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Customer Relationship Management in

Religare Securities with special reference to equities

Summer Training Project Report

Submitted in the partial fulfillment of the requirements

For the degree of





(University Roll No. 94972238148)







This is to certify that the project “Customer Relationship Management in Religare securities with
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 Arjun Singh kanwar (Roll No.
94972238148), 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 fully

Dated: Ms. Deepika Arora

Training Advisor

Faculty PCTE, Baddowal,



Any person can never do work of this nature alone. This formal piece of acknowledgement may
not be sufficient to express the feeling of gratitude and affection for those who were associated
with the project and without whose co-operation and guidance this project could not have been
conducted properly.

It is a matter of great pleasure for me in submitting the project report on “Customer

Relationship Management” in Religare Securities with Special Reference to Equity” in the
partial fulfillment of the requirement of my course from “ PUNJAB COLLEGE OF
TECHNICAL EDUCATION, BADDOWAL.” It is my profound privilege to thankfully
acknowledge the inspiring co-operation extended to me by all the staff members for the
successful completion of my project.

My first word of thanks goes to Mr. Vinay Kumar, Branch Manager, Religare Securities, CP
New Delhi for giving me an excellent chance to undergo training in a reputed and prestigious
brokerage firm of India.

I further, am in deep gratitude to Mr. Sunil Shukla , Senior Relationship Manager for His kind
support and guidance in marshalling my knowledge to the shaping of and the Becoming of the
project & other staff members of Religare for their kindness and Valuable guidance and
assistance, which helped me in the completion of my summer Training.


Ever since we have attained independence we have been attaining some sort of nourishment in
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 by the earning
population of the country. Indian financial market has been progressing leaps and bounds in last
decade or so

World see India as the emerging power of the planet and Indian finance has major role to play in
letting the country in this great position. Share market is the breathing zone of Indian financial
market. Every Indian company which has some significance with lot of people has been listed in
the stock exchange and has been affecting country.

Broking firms play a major role in the smooth functioning of the Stock Market because investors
trade through these broking firms. So because of lots of opportunity in this sector with that is the
increasing competition. More and more companies are entering into this sector, so to maintain
and acquire the client base it requires good marketing strategies on the companies part.

It must be kept in mind that major share of investors are price sensitive and they decide the
investment options and the options to trade trough on the basis of cost effectiveness.

(Signature of major advisor) (Signature of student)


Sr. No. Contents Page No.

Part - A
1. Introduction to Brokerage industry 9

1.1 Primary Market 9

1.2 Secondary Market 10

1.3 Evolution of the Indian Brokerage Market

1.4 Development in the Brokerage Industry 12

1.5 Industry Insight 13

1.6 Main players in the brokerage industry are

2. Introduction to Religare Enterprise Limited 14

2.1Historical Background Of The Group 15

2.2 Vision & Mission 15
2.3Now What Does RELIGARE Mean? 16
2.4 Key Events and Milestones 18

2.5Organization Structure 19

2.6 Central Leadership Team 20

2.7 Board of Directors - Religare Enterprises Limited 21

2.8 Addresses
2.9 Religare Global Presence
2.10 Following are the companies Under Religare Enterprise 22

3. Religare Securities Limited 23
3.1 Products and services
3.2 Key Executives
3.3 SWOT Analysis Of Religare Securities Ltd


4.1Profit and Loss Account
4.2Balance Sheet

4.3 Financial Statement Analysis 42

4.4 Trend Analysis

Part – B
1. Introduction to the project 54

1.1 Customer relationship management 54

1.2 Need of the study 65

2. 2.1 Review of Literature 66

2.2 Title 70

2.3 Objectives 71
3. Research Methodology 72

3.1 Scope of the research project 72

3.2 Type of Research 72

3.3 Method of Data collection

3.4 Sample Design

3.5 Limitations of the Study


4. Data analysis and interpretation

Table 4.1 Profession In which respondent is engaged 74

Table 4.2 Time period of investing.

Table 4.3 Reasons For Investing
Table 4.4 Awareness of Customer relationship marketing
policies 80

Table 4.5 Customer Relationship marketing Policies. 81

Table 4.6 Choose any 3 Customer relationship Practices
Table 4.7 Reason for Religare to follow these practices

Table 4.8 (a) Satisfaction Level for Staff Efficiency 87

Table 4.8 (b) Satisfaction Level for Redressing of complaints

Table 4.8 (c) Satisfaction Level for Timely Responses 89

Table 4.8 (d) Satisfaction Level for Updated information 90

Table 4.8 (e) Satisfaction Level for Clarity of concept
Table 4.9 Influence of Customer Relationship Practices in
further Investing
Table 4.10 Recommend to others
Table 4.11 Experience in Stock market


5. Results and findings 96

Recommendations 97

Conclusion 98
Bibliography/References 99

Questionnaire 100



Globalization has proved to be a boon for the Indian economy. After globalization there has been
a tremendous growth in the Indian economy.

Every sector of the economy has shown an outstanding performance after globalization. Earlier
Trading was confined in limited boundaries 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 more concerned about their customers to improve their performance. The
sector is undergoing fundamental changes that have diluted its traditional role of protecting small
deposits against capital and income risk and facilitating the conversion of Savings into
investment. Also there have been a drastic increase in the volume of share traded on stock
exchange and with that the online trading has shown Bull Run.

The Indian Brokerage Industry consists of companies that primarily act as agents for the buying
and selling of securities (e.g. stocks, shares, and similar financial instruments) on a commission
or transaction fee basis. Hence, to understand this industry we have to study Security Market:

Security market has two main interdependent segments: Primary market and the Secondary

1.1 Primary Market

The 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 of a
new stock or bond issue. This is typically done through a syndicate of securities dealers. The
process of selling new issues to investors is called underwriting. In the case of a new stock issue,
this sale is an initial public offering (IPO). Dealers earn a commission that is built into the 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, collect applications
and after sorting out the good issues, they put in their applications. The share brokers get their
brokerage on the transactions made.

