mktg project (1)
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DISSERTATION PROJECT ON
Customer Satisfaction Analysis At Indiamart
At IndiaMart., Bangalore
REPORT SUBMITTED ON PARTIAL FULFILMENT OF THE
REQUIREMENTS FOR
POST GRADUATE DIPLOMA IN MANAGEMENT
Submitted By: Guided By:Vikas Tiwari Prof. R. K. Vijaya Sarathy
DSBSPGDMA09057 Director, DSBS
September 2011
Dayananda Sagar Business School
Shavige Malleshwara Hills, Kumaraswamy Layout, Bangalore 560 078, Karnataka, India.
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CERTIFICATE
This is to certify that the report titled Customer Satisfaction Analysis At Indiamart has
been prepared under my guidance and supervision the report is submitted in partial
fulfillment of the requirement for the award of Post Graduate Diploma in Management
(Approved by AICTE) by Vikas Tiwari, Reg NoDSBSPGDMA09057and this report / study
has not formed a basis for the award of any degree or diploma in any university / institution.
Place ....
Date Prof. R. K. Vijaya Sarathy
Director Faculty Guide
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DECLARATION:
I hereby declare that the report/ study titled Customer Satisfaction Analysis At
Indiamart prepared under the guidance of Prof. R. K. Vijaya Sarathy submitted in
partial fulfillment of the requirement for the award of Post Graduates Diploma in
Management (AICTE) in Dayananda Sagar Business School is my original work and has not
been submitted for the award of any other degree/ diploma in any university / institution.
Place ....Date Vikas Tiwari
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ACKNOWLEDGEMENT
A project is never the work of an individual. It is moreover a combination of ideas,
suggestions, review, contribution and work involving many folks. It cannot be completed
without guidelines.
First of all I would like to express my sincere gratitude to my external guide Mr. Veneeth
Raghuvanshi (Branch Manager), Mr Abhishek Jaiswal (Sr. Executive) Indiamart
Intermesh Ltd. for giving me this valuable learning opportunity and for allowing me to
conduct this dissertation project.
I would also like to express my sincere gratitude to my internal guide Prof. R. K. Vijaya
Sarathy and all the faculty members ofDAYANANDA SAGAR BUSINESS SCHOOL,
BANGALORE providing their help and advice whenever it was needed.
PLACE: Bangalore Vikas Tiwari
DSBSPGDMA09057
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EXECUTIVE SUMMARY
This project has been taken with a view to make an in depth analysis of latest & unique
marketing strategies employed by Indiamart with special reference to internet Retail industry
(e tailing) & B2B market thus uncover the reasons that have propelled the company to retain
its position as leading company in internet retail industry despite of stiff competition from
other competitors.
The present study creates awareness about the Customer satisfaction. It provides knowledge
to the readers about customer preferences & analysis of customer satisfaction. The present
study also is an effort to formulate strategy to boost up the market share for Indiamart.
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CONTENTS
CERTIFICATE
DECLARATION
ACKNOWLEDGEMENT
EXCECUTIVE SUMMARY
CHAPTER1:.7
INTRODUCTION
COMPANY PROFILE
REVIEW OF LITERATURE
PROBLEM STATEMENT
CHAPTER 2:...44
RESEARCH METHODOLOGY AND DESIGN
OBJECTIVES
LIMITATIONS OF THE STUDY
CHAPTER 3:49
DATA ANALYSIS
CHAPTER 4:57
FINDINGS AND RECOMMENDATIONS
CHAPTER 5:60
CONCLUSION
BIBLIOGRAPHY
QUESTIONNAIRE
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INTRODUCTION
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CUSTOMER SATISFACTION, a term frequently used in marketing, is a
measure of how products and services supplied by a company meet or surpass
customer expectation. Customer satisfaction is defined as "the number of
customers, or percentage of total customers, whose reported experience with
a firm, its products, or its services (ratings) exceeds specified satisfactiongoals."
It is seen as a key performance indicator within business and is often
part of a Balanced Scorecard. In a competitive marketplace where businesses
compete for customers, customer satisfaction is seen as a key differentiator
and increasingly has become a key element of business strategy.
Within organizations, customer satisfaction ratings can have powerful
effects. They focus employees on the importance of fulfilling customers
expectations. Furthermore, when these ratings dip, they warn of problems that
can affect sales and profitability. These metrics quantify an important dynamic.
When a brand has loyal customers, it gains positive word-of-mouth marketing,
which is both free and highly effective.
Therefore, it is essential for businesses to effectively manage customer
satisfaction. To be able do this, firms need reliable and representative
measures of satisfaction.
In researching satisfaction, firms generally ask customers whether their
product or service has met or exceeded expectations. Thus, expectations are a
key factor behind satisfaction. When customers have high expectations and
the reality falls short, they will be disappointed and will likely rate their
experience as less than satisfying. For this reason, a luxury resort, for example,
might receive a lower satisfaction rating than a budget moteleven though its
facilities and service would be deemed superior in absolute terms.
PURPOSE
Customer satisfaction provides a leading indicator of consumer purchase
intentions and loyalty. Customer satisfaction data are among the most
frequently collected indicators of market perceptions. Their principal use is
twofold.
1.
Within organizations, the collection, analysis and dissemination of thesedata send a message about the importance of tending to customers and
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ensuring that they have a positive experience with the companys goods
and services.
2. Although sales or market share can indicate how well a firm is
performing currently, satisfaction is an indicator of how likely it is thatthe firms customers will make further purchases in the future. Much
research has focused on the relationship between customer satisfaction
and retention.
Studies indicate that the ramifications of satisfaction are most
strongly realized at the extremes. On a five-point scale, individuals who
rate their satisfaction level as 5 are likely to become return customers
and might even evangelize for the firm. (A second important metricrelated to satisfaction is willingness to recommend. This metric is
defined as "The percentage of surveyed customers who indicate that
they would recommend a brand to friends."
When a customer is satisfied with a product, he or she might
recommend it to friends, relatives and colleagues. This can be a
powerful marketing advantage.) Individuals who rate their satisfaction
level as 1, by contrast, are unlikely to return. Further, they can hurtthe firm by making negative comments about it to prospective
customers. Willingness to recommend is a key metric relating to
customer satisfaction.
Measuring customer satisfaction
"If you cannot measure it, you cannot improve it." - Lord William Thomson
Kelvin (1824-1907)
Measurement of Customer Satisfaction is a new significant addition to
the new ISO9000: 2000 standard. Organizations certified to this standard are
now required to identify parameters that cause customer satisfaction or
dissatisfaction and consciously measure them.
Organizations need to retain existing customers while targeting non-
customers. Measuring customer satisfaction provides an indication of how
successful the organization is at providing products and/or services to themarketplace.
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Customer satisfaction is measured at the individual level, but it is almost
always reported at an aggregate level. It can be, and often is, measured along
various dimensions. A hotel, for example, might ask customers to rate their
experience with its front desk and check-in service, with the room, with theamenities in the room, with the restaurants, and so on. Additionally, in a
holistic sense, the hotel might ask about overall satisfaction with your stay.
