prashant dwivedi- summer project report- final1
TRANSCRIPT
“PLANNING AND HANDLING ASSOCIATIONS WITH MBA COACHING
INSTITUTES FOR A PAN INDIA MOCK CAT SERIES: NETCAT”
(SUMMER INTERNSHIP PROJECT REPORT SUBMITTED FOR THE PARTIAL FULFILLMENT OF POST GRADUATE DIPLOMA IN MANAGEMENT)
UNDER
Chronicle Publications Private Ltd
(A-26, SECTOR 2, NOIDA-201301)
POST GRADUATE DIPLOMA IN MANAGEMENT
(SESSION: 2009-2011)
Under the guidance of
Project GuideMs. Pooja Srivastava
Faculty GuideMs. Debjani Bhattacharya
Submitted by
PRASHANT DWIVEDI
Roll No. 29074
PGDM (2009-2011)
NIILM- Centre for Management Studies
(Approved by AICTE Govt. of India, Equivalent to MBA)
INFORMATION SHEET
1) Name of the company- Chronicle Publications Pvt. Ltd
2) Address of the company- A-26, Sector-2, Noida (UP) Pin- 201301
3) Phone No. of the company-9899443477
4) Date of internship Commencement-12th May 2010
5) Date of internship Completion- 10th July 2010
6) Signatures & Name of the industry Guide- Ms. Pooja Srivastava
7) Designation of the industry Guide- Manager-Research & Business Development
8) Student’s Name- Prashant Dwivedi
9) Student’s Roll Number-29074
10) Student’s E-mail ID- [email protected]
11) Student’s Mobile/ residence numbers- 9716166648
CERTIFICATE OF COMPLETION
August 17, 2010
This is to certify that summer internship report on “Planning and handling associations with
MBA coaching institutes for a pan India Mock Cat series: Netcat” prepared by “Prashant
Dwivedi”, Roll No. 29074 of PGDBM 2009-2011 Batch is her original work under my guidance
and supervision.
Signature of the Faculty Signature of the Student
(Ms. Debjani Bhattacharya) (Prashant Dwivedi)
NIILM Centre for Management Studies
Knowledge Park 5
Greater Noida (UP)
ACKNOWLEDGEMENT
This project is the outcome of sincere efforts, hard work and constant guidance of not only me
but a number of individuals. First and foremost, I would like to thank NIILM-CMS, New Delhi
for giving me the platform to work with such an emerging company in the financial sector. I am
thankful to my faculty guide Ms. Debjani Bhattacharya, NIILM-CMS for providing me help and
support throughout the internship period.
I owe a debt of gratitude to my company guide Ms. Pooja Srivastava, Manager- Research &
Business Development, Chronicle Publications Private Ltd., Noida who not only gave me
valuable inputs about the industry but was a continuous source of inspiration during these two
months, without whom this Project was never such a great success..
I would also take the opportunity to thank the entire staff of Chronicle Publication Private Ltd at
Noida who helped and shared their knowledge about the industry for which I am highly grateful.
Last but not the least I would like to thank all my Faculty members, friends and family members
who have helped me directly or indirectly in the completion of the project.
Prshant DwivediPGDBM 2009-2011NIILM-CMS, New Delhi
PREFACE
Summer Training is an important part of the PGDM curriculum and it brings an opportunity to
explore the industry and how businesses operate and execute and is a source of rich learning
experience for students pursuing business education.
The project aims to gather information on the topic “Planning and handling associations with
MBA coaching institutes for a pan India mock cat series: Netcat”.
As the career magazines industry is growing to the next level and the career magazines are
increasingly getting involved in the direct coaching and learning processes for entrance
examinations, there is immense scope of career magazines industry to enter new and new market
segments. Netcat is one such product, which delivers the complete online-testing model and
content to the coaching institutes involved in the coaching of MBA entrance examinations. The
project lays down the different steps and analysis of how Netcat developed as a product and how
its promotions were planned and implemented. The project also discusses the major challenges
faced during the development and promotions of Netcat as a product.
Hence, the project was very important and aimed for a great deal of benefit for me as well as the
company.
INDEX
INFORMATION SHEET..................................................................................................................................2
CERTIFICATE OF COMPLETION.....................................................................................................................3
ACKNOWLEDGEMENT.................................................................................................................................4
PREFACE......................................................................................................................................................5
INDEX...........................................................................................................................................................6
ABSTRACT....................................................................................................................................................9
COMPANY PROFILE....................................................................................................................................10
GROUP PROFILE.....................................................................................................................................10
THE CHAIRMAN.....................................................................................................................................11
CHRONICLE GROUP OF INSTITUTIONS...................................................................................................12
THE DIFFERENT MAGAZINES PUBLISHED BY THE GROUP......................................................................13
HIGHLIGHTS...........................................................................................................................................14
UNMATCHED COVERAGE.......................................................................................................................14
REACH IN INDIA.....................................................................................................................................14
OUR PERIODICALS ARE..........................................................................................................................15
OUR ANNUAL MAGAZINE......................................................................................................................15
VISION & MISSION.....................................................................................................................................16
VISION...................................................................................................................................................16
MISSION................................................................................................................................................16
BUSINESS AND MANAGEMENT CHRONICLE..............................................................................................17
INTRODUCTION.....................................................................................................................................17
HIGHLIGHTS...........................................................................................................................................18
READERSHIP AT A GLANCE....................................................................................................................20
MAJOR CLIENTS.....................................................................................................................................21
AD AGENCIES.........................................................................................................................................21
STRENGTHS............................................................................................................................................22
PRESENCE..............................................................................................................................................22
REASONS OF POPULARITY OF BUSINESS AND MANAGEMENT CHRONICLE...........................................24
NETCAT......................................................................................................................................................25
NETCAT- PRODUCT COMPOSITION........................................................................................................26
BENEFITS CLUBBED WITH THE ASSOCIATION FOR COACHING INSTITUTES...........................................27
METHODOLOGY.........................................................................................................................................28
MARKET ANALYSIS & RECEPTIVITY........................................................................................................28
SALES PROCESS......................................................................................................................................28
STEP 1: PROSPECTING:..........................................................................................................................29
Theory:..................................................................................................................................................29