1.2 Secondary Market

The secondary market is that market in which trading is done of securities that have already been
issued in an initial private or public offering.

The secondary market comprises of brokerage that a broker earns in the buying and selling of
companies that are listed in the stock exchange. These stock brokers are in charge of the
conformation and carrying out of transactions. Orders are taken and executed on behalf of the
clients. The fluctuation of rates in the share market makes the activity in a trade market a
dynamic process. It is necessary for a broker to have adequate knowledge about the economic
and political factors as they affect the share market.

1.3Evolution of the Indian Brokerage Market

The Indian broking industry is one of the oldest trading 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 is explained in three phases: pre1990, 1990-2000, post 2000.

1.3.1Early Years

The equity brokerage industry in India is one of the oldest in the Asia region. India had an active
stock market for about 150 years that played a significant role in developing risk markets as also
promoting enterprise and supporting the growth of industry.

The roots of a stock market in India began in the 1860s during the American Civil War that led
to a sudden surge in the demand for cotton from India resulting in setting up of a number of joint
stock companies that issued securities to raise finance. This trend was akin to the rapid growth of
securities markets in Europe and the North America in the background of expansion of railroads
and exploration of natural resources and land development.

Bombay, at that time, was a major financial centre having housed 31 banks, 20 insurance
companies and 62 joint stock companies.

In the aftermath of the crash, banks, on whose building steps share brokers used to gather to seek
stock tips and share news, disallowed them to gather there, 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 the formation of a trust in 1887 known as the “Native
Share and Stock Brokers Association”.

A unique feature of the stock market development in India was that that it was entirely driven by
local enterprise, unlike the banks which during the pre-independence period were owned and 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). The stock 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.


In actuality the brokerage industry continues to develop rapidly. Many of the traditional
restrictions against banking activities within the brokerage industry are being eliminated and the
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 all of the
services that are offered by a checking account. The basic function of a brokerage firm is to
execute buy and sell orders for clients. Traditionally these firms have offered the investigation of
the quality and the possibilities of investing in a variety of investment products. It is still
accustomed for brokerage firms to offer information about possible investments free of charge.
This activity of bringing free of charge stock investment reports is one of the main tools that are
utilized by brokerage houses to compete against other firms and to investors it continues to be an
important service.

Despite the previously, not all investors consider that investment reports is an important service.
Some investors prefer other types of services since many investors don’t believe that these

investment reports are useful. 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 up their doors as discount brokerage firms. In actuality, brokerage
firms may be classified into full service brokers and discount brokers.

Full service brokerage firms continue to offer informative stock reports and a level of service
much higher than other brokerage houses. Discount brokerage houses only dedicate themselves
to execute orders for clients. Full service brokers are sellers looking for purchasing and selling
for clients and offering more customer service than is available from discount brokers. It is many
times possible that a client will not even know who is taking care of the buy or sell order that
they placed. These differences in services and philosophies may lead to great differences in
commission costs. It is 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 as well as to the sale of a stock or other investments.

Post major reforms initiative in early 2000s brokerage industry in India is experiencing rapid
growth and diversity. At present apart of brokerage business industry is also offering wide range
of financial services. These developments have resulted in huge spurt in business and also
growing market share of the large sized brokerage houses has led to surge in enterprise value. In
the year 2007 IPOs of large 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 stock exchanges.

1.5 Industry Insight

• Majority of the broking firms entered the business post 1990. A majority of members
have memberships in more than one stock exchange and across equities, equity
derivatives and commodities futures in domestic and International stock exchange.

• On the back of growing equity culture broking activity is spreading in Tier II and Tier III
cities 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 brokers.

1.6 Main 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



Religare Enterprises Limited (REL) is a global financial services group promoted by the
RANBAXY group , with a presence across Asia, Africa, Middle East, Europe and the Americas.
In India, REL’s largest market, the group offers a wide array of products and services ranging
from insurance, asset management, broking and lending solutions to investment banking and
wealth management. The group has also pioneered the concept of investments in alternative asset
classes such as arts and films .With 10,000 plus employees across multiple geographies, REL
serves over a million clients, including corporates and institutions, high net worth families and
individuals, and retail investors.

2.1Historical Background Of The Group

The Company was originally incorporated as Vajreshwari Cosmetics Private Limited on January
30, 1984. The name of Company was subsequently changed to Religare Enterprises Private
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 the Company on
January 31, 2006, by the Registrar of Companies, Punjab, Himachal Pradesh & Chandigarh at

The status of the Company was changed to a public limited company by a special resolution of
the members dated July 14, 2006. The fresh certificate of incorporation consequent to the change
of name was granted to the Company on August 11, 2006, by the Registrar of Companies, 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.

Religare has a pan India presence, 1837* locations across 498* cities and towns. It also currently
operates from nine international locations following its acquisition of London's brokerage &
investment firm, Hichens, Harrison & Co. plc. (Now Religare Hichens, Harrison Plc).

2.2 Vision & Mission

2.2.1 Vision - To build Religare as a globally trusted brand in the financial services domain.

2.2.2 Mission - Providing complete financial care driven by the core values of diligence and

2.2.3 Brand Essence - Core brand essence is Diligence and Religare is driven by ethical and
dynamic processes for wealth creation.

2.3Now What Does RELIGARE Mean?

2.3.1 Name
Religare is a Latin word that translates as 'to bind together'. This name has been chosen to reflect
the integrated nature of the financial services the company offers.

The Religare name is paired with the symbol of a four-leaf clover. Traditionally, it is considered
good fortune to find a four-leaf clover as there is only one four-leaf clover for every 10,000
three-leaf clovers found.

For Religare, each leaf of the clover has a special meaning. It is a symbol of Hope. Trust. Care.
Good Fortune.

For 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

brings satisfaction to all, not in the binding, but in the bond 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.

The 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 vision.