As research on consumption experiences grows, evidence suggests that
consumers purchase goods and services for a combination of two types of
benefits: hedonic and utilitarian. Hedonic benefits are associated with the
sensory and experiential attributes of the product. Utilitarian benefits of a
product are associated with the more instrumental and functional attributes of
the product.
Customer satisfaction is an ambiguous and abstract concept and the
actual manifestation of the state of satisfaction will vary from person to person
and product/service to product/service. The state of satisfaction depends on a
number of both psychological and physical variables which correlate with
satisfaction behaviors such as return and recommend rate. The level of
satisfaction can also vary depending on other options the customer may have
and other products against which the customer can compare the organization'sproducts.
The usual measures of customer satisfaction involve a survey with a set
of statements using a Likert Technique or scale. The customer is asked to
evaluate each statement and in term of their perception and expectation of
performance of the organization being measured. Their satisfaction is generally
measured on a five-point scale.
Customer satisfaction data can also be collected on a 10-point scale.
Regardless of the scale used, the objective is to measure customers
perceived satisfaction with their experience of a firms offerings. It is essential
for firms to effectively manage customer satisfaction. To be able do this, we
need accurate measurement of satisfaction.
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Good quality measures need to have high satisfaction loadings, good
reliability, and low error variances. In an empirical study comparing commonly
used satisfaction measures it was found that two multi-item semantic
differential scales performed best across both hedonic and utilitarian serviceconsumption contexts.
Finally, all measures captured both affective and cognitive aspects of
satisfaction, independent of their scale anchors. Affective measures capture a
consumers attitude (liking/disliking) towards a product, which can result from
any product information or experience. On the other hand, cognitive element
is defined as an appraisal or conclusion on how the products performance
compared against expectations (or exceeded or fell short of expectations), was
useful (or not useful), fit the situation (or did not fit), exceeded the
requirements of the situation (or did not exceed).
American Customer Satisfaction Index (ACSI) is a scientific standard of
customer satisfaction. Academic research has shown that the national ACSI
score is a strong predictor of Gross Domestic Product (GDP) growth, and an
even stronger predictor ofPersonal Consumption Expenditure (PCE) growth.
ACSI reports scores on a 0-100 scale at the national level and producesindexes for 10 economic sectors, 47 industries (including e-commerce and e-
business), more than 225 companies, and over 200 federal or local government
services. In addition to the company-level satisfaction scores, ACSI produces
scores for the causes and consequences of customer satisfaction and their
relationships. The measured companies, industries, and sectors are broadly
representative of the U.S. economy serving American households.
On the microeconomic level, academic studies have shown that ACSIdata is related to a firm's financial performance in terms of return on
investment (ROI), sales, long-term firm value (Tobin's q), cash flow, cash flow
volatility, human capital performance, portfolio returns, debt financing, risk,
and consumer spending.
Increasing ACSI scores has been shown to predict loyalty, word-of-
mouth recommendations, and purchase behavior. The ACSI measures
customer satisfaction annually for more than 200 companies in 43 industriesand 10 economic sectors. In addition to quarterly reports, the ACSI
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methodology can be applied to private sector companies and government
agencies in order to improve loyalty and purchase intent.
Two companies have been licensed to apply the methodology of the
ACSI for both the private and public sector: CFI Group, Inc. and Foresee Resultsapply the ACSI to websites and other online initiatives. ASCI scores have also
been calculated by independent researchers, for example, for the mobile
phones sector, higher education,and electronic mail.
ACSI Methodology
The American Customer Satisfaction Index uses customer interviews as
input to a multi-equation econometric model developed at the University of
Michigan's Ross School of Business.
The ACSI model is a cause-and-effect model with indices for drivers of
satisfaction on the left side (customer expectations, perceived quality, and
perceived value), satisfaction (ACSI) in the center, and outcomes of satisfaction
on the right side (customer complaints and customer loyalty, including
customer retention and price tolerance).
The indexes (shown in the diagram below) are multivariable componentsmeasured by several questions that are weighted within the model. The
questions assess customer evaluations of the determinants of each index.
Indexes are reported on a 0 to 100 scale. The survey and modeling
methodology quantifies the strength of the effect of the index on the left to
the one to which the arrow points on the right.
These arrows represent "impacts." The ACSI model is self-weighting to
maximize the explanation of customer satisfaction (ACSI) on customer loyalty.
Looking at the indexes and impacts, users can determine which drivers ofsatisfaction, if improved, would have the most effect on customer loyalty.
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Customer Expectations
Customer expectations are a measure of the customer's anticipation of
the quality of a company's products or services. Expectations represent
both prior consumption experience, which includes some non experientialinformation like advertising and word-of-mouth, and a forecast of the
company's ability to deliver quality in the future.
Perceived Quality
Perceived quality is a measure of the customer's evaluation via recent
consumption experience of the quality of a company's products or services.
Quality is measured in terms of both customization, which is the degree to
which a product or service meets the customer's individual needs, andreliability, which is the frequency with which things go wrong with the
product or service.
Perceived Value
Perceived value is a measure of quality relative to price paid. Although
price (value for money) is often very important to the customer's first
purchase, it usually has a somewhat smaller impact on satisfaction for repeat
purchases.
Customer Complaints
Customer complaints are measured as a percentage of respondents who
indicate they have complained to a company directly about a product or
service within a specified time frame. Satisfaction has a negative relationship
with customer complaints, as the more satisfied the customers, the less likely
they are to complain.
Customer Loyalty
Customer loyalty is a combination of the customer's professed likelihood
to repurchase from the same supplier in the future, and the likelihood to
purchase a companys products or services at various price points (price
tolerance). Customer loyalty is the critical component of the model as it
stands as a proxy for profitability.
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There is obviously a strong link between customer satisfaction and
customer retention. Customer's perception of Service and Quality of product
will determine the success of the product or service in the market.
With better understanding of customers' perceptions, companies candetermine the actions required to meet the customers' needs. They can
identify their own strengths and weaknesses, where they stand in comparison
to their competitors, chart out path future progress and improvement.
Customer satisfaction measurement helps to promote an increased focus on
customer outcomes and stimulate improvements in the work practices and
processes used within the company.
There is a lot of debate and confusion about what exactly is required and
how to go about it. Customer satisfaction is quite a complex issue and this
article is an attempt to review the necessary requirements, and discuss the
steps that need to be taken in order to measure and track customer
satisfaction.
What does Customers Want?
Before we begin to create tools to measure the level of satisfaction, it is
important to develop a clear understanding of what exactly the customer
wants. We need to know what our customers expect from the products and
services we provide.
Customer expectations are the customer-defined attributes of your
product or service you must meet or exceed to achieve customer satisfaction.
Customer Expectations are of two types - Expressed and Implied.
o Expressed Customer Expectations are those requirements that are
written down in the contract and agreed upon by both parties, for
example, product specifications and delivery requirements. Supplier's
performance against these requirements is most of the times directly
measurable.
o Implied Customer Expectations are not written or spoken but are the
ones the customer would 'expect' the supplier to meet nevertheless.
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For example, a customer would expect the service representative who
calls on him to be knowledgeable and competent to solve a problem on the
spot. There are many reasons why customer expectations are likely to change
over time. Process improvements, advent of new technology, changes in
customer's priorities, improved quality of service provided by competitors arejust a few examples.