Implementation of Theory:....................................................................................................................29
STEP 2: CLASSIFYING LEADS...................................................................................................................31
Theory:..................................................................................................................................................31
Implementation of Theory:....................................................................................................................31
STEP 3: DEVELOPING THE SELLING STRATEGY.......................................................................................32
Theory:..................................................................................................................................................32
Implementation of the Theory:..............................................................................................................33
STEP 4: MAKING THE APPROACH:.........................................................................................................34
Theory:..................................................................................................................................................34
Implementation of the theory:................................................................................................................34
STEP 5: MAKING THE PRESENTATION:...................................................................................................35
Theory:..................................................................................................................................................35
Implementation of the Theory:..............................................................................................................35
STEP 6: TRIAL CLOSING:.........................................................................................................................36
Theory:..................................................................................................................................................36
Implementation of the Theory:..............................................................................................................36
STEP 7: HANDLING OBJECTIONS:...........................................................................................................37
Theory:..................................................................................................................................................37
Implementation of the Theory:..............................................................................................................37
STEP 8: CONCLUDING THE PRESENTATION & CLOSING:........................................................................38
Theory:..................................................................................................................................................38
Implementation of the Theory:..............................................................................................................38
STEP 9: AFTER THE PRESENTATION:......................................................................................................39
Theory:..................................................................................................................................................39
Implementation of the Theory:..............................................................................................................39
LIMITATIONS.............................................................................................................................................40
RECOMMENDATIONS................................................................................................................................41
OTHER MISCELLANEOUS TASKS I PARTICIPATED IN...................................................................................42
CONCLUSION.............................................................................................................................................43
REFERENCE & BIBLIOGRAPHY....................................................................................................................44
WEBLOGRAPHY.........................................................................................................................................45
ANNEXURE.................................................................................................................................................46
PITCHING MAIL......................................................................................................................................46
STRUCTURE OF AGREEMENT WITH COACHING INSTITUTES..................................................................48
ABSTRACT
In the recent time, we have seen lots of changes taking place in career sector. One of them is CAT going in online mode. Coaching Industry has seen rapid change within few years. It’s ironic really. As coaching institutes rally all their energy and resources to expand their reach, bigger and trendier players throng the market and the fear of being crowded out starts haunting the smaller local players. Ample resources and vast market enable the larger institutes to compete from a vantage point which the regional institutes can only dream for. There is a brand new world coming and it’s far beyond what can be done with a local presence. NETCAT is specially designed to meet those challenges. NETCAT is powered by Business & Management chronicle, an indispensable companion of MBA aspirants, management students and emerging business managers. NETCAT combines superior strategy and greater market presence with proven track record in guiding management aspirants to the pinnacle of achievement. This project report discusses the approach adopted by me for helping in finalization of Netcat as a product and arranging associations with coaching institutes.
COMPANY PROFILE
GROUP PROFILE
Chronicle Publications Pvt. Ltd. was established in 1990 with a vision to provide guidance to the civil services aspirants under the able leadership of Mr. N.N.Ojha. At that time there was no magazine available in the market to provide career guidance to the students. It was then that Chronicle Group came out with its first magazine – Civil Services Chronicle. Today, the group is a market leader in the career and education magazines market and has a number of magazines catering to different segments in the student community. It has a combined readership of approx. 50 lakh and total circulated copy on a monthly basis is approx. 5 lakh.
With the largest number of magazines on career and education in the market, the Chronicle group is now well-known as a trend setter in career media. Chronicle’s career magazines are the first preference today for the ambitious and the career minded Indian youths. In fact, all the magazines published by Chronicle have emerged as undisputed leaders in their respective categories.
THE CHAIRMAN
Dhairyeshna Ojha Foundation, New Delhi is headed by Mr. N N Ojha, an educationist and journalist who has provided leadership to Chronicle Group of Publication for last 20 Years. The group is publishing Business & Management, Pratham Pravakta and Civil Services Chronicle. The magazines have extensive readership and wide circulation across the country.
Dhairyeshna Ojha Foundation, New Delhi was established and registered in Feb 2009 under the Trust Registration Act 1982. The Trust was established with the objective of academic excellence and leadership in business education. This in view the Trust aims to establish or takeover or support institutions for imparting higher education in the field of management, engineering, humanities and other related fluids etc.
CHRONICLE GROUP OF INSTITUTIONS
Apart from the career and education magazines segment, the group has diversified into the education sector and has a number of institutes under the flagship of Chronicle Group of Institutions.
The different institutes under this are:
THE DIFFERENT MAGAZINES PUBLISHED BY THE GROUPCivil Services Chronicle (English)Civil Services Chronicle (Hindi)
Business and Management Chronicle
Chronicle Year Book
Pratiyogita Chronicle (Hindi)
Pratham Pravakta (Hindi)
Civil Services Chronicle (English) – It was started in1990 with a special focus on IAS, IPS and IFS aspirants. It has now emerged as a very popular career magazine providing information on various career options like IT/Computers, Management, and Foreign Education etc. Civil Services Chronicle has such a distinct reputation in the market that it is being used as a reference guide by Schools, Colleges, Management Institutes and Educational Consultants.
Civil Services Chronicle (Hindi) – The Hindi Edition of Civil Services Chronicle is a popular career magazine in the Hindi speaking heartland of India. It has huge readership in Uttar Pradesh, Madhya Pradesh, Jharkhand, Chhattisgarh, Uttarakhand, Rajasthan and Haryana. It again has a focus on civil services aspirants with coverage of various careers options like IT/Computers, Management etc.
