early YearsThe equity brokerage industry in India is one of the oldest in the Asia region. India had anactive stock market for about 150 years that played a significant role in developing riskmarkets as also promoting enterprise and supporting the growth of industry. The roots of astock market in India began in the 1860s during the American Civil War that led to a suddensurge in the demand for cotton from India resulting in setting up of a number of joint stockcompanies that issued securities to raise finance. This trend was akin to the rapid growth ofsecurities markets in Europe and the North America in the background of expansion of railroad sand exploration of natural resources and land development. 10A t that time, was a major financial centre having housed 31 banks, 20 insurance companiesand 62 joint stock companies. In the aftermath of the crash, banks, on whose building stepsshare brokers used to gather to seek stock tips and share news, disallowed them to gatherthere, thus forcing them to find a place of their own, which later turned into the Dalal Street.A group of about 300 brokers formed the stock exchange in Jul 1875, which led to theformation of a trust in 1887 known as the “Native Share and Stock Brokers Association”. Aunique feature of the stock market development in India was that that it was entirely drivenby local enterprise, unlike the banks which during the pre-independence period were ownedand run by the British. Following the establishment of the first stock exchange in Mumbai,other stock exchanges came into being in major cities in India, namely Ahmedabad (1894),Calcutta (1908),Madras (1937), Uttar Pradesh and Nagpur (1940) and Hyderabad (1944). Thestock markets gained from surge and boom in several industries such as jute (1870s), tea(1880s and 1890s),coal (1904 and 1908) etc, at different points of time. DEVELOPMENT IN BROKERAGE INDUSTRYIn actuality the brokerage industry continues to develop rapidly. Many of the traditionalrestrictions against banking activities within the brokerage industry are being eliminated andthe barriers are disappearing. Due to this, some commercial banks have as subsidiaries,brokerage houses that offer discounts and some of them have available accounts that offer allof the services that are offered by a checking account. The basic function of a brokerage firmis to execute buy and sell orders for clients. Traditionally these firms have offered theinvestigation of the quality and the possibilities of investing in a variety of investmentproducts. It is still accustomed for brokerage firms to offer information about possibleinvestments free of charge. This activity of bringing free of charge stock investment reports isone of the main tools that are utilized by brokerage houses to compete against other firms andto investors it continues to be an important service. Despite the previously, not all investorsconsider that investment reports is an important service. Some investors prefer other types ofservices since many investors don‟t believe that these
In order to capture this vast diverse clientele, the brokerage industry has segmented itself.After the restrictions in commissions were eliminated, several brokerages began to open uptheir doors as discount brokerage firms. In actuality, brokerage firms may be classified intofull service brokers and discount brokers. Full service brokerage firms continue to offerinformative stock reports and a level of service much higher than other brokerage houses.Discount brokerage houses only dedicate themselves to execute orders for clients. Fullservice brokers are sellers looking for purchasing and selling for clients and offering morecustomer service than is available from discount brokers. It is many times possible that aclient will not even know who is taking care of the buy or sell order that they placed. Thesedifferences in services and philosophies may lead to great differences in commission costs. Itis evident that these differences may be an important factor in the return of an investment.This is particularly true when we see that these commissions are added to the purchase aswell as to the sale of a stock or other investments. Post major reforms initiative in early 2000sbrokerage industry in India is experiencing rapid growth and diversity. At present apart ofbrokerage business industry is also offering wide range of financial services. Thesedevelopments have resulted in huge spurt in business and also growing market share of thelarge sized brokerage houses has led to surge in enterprise value. In the year 2007 IPOs oflarge firms (Motilal Oswal, Religare, and Edelweiss) received huge response (Indian catalog,2001). At the same time global and private equity firms have taken stake in brokerage firms.In India there are about 45 equity brokerage houses that are at present listed in the stockexchanges.Industry Insight • Majority of the broking firms entered the business post 1990. A majority of members havememberships in more than one stock exchange and across equities, equity derivatives andcommodities futures in domestic and International stock exchange.• On the back of growing equity culture broking activity is spreading in Tier II and Tier IIIcities in India. Deepening financial system and economic growth has provided growth and expansion opportunities to broking firms. Access to public equity markets and growing international investor‟s interest has enabled them to raise resources. Although there are more than 9000 brokers registered with SEBI 80% of the turnover in NSE and BSE is accounted by about 100 brokersMain players in the brokerage industry are:• India Infoline• ICICI Direct• Angel Broking• Geojit• HDFC Securities
• Kotak Securities• Relaince Money• Religare• Share Khan• SBI Demat• Motilal Oswal• Anand Rati• Citi Bank Demat• Karvy securities• HSBC Invest Direct 13RELIGARE ENTERPRISE LIMITED Religare Enterprises Limited (REL) is a global financial services group promoted by theRANBAXY group , with a presence across Asia, Africa, Middle East, Europe and theAmericas. In India, REL‟s largest market, the group offers a wide array of products andservices ranging from insurance, asset management, broking and lending solutions toinvestment banking andwealth management. The group has also pioneered the concept ofinvestments in alternative asset classes such as arts and films .With 10,000 plus employeesacross multiple geographies, REL serves over a million clients, including corporates andinstitutions, high net worth families and individuals, and retail investors.Historical Background Of The GroupThe Company was originally incorporated as Vajreshwari Cosmetics Private Limited onJanuary30, 1984. The name of Company was subsequently changed to Religare EnterprisesPrivate Limited pursuant to a special resolution of the shareholders dated January 10, 2006.The fresh certificate of incorporation consequent to the change of name was granted to theCompany on January 31, 2006, by the Registrar of Companies, Punjab, Himachal Pradesh &Chandigarh at Jalandhar.The status of the Company was changed to a public limited company by a special resolutionof the members dated July 14, 2006. The fresh certificate of incorporation consequent to thechange of name was granted to the Company on August 11, 2006, by the Registrar ofCompanies, NCT at New Delhi.At the time of incorporation, the main object of the Company was to purchase, sell, import,export, manufacture, pack, replace or otherwise deal in all types of tooth paste, tooth brush,face powder, face cream and other cosmetics. 14