The customer is always right. Supplier's job is to provide the Customer
what he wants, when he wants it. Customer Satisfaction is customers'
perception that a supplier has met or exceeded their expectations. It is
therefore important to periodically update our knowledge of customer
expectations.
What constitutes Satisfaction?
We cannot create customer satisfaction just by meeting customer's
requirements fully because these HAVE to be met in any case. However falling
short is certain to create dissatisfaction. Major attributes of customer
satisfaction can be summarized as:
o Product Quality
o Product Packaging
o Keeping delivery commitments
o Price
o Responsiveness and ability to resolve complaints and reject reports
o Overall communication, accessibility and attitude.
We cannot begin to address the customer satisfaction issue we define
the parameters and measures clearly. It may be easier to track supplier's
performance against stated requirements of quality and timeliness because
there is documentary evidence.
Some indication of whether a supplier is meeting the requirements can
also be obtained from data on scrap rates, PPM, complaints database, sales
improvements, repeat orders, customer audit reports etc.
It is far more difficult to measure the level of performance and
satisfaction when it comes to the intangible expectations.
What are the Tools?
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Customer expectations can be identified using various methods such as:
o Periodic Contract Reviews
o Market research
o
Telephonic Interviewso Personal visits
o Warranty records
o Informal discussions
o Satisfaction Surveys
Depending upon the customer base and available resources, we can choose
a method that is most effective in measuring the customers' perceptions. The
purpose of the exercise is to identify priorities for improvement.
We must develop a method or combination of methods that helps to
continually improve service.
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COMPANY PROFILE
IndiaMART.com is India's largest online B2B marketplace for Small
& Medium Size Businesses, connecting global buyers with suppliers. The
company offers a platform & tools to over 1 million suppliers to
generate business leads from over 5 million buyers, who use the
platform to find reliable & competitive suppliers. The company has over
4000 employees located across 75 offices in the country. Its existing
investors include Intel Capital and Bennett, Coleman & Co. Ltd.
IndiaMART.com offers products that enable small & medium size
businesses generate business leads (online catalogs/store-fronts),
establish their credibility (third party verified trust profile) and use
business information (finance, news, trade shows, tenders) for their
business promotion.
IndiaMART.com has won numerous awards over the years, which
include coveted Red Herring Award, Emerging India Award, amongothers. The company has also been widely covered by media for its
pioneering role in promoting SME business in the country.
Its existing investors include Intel Capital and Bennett, Coleman &
Co. Ltd (Times Group), India's largest print media group.
IndiaMART Knowledge Services: An in-house unit involved in SME
research, forecasting, analysis and education. It conducts independent
surveys, etc. & holds workshops for SMEs to educate them on specificareas such as Marketing, IT, etc.
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The Board of Directors
Mr. DINESH AGARWAL
FOUNDER & CEO, IndiaMART.com
Dinesh Agarwal is the founder and CEO of IndiaMART.com,
India's largest online B2B marketplace connecting Indian suppliers
with domestic and international buyers. Founded in 1996, Dinesh
is credited with leading IndiaMART.com through a decade and a
half with an unblemished record of being profitable from d ay one
- a feat no other online company in India has been able to emulate.
Mr. BRIJESH AGRAWAL
COO, IndiaMART.com
Brijesh Agrawal is the Chief Operating Officer,
IndiaMART.com. Being a part of the core management team,
Brijesh has been the brainchild behind the creation of a plethora
of innovative products of IndiaMART.
Mr. DEEP KALRA
FOUNDER & CEO, MakeMyTrip.com
Deep Kalra holds rich past experience at GE Capital, AMF
Bowling Inc. and ABN AMRO Bank. He is a member of the
Executive Council of NASSCOM and chairs the NASSCOM Internet
Working Group.
Mr. M. K. Chouhan
MANAGING DIRECTOR, Mahendra & Ardneham Consulting (P) Ltd.
Mr. RAJESH SAWHNEY
PRESIDENT, Reliance Entertainment Private Ltd.
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Core values
For us they are simple and straight; take responsibility, work withpassion and commitment, move ahead as a team and conserve the integrity.
We firmly believe that core values keep organizations stable and focused
to the common goal. Our core values have helped us achieve our mission to
bring measurable benefits to our customers.
Responsibility
Responsibility, not just of quality work but of continuous self-development, of our decisions and of our actions. This helps us think
rationally and provides a sense of accountability to ourselves, our commitment
to customers and to our colleagues.
Passion
Work at IndiaMART.com involves constant innovation and creativity. It
involves a continuous thought process to get tangible benefits to our
customers, taking into account the uniqueness of their purpose. Passionatepeople with a determination to make the difference are the ones who make
this possible.
Team Work
Together we can achieve the impossible" is our belief. Our success is a
result of our team work. Experts from the field of management, marketing, IT,
arts, content & various other disciplines work as a team on every project, every
endeavour. Dedication, passion and teamwork are the true means to ourmission fulfillment.
Integrity
We realize the importance of the job & information we handle. We
understand the responsibility that each member of our team has to shoulder
and we do that with highest levels of trust, honesty and integrity - of purpose
and action.
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Awards & Achievements
Success of our customers is our greatest achievement. Their confidence
in us and our innovation, to give them the best, has got us applauds
from various sources.
IndiaMART.com wins the Red Herring 100 Asia Awards 2008
IndiaMART.com nominated among the top three at Emerging India
Awards 2008
IndiaMART.com's successful business model featured on CNBC India asanalyzed by McKinsey
Bestowed with "Amity Corporate Excellence Award" on the occasion of
the Tenth Business International Horizon INBUSH 2008
Recognized by Business Money (UK's leading financial magazine) for
IndiaMART's ten years of successful contribution to Indian businesses
Declared as India's only profit-making dotcom company byBusiness World (Cover story)
Special footage for IndiaMART.com's contribution in enabling e-
business for exporters from Moradabad; Mr Dinesh Agarwal
interviewed (India Tomorrow - BBC News)
www.indiantravelportal.com bags eighth "BIG" Award from
Britannicaindia.com
IndiaMART.com nominated for Britannica Internet Guide (BIG)
Awards for excellence on Internet
IndiaMART.com listed among Top Indian Websites under
Business-to-Business category by Ecomready Top Indian Site by
www.indiatimes.com
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Termed as 'Online Gateway to Indian marketplace'- The Economic Times
Best Travel Site- www.indiantravelportal.com by India Online: DD
News
Nominated amongst the Top 5 Indian Sites by Microsoft.
QUALITY
IndiaMART is the first Indian company in their domain to have received
ISO 9001:2008 certification for overall quality management and the
organisation's ability to successfully "meet customer, regulatory and statutory
requirements."
QUALITY POLICY
we are committed to provide high quality web services & solutions that
ensure profitable returns to our customers.
We strive to enhance the value delivered to our clients by continually
improving the quality of services offered.
FACT SHEET
We endeavor to maximize value for our customers by offering themefficient and cost-effective solutions for business promotion, process support
and transaction accomplishment.