Business and Management, Chronicle – This magazine came into the market to provide guidance to the MBA aspirants and help them get into the B-school of their choice. It provides regular coverage on management entrance examinations like CAT, MAT, GRE, GMAT, TOEFL etc. It also provides coverage on various other career options in different sectors like Aviation, Hospitality, IT, BPO’s etc.
Chronicle Year Book – The Chronicle Year Book is brought out every year since 1997 in both Hindi and English. It has extensive coverage on landmark happenings during the year in both India and the World. It is used as reference book by academicians, educationists, bureaucrats and students.
Pratiyogita Chronicle (Hindi) – It was started in 2000 with an aim of providing information and guidance to Under-Graduate and Graduate readers in the Hindi heartland. It provides guidance on all entrance examinations for graduate youth like SSC, RRB, Banks, NDA, CDS etc.
Chronicle Books – This is the books division of the career and education division and has published more than 200 books in different segments.
HIGHLIGHTS
Good market presence from last 20 yrs
India’s No.1 Magazine for IAS preparation
Business & Management – Only Choice for Learning Management Skills
Pratham Pravakta- In- depth analysis and reporting of current political issues through insightful features
UNMATCHED COVERAGE
Updates readers with latest industry and political news, analysis and trends, every month
Guide students and young managers about changing scenario, prepare them for competitions.
Reaches across 500 cities and towns in India
Only magazine that covers over 16 A class cities & effectively penetrates B & C class cities
REACH IN INDIA
We have our corporate office in Noida.
We cater to All India with our Exclusive Distribution Network. Have a strong presence in North India.
OUR PERIODICALS ARE
Civil Services Chronicle (English & Hindi)
Business & Management Chronicle (English)
Pratham Pravakta (Hindi)
OUR ANNUAL MAGAZINE
Chronicle Year book (English & Hindi).
Civil Services Planner
VISION & MISSION
VISION
To provide the best guidance to ambitious Indian youth
MISSION
Providing latest industry and political news
Providing in-depth analysis and trends
Guide students and young managers to help them keep up with changes
Guiding youth from scratch to settlement in two most attractive careers - Civil Services and Management
Exploration and presentation of other emerging career options for young Indians (Hotel Management, aviation, animation fashion technology, insurance, retail, media etc)
BUSINESS AND MANAGEMENT CHRONICLE
INTRODUCTION
I worked under the domain of Business and Management chronicles in Chronicle Publications Pvt. Ltd. Business and Management chronicle is for aspiring students who want to crack exams of CAT, MAT, GRE.GMAT, TOEFL etc. Business and management chronicles prepares you not only for the written exam but also for group discussion and personal interview. It is the right magazine for thousand of MBA aspirant who want to get in the B-school of their choice and for those looking career in aviation, hospitality, IT, BPOs etc.
With a strong presence in the market and its focus on current industry trends and its requirements, business & management chronicle has been a friend, philosopher and guide to the yuppies for last several years. By providing excellent strategies, analysis of question papers of various management entrance tests, tips for GDPI etc., to the MBA aspirants through its dedicated supplement MT, Business & Management Chronicle has been able to create a burgeoning market for itself.
The revamped magazine has already become the no.1 choice for MBA aspirants and the young managers. Having spread its wings to every nook and corner, it is catering to the needs of more than 1, 00,000 students across India.
HIGHLIGHTS
Best Choice for Learning Management Skills
Covers 85000 readerships with the age group of 20-29
It provides extensive study material for various entrance exams like CAT, MAT, XAT, IIFT, FMS, etc
B&M is published from the House of Chronicle Publications
It guides future manager right from the MBA entrance tests to entry into the corporate world
Unmatched Content includes (Infallible tips, Guidance & expert advices, Solved and mock papers of top B-school exams, Corporate and economy news, offshore learning, interview and GD tips and much more.
It provides extensive study materials for various entrance exams like CAT, MAT, XAT, IIFT, FMS, etc.
It also provides guidance on offshore learning with regular coverage on foreign B-schools. The magazine carries features on GMAT, TOEFL, and IELTS on a regular basis.
Recently, B&M chronicle has expanded its horizon to carry features on new economy careers like aviation, animation, hotel management, fashion technology, insurance, retail, media etc.
We have monthly circulation of more than 85,000 copies, and this swells even further when we come out with Special Issues.
It is the No.1 choice for B-school aspirants with readership base of more than 4, 00,000 per month.
In its category, it is the largest selling magazine at the counter. Most of our competitors are owned by some big coaching institutes and they don’t have enough visibility at retail counters.
This is the only magazine from its category being distributed by A.H. Wheeler.
More than 10,000 institutes which comprise engineering and graduate colleges, public schools and coaching institutes are our monthly subscribers.
We have tied up with various local and national-level coaching institutes, which prepare students for MBA/BBA/Hotel Management and other entrance exams.
We have a great brand recall among the directors of the B-schools. Directors of more than 600 B-schools are aware of our magazine. Magazine is promoted among those who matter the most when it comes to placement at B-schools. We make sure that HR director of well-known.
Companies are aware of our magazine; by getting associated with our magazine you will sure be able to turn the attention of top recruiters to your institutes.
Directors of some well-known B-schools such as XLRI, Jamshedpur, IIM, Kozhikode, and Symbiosis are part of our Editorial Advisory Panel.