2.4 Key Events and Milestones

2.4.1 Year Events
 1994 RSL received membership of the NSE as ‘stock broker.

 2000 RSL received membership of the Futures and Options segment of the NSE.
- RSL received registration as ‘Depository Participant’ with NSDL.

 2001 RFL received registration as ‘non-banking financial institution not accepting

public deposits with RBI.

 2002 RSL received registration as ‘Portfolio Manager’ from SEBI.

 2003 RSL received registration as ‘Depository Participant’ with CDSL.

 2004 RSL received membership of the BSE as ‘stock broker.

-RCL received membership of MCX as ‘trading-cum-clearing member.

-RCL received membership of NCDEX as ‘trading-cum-clearing.

 2005 RFL received enrollment as ‘AMFI registered mutual fund advisor

 2006 Establishment of representative office in London.

-RCL received membership of NMCE.
-RIBL received license from IRDA to act as ‘composite broker’.
-Joint venture agreement with Aegon International.
- N.V. for carrying on the business of mutual fund asset management.
-RSL received registration as ‘Merchant Banker in Category - I from SEBI.

 2007 RSL received membership of derivative segment of the BSE as trading-cum-

clearing member.
-Religare Enterprises to enter the capital market.
-Religare - Macquarie Joint Venture for Wealth Management.

 2008 Religare to acquire UK brokerage Hichens

-Religare strengthens its Bancinvest Channel Adds Karur Vysya Bank to
its kitty.
-Religare AEGON Asset Management Company Private Limited, a joint
venture between Religare and AEGON, has received the final regulatory
approval from the Securities and Exchange Board of India (SEBI) to
launch mutual fund business in the country.
-Religare Enterprises gets SEBI nod for LOTUS acquisition.

 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 Religare's internet trading services platform to the Bank's customers.
-Religare and Swiss Re join hands to enter India health insurance space.

-Religare launches CSR Initiative

2.5Organization Structure:

2.6 Central Leadership Team

 Mr. Sunil Godhwani
Chairman and Managing Director,
Religare Enterprises Limited

Mr. Sunil Godhwani, Chairman and Managing Director, Religare Enterprises Limited, is the
driving force behind the company. A man with a vision to create a global business of excellence,
he is the inspiration to all as he spearheads the company’s management and global operations;
strategizing and directing it through its next phase of growth. Sunil has a diverse 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 Religare Laboratories Limited, Religare
Macquarie Wealth Management Limited, AEGON Religare Life Insurance Company Limited,
Religare Voyages Limited, Parkway Holdings, Fortis Healthcare Limited and other subsidiaries/
Group companies of Religare.

Born in New Delhi, Sunil completed his schooling from prestigious St. Columbas School post
which he went abroad for studying. He holds a B. Sc. Degree in Chemical Engineering and a
M.Sc. in Industrial Engineering & Finance from Polytechnic Institute of New York. He loves
Chinese food and is an avid sports enthusiast with interest in Cricket, Table Tennis and Golf.

 Mr. Shachindra Nath

Group CEO, Religare Enterprises Limited

 Mr. Anil Saxena
Group CFO, Religare Enterprises Limited

2.7 Board of Directors - Religare Enterprises Limited

 Mr. Sunil Godhwani

Chairman and Managing Director
 Mr Shachindra Nath
Group CEO
 Mr. Anil Saxena
Group CFO
 Mr. Harpal Singh
Non Executive Director
 Mr. Deepak Ramchand Sabnani
Independent Director
 Ms. Kathryn Matthews
Independent Director
 Mr. Padam Bahl
Independent Director
 Mr. J. W. Balani
Independent Director
 Ms. Sunita Naidoo
Independent Director

 Mr. Stuart D Pearce
Independent Director
 Mr. R. K. Shetty
Alternate to Mr. J. W. Balani
 Capt. G. P. S. Bhalla
Alternate to Mr. Deepak Sabnani
2.8 Addresses

S. No. Location Type Address

1 Registered Office D3, P3B, District Centre, Saket
New Delhi , Delhi - India
PinCode :110017
Phone :011-39125000,,,
Fax :011-39126505,
2 Corporate Office A3,4,5, GYS Global, Sec 125
Noida , Uttar Pradesh - India
PinCode :201301
Phone :0120-3391000,,,

2.9 Religare Global Presence

 New York

 San Francisco

 Brazil

 United Kingdom

 Dubai

 Qatar

 Singapore

 Malayasia

 Singapore

 Hong Kong

 Tokyo

2.10 Following are the companies Under Religare Enterprise Limited

Religare Securities Limited

Religare Securities Limited (RSL), a 100% subsidiary of Religare Enterprises Limited is a
leading equity and securities firm in India. The company currently handles sizeable volumes
traded on NSE and in the realm 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,
Depository Participant Services and Research Services. To broaden the gamut of services offered
to its investors, the company offers an online investment portal armed with a host of
revolutionary features.

• RSL is a member of the National Stock Exchange of India, Bombay Stock Exchange of
India, Depository Participant with National Securities Depository Limited and Central
Depository Services (I) Limited.
• Religare has been constantly innovating in terms of product and services and to offer
such incisive services to specific user segments it has also started the NRI, FII, HNI and
Corporate Servicing groups. These groups take all the portfolio investment decisions
depending upon a client's risk / return parameter.
• Religare has a very credible Research and Analysis division, which not only caters to the
need of our Institutional clientele, but also gives their valuable inputs to investment

Religare Securities Limited, a Ranbaxy Promoter Group Company, was founded by late Dr.
Parvinder Singh (CMD Ranbaxy Laboratories Limited), with the vision of providing integrated
financial care driven by the relationship of trust & confidence.

To realize its vision the Religare group provides various financial services which include
broking (stocks & commodities), depository participant services, portfolio management services,
advisory on mutual fund investments and many more. Working on the philosophy of being
“Financial Care Partner”, Religare unlike other traditional broking firms not only executes the
trades for the clients but also provides them critical and timely investment advice.

