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Leading finance company in sri lanka

Leading finance company in Sri Lanka

1. BACKGROUND

Commercial Leasing Company Plc is a leading finance company in Sri Lanka which was established in 1988. Their core businesses are lending money under Hire Purchases and Leasing act, collecting money as a Fixed Deposits and Factoring. Company has 16 main brunches in main cities and over 10 window brunches in out side of the main towns which started recently to cater to the urban areas. Business introducers are the one of main business sources they have, and staff encourages built a close relationship with them as a business promotion strategy.

Due to reduction of interest rate by the Central Bank, Company facing to high competition when they move in to the market. To meet the high competition and to explore the new market share company hopes to introduce new branding strategy to the organization. Before introducing a branding strategy Commercial Leasing wishes to examine awareness and attitudes towards their current corporate image and reputation among members of their target market.

Commercial Leasing management was invited to Zigma Research Company to do a research proposal in order to introduce their branding strategy. The following research proposal was prepared in according to research brief which was submitted to us.

2. OBJECTIVES

To examine attitudes and awareness about commercial leasing corporate image and reputation, with the intention of introduce the new branding strategy,

We have set up the under mentioned objectives which will effect to achieve the main objective

  1. To recognize the awareness level of the Commercial Leasing brand.
  2. To identify where the Commercial Leasing brand name stands at and how it improve further.
  3. To study the promotional strategy of the Commercial Leasing.
  4. To study the awareness and attitudes of the customers, about the company's corporate image by analyzing competitor corporate image.

1. To recognize the awareness level of the Commercial Leasing brand.

1.1 To explore the level of knowledge about the current corporate image of the target market

1.2 What is the level of knowledge about competitive customers, about there brand names?

1.3 What would people think about when appearing Commercial Leasing logo?

1.4 What would Business Introducers think about Commercial Leasing?

2. To identify where the Commercial Leasing brand name stands at and how it improve further.

2.1 What are the service standards currently use to cater to the customers and do customers satisfy abut the standards?

2.2 Explore the core value of the organization has and what are target audiences expect from the company.

2.3 Where the corporate image of the company should improve in according to targeted audience mind.

3. To study the promotional strategy of the Commercial Leasing.

3.1 Did advertising methods get properly communicated to the targeted crowd?

3.2 Do the joint campaigns directly impact to the promotional activities and can achieve the potential market.

3.3 Do Commercial Leasing stakeholders know about their value added services and how it will get effected to achieve the final objective.

3.4 Do target ordinance get properly aware about the welfare activities company's done.

3.5 What are the areas to be improved and how should it communicate to the target market about welfare activities.

4. To study the awareness and attitudes of the customers, about the company's corporate image by analyzing competitor cooperate image.

4.1 How do they offer the product and its effectiveness to the Commercial Leasing?

4.2 How do commercial Leasing competitors communicate there corporate image to the target market

4.3 To explore the opportunities which will commercial leasing can expand their business in the feature.

4.4 On benchmarking them how Commercial Leasing can improve their service standards.

3. SECONDARY DATA

Secondary data would be potentially useful to prepare this research proposal, but that was collected for a different purposes. It is also known as a Desk Research because of those data could be collected without any field work, by previous research reports, reviewing books, internet etc. Collecting this data probably cheaper and quicker to extract.

Secondary data helps to clarify research requirement better. It allows more insightful of priority data and Provides comparative data. As well as it provides information that can not be particularly obtain through primary research and it can provide or guide direction for primary work. But before using secondary data have to consider, who published the study, what is the purpose of data collection, when was the data gathered, how collected and independency of the data.

From this study we intend to analyze;

3.1. Procedure

3..1.1. Internal Secondary Data

We have an intention of having discussion with commercial Leasing marketing department to explore the past and percent marketing activities of the organization and analyze company's sales figure reports with them. As well as have to discuss with the recoveries staff to examine how to improve the Fitch rating scale and other service standards by analyzing monthly collection schedule. Customer complains records will also help to analyze the satisfaction level of the customer base. By examine past promotional campaigns reports we can get some idea abut it's effectiveness to the sales volume, did joint campaigns get effected to marketing department, as well as did company's main introducer sources got actively involved to the campaigns.