READERSHIP AT A GLANCE
Age group: Less than 20 years – 31%; 21 yrs to 35 yrs -- 60%; Above 35 yrs – 9%
Occupation: Govt. service -- 7%, School/college/library – 22%; Student – 66%; Private Service – 5%
Education: Post graduate – 20%; under graduate – 24%; Graduate – 56%
Our readers are young and highly educated coming from affluent families with high aspiration level. Majority of our readers are MBA aspirants, and they may just be willing to join your institute
MAJOR CLIENTS
AIMA SHRI SHARDA
SYMBIOSIS STATE BANK OF INDIA
LBSIM BANK OF BARODA
BHARTIYA VIDYA PEETH BANK OF INDIA
INDIAN AIR FORCE LIC
ITS INDIAN NAVY
IRMA IP UNIVERSITY
IALM
AD AGENCIES
Bubna Ad Agency
Momento Communication
Tiara Advertisements
BEI Confluence
Asahi Advertisements
STRENGTHS
Selling on the direct Retail counters
Readership base of 1.5 million
Persons from IIM’s, XLRI are in our advisory board
Focused content
We give an opportunity to get maximum bang with minimum buck
This is the only magazine from its category being distributed by A.H Wheeler
PRESENCE
Reaches over 300 cities and towns in India
Comprehensive coverage on current topics
Innovative advertisement solutions
We have Pan India presence
REASONS OF POPULARITY OF BUSINESS AND MANAGEMENT CHRONICLE
This is India’s only magazine which is selling on the direct retail counters and is being sent to all the libraries of national & regional coaching Institutes all over the India. The magazine is also sent to all the Institutes offering for BBA on regular basis.
Other magazines are being published by the coaching institutes for their in-house circulation and distributed among few of their students.
The circulation of this magazine is 65,000 with the readership base of 3,00,000 students. The circulation includes 5,000 direct subscriptions + 2500 engineering colleges, Arts Colleges, Science colleges, Commerce Colleges, B-schools etc. are our regular clients. The magazine is circulated on National level to the state government or public Libraries.
Persons like Dr. P R Bhatt, IIM Kozhikode, Dr. E M Rao, Chairperson XLRI Jamshedpur, Prof. R K Mittal, Indraprastha University, Dr. G L Sharma, LBSIM, and Dr. Bhama Venkatramani are in our advisory board.
The content of the magazine is prepared keeping in mind your target group. Business & Management Chronicle provides extensive study material like solved papers, Mock Tests for various entrance exams, like: - CAT, MAT, XAT & other management institutions on regular basis.
Time to time we are covering different activities of the institutes in our campus buzz column, publishing the interview of director of different institutes and last but not the least we are publishing the name of the institutes under various career options so that the institutes name become popular whole year among the CAT/MAT students.
NETCAT
NETCAT is an online mock test series of cat entrance examination which is started by Chronicle Publications in this year 2010. Chronicle Publication with its Business and Management Chronicle magazine combines superior strategy and greater market presence with proven track record in guiding management aspirants to the pinnacle of achievement. NETCAT has been basically launched keeping in view the high number of small coaching institutes which have emerged at local level due to the rising demand for management education in recent years. It targets the institutes which have a good local presence but lack all India presence which is very essential for comparative testing and ranking of students to upkeep them with their current status of relative preparation against the fellow management aspirants.
Most of the times it is seen that a student joins particular coaching for classroom coaching while he joins other institute for cat mock test paper so their arises the problem because when that student is being selected both coaching institute claim that he is their student to eradicate this problem NETCAT has been launched so that the student can get both (classroom coaching and mock test paper) at the same centre and also to make the content part of a coaching institute strong.
NETCAT- PRODUCT COMPOSITION
Nationalized evaluation of all students from 100000+ students
Branding and promotion at regional level
Membership club benefits e.g. discounted books, seminars etc
No additional cost would be charges for entire process
Online e-group
BENEFITS CLUBBED WITH THE ASSOCIATION FOR COACHING INSTITUTES
Chronicle Publication will promote them through its magazine: Business and Management Chronicle.
Chronicle will provide your each student with six months subscription of our monthly magazine Business and Management Chronicle Priced at Rs. 40 which costs Rs. 240.
It will help in institutes brand building.
Help coaching institutes providing the students with all India ranking to continuously monitor their progress of preparation.
It will help coaching institutes to give a tough fight to other big coaching institute like IMS, PT, Career Launcher, etc. while keeping their full identity intact as an independent body.
The package cost for the mock cat Series is Rs.1050 which is just Rs. 250 for associated institutes.
Chronicle also promises that new generation branding must be planned, implemented and managed in a way so as to get our needs and opportunities dovetailed. Association with NETCAT will unleash opportunities galore to enhance the market presence and zero in on the prospective customers of these coaching institutes.
Students enrolled at regional coaching institutes will be able to assess themselves at all India level. With unsparing advertisements through newspapers, posters, hoardings, pamphlets, television, radio, sms, e-mails and telecalling, Chronicle promises to reach the students across India.
In addition to delivering a solution that works, and works well, NETCAT goes the extra mile. Chronicles impeccable strategy will help these regional coachings not only survive but also tackle the reckless competition from the players having all India presence, and it also redefines how coaching centres can reach their potential target group.
METHODOLOGY
MARKET ANALYSIS & RECEPTIVITY
At the Initial stage of my project, I had to first analyze the market potential in the given territory / region in a part of:
Agra Allahabad Bangalore Bhubaneswar Hyderabad Patna Varanasi
The territory that was allotted to me was Faridabad. As Faridabad being one of the most
prospective territories in the NCR region. I had to firstly analyze the institutes that lied under my
territory. I followed the process of Sales in order to achieve my objective:
SALES PROCESS
Prospecting
Classifying Leads
Developing a selling strategy
Making the approach
Presenting
Trial Closing
Handling objections
Concluding the presentation and closing
Handling details after the close, including a post-case analysis.
STEP 1: PROSPECTING:
Theory:Prospecting is the identification of potential new customers. It is also the process of finding the
qualified buyers. Two major activities are involved in prospecting: identifying potential
customers (sales leads), and qualifying these potential customers to determine if they are valid
prospects.