The growing list of financial institutions with which Religare is empanelled as an approved
broker 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 skilled
professionals who have proven track record in their respective domains. Religare has the widest
Part – B

Research Project



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, 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 customer's aspirations and customer's 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 customer's 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

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 buyer's 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 near by 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 customer's 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 depth
of relationship. This creates a challenge for a salesman or a marketer at the vendor firm. For a
vendor to increase sales, the vendor firm must improve the relationship with the buyer. And to
improve 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 the
levels of customer relationships.

Levels of Customer Relationships

As 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 relationship

Level-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 at
level-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 vendor's best interest to have very deep relationship with the customer.

Level-1: Utility Need

This is the most basic interaction between customer and vendor. Here the customer desires to
buy a particular product/service. Customer interacts with the seller with the sole aim of acquiring
the product/service. The relationship between the firm and the customer is characterized by
efficiency in transactions, straightforward, no-frills selling. To increase sales, vendor must work
on availability of the product/service. Customer will buy only if a product/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 the
required goods/service, and refrain from interacting at a deeper level i.e., by not offering added
products/service - other than those requested by the customer. If the vendor insists or attempts to
force a relationship to a higher level, the customer may "pull-out" thus risking future sales.

To understand this, consider this example: If someone purchased a laptop from DELL
Computers. He placed an order online - for a particular configuration. His expectation from the
vendor is that Dell will deliver the computer on stated delivery date; he is buying from Dell to
meet upto the price that is attractive for him. If the salesman at Dell attempts to push additional
hardware or software - which is not what he wanted, he might get annoyed and cancel the order.

Vendors must first identify the level of relationship the customer has with them, and then craft a
strategy to deepen it. In this case, a vendor can deepen the relationship by increasing the 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 range of
computer accessories: Printers, Scanners, cartridges, office software, Computer games etc. Dell
can increase the number of customer interactions by offering value added services such as on-site
maintenance, free software updates etc.

Augmenting the basic service/goods with a value addition can deepen utilitarian relationships:
Cross selling or value addition.

Level-2: Convenience Need

Once the customer has easy access to service/goods that they need, customers look for ease of
purchase process that denotes a second level of relationship. The vendor should respond by
providing services that simplify the buying process i.e., identify and eliminate those procedures
that are a hindrance to obtaining a product/service.

For example, having a shorter checkout lines in a store, having the products courier & providing
the tracking number to the customer, having a service personal ready to attend the customer
when the customer enters the bank/hotel/office etc.

To improve the buying process, the vendor must understand thoroughly the entire customer
purchase experience and then eliminate the nagging problems in the purchase process. Service
companies often resort to mystery shoppers - who act as customers and buy the product/service
to measure & improve the buying experience. Often times, managers listen to feedback from
front-line employees for suggestions to improve the customer's buying experience.

For example, Dell provides the exact shipment details of the computer and is delivered on the
specified time. In addition, Dell has a complete e-Commerce website which enables a secure and
easy payment method. Airlines provide comfortable lounges at the airport - while customers wait
for their flight. Airlines also provide e-ticketing, curbside 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 the
midway. This is the sure sign of an inefficient and inconvenient buying process

Relationships at this level can in strengthened by widening the service interactions with
customers. By this I mean, look at the ways the customer buys your

Product/service and then provide additional services to make it simpler and easier for the
customer. Customer Activity Mapping (CAM) & Customer Decision Mapping (CDM) are the
tools that can be used to analyze the decision-making, buying, using, and consumption
experience. And in each stage, the objective of the vendor is to identify situations that pose
obstacles to the buying process.

Making the buying process as pleasurable as possible, a vendor can strengthen relationship with
the customer in this level and also take the relationship to the next level.

Level-3: Comfort 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 feels comfortable. This
implies that the vendor should foster a buying environment in which customer feels comfortable
and is characterized by an agreeable and relaxing purchase ambiance.
For example, many multi-million dollar business deals are done at resorts - away from the clutter
of the office environment. BASF, a fortune-100 chemical company often conducts the contract
negotiations on a luxury yacht. This provides the right ambiance and mood to put the customer at
ease and feel comfortable during the buying process.

Irony of this "comfort need" is that customers often overlook the comfort factor - and often
customer notices the absence of the comfort. A discomfort during thebuying experience is easily
noticed and registered, while customer forgets comforts. CRM efforts in this level must be
focused on making the customer feel comfortable; create a feel-at-ease feeling. The marketer
should strive to provide customers comfort, fun, surprise, and other means of generating a
positive feeling. Note that this is distinctly different than relationship building at level-2, where
the focus was to remove any factor, 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 the front-end
employees to provide a Comfortable experience to the customer and being sensitive and
responsive to the customer's level of interaction the marketing efforts must be directed at
improving/building the memory of pleasant experiences of the customer.

Level-4: Personal Recognition Need

Often times, regular/loyal customers expect the vendor to interact in a way that his/her personal
choices are recognized. This implies that the customer is seeking a level of relationship where
they expect the vendor to recognize their needs - without them asking for it.
At this level, the loyalty of customer has been well established; customer enjoys the convenience
and a feeling of comfort. Here, in this level of relationship, the customer needs are "personal". In
earlier levels, the needs were mostly contextual, i.e., based on the context of 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 checkbooks, providing a personal
financial advisor, etc. In business-to-business environment, this is characterized by having a
dedicated relationship manager who interacts with the client, who knows the clients exact needs
and has the authority to deliver the customer's needs. The "relationship manager" or "client
partner" can also make suggestions; provide consulting advice to the customer - Along with
dinners/lunches, tickets to popular events etc.

Advent of Internet has created opportunities for vendors to provide customized web interfaces to
each of their clients. etc Provide customers with customizable web

To bring a customer to this deep level of relationship, the level-3 relationship of making the
customer feel comfortable must always be accomplished. Only when the customer is
comfortable, vendor can discover (discreetly) the personal needs of the customer - and then
move the relationship to the next higher level. Relationship at Level-4 is analogous to that of a
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 company must know the
customer details, possible tastes and preferences sufficiently well to

Build the relationship. Interactions must be respectful, as exchange of personal information may
be perceived as invasive.