has a pan India presence, 1837* locations across 498* cities and towns. It also currentlyoperates from nine international locations following its acquisition of London‟s brokerage&investment firm, Hichens, Harrison & Co. plc. (Now Religare Hichens, Harrison Plc).Vision & MissionVision - To build Religare as a globally trusted brand in the financial services domain Mission - Providing complete financial care driven by the core values of diligence andtransparency.Brand Essence - Core brand essence is Diligence and Religare is driven by ethical anddynamic processes for wealth creation.Now, What Does RELIGARE Mean?Name: -Religare is a Latin word that translates as to bind together. This name has been chosen toreflect the integrated nature of the financial services the company offers.Symbol: -The Religare name is paired with the symbol of a four-leaf clover. Traditionally, it isconsidered good fortune to find a four-leaf clover as there is only one four-leaf clover forevery 10,000three-leaf clovers found.For Religare, each leaf of the clover has a special meaning. It is a symbol of Hope. Trust.Care. Good FortuneFor the world, it is the symbol of Religare. The first leaf of the clover represents Hope. The aspirations to succeed. The dream of becoming. Of new possibilities. It is the beginning of every step and the foundation on which a person reaches for the stars. The second leaf of the clover represents Trust. The ability to place one‟s own faith in another. To have a relationship as partners in a team. To accomplish a given goal with the balance that bring satisfaction to all not in the binding, but in the bold that is built. .The third leaf of the clover represents Care. The secret ingredient that is the cement in every relationship. The truth of feeling that underlines sincerity and the triumph of diligence in every aspect. From it springs true warmth of service and the ability to adapt to evolving environments with consideration to all. Fourth and final leaf of the clover represents Good Fortune. Signifying that rare ability to meld opportunity and planning with circumstance to generate those often looked for remunerative moments of success
Hope. Trust. Care. Good Fortune. All elements perfectly combine in the emblematic and rare, four-leaf clover to visually symbolize the values that bind together and form the core of the Religare visionKey elements & MilestonesYears events: - 1994 RSL received membership of the NSE as stock broker. 2000 RSL received membership of Future & Option Segment of the NSE. 2001 RFL received registration as Portfolio Manager for SEBI. 2004 RSL received membership of the BSE as „stock broker. 2009 Religare, a diversified financial services company, and Andhra Bank, a well known Public Sector Bank in the country, have entered into a strategic tie-up offering Religares internet trading services platform to the Banks customers. Religare and Swiss Re join hands to enter India health insurance space. -Religare and Swiss Re join hands to enter India health insurance space. 17 2008 Religareto acquire UK brokerage Hichens -Religare strengthens its Bancinvest Channel Adds KarurVysya Bank to its kitty. -Religare AEGON Asset Management Company Private Limited, ajoint venture between Religare and AEGON, has received the final regulatory approval fromthe Securities and Exchange Board of India (SEBI) to launch mutual fund business in thecountry. -Religare Enterprises gets SEBI nod for LOTUS acquisition. 2007 RSL receivedmembership of derivative segment of the BSE as trading-cum- clearing member.
Central LeadershipMr. Sunil Godhwani (Chairman and Managing Director), Religare Enterprises LimitedMr. Sunil Godhwani, Chairman and Managing Director, Religare Enterprises Limited, is thedriving force behind the company. A man with a vision to create a global business ofexcellence, he is the inspiration to all as he spearheads the company‟s management andglobal operations; strategizing and directing it through its next phase of growth. Sunil has adiverse and wide-ranging experience of over two decades in managing large scale businesses,he also serves as Director on the Boards of Religare Technova Limited, Super ReligareLaboratories Limited, Religare Macquarie Wealth Management Limited, AEGON ReligareLife Insurance Company Limited, Religare Voyages Limited, Parkway Holdings, FortisHealthcare Limited and other subsidiaries/ Group companies of Religare.Born in New Delhi, Sunil completed his schooling from prestigious St. Columbas Schoolpost which he went abroad for studying. He holds a B. Sc. Degree in Chemical Engineeringand a M.Sc. in Industrial Engineering Projectsformba.blogspot.com & Finance fromPolytechnic Institute of New York. Mr. Shachindra Nath Group CEO, Religare EnterprisesLimited 19 He loves Chinese food and is an avid sports enthusiast with interest in Cricket,Table Tennis and Golf.Board of Directors: -Ms. Sunita NaidooIndependent DirectorMr. J. W. Balani Independent DirectorMr. Padam Bahl Independent DirectorMs. Kathryn Matthews Independent DirectorMr. Deepak Ramchand Sabnani Independent DirectorMr. Harpal Singh Non Executive DirectorMr. Anil Saxena Group CFOMr Shachindra Nath Group CEOMr. Sunil Godhwani Chairman and Managing DirectorMr. Anil Saxena Group CFO, Religare Enterprises LimitedReligare Global PresencesSingaporeQatarDubai
United KingdomAddressesS.No Location Type Address1. Registered Office D3, P3B, District Centre, Saket New Delhi , Delhi - India PinCode :110017 Phone :011-39125000,,, Fax :011-391265052. Corporate Office A3,4,5, GYS Global, Sec 125 Noida , Uttar Pradesh - India PinCode :201301 Phone :0120-3391000Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a leading equity and securitiesfirm in India. The company currently handles sizeable volume straded on NSE and in therealm of online trading and investments; it currently holds a reasonable share of the market.The major activities and offerings of the company today are Equity Broking, DepositoryParticipant Services and Research Services. To broaden the gamut of services offered to itsinvestors, the company offers an online investment portal armed with a host of revolutionaryfeatures.• RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange ofIndia, Depository Participant with National Securities Depository Limited and CentralDepository Services (I) Limited.• Religare has been constantly innovating in terms of product and services and to offer suchincisive services to specific user segments it has also started the NRI, FII, HNI and CorporateServicing groups. These groups take all the portfolio investment decisions depending upon aclients risk / return parameter. • Religare has a very credible Research and Analysis division, which not only caters to theneed of our Institutional clientele, but also gives their valuable inputs to investment dealers.Religare Securities Limited, a Ranbaxy Promoter Group Company, was founded by lateDr.Parvinder Singh (CMD Ranbaxy Laboratories Limited), with the vision of providingintegrated financial care driven by the relationship of trust & confidence.