Implementation of Theory:The very first step initiated during the whole process was Prospecting. I had to first identify my
target customers. The first mode of identification or Segmentation was on the basis of “no. of
students” in a particular institute. This gave me fair amount of idea whether the institute fell
under my target segment or not, because any institute having strength of students over 1000,
would not have lied under my target segment, as the volume of students allows them for ranking
as they have a considerable sample size for estimating all India ranking.
The second step was segmenting on the basis of the “online-testing capability”. As “online-
testing capability” was considered one of the most important part of the Netcat as a product this
was the most important thing which we were providing. Any institute which had online-testing
capability would not have been sound enough to fall under my product’s target segment.
After this,
I started with preparation of database from www.suleka.com
www.justdial.com
www.a sklaila.com
www.tradeIndia.com
www.indiamart.com
Define Target Market
Generate Sales Leads
Qualify Prospects
After preparation of database, I had to make cold calls in terms of telephonically calling the
institutes personally and identify on the above parameters whether it fulfilled the criteria and
would be a prospect for me or not.
Of the database prepared initially, only less than one-third institutes in each of the above
mentioned cities actually fell into my target segment, from these 18 institutes I was able to
convert 11 of them as leads.
Agra- 1 instituteAllahabad- 5 institutesBangalore- 11 institutesBhubaneswar- 9 institutesHyderabad- 5 institutesPatna- 6 institutesVaranasi- 1 institute
STEP 2: CLASSIFYING LEADS
Theory:The classification of lead as a prospect is when the lead had a reasonable probability of buying,
has sufficient needs to justify a profitable sale, has financial resources to buy and the eligibility
to buy.
Implementation of Theory:During the classification of lead, the basic method used by me was “Cold Calling”. I initiated
cold calls to various institutes of the cities earlier mentioned to identify and classify my
prospective leads. It initiated my sales process with directly interacting to the clients and making
them aware of the product: Netcat- An All-India Mock Cat Series.
The basic idea of making the cold calls was to gather information about the institute that was
targeted.
The main information sought during this process was
1) The strength of students in the institute
2) The capability of online-testing
3) Identifying the decision maker- obtaining contact details, designation, name etc.
STEP 3: DEVELOPING THE SELLING STRATEGY
Theory: A selling strategy for each prospect requires a clear understanding of his or her needs and how
the salesperson’s products will meet these needs.
Need Benefit Match:
The salesperson uses the information from prospecting to develop a rough selling strategy.
Strategy development consists of identifying a general need of the prospect and matching a
product benefit to that need.
Company Selling Plan:
The company selling plan gives the salesperson to develop a selling strategy because it gives call
objectives, opening benefits, additional benefits to stress, and suggested closes.
Professional Needs:
Professional needs which may be defined as on-the-job needs, are created by the role that an
individual plays with an organization.
Organizational Needs:
The organizational needs of a prospect are linked closely to the needs of the organization.
Organizational needs may include growth, better utilization of resources, more reflected in
financial ratios and enhancement of the company’s prestige and credibility among its customers,
suppliers, and public at large.
Personal Needs:
Personal needs are widely classified by Maslow as: Physiological, safety, belonging and love,
esteem and self actualization. Building on these familiar concepts will shorten the time required
to understand the buyer’s needs.
Call Objective:
The next step in the development of the initial strategy is to set the objective for the first sales
interview. This objective is the action that the salesperson wants the prospect to take. Does he or
she want to make a sale on the first call, or to get agreement for a demonstration, survey, or
proposal.
Implementation of the Theory:In this step, throughout my calls I used different methods of selling strategy for different
prospects.
In case of few, I had to use the strategy of Need-Benefit Match, wherein I tried to identify the
need of my prospect and pitched accordingly correlated to my product’s features. For e.g. while
making CMC, Patna, we identified that their basic need was on the “promotion front” and this
need was well fulfilled by Netcat’s promotion part, so in my pitch I highlighted the promotional
aids we were offering in the package of Netcat. I kept on stressing this as the most important
feature while touching upon the other key features of Netcat.
Similarly, on the other hand, there were few prospects where I used different strategies like
pitching on the Personal Needs etc.
Though throughout the process of selling strategy, the basic objective was to get appointment for
a detailed discussion on Netcat to decide and agree upon certain terms and conditions.
STEP 4: MAKING THE APPROACH:
Theory:When the prospect is classified and the selling strategy has been developed an objective to
satisfy prospect’s needs, the salesperson turns to approach. This is the crucial step in the selling
process when the salesperson must gain the attention and interest of the prospect so he or she
may move to the presentation stage.
The goal of the approach may be summarized as follows:
Get the prospect’s attention.
Relax any defenses.
Obtain the prospect’s respect and confidence.
Probe for the benefits wanted most.
Arouse interest in hearing the presentation.
Implementation of the theory:In this particular step, the basic objective was to gain the attention and get the appointment for
the presentation so that a prospect could be converted to the next level into conversion of
customer. The basic motive was to bring in the interest of the prospect into the product and
increase the level of anxiety about the product that lead to presentation.
STEP 5: MAKING THE PRESENTATION:
Theory:Two way communications between the salesperson and the prospect is the heart of the
presentation.
Presenting Benefits: The salesperson presents benefits and the prospect responds by accepting
the benefits, by objecting, by doubting that the product can produce the benefits, with
indifference, or with no clear reaction
Probing Customer Needs: Probing may be necessary in order to classify the prospect’s
response or to confirm the need to which the benefit had been matched.
Implementation of the Theory:During the presentation, my main focus was to firstly identify as to which feature of my product:
Netcat does my prospect requires the most. Then after identifying it, I gave stress on that
particular feature so that the prospect probes me questions and I am able to identify and guess
what the prospect wants more from the product so that my presentation’s focus to be directed on
that feature too.
The basic idea behind the presentation was to convince the prospect so much after showing the
benefits that are being sought to it, so that it moves to the next step of my sales process.