1996-97
IndiaMART.com, India's first online B2B directory, launched
Successfully introduces free listing & free-query forwarding concept to
familiarize Indian SMEs with benefits of Internet for business promotion
Accomplishes India's first e-commerce project for Nirula's
(http://nirulas.com)
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Achieves break-even within 6 months of the launch
1997-98
Successfully crosses 100 clients mark Initiates franchisee network program
1998-99
Launches Handicraft, Apparel & Finance channels
Increases workforce to 40
B2B marketplace network surges to 1 million page views/month mark
1999-2000
Accomplishes 'Bharat On Line' - MTNL's online portal project
Launches auto industry channel
Opens branch office in financial hub of India - Mumbai
Crosses Rs 1 crore revenue mark
2000-01
Touches 5 million page views/month Crosses 1000 clients mark
Registers 100,000 business queries/month
Accomplishes prestigious online projects for HHEC, Jindal Organization,
ModiCorp
Wins Britannica (BIG) Award for Travel.IndiaMART.com
Profits increased by 128% over last year
Company becoming limited, from InterMESH Systems, to IndiaMART
InterMESH Limited
2001-02
Business World magazine declares IndiaMART.com as "the only
profitable Indian Dotcom, with positive cash flows" [Cover Story: 14 May
2001 issue]
Adds exclusive services to its portfolio - Electronic Trade Offers &
Request for Quotation / Request for Proposal
CNBC India recognizes IndiaMART.com as one of the only profitable
dotcoms in India based on report by McKinsey
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Intel Capital makes strategic investment in IndiaMART.com
Wins 'Emerging India Award 2008' as a second runner-up
Wins 'Red Herring 100 Asia 2008' award
Launches Video Profiles for "Leading Suppliers"
IndiaMART.com footprints cover over 100 towns in India Participates in more than 100 international & 200 domestic trade shows
2009-10
IAMAI declares IndiaMART.com as India's largest online B2B marketplace
Mr. Deep Kalra (Founder & CEO of Makemytrip.com) & Dr. Nachiket Mor
(President, ICICI Foundation) join IndiaMART.com Board of Directors
More than 300,000 products listed on IndiaMART.com
2010-11
Takes a giant leap in SME space & launches 'IndiaMART Leaders of
Tomorrow Awards'
IndiaMART.com member base surges to 1 million suppliers
Celebrates 14 years of grand success
Launches FREE tenders service - a first in India
Being a socially responsible corporate, associates with "Meri Dilli Meri
Yamuna" campaign The SmartTechie ranks IndiaMART.com among India's '25 Most
Promising Internet Cos.'
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PRODUCTS AND SERVICES
Dynamic CatalogA comprehensive online marketing program that provides enhanced enquiry
generation.
Trust Seal
Trust Seal is a business verification service that checks supplier's records of
existence, credibility and trustworthiness for the benefit of buyers.
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Star Supplier
With Star Supplier to your support, you can get premium positioning among
suppliers in all the relevant categories.
Leading Supplier
Leading Supplier is the right choice for companies who have a right mix of
infrastructure, management capabilities and experience in servicing global
buyers.
Banner Advertising
Build your brand & drive traffic to your website with Banner Advertising
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Business Plans
What is business?
Business is all about buying and selling of Product or services. Business
can be done through online and off line.
What is online Business?
Online business means trading of Products and Services etc through the
Internet. It enables the traders and manufacturers to electronically connectwith the other.
What is offline business?
In offline trading the customer either goes to the manufacturers or traders
place and sits before him to place orders. Or rings him, asks for the quotations
and other relevant information, and accordingly places orders over the phone.
BENEFITS OF OFFLINE BUSINESS
o Safer in comparisons to online share business.
o Business can be done without internet connectivity at ones home.
In a country like India where internet connectivity is not available
everywhere trading online is not possible for everyone, this is also the reason
which enhances the growth of offline trading.
o Better for new comers
DISADVANTAGES OF OFFLINE BUSINESS
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o Often times the brokers takes time to execute your instruction.
o Offline trading brokerage is always higher than that of online brokerage.
o It is a time consuming process as everything is done offline. Trading
takes more time in comparisons to online trading.
o RM may not provide the correct information as required by his client.
What is E-Business?
E-tailing, or virtual storefronts on Web sites.
Online business-to-business transactions.
Electronic data interchange (EDI), the business-to-business
exchange of data using compatible software.
E-mail, instant messaging, and other Web-enabled communicationtools and their use as media for reaching prospective and existing
customers.
The gathering and use of demographic, product, and other
information through Web contacts.
Capabilities and Benefits of E-Business
Global Reach : Goods and services can be sold to customers worldwide.
Personalization : Companies can customize products and reduce
inventory.
Interactivity : Customers and suppliers can negotiate prices online.
Right-time and integrated marketing : Online retailers provide products
when and where
Customers want them and promotions can be directed to individual
customers.
Cost savings : E-business can reduce costs.
Increase a firms visibility, promote its offerings, and provide information
to interested parties.
Build customer goodwill and assist retailers and other resellers in theirmarketing efforts.
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Disseminate financial information to investors.
Enable prospective employees to apply online for jobs.
Provide e-mail communication.
Business-to-Business (B2B)
Business-to-business e-business (B2B) Electronic business transactions
between businesses using the Internet.
B2B transactions total $2.5 trillion.
By some estimates, account for 90% of all e-commerce activities.
Can reduce cost of B2B transactions by almost 25 percent.
Many of the benefits of e-commerce have come with business-to-business
transactions. Companies like UPS and the Post Office use their websites to
save money and time by doing business online. Companies use a variety of
tools to conduct business online with partners, wholesalers and retailers.
Online Shopping and B2C
Business-to-consumer (B2C)
E-tailing accounts for 4% of all U.S.
Growing at a rate of 18%.
Services like banking and brokerage are key aspects of e-tailing
Many retailers have electronic storefronts.
Growth of broadband is aiding e-tailing.
Selling to customers directly over the Internet.
There are millions of good for sale online. There are as variety of retail stores
that make the Internet one big cybermall.
Who are online buyers and sellers?
Typical user is young, highly educated, urban or suburban, and affluent.
Demographics are shifting; there is decreasing difference in Internet purchasing
habits among groups.
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Benefits of B2C E-Business
Lower Prices
Many products cost less online.
Internet allows customers to easily compare prices from multiple sellersconvenience.
Can order products from around the world anytime, day or night.
Can register customer information to streamline transactions.
Personalization
Emphasis on personalized, one-on-one marketing to increase repeat
purchases.
Developing Safe Online Payment Systems
Through encryption, data is encoded for security purposes.
Many companies use Secure Sockets Layer (SSL) technology to encrypt
information and verify
senders and receivers.
An electronic wallet contains credit card and identification information.
Customers can avoid
retyping purchase information.
E-Business Challenges (privacy)
Privacy is among the top concerns of Internet users.
E-business sites often require passwords and use electronic signatures,
an electronic form of identity verification.
Companies can track customers shopping and viewing habits through
cookies.
Customers usually prefer that companies do not share their personalinformation. Merchants have responded by joining privacy
organizations.
Privacy protections may soon become legally required.
Employees also have concerns that employers are monitoring their
Internet behavior.
Companies worry about data theft.
In addition to credit card transactions online, privacy is a growing
concern for consumers. Consumers worry that the information about them will
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be available to others without their permission. Although online shopping is
growing, consumers are very concerned about providing credit cards and
personal information online.