To realize its vision the Religare group provides various financial services which includebroking (stocks & commodities), depository participant services, portfolio managementservices, advisory on mutual fund investments and many more. Working on the philosophy ofbeing “Financial Care Partner”, Religare unlike other traditional broking firms not onlyexecutes the trades for the clients but also provides them critical and timely investmentadvice.The growing list of financial institutions with which Religare is empanelled as an approvedbroker is a reflection of the high levels of service standard maintained by the company.Religare is a truly professional financial service provider managed by a team of highly skilledprofessionals who have proven track record in their respective domains. Religare has thewide stretch through its Regional, Zonal and Branch Offices spread across the length &breadth of the country.Now a days Religare is driven by ethical and dynamic process for wealth creation. Based onthis, the company started its Endeavour in the financial market.Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through ReligareSecurities Limited, Religare Finvest Limited, Religare Commodities Limited and ReligareInsurance Advisory Services Limited provides integrated financial solutions to its corporate,retail and wealth engagement clients. Today, we provide various financial services whichinclude Investment Banking, Corporate Finance, Portfolio Management Services, Equity &Commodity Broking, Insurance and Mutual Funds. Plus, there‟s a lot more to come yourway.Religare is proud of being a truly professional financial service provider managed by a highlyskilled team, who have proven track record in their respective domains. Religare operationsare managed by more than 1500 highly skilled professionals who subscribe to Religarephilosophy and are spread across its country wide branches.Today, Religare have a growing network of 150 branches and more than 300 businesspartners spread across 180 cities in India and a fully operational international office atLondon. However ,our target is to have 350 branches and 1000 business partners in 300 citiesof India and more than 7 International offices by the end of 2006.Unlike a traditional broking firm, Religare group works on the philosophy of partnering forwealth creation. We not only execute trades for our clients but also provide them critical andtimely investment advice. The growing list of financial institutions with which Religare isempanelled as an approved broker is a reflection of the high level service standard maintainedby the company.Religare Today –An ISO 9001:2000 Company 25Member of National Stock Exchange(NSE) since November 1994, first deposit based member
Part – B Research ProjectINTRODUCTION TO PROJECT
CUSTOMER RELATIONSHIP MANAGEMENT Customer Relationship Management (CRM) is a well-known business concept. Managers today are working hard to build and maintain a relationship with the customer - given the importance of customer lifetime value. While the concepts of CRM and Customer Lifetime value are well established and understood by managers, managing customer relationships has become a challenge for many managers. Several firms have implemented dedicated software tools (Seibel, salesforce.com etc.) for customer relationship management, and even more number of companies is planning to do the same. Few firms have even created offices of customer relationship management: Client partners, Account managers, Program Managers etc. In spite of all these efforts, managers are finding it hard to manage customer relationships. The challenge of managing customer relationships led to a new concept called Levels of Customer Relationships developed by INSEAD, France. The central theme of this concept is: • Customer relationship is an evolutionary process that can be identified as 6 distinct stages. • Customers have different needs and expectations during different stages of this relationship • Customer relationship is a dynamic process and can move from one stage to another based on customers aspirations and customers buying experience. Why do customers have a relationship with the vendor? Every salesman knows that customer often wishes to have a relationship with the vendor. Many firms therefore want to make use of this relationship and have instituted customer loyalty programs - aimed at rewarding loyal customers. For example, Airlines have free miles program, credit card firms have points program, Grocery stores have a special discount for loyalty cardholders etc. Looking from the customers perspective, customer expresses a need for a relationship with the vendor for a few basic reasons: satisfy their needs, convenience, reliability, and lower cost of transaction. Customers need products or services and will obtain them, but they are willing to enter into a relationship with the seller to make the process of buying easier and a more pleasant experience. One has to note that the intensity or depth of the relationship, which the customer expresses to have with the vendor, depends in the intensity of his/her needs. If a product/service is vital to the customer e.g. financial product, then customer is willing to have a deeper relationship in order to have their needs satisfied as precisely as possible. On the other hand if the customer wants a routine service or generic product e.g. customer needs tips from his broker while trading in the stock market, then the relationship is superficial - characterized by buyers convenience. To understand this considers the following examples:1. Customer, who is a telecom service provider, wants to implement ERP software. Since the software has to be customized for the Telco, the customer is willing to establish a deep
relationship with the vendor by having a development & maintenance contract with the vendor.2. Customer, who wants a copy of MS Project installed in a computer. Since this is a simple purchase, the customer wants to buy it from a nearby store and install it himself. Thus there is no real relationship between the customer and the vendor. Both examples point to the fact that the level of relationship a vendor enjoys with the customer is directly dependent on the criticality or importance of customers‟ needs. In short, customers enter into a relationship with the vendor in order to serve their own needs. Strengthening Customer Relationships We now understand that the depth of the relationship between vendor and customer is directly dependent on the intensity of the customer‟s needs. Also note that the customer defines the depthof relationship. This creates a challenge for a salesman or a marketer at the vendor firm. For avendor to increase sales, the vendor firm must improve the relationship with the buyer. And toimprove the relationship, vendor must know the current level/stage of relationship he has with the customer. So the first step in managing customer relationship is to know and understand thelevels of customer relationships. 2 Levels of Customer RelationshipsAs mentioned earlier, relationship between buyer and seller can be identified in 6 distinct levels Level-1 being the lowest level of relationship and level-6 being the deepest level of relationshipLevel-1: Utility Need Level-2: Convenience Need Level-3: Comfort Need Level-4: Personal Recognition Need Level-5: Self-expression Need Level-6: CO-Creation Need From a marketing perspective, the customer lifetime value is lowest at level-1 and is highest atlevel-6. This is also reflected in the revenue or sales from a customer. Customer, with whom a company enjoys the highest level of relationship, will also be the most profitable customer. It is therefore in the vendors best interest to have very deep relationship with the customer.
Level-1: Utility NeedThis is the most basic interaction between customer and vendor. Here the customer desires tobuy a particular product/service. Customer interacts with the seller with the sole aim ofacquiring the product/service. The relationship between the firm and the customer ischaracterized by efficiency in transactions, straightforward, no-frills selling. To increasesales, vendor must work on availability of the product/service. Customer will buy only if aproduct/service appeals to the rational side of the customer i.e. Price and convenience.Customer does not bond with the vendor, as the relationship is a purely utilitarian one -exchange of goods/service for money.The vendor should respond to the customer (in this level of relationship) by providing therequired goods/service, and refrain from interacting at a deeper level i.e., by not offeringadded products/service - other than those requested by the customer. If the vendor insists orattempts to force a relationship to a higher level, the customer may "pull-out" thus riskingfuture sales.To understand this, consider this example: If someone purchased a laptop from DELLComputers. He placed an order online - for a particular configuration. His expectation fromthe vendor is that Dell will deliver the computer on stated delivery date; he is buying fromDell to meet up to the price that is attractive for him. If the salesman at Dell attempts to pushadditional hardware or software - which is not what he wanted, he might get annoyed andcancel the order.Vendors must first identify the level of relationship the customer has with them, and thencraft a strategy to deepen it. In this case, a vendor can deepen the relationship by increasingthe number of interactions. This can be done by: Offering a wide range of products/service,having 24/7 sales operations - i.e., Internet or all 24-hour shops.For example, Dell can increase the number of customer interactions by offering a full rangeof computer accessories: Printers, Scanners, cartridges, office software, Computer games etc.Dell can increase the number of customer interactions by offering value added services suchas on-site maintenance, free software updates etc .Augmenting the basic service/goods with avalue addition can deepen utilitarian relationships :Cross selling or value additionLevel-2: Convenience NeedOnce the customer has easy access to service/goods that they need, customers look for ease ofpurchase process that denotes a second level of relationship. The vendor should respond b byproviding services that simplify the buying process i.e., identify and eliminate thoseprocedures that are a hindrance to obtaining a product/service. For example, having a shortercheckout lines in a store, having the products courier & providing the tracking number to thecustomer, having a service personal ready to attend the customer when the customer entersthe bank/hotel/office etc.To improve the buying process, the vendor must understand thoroughly the entire customerpurchase experience and then eliminate the nagging problems in the purchase process.