STEP 6: TRIAL CLOSING:
Theory:When several benefits have been accepted or objections have been handled successfully, a trial
close may be used to see if the prospect is ready to buy. A trial close consists of an early attempt
to gain a commitment by the prospect on details of the order or a minor point, such as the color,
the delivery date, or the payment method that will be used. If the prospect is ready to make a
decision on a minor point, then he or she is close to making the major decision of buying the
product or service.
Implementation of the Theory:The basic work during this step was to convince the prospect so much about the product and
overcome his or her objections so that, it moves to this step confidently and make commitments.
This step was very much dependent on the quality of the presentation and handling the
objections of the prospect so that a commitment on minor point from the prospect is gained.
STEP 7: HANDLING OBJECTIONS:
Theory: Objections may take the form of doubts, minor objections or major objections. A doubting
prospect is asking for proof that a product or company has features that provide the stated
benefits. The salesperson may provide this proof with a demonstration, samples, additional
information such as research results, or by quoting authorities in the field.
Implementation of the Theory:In this particular step, the common objections that came into place were related to the clarity of
the promotional part: how Chronicle Publication is going to help them in promoting their
institute, as the product demands a long term relationship building and involves a huge
involvement of the prospect into the product so that he or she buys the product. As many of the
prospects were not Tech-savvy so that they could understand the online and offline -
implementation co-ordination of product. Mainly objections that occurred during the whole 2
months were related to this only and I’d categorize them into minor objections, as most of them
though had the need of the similar product. The basic idea to come out of these objections was to
show them the list of ways of the promotion through websites, SMSs on our mobile phones, tie-
up with radio fm, tie-up with one local and one national news-paper, etc.
STEP 8: CONCLUDING THE PRESENTATION & CLOSING:
Theory:There are a number of closing techniques that are useful at the stage of the selling process.
Achievement of the Objective:
When the prospect has agreed to a sufficient number of benefits, the salesperson should close the
presentation and seek the goal of the call.
Implementation of the Theory:The main focus during the process of presentation was to come out to a conclusion of the
presentation and close the deal, but that was dependent on the cases and the prospects. Some of
them came directly into this stage after the stage of objections, but some of the prospects took lot
of time in coming into conclusions and asked for another round of presentation for a panel which
has to take the final decision, so that they could take everybody under confidence before entering
into an agreement and closing the deal.
STEP 9: AFTER THE PRESENTATION:
Theory:Arrange for the Next Call:
Several important selling activities are required after the interview is terminated. If the interview
results in a sale, it will be necessary to complete the appropriate order forms. If the goal of the
sales interview was demonstration, it may be necessary to make arrangements for the equipment
that will be demonstrated.
Follow Up:
Service after the sale is an important part of account and territory management. Sales follow-up
assures that the order will not be cancelled, and it paves the way for future orders by building
confidence in the customer that the salesperson will deliver as promised.
Implementation of the Theory:The basic motive after the conclusion of the presentation step was to either close the deal during
the presentation or keep track of the prospect after subsequent follow ups and if the prospect was
not convinced with the presentation, arrange for an alteration in the product so that the prospect
gets convinced and a mutually beneficial deal is done.
LIMITATIONS
Busy schedule of the people
Some information available on the website was wrong which further made the work more difficult
It was very difficult to pitch up the product in rural areas as they were not so much into the technology
RECOMMENDATIONS Define in clear terms the promotional part of Netcat- which is not defined in concrete
terms, as most of the targeted institutes were finding it ambiguous.
Organize events at places e.g.: offline pen paper mock cats at various places for
promoting Netcat.
Flexi-pricing so as to offer a prospect only the core part of Netcat if it is not interested in
other features.
OTHER MISCELLANEOUS TASKS I PARTICIPATED IN
Drafting the pitching mail for the prospective clients
Extracting key points to be included under the agreement between us and the coaching institutes for Netcat
Prepared Power Point Presentation for coaching institutes
Participating in various discussions to decide the approach for initiating the talks on association and finalization of agreement
CONCLUSION
It was a very good experience to be associated with Netcat. Project Netcat has got huge market potential as it has caters up a very relevant issue which goes very close to the problems which are being associated with a coaching institute as entrance test has gone online.
Netcat not only provides them with high quality content but also helps them to increase their market share and visibility by providing them a national platform by branding and promotions.
Especially regional players and small coaching institutes will be benefited a lot from this project. At last it was a pleasure to be associated with such a nice and live project, it helped me to gain a lot of practical experience which would be useful for me in my future.
REFERENCE & BIBLIOGRAPHY
SALES MANAGEMENT- A Career Path Approach by
HUGHES
MCKEE
SINGLER
SALES MANAGEMENT – Concepts, Practices, And Cases by
EUGENE M. JOHNSON
DAVID L. KURTZ
EBERHARD E. SCHEUING
IMRB Research India – December 2006
WEBLOGRAPHY www.suleka.com
www.justdial.com
www.a sklaila.com
www.tradeIndia.com
www.indiamart.com
ANNEXURE
PITCHING MAIL
Dear Sir, We are pleased to introduce our self as Chronicle Publications Pvt Ltd, a pioneer in imparting knowledge and guidance to the young and ambitious Indians. From 1990, we are creating bench marks in quality & content under the guidance of our chairman, Mr.N.N.Ojha. The group is now well known as trend setter in career media. Chronicle’s career magazines are today’s first preference for the young career oriented Indian youth. In fact, all the magazines published by Chronicle Group have emerged as undisputed leaders in their respective categories.
In the recent time, we have seen lots of changes taking place in career sector. One of them is CAT going in online mode. We see this as an opportunity to have an association with you for the same. This association is extremely beneficial for the students and the institute.