E-Business Challenges (Internet Fraud)
Internet Crime Complaint Center logs more than 200,000 complaints
annually.
50% of the complaints referred to law enforcement agencies deal with
online auctions.
Phishing is a growing form of Internet fraud that uses e-mail or pop-up
messages to get unsuspecting victims to disclose personal information.
Vishing, or voice phishing, involves phone calls to credit card customersto obtain personal and banking information.
Payment fraud is growing E-Business Challenges (poor website design)
50% of shopping carts are abandoned before any purchase is made.
Lack of Information
Inability to find the information they need
Feeling overwhelmed by too much information
Companies that have brick-and-mortar experience often have better
success satisfying customers than Internet-only retailers.
Online sales can compete with business partners such as retailers and
distributors causing disputes called channel conflict.
Using the Webs Communication Function
Web has four main functions: e-business, entertainment, information,
and communication.
Communication is Webs most popular function.
Firms use e-mail to communicate with customers, suppliers, and otherpartners.
Online Communities: Internet forums, newsgroups, electronic bulletin
boards, and Web communities that appeal to people who share
common interests.
Spam is junk e-mail.
Web Communication Blogs
Blog - short for Web log, an online journal written by a blogger.
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May incorporate wikis, a Web page that anyone can edit.
Some incorporate podcasts, video & audio recordings. Feedburner
services more than 200,000 podcasts.
Corporate blogs can help build brand trust.
Example: Apples iLounge builds the iPod brand and gives Apple ideas forproduct improvement.
Employee blogs may present ethical issues
Blogs have become increasingly popular. People have combined the use
of blogs with other technologies like wikis and podcasts. Wikis allow all
users to edit the pages while podcas are audiots and video content.
Many organizations are beginning to use blogs as a way to build brand
loyalty but some blogs can be problematic. Disgruntled employees can
destroy a companys reputation.
Web Communication Web Based Promotion
Banner Ads : messages placed on frequently visited websites
Pop-up Ads : ads that appear in separate windows
Pre-roll Video Ads : advertisements that roll as soon as a page is loaded
Search marketing : companies pay for top visibility in search results
Some companies, such as ValPak Marketing Systems, offer virtual,
searchable coupons.
Global Environment of E-Business
Future growth of many companies is linked to a global strategy that
incorporates e-business.
U.S. leads world in Internet users but ranks only 5th in Internet
penetration.
E-Bay may dominate most markets, but Chinese company Alibaba.comhas 83% of the auction business in China.
E-business can heighten competition in the global marketplace
Why B2B Marketplaces?
Largest aggregation of B2B Buyers - more than 30% of these are here
Hassle free way to generate business leads fully managed
Try for free Pay for premium
Do it all, right from your desktop
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Free Services
Business / ProductCatalog Unlimited Products
Trade Leads Business Tenders
Enquiry Alerts on SMS / Call from Buyers on Mobile
Videos
Industry, Trade Shows & Business Information Updates
The first step towards internet marketing & lead generation
Unlimited Products photos & videos
Higher the no. of products, higher the no. of leads
200,000 Indian companies having 2 million products, already have theircatalog on IndiaMART.com alone.
Business / Product Catalog
Trade Leads
The easiest way to generate 1 lead every week
Post unlimited product specific offers with picture
Importance of push-to-top 10 times better results
More than half-a-million offers live on IndiaMART.com alone
SWOT analysis of indiamart.com
Strengths
The most powerful point in hand of the company is that they provide the
customized solution to the customers.
The company has excellent distribution system.
The company has built a strong image among the customers.
The company experiences excellent Brand loyalty for its Products from
the customers.
The company has made its Product range attractive, which lures the
customers, and consequently
Weaknesses
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Some products have high prices as compared to the other products.
The company pays less attention towards the matured clients
Opportunities
India has a vast potential market, which the company can get hold up.
The company can prove to be major threats for its competitors if it
increases marketing efforts.
IIL should concentrate on the premium segment market.
Threats
The major threat that company faces is from its competitors who are
introducing products with lower cost backed by aggressive promotional
schemes to attract the customer.
The arrival of the MNC is a major serious threat for the company.
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REVIEW OF LITERATURE
Customer
The word customer is derived from "custom," meaning "habit"; a
customer was someone who frequented a particular shop, who made it a habitto purchase goods of the sort the shop sold rather than elsewhere, and with
whom the shopkeeper had to maintain a relationship to keep his or her
"custom," meaning expected purchases in the future.
However, "customer" also has a more generalized meaning as in
customer service and a less commercialized meaning in not-for-profit areas. To
avoid unwanted implications in some areas such as government services,
community services, and education, the term "customer" is sometimes
substituted by words such as "constituent" or "stakeholder".
This is done to address concerns that the word "customer" implies a
narrowly commercial relationship involving the purchase of products and
services. However, some managers in this environment, in which the emphasis
is on being helpful to the people one is dealing with rather than on commercial
sales, comfortably use the word "customer" to both internal and external
customers.
Types of customer
There are six types of customers.
External Customer.
These are the people and organizations who have a need for your
product or service. They purchase your stuff in exchange for money. They have
a budget and will give you some of it in exchange for a solution that meetstheir needs and expectations.
Given that, I affectionately refer to external customers as ones with the
bag of money. They have the financial autonomy to decide where and how
they will spend their budget the bag of money. The question is who gets the
bag of money, you or your competitor? Who has earned the confidence and
trust of the customer?
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You and your competitor are vying for a piece of their budget the best
solution wins. Know this: Customers vote with their money and complain with
their feet.
Allies.
These are the users of your product or service, not the ultimate decision
maker.
These customers usually don't have a bag of money but they play a vital
role in your success. They do not make the final decision but they may have
tremendous impact on the outcome. They are often closely connected to the
bag of money and positioning them as an ally to your cause is critical for your
success.
However, allies can be a tremendous wealth of information. Pick their
brains and learn how you can differentiate yourself from the competition.
Customers buy differences, not similarities.
It can sometimes be difficult to ascertain who the bag of money is and
who the allies are. Ask questions early in the call to determine who's who in
the zoo. Shrink your sales cycle by understanding the players within youraccounts. Simply ask them who else may be involved with decisions.
Internal Customer.
These are fellow employees and managers within your place of business.
They support you and make you look good to your external customers.
Appreciate them and treat them with respect.
Unfortunately, they are often the victims of the blame fest. Poor internalrelationships can have fatal consequences for your external customers. I
recently saw an anonymous quote that supports my point. "We have less to
fear from outside competition than from inside conflict, inefficiencies,
discourtesy, and bad service." So true.
They want to fix the problem. It's up to you to quarterback all of the
company's resources to resolve their problem. When you work in harmony
with your internal customers, external customers become the beneficiary of
your internal relationships.
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Be aware too of your own personal internal customers, such as family,
spouse, and parents. View your kids, spouse, or significant other as your
personal internal customers. They also deserve respectful treatment.
Repeat Customer.
They are the jewels of your business. Do the job well the first time and
you often get rewarded with another opportunity to serve them. And guess
what? They give you more money! You may have heard that it costs up to five
times as much to replace a customer as it does to keep one.
So, keep them happy. Under promise and over deliver.
Born-Again Customer.