Service companies often resort to mystery shoppers - who act as customers and buy theproduct/service to measure & improve the buying experience. Often times, managers listen tofeedback from front-line employees for suggestions to improve the customers buyingexperience.For example, Dell provides the exact shipment details of the computer and is delivered on thespecified time. In addition, Dell has a complete e-Commerce website which enables a secureand easy payment method. Airlines provide comfortable lounges at the airport - whilecustomers wait for their flight. Airlines also provide e-ticketing, curb side luggage check in,on-line flight details etc., to make customers feel comfortable during the purchase process.Often times, there are several instances of customers abandoning their purchase process in themidway. This is the sure sign of an inefficient and inconvenient buying process.Relationships at this level can in strengthened by widening the service interactions withcustomers. By this I mean, look at the ways the customer buys yourProduct/service and then provide additional services to make it simpler and easier for thecustomer. Customer Activity Mapping (CAM) & Customer Decision Mapping (CDM) are thetools that can be used to analyze the decision-making, buying, using, and consumptionexperience. And in each stage, the objective of the vendor is to identify situations that poseobstacles to the buying process. Making the buying process as pleasurable as possible, avendor can strengthen relationship with the customer in this level and also take therelationship to the next level.Level-3: Comfort NeedComfort Need Once the customer has a convenient buying process, then they wish to have a"pleasant shopping experience" i.e., the customer seeks a buying interaction where he feelscomfortable. This implies that the vendor should foster a buying environment in whichcustomer feels comfortable and is characterized by an agreeable and relaxing purchaseambiance.For example, many multi-million dollar business deals are done at resorts - away from theclutter of the office environment. BASF, a fortune-100 chemical company often conducts thecontract negotiations on a luxury yacht. This provides the right ambiance and mood to put thecustomer at ease and feel comfortable during the buying process.Irony of this "comfort need" is that customers often overlook the comfort factor - and oftencustomer notices the absence of the comfort. A discomfort during the buying experience is easily noticed and registered, while customerforgets comforts. CRM efforts in this level must be focused on making the customer feelcomfortable; create a feel-at-ease feeling. The marketer should strive to provide customerscomfort, fun, surprise, and other means of generating a positive feeling. Note that this isdistinctly different than relationship building at level-2, where the focus was to remove anyfactor, which caused inconvenience to the customer.
Relationship is built on a feeling of ease and providing more of the same - greater comfort,fun and pleasant interaction environment can strengthen comfort. This involves training thefront-end employees to provide a Comfortable experience to the customer and being sensitiveand responsive to the customers level of interaction the marketing efforts must be directed atimproving/building the memory of pleasant experiences of the customer.Level-4: Personal Recognition NeedOften times, regular/loyal customers expect the vendor to interact in a way that his/herpersonal choices are recognized. This implies that the customer is seeking a level ofrelationship where they expect the vendor to recognize their needs - without them asking forit. At this level, the loyalty of customer has been well established; customer enjoys theconvenience and a feeling of comfort. Here, in this level of relationship, the customer needsare "personal". In earlier levels, the needs were mostly contextual, i.e., based on the contextof buying experience.CRM efforts at this level are to personalize the service/product offerings. For example,financial institutions treat their high value customers with personalized check books,providing a personal financial advisor, etc. In business-to-business environment, this ischaracterized by having a dedicated relationship manager who interacts with the client, whoknows the clients exact need sand has the authority to deliver the customers‟ needs. The"relationship manager" or "client partner" can also make suggestions; provide consultingadvice to the customer - Along with dinners/lunches, tickets to popular events etc. Advent of Internet has created opportunities for vendors to provide customized webinterfaces to each of their clients. Amazon.com ebay.com etc Provide customers withcustomizable web interfacesTo bring a customer to this deep level of relationship, the level-3 relationship of making thecustomer feel comfortable must always be accomplished. Only when the customer iscomfortable, vendor can discover (discreetly) the personal needs of the customer - and thenmove the relationship to the next higher level. Relationship at Level-4 is analogous to that ofa romantic partner - but not a spouse or fiancé. The relationship at this level is more personal– but without invading the privacy of the customer. The timing therefore needs to be right -so that any potential tensions or conflicts are avoided or reduced to minimum. The companymust know the customer details, possible tastes and preferences sufficiently well toBuild the relationship. Interactions must be respectful, as exchange of personal informationmay be perceived as invasive.The irony of the CRM systems at this level is that customer feels that the CRM systemscompromise customers privacy - and for that reason most customers are reluctant to sharepersonal information with the vendor, which in turn cause most CRM implementations fail. A
salesman or marketer or account manager must therefore take extra precaution not to revealany personal information of the customer to the CRM database system. This personalinformation must be carried in the mind of the vendor salesmen. Customers need for personalrecognition may be met by very simple acts by the salesman, such as rewards for customerloyalty (given to the customer - i.e., buying agent or the key decision maker); tailor madeproducts, and words of appreciation.Level-5: Self-_Expression NeedOnce the customer feels that the vendor recognizes him/her as person and can associatepersonally with the vendor, the customer is ready for the next level of relationship - that is ofSelf-_ expression. Customers who are in this level of relationship expect the vendor to focuson customizing and personalizing the product/service offerings. The customer expects thevendor to have a clear understanding of their needs and the vendor should be able to meetthem. The relationship is characterized by mutual trust, confidence & respect.For example, Dell Computers being a customer of Intel expects Intel to know its needs forlatest and most powerful microprocessors for the Christmas season.The Customer then expects Intel (vendor) to announce and supply the latest processors intime so that Dell can ship the computers to its customers in time for Christmas.In a consumer world, a common example will be that of a (famous) client and his/her fashiondesigner. The client expects the fashion designer to know his/her tastes and provide clothesaccordingly.It must be noted that in a B2B world, customers are more rational. Their business needsdrives the relationship and is partly independent of personal factors. As a result, vendor canbuild this relationship by learning the customer needs. Based on these learning/insights,vendor should be able to offer highly customized and personalized offerings.Customer relationships in levels 1-4 are defined by customer‟s experience and are thereforeheavily dependent to the external environment (i.e., external to the customer). At levels 5 andabove the relationship depends on internal and external factors including rational andemotional considerations.The key for success in building relationship at this level is to understand the customersimplicit needs - i.e., those needs that are not expressed verbally. Vendor can strengthen therelationship by understanding the customer‟s implicit needs and focusing on different ways tocustomize and personalize the offerings. In a B2B setting, this involves understanding thecustomers business operations, business models and then providing customized solutions:Like releasing products in time for Christmas or having goods packed in a truck in a mannerit is efficient for customer etc.Level-6: Co-Creation NeedThis denotes the highest level of customer relationship. At this level, customer is verycomfortable dealing with the vendor; the relationship is characterized by a sense of