The continuous benefits which you will get are
Nationalized evaluation of all your students from 100000 plus students
Branding and promotion in regional level
Membership club benefits e.g. discounted books, seminars etc
No additional cost would be charges for entire process
Online e-group
Straight benefits which you will get from this association:-
We will promote you through our magazine
We will provide your each student with six months subscription of our monthly magazine Business and Management Chronicle Priced at Rs. 40 which costs Rs. 240
It will help in institutes brand building
Help you providing the students with all India ranking to continuously monitor their progress of preparation
It will help your institute to give a tough fight to nationalized coaching institutes while keeping your full identity intact as an independent body
The package cost for the mock cat Series is 1050 and you are free to charge any same from students for the mock Cat Series. What we charge:
Rs 250 per students to our partner coaching institutesNo additional charges We are looking forward for your positive response. Kindly revert back so that we can go for forming this invincible consortium by combining your strength of training and our strength of testing
--
Warm Regards,
Prashant Dwivedi Project TraineeMobile: +91 97161 66648
ForPooja ShrivastavaManager-Research & BDMobile: - +91 97169 28388Chronicle publications Pvt. Ltd.Noida(U.P.) 201301
STRUCTURE OF AGREEMENT WITH COACHING INSTITUTES
AGREEMENT TO CONDUCT MOCK ONLINE TEST SERIES
This Agreement is made and executed on---------------------------------------, 2010 by and
between;Chronicle Publications Pvt. Ltd., having its registered office at C-6,
Mezzanine Floor, Community Centre, Safdarjung Development Area New Delhi-
110016 (hereinafter called the “FIRST PARTY”) the expression unless repugnant to
the context or specifically exempted shall include its successors and permitted
assigns) of the first part and
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------- (hereinafter called the
“SECOND PARTY”, the expression unless repugnant to the context or specifically
exempted shall include its successors and permitted assigns) of the second part.
The FIRST PARTY and the SECOND PARTY are together called the PARTIES.
WHEREAS the FIRST PARTY is publisher of the well known magazine known by the
name “Business and Management chronicle” and has launched a computer
programme for conducting Mock Online Common Admission Test Series titled as
“NETCAT” for Business Schools aspirants.
WHEREAS the SECOND PARTY is running a coaching institute for guiding the B-School
aspirants. The SECOND PARTY has opted to be a centre for conducting NETCAT for
the benefit of their students and the FIRST PARTY has also agreed to accept the
SECOND PARTY as one of the centre for NETCAT upon the terms and conditions
hereinafter contained.
THEREFORE IT IS HEREBY AGREED as follows:-
1. Definitions
In this agreement, unless the context otherwise explained categorically, the
followings words shall have the following meanings:
(i) “The Licence shall mean the usage rights of software for “Online NETCAT MOCK
TEST SERIES” as well as contents and data granted and provided by the FIRST
PARTY to SECOND PARTY in accordance with the agreed terms.
(ii) The equipment’ shall mean the SECOND PARTY’s computer system of required
denomination installed at SECOND PARTY’s premises mentioned in this
agreement for which the Licence is granted by the FIRST PARTY.
(iii) The NETCAT Mock Test Series shall mean the computer programs of the FIRST
PARTY specified in the schedule.
(iv) The centre shall mean the SECOND PARTY’s premises used for teaching the
students where NETCAT is to be conducted.
(v) ‘Confidential’ means that NETCAT Materials cannot be copied in any manner or
format or by deliberate alterations of words, data or image etc. If the content
provided on the NETCAT platform.
2. Products and services to be provided
The FIRST PARTY hereby agrees to:-
(i) Provide the SECOND PARTY a series of ten online NETCAT Mock Tests every
year to be taken by their registered students at the centre.
(ii) Provide six months subscription of “Business & Management Chronicle”
Magazine per registered user/ students herein after described; as per the terms
and conditions hereinafter contained.
3. Payment
(i) The online NETCAT Test Series Fee shall be paid by the SECOND PARTY on the
acceptance date.
(ii) NETCAT Test Series fee and other charges payable under this Agreement are
exclusive of taxes which shall be paid by the SECOND PARTY at the rate and in
the manner for the time being prescribed by laws of the Republic of India
4. Online NETCAT Test Series
I. The FIRST PARTY hereby grants to the SECOND PARTY a non-exclusive licence
to use the NETCAT Test Series Materials subject to the terms and conditions
hereinafter contained in this agreement.
II. That the FIRST PARTY shall on their NETCAT platform provide a series of ten
mock CAT tests to the Second party on different schedules.
III. That the FIRST PARTY shall provide only the online NETCAT software and
content of the test series to the SECOND PARTY.
IV. That the SECOND PARTY shall provide on their own responsibility, costs and
expenses of the entire infrastructure, including well equipped computer lab etc.
& supporting softwares, including internet connectivity etc., proportionate to
the number of students enrolled at their centre.
V. That the SECOND PARTY shall ensure the enrolment of each individual student
of their centre at NETCAT platform as per the requirements of NETCAT
participation.
VI. That the SECOND PARTY shall ensure the full confidentiality of NETCAT Software
or content or any other information which is essentially the property of the
FIRST PARTY , so that it shall not be accessed by any other person or entity.
VII. The FIRST PARTY shall maintain privacy of the entire database as per their own
privacy policy.
VIII. That the SECOND PARTY shall pay in advance to the FIRST PARTY Rs. 250/- (Two
Hundred & Fifty Rupees only) per individual participants for NETCAT series.
IX. The FIRST PARTY shall provide six months subscription of “Business &
Management Chronicle Magazine” to be sent by the certificate under posting, to
each individual participant of the NETCAT.
X. The FIRST PARTY shall also provide each individual participant his scores and
other particulars as per the Policy of NETCAT.
XI. The SECOND PARTY shall ensure at their end that all the authorised users Log In
with their own USER ID and PASSWORD provided by the FIRST PARTY and do
not disclose the same to anyone else.
5. The License shall not be deemed to extend to any programs or materials of the FIRST
PARTY other than the NETCAT Test Series Materials unless specifically agreed to in
writing by the FIRST PARTY.