We kindly request from the management of Commercial Leasing grant a permission to access to the following documents and interviewing the personals.

3.1.1. External Secondary Data.

Secondary data which was already collected and which can find external sources are going to be analyze in this section. Following sources of data intend to be analyzing;

In this session we discussed about the data already had with us and it will gives a clear picture about past and present activities and it's impact to the organization. As well as it will indicate strength and weaknesses of the organization and where the areas to be improved.

But those data not collected to examine our current purpose. So those data's may be out dated, not relevant or not accurate for our study. So when decision making have to be careful if based only on secondary data.

. PRIMARY RESEARCH.

n this session we are going to collect the information based on the research study. Unlike secondary data this information has direct impact to our main objective. If descriptive information is needed, then a quantitative study is likely to be taken. If purpose of new ideas then a qualitative study may be in order.

4.1 Qualitative research.

Qualitative research main purpose is to understand customer behavior and perception rather than to measure them. From qualitative research we can collect data which can not gather through the quantitative data.

From this study we intend to examine;

4.1.1. Methodology.

To gather qualitative research data we are going to conduct the Depth Interview session and Focus Group study with a selected target audience.

4.1.1.1. Focus Group Study.

This is a group interview where moderator will facilitate a discussion among the 6-12 pre recruited respondents. It will take 1-2 hours discussion depending on the topic we going to discussed. All the respondents should be similar with in the group and convenient friendly place should be selected for discussion such as conference room of the organization or selected hall which convenient to participant.

In focus group study going to held with participants of Existing customers, Competitors customers, and Potential customers.

Current Leasing Facilities Holders.

Existing customers of Commercial Leasing, Existing customers of Peoples Leasing, Existing customers of LOLC, age limit 30-50 years, socio economic category - A2,B1, Male & Female

Potential customers.

Who are expecting to buy a vehicle through leasing facility, with in a 2 months period, Monthly income base over Rs.50000/-, Social economic category A,B1, Age limit 30-50 years, Male & Female

4.2.Quantitative Research.

Descriptive data also known as a numerical data is very useful for our study. We can gather information which can't be collected from the qualitative research. To collect a descriptive data we should conduct quantitative research.

To collect quantitative data we propose to conduct a Questionnaire for existing and potential customers. There are 3 ways to contact customers;

But in this section we are going to select Mailing method to contact customers because of that is easy to conduct the study and low costly.

Sample selected in the area of which Commercial leasing brunch network is spread since we hope to deliver some gifts such as umbrella & caps to the customer who are completing the questionnaire and return in to nearest branch. This will help to increase the respondent level.

To enhance the analysis and classification of the respondents we are going include the questionnaire substantive questions that are relevant to the purpose of the study and pertinent questions.

4.2.1.Purpose.

In this section our intention is to find out;

Sample selection for the quantitative research.

In this section we intend to select most suitable sample to our study for analyzing quantitative data. In this section we intend to study different area in compare to the qualitative research since we can study wider & different geographical area to make successful study.

4.2.2. Method

We intend to study total number of 75 respondents with representation of Negambo, Kurunagala & Anuradapura district with equal participation of CLC, LOLC, & PLC male and female as Existing Customers to collect more accurate information to the study.

Total number of 75 respondents to be analysis in same geographical area male & female as potential customers to examine there intention abut the organization.

Total number of 75 respondents to be analysis with representation of Negambo, Kurunagala & Anuradapura district with equal participation of CLC, LOLC, & PLC male and female as a laps or past customers

LOLC & PLC are the key competitors to CLC. That's why we intend to analysis that companies to get an idea about the companies.

Current Leasing Facilities Holders.

Existing customers of Commercial Leasing, Existing customers of Peoples Leasing, Existing customers of LOLC, age limit 30-50 years, socio economic category - A2,B1, Male & Female

Potential customers.