collaboration. The customer feels a need for a unique product/service and is willing toworkwith the vendor to develop the product/service. Often the customer to the surprise of thevendor initiates the idea of co-creation.Co-creation relationships are personal and rational. At this level of relationship, the customerloyalty & trust is very high. Customers are willing to invest for joint development ofproducts/service. Customer feel closely bonded to the vendor - to the point that the customerseeks a joint destiny with the vendor. I.e., some aspects of customers interests merge withthat of the vendors interests.Co-Creation denotes the highest level of customer relationships. Broadening interactions,which involve co-creation of products/services, can strengthen this relationship.Relationship MarketingRelationship Marketing has an aim of building mutually satisfying long term relationshipwith its clients in order to earn and retain their business. Marketer accomplishes this bypromising and delivering high quality product and services at fair price to the other partiesover time. Relationship marketing build long& strong economical, technical and social tiesamong the parties. The ultimate outcome of relationship marketing is the building of uniquecompany assets called the marketing network.A Marketing network consists of the company and its supporting stakeholders (Clients,Employees, ad agencies and others) with whom it has built mutually profitable businessrelationship. The operating principal is to build an effective network of relationship with keystakeholders.• Marketing Channel: To reach target market, marketer uses three kinds of marketingChannel.1. Communication Channel:It delivers & receives messages from target buyers and includes newspaper, television,telephone etc. 2. Distribution Channel: To display sell or deliver the physical product or service(s) to thebuyer or user. This includes distributors and agents. 3. Service Channel: To carry out transaction with potential buyers. Marketer clearly faces adesign problem in choosing the best mix of communication, distribution and service channelfor their offerings• Supply Chain: The marketing channel connect the marketer to the target buyers, the supplychain describe a longer channel stretching. The supply chain represents a value deliverysystem. Each company captures only a certain percentage of total value generated by thesupply chain. When a company acquires competitor or moves upstream of downstream, itsaim is to capture a high percentage of supply chain value.
Competitor: It includes all the actual and potential rival offering and substitutes that a buyermight consider. We can broaden the picture further by distinguishing four levels ofcompetition based on the degree of product sustainability:1. Brand Competition: A company sees its competition as other companies offering similarproducts and service to the same customer at similar price.2. Industry Competition: A company sees its competition as all company making the sameproducts or class of products 3. From Competition: A company sees its competitors as all companies manufacturingproducts that supply the same service. 4. Generic Competition: A company sees its competitors as all companies that compete forthe same consumer.Marketing Environment:Competitor represents only one force in the environment in which the marketer operates. Themarketing environment consists of the task environment and the broad environment.1. Task environment: It includes immediate actors involved in producing, distribution andpromoting the offering. The main actors are the company, suppliers, distributing, dealers andthe target customer. 2. Broad environment: It consists of demographic environment, economical environment,natural environment, technological environment, political environment, and socio- culturalenvironment. These environments contain forces that can have a major impact in taskenvironment.Principles of Relationship Marketing:The principal of personal selling and negotiation thus described are transaction orientedbecause their purpose is to close a specific sale, but in many cases the company is not seekingan immediate sale, but rather to build a long term suppliers- customer relationship. Thecompany wants to demonstrate that it has the capabilities to serve the client needs in asuperior way. Today‟s customers are large and often global. They prefer suppliers who cansell and deliver a coordinated set of product and services to many locations.When a relationship management program is promptly implemented, the organization beganto focus as much on managing its customer as on managing its products. At the same timecompanies should realize that while there is a strong and warranted move toward relationshipmarketing, it is not effective in all situations. Ultimately companies must judge whichsegment and which specific customers will respond profitably to relationship management.
NEED OF STUDYToday, for any organization or firm to survive in this competitive world depends on its abilityto be dynamic and be different from the competition to be unique in the industry. CustomerSatisfaction helps every organization to keep the existing customer and to build newcustomer .The purpose of this study is to study whether Customer relationship managementpolicies followed by Religare cater to the needs of the clients or not. Whether the clients arehappy with the services provided by Religare.REVIEW OF LITERATUREBergenfield  Businesses are in a constant race to increase profits, keep currentcustomers and gain or poach new ones, competing for customers on a globalised market likenever before.One of the many sets of tools aimed at aiding the interaction between supplier and customeris customer relationship management (CRM).Morgan and Hunt (1994) defined Relationship marketing as the marketing activitiesdirected toward establishing, developing, and maintaining successful relational exchanges.The separation of the producers from the users was a natural outcome of the industrial era.On the one hand, mass production enforced producers to sell their product & services throughmiddlemen, and on the other, industrial organizations, due to specialization of corporatefunctions, created specialist purchasing departments and buyer professionals, thus separatingthe users from the producers.Wilson (1995) summarized different relationship variables that affects the relationship offirm with different stakeholders, those variables are Commitment, Trust, Cooperation, MutualGoals, Interdependence and Power, Performance Satisfaction, Structural Bonds, ComparisonLevel of Alternatives, Adaptation, Non-retrievable Investments, Shared Technology, andSocial Bonds.Gronroos (1990) states “Marketing is to establish, maintain, and enhance relationships withcustomers and other partners, at a profit, so that the objectives of the parties involved are met.This is achieved by a mutual exchange and fulfilment of promises”Gefen (2002) in his article reviewed that comparison of CRM to ERP systems and arguingthat customer relationship activities are not as standardized as other business activities, suchas accounting or procurement. Hence CRM implementation calls for much more complex andflexible approachKotler and Armstrong (2004) define CRM as “the overall process of building andmaintaining profitable customer relationships by delivering superior customer value andsatisfaction”. CRM is a managerial term which focuses on efforts to attracting, maintaining,and enhancing customer relationships.