These are previous customers who no longer do business with you.
For some reason they have forgotten about you or they are still upset
with you. Dig up their file, give them a call, and settle any outstanding
grievance. Put your ego aside and offer restitution to satisfy the customer.
They often become loyal customers provided you resolve the problem to
their satisfaction. As you work with your customers, you will find theSequential Model is applicable to all six types.
Remember, Pay particular attention to your internal customers.
Bag of Wind.
You guessed it, these people have little or no impact on the decision.
They are often an easy point of entry into an account but they seldom
contribute to the sales process. In fact they do more harm than good bycreating a false sense of authority.
There is nothing worse than wasting valuable selling hours on people
who cannot help advance the sale. They may also provide clarity as to who the
allies are and who the bag of money is.
Knowing these people can prove to be a huge advantage; knowledge is
power.
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Customer Segmentation
In the snowmobile example, the served market consisted of one
segment but conceivably, the served market. Could be much broader in scope.For example, the company could decide to serve all industrial customers (large,
medium, small) by offering diesel-driven snowmobiles for delivery use. The
broader served market, however, must be segmented because the market is
not homogeneous; that is, it cannot be served by one type of product/service
offering.
Currently, the United States represents the largest market in the world
for most products; it is not a homogeneous market, however. Not all
customers want the same thing. Particularly in well-supplied markets,
customers generally prefer products or services that are tailored to their
needs. Differences can be expressed in terms of product or service features,
service levels, quail levels, or something else.
In other words, the large market has a variety of submarkets, or
segments, that vary substantially. One of the crucial elements of marketing
strategy is to choose the segment or segments that are to be served. This,
however, is not always easy because different methods for dissecting a marketmay be employed and deciding which method to use may pose a problem.
Virtually all strategists segment their markets.
Typically, they use SIC codes, annual purchase volume, age, and income
as differentiating variables. Categories based on these variables, however, may
not suffice as far as the development of strategy is concerned. RCA, for
example, initially classified potential customers for color television sets
according to age, income, and social class. The company soon realized that
these segments were not crucial for continued growth because potentialbuyers were not confined to those groups.
Later analysis discovered that there were innovators and followers in
each of the above groups. This finding led the company to tailor its marketing
strategy to various segments according to their innovativeness. Mass
acceptance of color television might have been delayed substantially if RCA
had followed a more traditional approach. An American food processor
achieved rap success in the French market after discovering that modernity
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Frenchwomen liked processed foods while traditional French house wives
looked upon them as a threat.
A leading industrial manufacturer discovered that its critical variable was
the amount of annual usage per item, not per order or per any otherconventional variable. This proved to be critical since heavy users can be
expected to be more sensitive to price and may be more aware of and
responsive to promotional perspectives.
Segmentation aims at increasing the scope of business by closely
aligning a product or brand with an identifiable customer group.
Take, for example, cigarettes. Thirty years ago, most cigarette smokers
chose from among three brands: Camel, Chesterfield, and Lucky Strike. Today
more than 160 brands adorn retail shelves. In order to sell more cigarettes,
tobacco companies have been dividing the smoking public into relatively tiny
sociological groups and then aiming one or more brands at each group.
Vantage and Merit, for example, are aimed at young women; Camel and
Winston are aimed mostly at rural smokers. Cigarette marketing success hinges
on how effectively a company can design a brand to appeal to a particular type
of smoker and then on how well it can reach that smoker with sharply focused
packaging, product design, and advertising.
What is true of cigarettes applies to many, many products; it applies
even to services. Banks, for example, have been vying with one another for
important customers by offering innovative services that set each bank apart
from its competition. These illustrations underscore not only the significance of
segmenting the market but also the importance of carefully choosing
segmentation criteria.
Segmentation criteria
Segmentation criteria vary depending on the nature of the market. In
consumer goods marketing, one may use simple demographic and
socioeconomic variables, personality and lifestyle variables, or situation
specific- events (such as use intensity, brand loyalty, and attitudes) as the
bases of segmentation.
In industrials marketing, segmentation is achieved by forming end use
segments, product segments, geographic segments, common buying factor
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segments, and customer size segments. For a detailed account, however,
reference may be made to a textbook on marketing management.
In addition to these criteria, creative analysts may well identify others.
For example, a shipbuilding company dissects its tanker market into large,medium, and small markets; similarly, its cargo ship market is classified into
high-, medium-, and low-grade markets.
A forklift manufacturer divides its market on the basis of product
performance requirements. Many consumer- goods companies, General
Foods, Procter & Gamble, and Coca-Cola among them, base their segments on
lifestyle analysis. Data for forming customer segments may be analyzed with
the use of simple statistical techniques (e.g., averages) or multivariate
methods.
Conceptually, the following procedure may be adopted to choose a
criterion for segmentation:
1. Identify potential customers and the nature of their needs.
2. Segment all customers into groups having
Common requirements.
The same value system with respect to the importance of these
requirements.
3. Determine the theoretically most efficient means of serving each market
segment, making sure that the distribution system selected
differentiates each segment with respect to cost and price.
4. Adjust this ideal system to the constraints of the real world: existingcommitments, legal restrictions, practicality, and so forth. A market can also be
segmented by level of customer service, stage of production,
price/performance characteristics, credit arrangements with customers,
location of plants, characteristics of manufacturing equipment, channels of
distribution, and financial policies.
The key is to choose a variable or variables that so divide the market
that customers in a segment respond similarly to some aspect of the
marketers strategy. The variable should be measurable; that is, it should
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represent an objective value, such as income, rate of consumption, or
frequency of buying, not simply a qualitative viewpoint, such as the degree of
customer happiness.
Also, the variable should create segments that may be accessiblethrough promotion. Even if it is feasible to measure happiness, segments
based on the happiness variable cannot be reached by a specific promotional
medium. Finally, segments should be substantial in size; that is, they should be
sufficiently large to warrant a separate marketing effort.
Once segments have been formed, the next strategic issue is deciding
which segment should be selected. The selected segment should comply with
the following conditions:
1. It should be one in which the maximum differential in competitive strategy
can be developed.
2. It must be capable of being isolated so that competitive advantage can be
preserved.
3. It must be valid even though imitated.
Customer service
Customer service is the provision of service to customers before, during
and after a purchase.
According to Turban et al. (2002), Customer service is a series of
activities designed to enhance the level of customer satisfaction that is, the
feeling that a product or service has met the customer expectation." Its
importance varies by products, industry and customer; defective or broken
merchandise can be exchanged, often only with a receipt and within a
specified time frame.
Retail stores will often have a desk or counter devoted to dealing with
returns, exchanges and complaints, or will perform related functions at the
point of sale; the perceived success of such interactions being dependent on
employees "who can adjust themselves to the personality of the guest".
From the point of view of an overall sales process engineering effort,
customer service plays an important role in an organization's ability to
generate income and revenue. From that perspective, customer service should
be included as part of an overall approach to systematic improvement.
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A customer service experience can change the entire perception a
customer has of the organization. Some have argued that the quality and level
of customer service has decreased in recent years, and that this can be
attributed to a lack of support or understanding at the executive and middle
management levels of a corporation and/or a customer service policy.
To address this argument, many organizations have employed a variety
of methods to improve their customer satisfaction levels.