The irony of the CRM systems at this level is that customer feels that the CRM systems
compromise customer's privacy - and for that reason most customers are reluctant to share
personal 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 reveal any
personal information of the customer to the CRM database system. This personal information
must be carried in the mind of the vendor salesmen.

Customer's need for personal recognition may be met by very simple acts by the salesman, such
as rewards for customer loyalty (given to the customer - i.e., buying agent or the key decision
maker); tailor made products, and words of appreciation.

Level-5: Self-_Expression Need

Once the customer feels that the vendor recognizes him/her as person and can associate
personally with the vendor, the customer is ready for the next level of relationship - that is of
Self-_expression. Customers who are in this level of relationship expect the vendor to focus on
customizing and personalizing the product/service offerings. The customer expects the vendor to
have a clear understanding of their needs and the vendor should be able to meet them. The
relationship is characterized by mutual trust, confidence & respect.

For example, Dell Computers being a customer of Intel expects Intel to know its needs for latest
and most powerful microprocessors for the Christmas season. The

Customer then expects Intel (vendor) to announce and supply the latest processors in time 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 fashion
designer. The client expects the fashion designer to know his/her tastes and provide clothes

It must be noted that in a B2B world, customers are more rational. Their business needs drives
the relationship and is partly independent of personal factors. As a result, vendor can build 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 therefore
heavily dependent to the external environment (i.e., external to the customer). At levels 5 and
above the relationship depends on internal and external factors including rational and emotional

The key for success in building relationship at this level is to understand the customer's implicit
needs - i.e., those needs that are not expressed verbally. Vendor can strengthen the relationship
by understanding the customer's implicit needs and focusing on different ways to customize and
personalize the offerings. In a B2B setting, this involves understanding the customer's 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 manner it is efficient for customer etc.

Level-6: Co-Creation Need

This denotes the highest level of customer relationship. At this level, customer is very
comfortable 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 towork with the vendor to
develop the product/service. Often the customer to the surprise of the vendor initiates the idea of

Co-creation relationships are personal and rational. At this level of relationship, the customer
loyalty & trust is very high. Customers are willing to invest for joint development of
products/service. Customer feel closely bonded to the vendor - to the point that the customer
seeks a joint destiny with the vendor. I.e., some aspects of customer's interests merge with that of
the vendor's interests.

Co-Creation denotes the highest level of customer relationships. Broadening interactions, which
involve co-creation of products/services, can strengthen this relationship.

Relationship Marketing

Relationship Marketing has an aim of building mutually satisfying long term relationship with its
clients in order to earn and retain their business. Marketer accomplishes this by promising and
delivering high quality product and services at fair price to the other parties over time.
Relationship marketing build long& strong economical, technical and social ties among the
parties. The ultimate outcome of relationship marketing is the building of unique company
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 business
relationship. The operating principal is to build an effective network of relationship with key

• Marketing Channel: To reach target market, marketer uses three kinds of

marketing Channel.
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 the
buyer or user. This includes distributors and agents.
3. Service Channel: To carry out transaction with potential buyers. Marketer clearly faces a
design problem in choosing the best mix of communication, distribution and service
channel for their offerings

• Supply Chain: The marketing channel connect the marketer to the target buyers,
the supply chain describe a longer channel stretching. The supply chain represents
a value delivery system. Each company captures only a certain percentage of total
value generated by the supply chain. When a company acquires competitor or
moves upstream of downstream, its aim is to capture a high percentage of supply
chain value.

Competitor: It includes all the actual and potential rival offering and substitutes that a buyer
might consider. We can broaden the picture further by distinguishing four levels of
competition based on the degree of product sustainability:

1. Brand Competition: A company sees its competition as other companies offering

similar products and service to the same customer at similar price.

2. Industry Competition: A company sees its competition as all company making the
same products or class of products
3. From Competition: A company sees its competitors as all companies manufacturing
products that supply the same service.
4. Generic Competition: A company sees its competitors as all companies that compete
for the same consumer.
Marketing Environment: Competitor represents only one force in the environment in which the
marketer operates. The marketing environment consists of the task environment and the broad

1. Task environment: It includes immediate actors involved in producing, distribution and

promoting the offering. The main actors are the company, suppliers, distributing, dealers
and the target customer.
2. Broad environment: It consists of demographic environment, economical environment,
natural environment, technological environment, political environment, and socio-
cultural environment. These environments contain forces that can have a major impact in
task environment.

Principles of Relationship Marketing:

The principal of personal selling and negotiation thus described are transaction oriented because
their purpose is to close a specific sale, but in many cases the company is not seeking an
immediate sale, but rather to build a long term suppliers- customer relationship. The company
wants to demonstrate that it has the capabilities to serve the client needs in a superior way.
Today’s customers are large and often global. They prefer suppliers who can sell and deliver a
coordinated set of product and services to many locations.

When a relationship management program is promptly implemented, the organization began to

focus as much on managing its customer as on managing its products. At the same time
companies should realize that while there is a strong and warranted move toward relationship

marketing, it is not effective in all situations. Ultimately companies must judge which segment
and which specific customers will respond profitably to relationship management.


Today, for any organization or firm to survive in this competitive world depends on itsability to
be dynamic and be different from the competition to be unique in the industry.Customer
Satisfaction helps every organization to keep the existing customer and to buildnew customer.
The purpose of this study is to study whether Customer relationship management policies
followed by Religare cater to the needs of the clients or not. Whether the clients are happy with
the services provided by Religare.


Bergenfield [2010] Businesses are in a constant race to increase profits, keep currentcustomers
and gain or poach new ones, competing for customers on a globalised market like never before.
One of the many sets of tools aimed at aiding the interaction between supplier and customer is
customer relationship management (CRM).