Dick Lee (2000), CRM is perceived as “chain reaction” which is source by new strategicproposal of communication with customer when high level of information technologiesdevelopment and stable customers need to get enhanced quality of service are achieved.Oligvy and One (2001) purposed the model which states that CRM is to analysis, evaluationofa current situation preparation of a project, technologies, employees and an enterprise,processes, management of customers, effectiveness measurement, and experience ofcustomers.Chaudhuri and Shainesh (2001)-A CRM programmer requires a clear understanding andcommitment to the company‟s customers, vigilant adherence to detailed goals, commitmentfrom both executives and line workers, and a constant awareness of the customers view point.Customer relationship management is about more than simply managing customers andmonitoring their behaviour or attitude.In a study assessing the impact of relational information and processes, Jayachandran,Sharma, Kaufman, and Raman (2005) found that firms that have higher CRM performancealso had the ability to capture, access and use customer information. Another study of on-lineretailers with a brick and mortar presence, Srinivasan and Moorman (2005), linked the impactof firm strategic commitment to the performance of CRM system investments. Morespecifically, they conclude that firm commitments to either an on-line or bricks and mortarpresence affect the performanceof the CRM initiative, emphasizing the importance of contextwhen evaluating the impact of CRM on firm performance.Winer (2001) provides a framework for one to begin conceptualizing a CRM program. Thisframework although useful, is quite general and is only a starting point in the quest to identifyrelevant activities/behaviours /outcomes for a CRM program. Taking Winer‟s framework intoconsideration, coupled with a review of the literature, six areas are identified which comprisea CRM program.These areas are:1) Objectives of the CRM program;2) Types of customer data collected/available;3) Uses of customer data for managerial decision-making;4) The firm‟s approach to market;5) Tactics used to develop and maintain relationships with customers; and 6)the informationtechnology infrastructure currently in use.Galbeth (1999) maintained the importance of providing effective leadership. CRM normallyinvolves business process change and the introduction of new information technology,consequently effective leadership is important Because leaders monitor the externalenvironment of an organization they are often the best people to set the vision or strategicdirection for CRM projects. In addition, leaders have the power to influence personnel to buy
in (Bull, 2003). CRM Com environments are complex and require organizational change anda new way of thinking about customers and business in general.Stadler (2001) said that it is important to look at the current status of the company. In thisstage assessments have to be made and sometimes external assessors may be hired. Areadiness assessment establishes how ready the organization is for a CRM project and amaturity assessment is necessary to show how mature the organizations current practice is.These assessments help to identify where the organization is in terms of customer-centricityand creates a snap shot of the organization that helps as a starting point for the CRM project.Sharp (1997) concluded it is important Knowing the customer. Customer knowledge is animportant asset for all businesses. The first step towards a CRM project is to know who thecustomers are, what they need, how they want the product, how they want the service, whattheir expectations are, how they want to be dealt with and which channels of communicationthey prefer.Karl(2000) maintained different organizations use different customer knowledge strategiesto best match culture, priorities, and capabilities. They try to reap the best business valuefrom their existing knowledge-based assets or try to create new knowledge-related assetswhere they are required .With the customer in mind and the customer providing the centralemphasis of an organization, managers can start to evolve all the processes needed around thecustomerDobbins and Pettman (1997) state CRM as one of the nine basic skills for business success:Remember that we are all in business to provide benefits for customers - at a profit. We arenot in business to make products and provide services. The world is full of products andservices in which customers see no benefit and for which they are neither willing nor able topay. Benefits customers seek include an increase in self esteem, new knowledge,companionship, additional, wealth, success, power, influence, self-expression, better health,better relationships, social status, popularity, self-actualization, recognition, admiration,prestige, security, safety, self-preservation, a decent meal, a good laugh and excitement.Remember that customers are lazy, ignorant, selfish, greedy, impatient, disloyal, ruthless andvain. Use your creativity to generate benefits which are consistent with customercharacteristics.Imaduer Rahman (2007) concluded many organizations or companies we have today inthese CRM plays an important role either in software solution companies or any organization.It is like back bone to that particular organization previously customer relationship waslimited to person to person marketing but in this knowledge era market is not limited tocertain place it is widely spread like globalization so it is introduced as online marketing.McKenna(2008) offered a more strategic view by putting the customer first and shifting therole of marketing from manipulating the customer (telling & selling) to genuine customerinvolvement (communicating & sharing the knowledge).Berry(1999) , in a broader term stressed that attracting new customers should be viewed onlyas intermediate step in the marketing process. Developing closer relationships with this
customer sand turning them into loyal is an equally important aspect of marketing. Thus, hedefined relationship marketing as attracting, maintaining, and, enhancing customerrelationships.Steve Jobs, chairman and co-founder of Apple Inc. once said “A lot of companies havechosen to downsize, and may be that was the right thing for them. We chose a different path.Our belief was that if we kept putting great products in front of customers, they wouldcontinue to open their wallets.” In fact, customers hold the pillar of a business and regard asthe most valuable resource in the market. In today‟s highly competitive business world, thebiggest challenge faced by the management is to create and maintain relationships withcustomers. It is a customer-centric business environment and lack of right attitude showed bymanagement may adversely affect the business. To maintain healthy relationships withcustomers in order to maximize profit, the management has decided to adopt CustomerRelationship Management, a business strategy to create a beneficial environment amongcustomers..
TITLECUSTOMER RELATIONSHIP MANAGEMENT WITH SPECIAL REFERENCE TO EQUITIES
STATEMENT OF OBJECTIVES1. To study the Customer Relationship Management practices that is implemented atcustomer level2. To study the effect of Customer Relationship Management Practices while makingpurchase and repurchase decision3. To know the satisfaction level of Religare Equity clients in NCR region.
RESEARCH METHODOLOGYThe research methodology is the specification of method of acquiring the information neededto structure or solve the problem. It is not considered to be the decision of facts but alsobuilding up the data knowledge and to discover the new fact involved through the process inthe dynamic change in the society.Scope of the projectThis research was conducted in NCR Region on those respondents who have been investinginequities through Religare Securities.Type of ResearchThe present study, being conducted, followed a Descriptive Design. It produces a picture ofphenomenon in which decision maker is entrusted. Design of descriptive studies includes thenature and source of the data, the nature of expected results and the analytical methods.Descriptive research describes about the population or phenomenon being studied.Descriptive research is pre-planned and structured.Method of Data collection• Primary Data The method followed in obtaining the primary data was through thestructured questionnaire.• Secondary Data: It refers to the information or facts already collected. The data was takenfrom internet and journals.Sample DesignUniverse -All the investors who invest in equities through Religare Securities.Population - the investors who invest in equities through Religare Securities in NCRRegenion.