Who are expecting to buy a vehicle through leasing facility, with in a 2 months period, Monthly income base over Rs.50000/-, Social economic category A,B1, Age limit 30-50 years, Male & Female

5. REPORTING.

After completing research activities we would like to have a Discussion Session with the participation of Commercial Leasing Top Management as well as the Marketing Manager, Manager Brunches, Manager Legal & Recoveries, AGM Accounts, and Brunch Managers.

In this session we would like to explain about the key objectives of the research and achievement of the research study. Besides this session will be the final checking session to examine did research study meet the factors and information which Commercial Leasing management expected?

6. TIMESCALES.

Study going to be started on first week of January 2010 and time scale for the study shown bellow.

8. CV FOR ZIGMA RESEARCH COMPANY.

Zigama Research Company is the leading research company in Sri Lanka which was established in 1990. Over thousands of customers are facilitate under Zigma research and leading brand names are among them. They have latest technology to serve their customers to improve their accuracy and speed. Company has over 300 peoples as a employees and they are well qualified and conducting regular training sessions to upgrade their standard.

Company carried out under rules and regulations of the local government and conducting the service standards of ISO 9001 & SLS.

Dr. Krishan Thilakarathne is a Managing Director of the company and has over 23 years of experience in this field and he engages with Zigma Research since the beginning of the company. He guided this company since its beginning to make the company marketing oriented and more customer oriented company.

Mrs.Shiranthi Samarawickrama is a Senior Research Executive of the company and has over 12 years experience about the field. She is a graduate of business management, has been conducted most famous companies' research projects and handling over 500 corporate customers herself.

Senior Research Executive,

Zigama Research Company,

Bauddalaoka Mawataha,

Colombo 04.

Tel. +094114526526

+094773473189

Commercial Leasing Company Ltd.

Questionnaire Surveyor Form

We would highly appreciated for devote your valuable time to shear you views and ideas with us through filling this questionnaire. This is a questionnaire which is conduct by the Commercial Leasing official research agency, to find out the awareness level and examine the attitudes towards the current corporate image through our valuable customers. You will be gifted after completing this questionnaire by your nearest Commercial Leasing brunch and this data will not use for any other purposes. Your questionnaire should submit your nearest brunch on or before 05th of March 2010 and all your data will be considered as a confidentially.

01. What is your age group

20 to 30 years

31 to 40 years

41 to 50 years

51 to 60 years

02. Your marital status

* Single

* Married

* Divorced

* Widowed

03. Your Occupation.

04. What is your contact details.

Email address--------------------------------------------------

Telephone Res.--------------------------------

Mob.--------------------------------

Office.--------------------------------

05. Your Annual Income

Less than Rs.150000/-

Rs.150000/- to Rs.200000/-

Rs.200000 to Rs.250000

Rs.250000/- to Rs.300000/-

Rs.300000/- or over

06. What is the frequently use newspaper.

07. What's your famous TV channel?

08. Have you bought a vehicle under leasing facility with in three year. If YES please mention the Leasing or finance company.

YES . NO.

09. Are you satisfied with our services? YES. NO.

If YES go to number 10

If NO go to number 11

10. Please mark your satisfaction level.

Good Very good Excellent

11. Please mention what the areas to be improved. You can select one or more areas.

After sales service

Collection systems

Speed of our service

Customer service of the staff

12. What is the most famous brand name in according to your mind?

CLC

LOLC

PLC

CF

OTHER

13. Would you like to recommend commercial leasing who ever ask from you for a leasing facility?

YES. NO.

14. Please mention below space one main factor what commercial Leasing doesn't have and other leasing & finance company's have.

Thank you very much to completing this questionnaire.

FIELD GUIDELINES.

These guidelines will help the field stuff to conduct the above questionnaire smoothly and easily. That is recommended the field staff who engages to conduct the survey, should be concern to increase the number of respondents rate to fulfill the objectives of conducting questionnaire survey.

Selection the respondents for the study

Participants selected based on the three main cities and considering of Potential, Existing and Laps or Past customers.

*.Total number of 450 respondents going to be survey by using Multi stage sampling method

*.Three geographical areas going to be survey

*. 70% of the total sample should be males and 30% of the total sample should be females.(Percentage decided After analyzing the customer database of commercial leasing)

*. To this study we intend to participate competitor's customers as well to analysis the percentage of the competitors has.