Morgan and Hunt (1994) defined Relationship marketing as the marketing activities directed
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 through middlemen,
and on the other, industrial organizations, due to specialization of corporate functions, created
specialist purchasing departments and buyer professionals, thus separating the users from the

Wilson (1995) summarized different relationship variables that affects the relationship of firm
with different stakeholders, those variables are Commitment, Trust, Cooperation, Mutual Goals,
Interdependence and Power, Performance Satisfaction, Structural Bonds, Comparison Level of
Alternatives, Adaptation, Non-retrievable Investments, Shared Technology, and Social Bonds.

Gronroos (1990) states “Marketing is to establish, maintain, and enhance relationships with
customers 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 arguing that
customer relationship activities are not as standardized as other business activities, such as
accounting or procurement. Hence CRM implementation calls for much more complex and
flexible approach.

Kotler and Armstrong (2004) define CRM as “the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction”. CRM

is a managerial term which focuses on efforts to attracting, maintaining, and enhancing customer

Dick Lee (2000), CRM is perceived as “chain reaction” which is source by new strategic
proposal of communication with customer when high level of information technologies
development 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, evaluation of
a current situation preparation of a project, technologies, employees and an enterprise, processes,
management of customers, effectiveness measurement, and experience of customers.

Chaudhuri and Shainesh (2001)-A CRM programmer requires a clear understanding and
commitment to the company's customers, vigilant adherence to detailed goals, commitment from
both executives and line workers, and a constant awareness of the customer's view point.
Customer relationship management is about more than simply managing customers and
monitoring 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 performance also had the
ability to capture, access and use customer information. Another study of on-line retailers with a
brick and mortar presence, Srinivasan and Moorman (2005), linked the impact of firm strategic
commitment to the performance of CRM system investments. More specifically, they conclude
that firm commitments to either an on-line or bricks and mortar presence affect the performance
of the CRM initiative, emphasizing the importance of context when evaluating the impact of
CRM on firm performance.

Winer (2001) provides a framework for one to begin conceptualizing a CRM program. This
framework although useful, is quite general and is only a starting point in the quest to identify
relevant activities/behaviors/outcomes for a CRM program. Taking Winer’s framework into
consideration, coupled with a review of the literature, six areas are identified which comprise a
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 information technology infrastructure currently in use.

Galbeth (1999) maintained the importance of providing effective leadership. CRM normally
involves business process change and the introduction of new information technology,
consequently effective leadership is important Because leaders monitor the external environment
of an organization they are often the best people to set the vision or strategic direction for CRM
projects. In addition, leaders have the power to influence personnel to buy in (Bull, 2003). CRM
environments are complex and require organizational change and a 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 this stage
assessments have to be made and sometimes external assessors may be hired. A readiness
assessment establishes how ready the organization is for a CRM project and a maturity
assessment is necessary to show how mature the organization's current practice is .These
assessments help to identify where the organization is in terms of customer-centricity and 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 an

important asset for all businesses. The first step towards a CRM project is to know who the
customers are, what they need, how they want the product, how they want the service, what their
expectations are, how they want to be dealt with and which channels of communication they

Karl(2000) maintained different organizations use different customer knowledge strategies to

best match culture, priorities, and capabilities. They try to reap the best business value from their
existing knowledge-based assets or try to create new knowledge-related assets where they are
required .With the customer in mind and the customer providing the central emphasis of an
organization, managers can start to evolve all the processes needed around the customer

Dobbins 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 are not
in business to make products and provide services. The world is full of products and services in
which customers see no benefit and for which they are neither willing nor able to pay. Benefits
customers seek include an increase in selfesteem, 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 and vain. Use your creativity to generate
benefits which are consistent with customer characteristics.

Imaduer Rahman (2007) concluded many organizations or companies we have today in these
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 was limited to person
to person marketing but in this knowledge era market is not limited to certain 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 the role
of marketing from manipulating the customer (telling & selling) to genuine customer
involvement (communicating & sharing the knowledge).

Berry(1999) , in a broader term stressed that attracting new customers should be viewed only as
intermediate step in the marketing process. Developing closer relationships with this customers
and turning them into loyal is an equally important aspect of marketing. Thus, he defined
relationship marketing as attracting, maintaining, and, enhancing customer relationships.

Steve Jobs, chairman and co-founder of Apple Inc. once said “A lot of companies have chosen
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 would continue to open
their wallets.” In fact, customers hold the pillar of a business and regard as the most valuable
resource in the market. In today’s highly competitive business world, the biggest challenge faced
by the management is to create and maintain relationships with customers. It is a customer-
centric business environment and lack of right attitude showed by management may adversely
affect the business. To maintain healthy relationships with customers in order to maximize profit,
the management has decided to adopt Customer Relationship Management, a business strategy to
create a beneficial environment among customers.






1. To study the Customer Relationship Management practices that is implemented at customer


2. To study the effect of Customer Relationship Management Practices while making purchase
and repurchase decision

3. To know the satisfaction level of Religare Equity clients in NCR region.

The research methodology is the specification of method of acquiring the information needed to
structure or solve the problem. It is not considered to be the decision of facts but also building up
the data knowledge and to discover the new fact involved through the process in the dynamic
change in the society.

3.1 Scope of the project

This research was conducted in NCR Region on those respondents who have been investing in
Equities through Religare Securities.

3.2 Type of Research

The present study, being conducted, followed a Descriptive Design. It produces a picture of
phenomenon in which decision maker is entrusted. Design of descriptive studies includes the
nature 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.

3.3 Method of Data collection

• Primary Data The method followed in obtaining the primary data was through the
structured questionnaire.
• Secondary Data: It refers to the information or facts already collected. The data was taken
from internet and journals.

3.4 Sample Design


All the investors who invest in equities through Religare Securities.


All the investors who invest in equities through Religare Securities in NCR Region.

Sampling Unit

Every single respondent who has filled the questionnaire.

Sample size

Sampling size refers to total number of respondents targeted for collecting the data for the
research. The sample size for survey conducted is 50 respondents.