PROBLEM FORMULATING STAGE
During the research the survey of the market in Bangalore has been
done and then result was found that company and its owners are doing their
job more efficiently but still the company is lacking to make its customer fully
satisfied.
The existing customers are not having so much of problem but the new
customers are facing the problem. The problem is related to brokerage rate,
expert knowledge, problem solving etc. Because of high account opening
charge in the market customer are not ready to open an account.
LITERATURE SEARCH
It has been found that if company want to expand its market share and
to increase the customer then it should have to focus on product and services
promotion apart from brand promotion.
The company will have to satisfy its customer in an appropriate way so
that they will become loyal customer and they will also help to increase to
increase the number of customer through their valuable references. The
company should launch some good schemes & lower broking charges. It shouldprovide training to customers and also show the demo etc.
DATA EVALUATION
After collecting and analyzing the data understanding has been made
that in this era of marketing where the market is full of competitors IndiaMart
should have to do something innovative and creative in order to give tough
competition to the top broking companies.
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As we know that CUSTOMER IS THE KING. It means anyhow company
will have to make its customer happy, satisfied and delight to make more and
more profit and leave the competitors behind.
PROBLEM STATEMENT
Analysis of Customer Satisfaction at Indiamart and to check the awareness
among the customers about Indiamart and its products/services.
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RESEARCH METHODOLOGY
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OBJECTIVE OF THE STUDY
To find out about the awareness of the clients about online B2B market
and the services offered by Indiamart.
To find out the satisfaction level of the customers of Indiamart.
To learn the whole process involved in working of Indiamart.
RESEARCH METHODOLOGY
Marketing Research is the systematic & objective identification,
collection, analysis, dissemination & use of information for the purpose of
improving decision making related to the identification & solution of problems
& opportunities in Marketing.
A research process consists of stages or steps that guide the project
from its conception through the final analysis, recommendations and ultimate
actions. The research process provides a systematic, planned approach to the
research project and ensures that all aspects of the research project are
consistent with each other. Research studies evolve through a series of steps,each representing the answer to a key question.
RESEARCH DESIGN
Research design is a conceptual structure within which research was
conducted. A research design is the detailed blueprint used to guide a research
study towards its objective. It is a series of advanced decision taken together
comprising a master plan or a model for conducting the research in
consonance with the research objectives. Research design is needed because it
facilitates the smooth sailing of the various research operations, thereby
making research as efficient as possible yielding maximum information with
the minimum effort, time and money.
( I ) Exploratory Research
To gather preliminary information that will help define problems and suggesthypotheses. (Uses Secondary Data & Focus Groups)
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( II ) Conclusive Research
Descriptive Research
To describe things, such as the market potential for a product or the
demographics & attitudes of consumers who buy the product.
Experimental Research : (Causal Research)
To establish the cause-and-effect relationships
RESEARCH PROCESS
The research process has five distinct yet interrelated steps for research
analysis.
1. Define the information needed.
2. Design the Exploratory, Descriptive and/or Causal phases of the Research.
3. Specify the measurement and scaling procedures.
4. Construct and pretest a Questionnaire (interviewing form) or an appropriate
form for Data Collection.5. Specify the Sampling Process & Sample Size.
6. Develop a plan of Data Analysis.
Each step is viewed as a separate process that includes a combination of
task, step and specific procedure. The steps undertake are logical, objective,
systematic, reliable, valid, impersonal and ongoing.
EXPLORATORY RESEARCH
The method I used for exploratory research was Primary Data, Secondary data
PRIMARY DATA
New data gathered to help solve the problem at hand. As compared to
secondary data which is previously gathered data. An example is information
gathered by a questionnaire.
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Qualitative or quantitative data that are newly collected in the course of
research Consists of, original information that comes from people and includes
information gathered from surveys, focus groups, independent observations
and test results. Data gathered by the researcher in the act of conducting
research.
This is contrasted to secondary data, which entails the use of data
gathered by someone other than the researcher information that is obtained
directly from first-hand sources by means of surveys, observation or
experimentation.
My proposal is to first conduct a intensive secondary research to
understand the full impact and implication of the industry, to review and
critique the industry norms and reports, on which certain issues shall be
selected, which I feel remain unanswered or liable to change, this shall be
further taken up in the next stage of exploratory research.
DESCRIPTIVE RESEARCH
STEPS in the descriptive research
Statement of the problem Identification of information needed to solve the problem
Selection or development of instruments for gathering the information
Identification of target population and determination of sampling Plan
Design of procedure for information collection
Collection of information
Analysis of information
Generalizations and/or predictions
DATA COLLECTION
Data collection took place with the help of filling of questionnaires. The
questionnaire method has come to the more widely used and economical
means of data collection.
The common factor in all varieties of the questionnaire method is this
reliance on verbal responses to questions, written or oral. I found it essential
to make sure the questionnaire was easy to read and understand to allspectrums of people in the sample.
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It was also important as researcher to respect the samples time and
energy hence the questionnaire was designed in such a way, that its
administration would not exceed 4-5 minutes.
SAMPLE SIZE
This involves figuring out how many samples one need. The numbers of
samples you need are affected by the following factors:
Project goals
How you plan to analyze your data?
How variable your data are or are likely to be?
How precisely you want to measure change or trend?
The number of years over which you want to detect a trend?
How many times a year you will sample each point?
How much money and manpower you have?
I have targeted 50 people/Customers for the purpose of the research.
The target population influences the sample size. The target population
represents Bangalore.
LIMITATION OF THE STUDY
Total 50 sample size has been taken for the study.
This study was based on questionnaire method. So there is chances of
bias
The results are based on probability basis. The result may vary from time
to time
The study has been done only from one store/location covering small
part of Bangalore.
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DATA ANALYSIS AND INTERPRETATION
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1. Awareness of the companies which provide online promotion/marketing
(online B2B) services.
Interpretation:
When asked about the awareness of online promotional and marketing
services providers 60% responded with Indiamart.com followed by other
providers. Thus brand awareness of Indiamart is very high.
2. Money spent to market product/service annually on Internet.
Interpretation:
When asked about annual expenditure of company on online promotion. 40%
responded with 30000 and more, next highest was between 20000-30000 with
36%
3. Level of promotion of the product/company.
60%10%
10%
10%
4%
6% Indiamart.com
Tradeindia.com
Exportersindia.com
Alibaba.com
Madefromindia.com
Indianyellowpages.com
4%
20%
40%
36%Less than Rs.10000
Rs.10000-20000
Rs.20000-30000
Rs.30000 and More
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Interpretation:
70% of the respondents wanted local level promotion of product/company
because most of the respondents were local ones without any branch in other
cities. 20% wanted national level promotions.
4. Awareness about online Exhibition/ trade shows.
Interpretation:
80% of the respondents were aware about online trade shows and exhibitions.
5. Reason to advertise in online Trade shows.
70%
20%10%
Local
National
Global
80%
20%
Yes
No
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Interpretation:
When asked about reasons to advertise in online trade shows, 50% respondentthat it gives maximum exposure in nowadays market scenario.
6. Awareness of Indiamart.com services like existence verification, credibility
factors and statutory approvals and online promotion services.