Limitation Study The study based on survey through pre-designed questionnaires suffers from the basic limitations of the possibility of difference between what is recorded and what is the truth, no matter how carefully the questionnaire has been designed and field investigation has been conducted. Close responses. As the project is also based on secondary data, possibility of unauthorized information cannot be avoided. Study is done only for NCR investors. The investors may be biased. Time has played a biggest constraint that the research could not be carried out comprehensively as the duration of the study was only 6 weeks The sample size was limited. All the investors who invest in equities through Religare Securities in NCR Region.Sampling Unit Every single respondent who has filled the questionnaire. Sample sizeSampling size refers to total number of respondents targeted for collecting the data for theresearch. The sample size for survey conducted is 50 respondents. Sampling technique Theselection of respondents was done on the basis of Convenience Sampling technique.
DATA ANALYSIS & INTERPRETATIONTable 4.1 Profession In which respondent is engagedS.No Profession Respondents Percentage1 Business 10 202 Services 20 403 Entrepreneur 5 104 Others 15 305 Total 50 Percentage 45 40 40 35 30 30 25 20 20 15 10 10 Percentage 5 0Analysis: From the 50 respondents approached, 20 belonged to services profession whoinvested in share market through Religare securities. People who were in other professionswere second contributing 30%. 10 respondents belonged to business class and 5 wereentrepreneurs.Interpretation: From the analysis done above it can easily be interpreted that more peoplefrom services sector invested in share market. Reason being that they think it is goodinvestment as it can bring profits and add to their income. 48
Table 4.2 Time period of investings.no Time(years) Respondents Percentage1 <1 7 142 1 to 2 13 263 2 to 4 22 444 4 to 5 8 16 total 50 50 44 45 40 35 30 26 25 Series1 20 16 14 15 10 5 0 <1 1 to 2 2 to 4 4 to 4Analysis : From the graph it can be easily concluded that 22 respondents have been Religareclients from 2 to 5 years. This is a maximum % among respondents. Next in line arerespondents who have been Religare clients since 1 t o 2 years. They are 13 in number. 8respondents have been investing in Religare for 4-5 years and 7 have been Religare clientssince less than one year.Interpretation: The data clearly depicts that most people have been Religare clients from 2to 4years. This is more them enough time to judge the company. This means that the clientsare with the policies of this particular firm and services provide by them. This is thereasonwhy they have been with the company for a considerable time.
Table 4.3 Reasons For Investings.no Reasons Respondents Percentage1 Reputation of 10 20 company2 Consumer friendly 17 343 Advertisements 7 144 Good Services 12 245 Any other 4 8 percentage 8 20 reputation of company 24 consumer friendly advertisement good services any other 34 14Analysis: From the data it is found that as many as 17 people have been Religare clients dueto good consumer policies offered by them. As many as 12 respondents think that theirservices are the reason why they are sticking with the firm. 10 are investing through Religaredue to its Reputation in the market and 7 due to advertisements. 4 respondents cited otherreasons.Interpretation: It is clearly understood from the data that most of respondents are Religareclients due to the Consumer Friendly policies it offers like Negotiable Brokerage, providingupdated information, Accurate solutions to their problems…etc…
Table 4.4 Awareness of Customer relationship marketing policiesS.No Options Respondents Percentage1 yes 35 702 No 15 30 percentage 30 yes no 70Analysis : From the pie chart depicted above it is clearly understood that out of 50respondents35 are aware of the Customer relationship marketing Practices followed byReligare and rest 15are not awareInterpretation: This is pretty much straight forward question as majority of respondents areaware of the CRM practices followed. The reason may be that they are aware of the termthemselves then the rest. 53
Table 4.5 Customer Relationship marketing PoliciesS.NO. Practices Respondents Percentage1 Optimum solutions 10 202 Updated Information 20 403 Long term 1 2 concessions4 Door Step services 3 65 Regular in touch 11 226 Any other 5 10 Total 50 percentage 10 20 optimum solution untaped information 22 long term concession door drop services regular in touch 6 40 any other 2Analysis: By studying the chart above we can conclude that out of 50 respondents 15 thoughtthe Customer Relationship Marketing Practice followed by the company is providing updatedinformation of the new launched policies. Next in line are 7 respondents according to whomproviding optimum solutions to the problems is the major CRM practice. 8 respondents thinkthat being regular in touch with their RM‟s is the practice followed while remaining weredivided among door step services, any other and long term concessions in the ratio ofInterpretation: Most of the respondents responded that getting updated information is thebest CRM policy adopted by the company. Policy here is a broader term which includesgiving them details about share market, new policies, new SEBI rules of market.
Table 4.6 Choose any 3 Customer relationship PracticesS.No Practices Respondents Percentage1 Optimum solutions 26 132 Updated Information 32 173 Long term 2 1 concessions4 Door Step services 10 55 Regular in touch 24 126 Any other 2 27 Total 50 50 percentage 4 optimum solution 24 26 untaped information long term concession 10 door drop services 34 regular in touch 2 any otherAnalysis: This question is for all the respondents that what according to them is a importantpolicy a company should follow. Here 17 respondent think that giving up to date informationis the key while 13 says providing optimum solutions is important. Keeping in touch withyour RM manager after buying/investing is important for 12 respondents.5 people opted fordoor step services and 2 gave other reasons while 1 was for long term concessions.Interpretation: Most of the people also think updated information is an important practicebecause as they have invested their money is stocks they need to be provided with latestinformation.
Table 4.7 Reason for Religare to follow these practicesS.No. Practices Respondents Percentage1 Building Brand 10 20 image2 Competitors 3 63 Retention of 25 50 customers4 Increase in sales and 4 8 profits5 Word of mouth 6 126 Any other 2 4 Total 50 percentage 12 4 20 bulidind brand image 8 competitors 6 retension of customers increase in sale & profit 50 word of mouth any otherAnalysis: This bar chart gives us an idea about why Religare should follow above mentionedpractices. 25 of the respondents were in favour of retention of customers. Second were those10 respondents according to whom building brand image should be the reason. 6 thought thatby following above practices Religare can gain from word of mouth. Rest of the respondentsgave reasons like increase in sales and profits, competitors and others in ratio of 4:3:2.Interpretation: More people stated that retention of customers should be the main reason foraccompany because in such competitive world if a customer is not satisfied from a particularfirm he can easily move onto other company. So it become necessary for a company toprovide good services ,
Staff Efficiency respondents 25 23 20 15 15 10 respondents 7 5 5 3 0 excellent very good good average poorAnalysis: The chart above gives us indication about the satisfaction level of respondents forstaff efficiency. Out of these 22 are happy with the efficiency of the staff. Rest of respondentsvary from 15 to 2.Interpretation: The reason which can be given is that these respondents may have betterrelations with their dealers and updates are provided to them instantly. 16 14 12 Respondents10 8Table 6 (b) Satisfaction Level for Redressing of complaints 4.8 4 2 0 60 Excellent Verygood, Average Poor Satisfaction LevelSatisfaction Level respondents 14 14 14 12 10 10 7 8 5 6 4 respondents 2 0
Analysis: The above bar chart shows the number of respondents corresponding to redressingof complaints. Here striking feature is that both the very good and average experiences matcheachother.ie 14 each.Interpretation: This is a tricky one as this satisfaction level varies considerably. Somecomplaints have been addressed quickly and some not. It also depends on the nature ofcomplaints. 18 16 14 12 Respondents 10Table 8 (c) Satisfaction Level for Timely Responses4.8 6 4 2 0 61 Excellent Very good ,Good Average Poor Satisfaction Level
Table 4.9 Influences of CRM practices in further investingS.No. options Respondents Percentage1 Yes 30 602 No 20 40 Total 50 percentage 40 yes 60 noAnalysis : This pie chart shows the number of respondents who think whether theseCustomer relationship policies are influential in further investing or not. After conducting thesurvey 30were in favour and 20 were not.Interpretation: Most people responded in favour because according to them if policies andservices are good then they will be satisfied with the company and invest further. Table 4.10Recommend to others
Total 4.10 Recommend to othersS.No. options Respondents Percentage1 Yes 31 622 No 19 38 Total 50 percentage 38 yes no 62Analysis: The above pie chart gives us information about number of people who willrecommend Religare securities to others (Friends, relatives etc).31 responded that they wouldsuggest Religare Securities and 19 responded that they will not recommend.Interpretation: The people who will recommend are those who are satisfied with Religareservices or in recent time have earned profits.