Sampling technique

The selection of respondents was done on the basis of Convenience Sampling technique.

3.5 Limitations of the 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.

 The sample size was limited.

 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 investors may be biased.
 Study is done only for NCR investors.
 As the project is also based on secondary data, possibility of unauthorized information
cannot be avoided.

 Close responses.


Table 4.1 Profession In which respondent is engaged

S.No Profession Respondents Percentage

1 Business 10 20

2 Services 20 40

3 Entrepreneur 5 10

4 Others 15 30

Total 50

Analysis: From the 50 respondents approached, 20 belonged to services profession who

invested in share market through Religare securities. People who were in other professions were
second contributing 30%. 10 respondents belonged to business class and 5 were entrepreneurs.

Interpretation: From the analysis done above it can easily be interpreted that more people from
services sector invested in share market. Reason being that they think it is good investment as it
can bring profits and add to their income.

Table 4.2 Time period of investing
S.No Time(years) Respondents Percentage

1 <1 7 14

2 1 to 2 13 26

3 2 to 4 22 44

4 4 to 5 8 16

Total 50

Analysis : From the graph it can be easily concluded that 22 respondents have been Religare
clients from 2 to 5 years. This is a maximum % among respondents. Next in line are respondents
who have been Religare clients since 1 t o 2 years. They are 13 in number. 8 respondents have
been investing in Religare for 4-5 years and 7 have been Religare clients since less than one year.

Interpretation: The data clearly depicts that most people have been Religare clients from 2 to 4
years. This is more them enough time to judge the company. This means that the clients are

happy with the policies of this particular firm and services provide by them. This is the reason
why they have been with the company for a considerable time.

Table 4.3 Reasons For Investing

S.No Reasons Respondents Percentage

Reputation of
1 company 10 20

Consumer friendly
2 policies 17 34

3 Advertisements 7 14

4 Good Services 12 24

5 Any other 4 8

Total 50

Analysis: From the data it is found that as many as 17 people have been Religare clients due to
good consumer policies offered by them. As many as 12 respondents think that their services are
the reason why they are sticking with the firm. 10 are investing through Religare due to its
Reputation in the market and 7 due to advertisements. 4 respondents cited other reasons.

Interpretation: It is clearly understood from the data that most of respondents are Religare
clients due to the Consumer Friendly policies it offers like Negotiable Brokerage, providing
updated information, Accurate solutions to their problems…etc…

Table 4.4 Awareness of Customer relationship marketing policies

S.No Options Respondents Percentage

1 Yes 35 70

2 No 15 30

Analysis : From the pie chart depicted above it is clearly understood that out of 50 respondents
35 are aware of the Customer relationship marketing Practices followed by Religare and rest 15
are not aware.

Interpretation: This is pretty much straight forward question as majority of respondents are
aware of the CRM practices followed. The reason may be that they are aware of the term
themselves then the rest.

Table 4.5 Customer Relationship marketing Policies
S.No Practices Respondents Percentage

1 Optimum solutions 10 20

2 Updated Information 20 40

3 Long term
concessions 1 2

4 Door Step services 3 6

5 Regular in touch 11 22

6 Any other 5 10



Analysis: By studying the chart above we can conclude that out of 50 respondents 15 thought
the Customer Relationship Marketing Practice followed by the company is providing updated
information of the new launched policies. Next in line are 7 respondents according to whom
providing optimum solutions to the problems is the major CRM practice. 8 respondents think

that being regular in touch with their RM’s is the practice followed while remaining were
divided among door step services, any other and long term concessions in the ratio of 2:2:1.

Interpretation: Most of the respondents responded that getting updated information is the best
CRM policy adopted by the company. Policy here is a broader term which includes giving them
details about share market, new policies, new SEBI rules of market.

Table 4.6 Choose any 3 Customer relationship Practices

S.No Practices Respondents Percentage

1 Optimum solutions 13 26

2 Updated Information 17 34

3 Long term
concessions 1 2

4 Door Step services 5 10

5 Regular in touch 12 24

6 Any other 2 4

Total 50

Analysis: This question is for all the respondents that what according to them is a important
policy a company should follow. Here 17 respondent think that giving up to date information is
the key while 13 says providing optimum solutions is important. Keeping in touch with your RM

manager after buying/investing is important for 12 respondents.5 people opted for door 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 practice
because as they have invested their money is stocks they need to be provided with latest

Table 4.7 Reason for Religare to follow these practices

S.No Practices Respondents Percentage

1 Building Brand
image 10 20

2 Competitors 3 6

3 Retention of
customers 25 50

4 Increase in sales and

profits 4 8

5 Word of mouth 6 12

6 Any other 2 4



Analysis: This bar chart gives us an idea about why Religare should follow above mentioned
practices. 25 of the respondents were in favor of retention of customers. Second were those 10

respondents according to whom building brand image should be the reason. 6 thought that by
following above practices Religare can gain from word of mouth. Rest of the respondents gave
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 for a
company because in such competitive world if a customer is not satisfied from a particular firm
he can easily move onto other company. So it become necessary for a company to provide good
services , schemes to retain the customers.

Table 4.8 (a) Satisfaction Level for Staff Efficiency

Analysis: The chart above gives us indication about the satisfaction level of respondents for staff
efficiency. Out of these 22 are happy with the efficiency of the staff. Rest of respondents vary
from 15 to 2.

Interpretation: The reason which can be given is that these respondents may have better
relations with their dealers and updates are provided to them instantly.

Table 4.8 (b) Satisfaction Level for Redressing of complaints

Analysis: The above bar chart shows the number of respondents corresponding to redressing of
complaints. Here striking feature is that both the very good and average experiences match each 14 each.

Interpretation: This is a tricky one as this satisfaction level varies considerably. Some
complaints have been addressed quickly and some not. It also depends on the nature of

Table 4.8 (c) Satisfaction Level for Timely Responses

Analysis: The bar chart above gives us information about timely responses.16 respondents are
happy with the time at which they are given the responses.4 is the least figure.