*. Potential customers also to be analysis to get their views about the corporate.

*. Laps and Past customers also going to be analysis with an equal percentage of existing & potential customers to identify the reasons to lose.

*. Through this questionnaire we hope to analysis quantitatively measured data's under 3 main categories.

*. Existing customers who are enjoying our services will tell you what kind of test that they are feeling right now.

*. Potential customers who are expecting to join with us will tell you the feeling about the corporate that they have.

*. Laps & Past customers will teach you what are the areas to be improve and how important customer relationships are.

*. Upgraded information to the data base can be collected through this questionnaire.

*. Marketing department can increase their sales volumes by encouraging that are welling to introduce customer to the company.

* Survey Administration and response maximization

The questionnaire will be send to respondents on 20th of February 2010 and by post to respondent's convenient address which was confirm earlier by the respondents. The dead line to retuning the questionnaire is 05th March 2010 to the nearest brunch they have. We provide an envelops with stamp to post the questionnaire those who can not come to the brunch. Their gifts will be handed over by marketing personal of Commercial Leasing.

*. To the questionnaire we hope to attach a translation paper in 3 main languages to increase the understanding level of the questionnaire.

*. The reminder calls to the respondents on 1st of March 2010 from the nearest brunch of Commercial Leasing.

*. The paper should attach to the questionnaire with mentioning nearest Brunches and sub offices Telephone numbers, Email addresses, Names and Mobile numbers who are appointed to collecting the questionnaire, to allow the responder who need assistant what ever regarding to the questionnaire.

* To increase the respondent's percentage attachment letter can be sent with the questionnaire mentioning the gifts they can obtain.

* Maximization of Accuracy in Questioner

*. To increase the accuracy of the assistance appointed personal should be educated before questionnaire reach to the responder.

*. When appointing the assistant give priority to female assistant because naturally they are good listeners.

With the questionnaire attachment letter should be sent with mentioning the data collected to examine the awareness and attitudes towards the current corporate image of the commercial leasing and information obtain from the respondents will be considered as a confidential information.

* Respondent Awareness of Professional Code of conduct issues

We hope to inform to the respondent about the code of conduct to do this questionnaire and it protected under Data Protection Act in 1998.

PANEL RESEARCH

Introduction

As a finance company commercial leasing has big challengers in growing finance market with high competition. To survive in this challenging market corporate does so many activities and strategies. Organizations must understand their consumer's needs and wants and should anticipate their requirements. For that analyzing of customers and collecting data will be more helpful.

As finance company Commercial Leasing also facing the high competition and challengers when living in the market. To meet those challengers commercial leasing going to introduced the new branding strategy and before the introduced it they want examine their customer attitudes and awareness about the corporate image.

For this purpose we recommended to conduct a Panel Research to examine the objectives.

A panel research is who has interest to participate for a research and like to submit data for a specify company. They may be a individuals, or house holders. For this we hope to recruit potential and existing customers as well for better results. Participants will be gifted at the end of the survey and it can be use as a stimulating method.

Since the lows and privacy issues this is not an easy task fro researchers. But when handling this kind of research must be very careful and must have good experience about the research.

After recruiting respondents should be analysis regular time method and must be inform that to the respondents. Since this is the long time procedure problems may be occur when conducting the research.

When properly recruited panel will give you valuable information to the organization and it will help you to meet the challengers easily. When decision making have to be careful since the consumers behaviors and attitudes are different time to time and place to place.

To get the maximum results form the panel research have to considered several facts.

* Do responder have experience abut the panel research can he understand the research objectives.

* Can he report data specified timing and is he has enough time to do that.

* Is he has communication facilities and is he a good communicator.

We recommended this panel research to obtain valid information to achieve the set objectives. We believe that from this panel research information will help you to achieve the marketing goals and to implement the strategies that you are going to implement.

Conclusions.

We kindly request your approval to conduct the Panel Research and the project to achieve the main objectives of the research briefing session we had with you in earlier.

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