Table 4.11 Experience in Stock marketS.No. Experiences Respondents Percentage1 Excellent 7 142 Very Good 10 203 Good 10 204 Average 18 365 Poor 5 10 percentage 10 20 very good good 36 20 average poorAnalysis: The above graph gives us information about experience of respondents is stockmarket. The experience of 18 respondents was average while 10 respondents each were invery good and good category. The experience of 7 respondents was excellent and of 5 waspoor.Interpretation: The best explanation for this is the share market is very volatile, you are notguaranteed profits every time you invest. That‟s the reason why only 7 respondents haveexcellent results and some among them are long term investors. Mostly experiences has beenaverage as some people have made profits and losses on the same day also (intra day trading).
FINDINGS AND ANALYSIS: -• Better rate &Commission.• Flexibility in service providing.• Prompt and Clean Deal.• Customized service.• Immediate feedback / market information on time.• Timely payment of cheque.• Maintenance of Personnel Relationship with clients.• Transparency in operation of business activity.• Reputation/ Goodwill of the firm.• Credibility of the broker.• Research backup.• Past performance/ Experience.• Their presence in the market/ General response of customer in the market.
RECOMMENDATIONS: -The Recommendation, which is to be suggested, is as follow: - • Religare securities should enhance the customer care department where queries can betimely solved.• Religare securities should provide more security to the existing and prospective clients. • There should be more banners posters pamphlets distribution in the market to increase theawareness level among the people.• It should provide regular and update market information.• There should be target incentive for executive which will boost up their morale will givemore and more business to Religare. • Special attention need to be given to the delivery of monthly & fortnightly report to theclients.• Timely release of Brokerage & Fast redressal of clients grievance is a major plus point, ifReligare is looking to develop long term relationship with its clients.
CONCLUSIONIn spite of the bleak and grim out look the future of capital market is growing at a veryhighpace. Taking these things into consideration there are lots of opportunity for the BrokerHouse which already exist and which are due to enter in the Indian market. These are littleawarenessabout Equity and Mutual funds in India people have accepted it as one of the majorinvestmentavenue. As people have entered in this particular investment avenue they have losttheir moneybecause of movement in the market, which is below the par value and this, hasshaken the faithof investor in this particular avenue. Another reason for low investment inthis sector is thatmost of the companies are not performing well and also due to the scamsthat are taking placefrequently Once people know about the benefit offered by it, Capitalmarket will become one ofthe sought after investment avenue. The only thing which isneeded to focus on is that theyshould have a strong marketing strategy so that prompt serviceand availability of forms is madeavailable to the investors at a short notice provided that itkeeps into mind the traditional base formarketing in India, which is a price sensitive. We cansay that Religare has a great future ahead.Religare has emerged a very strong player in the field of distribution of financial productwithina short period of one year in Northern India and is giving stiff competition to the entireplayer inthe Delhi & other parts. If the progress of Religare goes in the same way then I cansay thatReligare will be going to emerge as a major player in the Capital market. They havemuch morepotential to expand their business and market in India.
QUESTIONNAIREDear Respondent, I, Arjun Singh, am a student of MBA in PCTE, Baddowal. I havebeen assigned project onthe topic “Customer Relationship Management inReligare Securities with special reference toequities”.As part ofmy project I am collecting data through this questionnaire for theProject.The information provided by you will remain confidentialand be used for academic purposesonly.Q1. In which profession are you engaged in?A. BusinessB. ServicesC. EntrepreneurD. OthersQ2. For how many years have you been trading through Religare?A. <1B. 1-2C. 2-4D. 4-5Q3. What is the reason behind investing through Religare Securities? A. Reputation of thecompany B. Consumer friendly policies C. Advertisements D. Good Services E. Any other________________________________________________________________________________________________________________________________Q4. Are you aware of the Customer Relationship Marketing policies followed by thecompany?A. YesB. NoQ5. What are the Customer Relationship Marketing practices followed by the company?A. Providing optimum solutions to customer‟s problemsB. Giving Updated information of new policiesC. Long term concessionsD. Door step servicesE. Regular in touch after selling
F. Any other__________________________________________________________________________________________________________________________________Q6. Choose any 3 from the mentioned practices which you think are important from acompany point of view?A. Providing optimum solutions to customer‟s problemsB. Giving Updated information of new policiesC. Long term concessionsD. Door step servicesE. Regular in touch after selling F. Any other_______________________________________________________________________________________________________________________________________ .Q7. Choose any reasons why Religare should follow the above mentioned practiceA. Building brand imageB. CompetitorsC. Retention of customersD. Increase in sales and profitsE. Positive word of mouthF. Any other_______________________________________________________________________________________________________________________________________ .Q8. Please tick the desired answer.Services Excellent Very Good Average Poor GoodStaff EfficiencyRedressing of complaintTimely ResponseUpdated informationClarityofconcept(Initialinformation)
Q9. Are these Customer Relationship marketing policies followed influential in furtherinvesting?A. YesB. NoQ10. Will you recommend investing in stock market through Religare to others?A. YesB. NoQ11. What has been your experience in stock market?A. ExcellentB. Very goodC. GoodD. AverageE. PoorPersonal detailsName:Age:Gender:Annual Income:Thank you for cooperation and valuable time.