Interpretation: More respondents are in favour of Good option as their experiences have
been good in getting responses.Comparatively the number is more inclined towards
good,excellent level and less towards poor.

Table 4.8 (d) Satisfaction Level for Updated information

Analysis: The above bar chart gives us information about satisfaction level for updated
information.13 are not satisfied while only 6 are extremely happy.

Interpretation: The reason is that some of these respondents even after getting information
don’t trade so automatically relationship managers become hesitant before telling next time.

Table 4.8 (e) Satisfaction Level for Clarity of concept

Analysis: This bar chart gives us information about satisfaction level for clarity of concept.16
respondents say this service is excellent while 7 say average.

Interpretation: It can be concluded that people have clarity of concept regarding opening of
accounts as some dealers don’t give full information initially with the fear that it may cause a
person to not open an account like AMC etc.

Table 4.9 Influence of Customer Relationship Practices in further Investing

S.No Options Respondents Percentage

1 Yes 30 60

2 No 20 40

Total 50

Analysis : This pie chart shows the number of respondents who think whether these Customer
relationship policies are influential in further investing or not. After conducting the survey 30
were in favor and 20 were not.

Interpretation: Most people responded in favor because according to them if policies and
services are good then they will be satisfied with the company and invest further.

Table 4.10 Recommend to others

S.No Options Respondents Percentage

1 Yes 31 62

2 No 19 38

Total 50

Analysis: The above pie chart gives us information about number of people who will
recommend Religare securities to others (Friends, relatives etc).31 responded that they would
suggest Religare Securities and 19 responded that they will not recommend.

Interpretation: The people who will recommend are those who are satisfied with Religare
services or in recent time have earned profits.

Table 4.11 Experience in Stock market

S.No Experience Respondents Percentage

1 Excellent 7 14

2 Very Good 10 20

3 Good 10 20

4 Average 18 36

5 Poor 5 10

Total 50

Analysis: The above graph gives us information about experience of respondents is stock
market. The experience of 18 respondents was average while 10 respondents each were in very
good and good category. The experience of 7 respondents was excellent and of 5 was poor.

Interpretation: The best explanation for this is the share market is very volatile, you are not
guaranteed profits every time you invest. That’s the reason why only 7 respondents have
excellent results and some among them are long term investors. Mostly experiences has been
average as some people have made profits and losses on the same day also (intra day trading).


• 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.


The Recommendation, which is to be suggested, is as follow: -

• Religare securities should enhance the customer care department where queries can be
timely 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 the
awareness 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 give
more and more business to Religare.

• Special attention need to be given to the delivery of monthly & fortnightly report to the

• Timely release of Brokerage & Fast redressal of clients grievance is a major plus point,

if Religare is looking to develop long term relationship with its clients.


In spite of the bleak and grim out look the future of capital market is growing at a very high
pace. Taking these things into consideration there are lots of opportunity for the Broker House

which already exist and which are due to enter in the Indian market. These are little awareness
about Equity and Mutual funds in India people have accepted it as one of the major investment
avenue. As people have entered in this particular investment avenue they have lost their money
because of movement in the market, which is below the par value and this, has shaken the faith
of investor in this particular avenue. Another reason for low investment in this sector is that
most of the companies are not performing well and also due to the scams that are taking place
frequently Once people know about the benefit offered by it, Capital market will become one of
the sought after investment avenue. The only thing which is needed to focus on is that they
should have a strong marketing strategy so that prompt service and availability of forms is made
available to the investors at a short notice provided that it keeps into mind the traditional base for
marketing in India, which is a price sensitive. We can say that Religare has a great future ahead.

Religare has emerged a very strong player in the field of distribution of financial product within
a short period of one year in Northern India and is giving stiff competition to the entire player in
the Delhi & other parts. If the progress of Religare goes in the same way then I can say that
Religare will be going to emerge as a major player in the Capital market. They have much more
potential to expand their business and market in India.



Capital Market module (NCFM)

Capital Market by Sanjay Aggarwal of Crm or.aspx?









Dear Respondent,

I, Arjun Singh, am a student of MBA in PCTE, Baddowal. I havebeen assigned project on

the topic “Customer Relationship Management inReligare Securities with special reference
to equities”.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 purposes only.

Q1. In which profession are you engaged in?

A. Business
B. Services
C. Entrepreneur
D. Others

Q2. For how many years have you been trading through Religare?

A. <1
B. 1-2
C. 2-4
D. 4-5

Q3. What is the reason behind investing through Religare Securities?

A. Reputation of the company

B. Consumer friendly policies
C. Advertisements
D. Good Services

E. Any other

Q4. Are you aware of the Customer Relationship Marketing policies followed by the company?

A. Yes
B. No

Q5. What are the Customer Relationship Marketing practices followed by the company?

A. Providing optimum solutions to customer’s problems

B. Giving Updated information of new policies
C. Long term concessions
D. Door step services
E. Regular in touch after selling
F. Any other

Q6. Choose any 3 from the mentioned practices which you think are important from a company
point of view?

A. Providing optimum solutions to customer’s problems

B. Giving Updated information of new policies

C. Long term concessions
D. Door step services
E. Regular in touch after selling
F. Any other
________________________________________________________________ .

Q7. Choose any reasons why Religare should follow the above mentioned practices.

A. Building brand image

B. Competitors
C. Retention of customers
D. Increase in sales and profits
E. Positive word of mouth
F. Any other
_______________________________________________________________ .

Q8. Please tick the desired answer..

Services Excellent Very good Good Average Poor

Staff Efficiency

Redressing of

Timely Response


Clarity of

Q9. Are these Customer Relationship marketing policies followed influential in further

A. Yes
B. No

Q10. Will you recommend investing in stock market through Religare to others?

A. Yes
B. No
Q11. What has been your experience in stock market?

A. Excellent
B. Very good
C. Good
D. Average
E. Poor

Personal details




Annual Income:

Thank you for cooperation and valuable time.