Interpretation:
90% of the respondents were aware about the various services offered by
Indiamart.com. Only 10% were unaware.
7. Benefits from the internet to the business.
10%
20%
10%
10%
50%
Maximum exposure through
international distribution
Global buyers preferred choice
Minimum cost per business
enquiry
International quality print, paper
and design
90%
10%
Yes
No
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Interpretation:
When asked about the benefits from internet to their business. 30% responded
that it gives opportunity to showcase entire range of products to prospective
customers. 20% each responded being available to buyers 24/7 and low client
acquisition cost.
8. Satisfaction with the pricing of the products/services.
Interpretation:
50% of the respondents were satisfied with the pricing of products/services of
Indiamart.com. But 32% were dissatisfied as well.
10%10%
20%
20%
10%
30%
Tap new markers across the world
Reach potential buyers from over
200 countries
Lowest client acquisition cost
Be available to buyers 24 x 7
Get a global presence
Showcase an entire range of
products
32%
18%
50%
Dissatisfied
Neither dissatisfied
nor satisfied
Satisfied
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9. Satisfaction with the products/services of Indiamart.com through its
website.
Interpretation:
80% of the respondents were satisfied with the products/services of Indiamart.
Only 8% were dissatisfied.
10. Satisfaction with the complaint handling process.
Interpretation:
60% of the respondents were satisfied with the complaint handling process of
Indiamart. 24% were dissatisfied with complaint handling.
11. Satisfaction with Indiamart sales person/executives knowledge.
8%12%
80%
Dissatisfied
Neither dissatisfied
nor satisfied
Satisfied
24%
16%60%
Dissatisfied
Neither dissatisfied
nor satisfied
Satisfied
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Interpretation:
70% of the respondents were satisfied with the sales executives of Indiamart.
i.e. their knowledge of products and services and their personality. 20% were
dissatisfied.
12. Satisfaction with other benefits like online trade shows of Indiamart.
Interpretation:
80% of the respondents were satisfied with other benefits offered by
Indiamart like online trade shows etc, i.e. the trade shows have helped their
businesses. 16% of the respondents were not satisfied.
20%
10%
70%
Dissatisfied
Neither dissatisfiednor satisfied
Satisfied
16% 4%
80%
Dissatisfied
Neither dissatisfied
nor satisfied
Satisfied
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Customer Satisfaction on various factors in decreasing order of percentage.
Satisfaction with other benefits like online trade shows of Indiamart 80%Satisfaction with the products/services of Indiamart through its website 80%Satisfaction with Indiamart sales person/executives knowledge 70%Satisfaction with the complaint handling process 60%Satisfaction with the pricing of the products/services 50%
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FINDINGS AND
RECOMMENDATIONS
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FINDINGS
It was found that the brand awareness of Indiamart is high compared to
others as 60 % of respondents told that they are aware about Indiamart. 76%of the respondents spent 20000 or more on their online promotional activities.
70% of the respondents want local level promotion of product/company
because most of the respondents were local ones without any branch in other
cities. 80% of the respondents were aware about online trade shows and
exhibitions. 50% respondent think that that it gives maximum exposure in
nowadays market scenario thats why they want to advertise in online trade
shows. It was found that 30% of respondent think that internet gives
opportunity to showcase entire range of products to prospective customers,
20% each think that internet helps in being available to buyers 24/7 and low
client acquisition cost. Thus there is scope for improvement i.e, more
awareness can be build up by Indiamart. Indiamart should redesign its
promotional strategies to capture more market.
It was found that 50% of the respondents were satisfied with the pricing of
products/services of Indiamart.com. It was found that most of the customers
i.e, almost 90% are aware about the various services offered by Indiamart.com.
80% of the respondents were satisfied with the products/services of Indiamart.
70% of the respondents were satisfied with the sales executives of Indiamart.
i.e. their knowledge of products and services and their personality. 60% of the
respondents were satisfied with the complaint handling process of Indiamart.
80% of the respondents were satisfied with other benefits offered by
Indiamart like online trade shows etc, i.e. the trade shows have helped their
businesses. The satisfaction can be further improved in the areas of pricing,
complaint handling and the sales executives.
With the help of secondary data that is various books and articles related to
Indiamart and its working and also going for field work during my project work,
I was able to learn about the working process of Indiamart.
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RECOMENDATION
The IndiaMart is lacking in the areas of services promotion, it should
redesign its promotional strategies to capture more market. The company
should increase the number of advertisement through various media to remind
present as well as to aware new customer about its services.
The company should lower its brokerage charge in order to gain more
customers. Rs 24000 promotion charges are too high when targeting a
corporate so the company should be flexible on this amount.
Make the complaint process easy so that there is a scope of
improvement to identify regions where promotions are required. The companyshould solve the problems of the customers quickly because delay in this will
make them dissatisfied and they will not provide the reference of any
customers.
After sales services and follow up calls are important for getting new
references so trained telesales should be appointed for this purpose whose
sole work should be to make feedback calls. This will result in additional
customer base by getting further references from satisfied clients.
The company should organize seminars for new as well as existing
customer in order to make existing customer delight by providing some gifts.
This will act as a customer acquisition program.
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CONCLUSION
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CONCLUSION
The main purpose of the Project was to gain practical knowledge and
apply our skills in practical and real environment.
It is the time when we have to sharpen our skills, abilities and knowledge
which would help me in getting final placement.
In Indiamart.com, I have got an opportunity to explore my potential. By
preparing extensive research reports we have attained fundamental
knowledge of online promotional services, its scope and its importance in
coming years.
I have also come across various technicalities related to online
promotional services. I understood the concept of online promotional
services, types of schemes available in online marketing.
I got the chance to understand concept of B2B portals, online marketing and
mass advertising and also how to develop and maintain corporate relationship,
etc.
I am very confident that after completing my Project in Indiamart.com
Company I would have mastered in various online promotional services.
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BIBLIOGRAPHY
BOOKS
Marketing Management: - PHILIP KOTLER 13th Edition, 2009, PrenticeHall of India Ltd., New Delhi.
Marketing Management:- V.S RAMASWAMY AND S. NAMAKUMARI
Marketing Research: - DR. C.R. KOTHARI
NEWSPAPER AND MAGAZINE
Business World
The Economic Times
Business Standard
Business line
WEBSITES
www.IndiaMart.com
www.google.com
www.investopedia.com
www.wikipedia.com
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QUESTIONNAIRE
1. Are you aware of the companies which provide online promotion/marketing (online B2B)
services?
2. How much amount of money you spend to market your product/service annually on
Internet?
-20000-30000
3. At which level would you like to promote your product?
4. Are you aware about online Exhibition/ trade shows?
5. Why would you like to advertise in online Trade shows?
International quality print, paper and design
6. Are you aware that Indiamart.com provides services like existence verification, credibility
factors and statutory approvals and online promotion services?
7. Benefits which would you like to reap from the internet?
Get a global presence
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8. Are you satisfied with the pricing of the products/services?
9. Are you satisfied with the products/services of Indiamart.com through its website?
10. Are you satisfied with the complaint handling process?
11. Are you satisfied with Indiamart sales person/executives knowledge?
12. Are you satisfied with other benefits like online trade shows of Indiamart?
nor satisfied