6. The SECOND PARTY hereby acknowledges that it is licensed to use the NETCAT Test
Series materials strictly in accordance with the express terms of this Agreement and
not further or otherwise.
7. Duration of Licence
The Licence shall have its force from the acceptance date and shall continue for three
years here onward in accordance with the provisions in this Agreement.
8. Cancellation & Refunds:-
That in case of cancellation of association, or absence of participants, no refunds will
be given to the SECOND PARTY under any circumstances.
9. Security Money:-
That a sum of Rs.10000/- (Ten Thousand Rupees only) will be charged from the
SECOND PARTY which will be refunded after completion of the terms of the
association. No interest shall be payable on this amount.
10. Proprietary Rights
(i) The NETCAT Test Series and its copyrights and other intellectual property rights
of nature in the NETCAT Test Series Materials are and shall remain the property
of the FIRST PARTY and the FIRST PARTY shall have the right to grant license to
use NETCAT Test Series Materials to third parties.
(ii) The SECOND PARTY shall allow the FIRST PARTY to check the use of the NETCAT
Test Series Materials at all reasonable occasions and for doing so that FIRST
PARTY and/or its authorized agent shall have the right to enter the SECOND
PARTY’s premises.
11. Confidentiality
(i) The SECOND PARTY hereby undertakes to treat as confidential all information
contained or expressed in the NETCAT Test Series Materials and the
specification and all information, know-how conveyed to the SECOND PARTY by
training. (Hereinafter called the INFORMATION)
(ii) The SECOND PARTY shall not without the prior written permission of the FIRST
PARTY divulge any part of the INFROMATION to any person except:
a. the SECOND PARTY’s own employees or any contractor or vendor
assigned by him who need to know the same;
b. the SECOND PARTY’S auditors and any other persons or bodies having a
right, duty or obligation to know the business of the SECOND PARTY only
in pursuance of such right, duty or obligation;
c. any person who is from time to time appointed by the SECOND PARTY to
maintain any equipment on which the NETCAT Test Series are being
installed only to the extent necessary to enable such person to maintain
such equipment.
(iii) The SECOND PARTY hereby undertakes to make sure that the persons and
bodies mentioned in paragraphs (a), (b) and (c) of sub-clause (ii) have sufficient
knowledge that the INFORMATION is confidential prior to the disclosure of any
part of the INFORMATION and that they owe a duty of confidence to the FIRST
PARTY, the SECOND PARTY hereby undertakes to indemnify the FIRST PARTY
against any loss, destruction or damage which the FIRST PARTY may sustain as
a result of any failure on the part of the SECOND PARTY to comply with such an
undertaking.
(iv) Upon knowledge of any breach of confidence by any person to whom the
SECOND PARTY divulges all or any part of the INFORMATION, the SECOND
PARTY shall immediately notify the FIRST PARTY and shall provide the FIRST
PARTY all reasonable assistance in connection with any proceedings, which the
FIRST PARTY may institute against such person for breach of confidence.
(v) The foregoing obligations pertaining to confidentially shall remain in full force
and effect not with standing any termination of the Licence or this Agreement.
12. Security
The SECOND PARTY shall during the continuation of the Licence:
(i) effect and maintain adequate security measures so that no unauthorized person
can access or use the NETCAT Test Series Materials.
(ii) have effective control over NETCAT Test Series Materials and all copies thereof;
(iii) keep a full and accurate record of the SECOND PARTY’s copying and disclosure
of the NETCAT Test Series Materials and shall produce such record to the FIRST
PARTY whenever such a request is made.
13. Alteration
The SECOND PARTY shall not modify, alter, change, adapt or translate the whole or
any part of the NETCAT Test Series Materials in any manner possible nor allow the
whole or any part of the NETCAT Test Series to be combined with or become
included in any other computer programs nor decompile, disassemble or reverse
engineer the same nor attempt to do any of such things, except to the extent and in
the circumstances expressly required to be permitted by the FIRST PARTY in writing.
14. Termination
i. The SECOND PARTY may terminate the Licence at any time by giving at least
90 days prior written notice to the FIRST PARTY.
ii. The FIRST PARTY may terminate the Licence forthwith by issuing notice in
writing to the SECOND PARTY if:
a. The SECOND PARTY commits any material breach of any term of this
Agreement and in the case of a breach capable of being remedied, the
SECOND PARTY has failed to remedy the breach and 15 days have
expired after the receipt of a request in writing from the FIRST PARTY to
that effect.;
b. The SECOND PARTY permanently discontinues the use of the NETCAT Test
Series Materials; or
c. The SECOND PARTY becoming insolvent or an officials liquidator
appointed of it or over any part of its undertaking or assets or shall cease
to carry on business.
iii. Immediately upon the termination of the License the SECOND PARTY shall
return to the FIRST PARTY the NETCAT Test Series Materials and all copies of
the whole or any part thereof, in the alternative upon a request being made by
the FIRST PARTY the SECOND PARTY shall destroy the same by deleting the
NETCAT Test Series from that media on which they are stored and certify in
writing to the FIRST PARTY that they have been destroyed. The SECOND PARTY
shall also delete the NETCAT Test Series from the equipment and shall certify
to the FIRST PARTY that the same has been done.
iv. Any termination of the Licence or this agreement shall have no effect on any of
the accrued rights or liabilities of either party nor shall it affect the coming into
force or the continuance in force of any provisions hereof which is expressly or
by implication intended to come into or continue in force on or after such
terminations.
15. Assignment
The SECOND PARTY shall not be entitled to assign, sub-license or otherwise transfer
the license whether in whole or in part to any other entity without written permission
of the FIRST PARTY.
16. Force Majeure
Notwithstanding anything contained in this Agreement, neither party shall be
responsible for any delay in performing its part. Hereunder, In case such delay is
caused by circumstances beyond its reasonable control provided the party so
delaying promptly notify the other party in writing of the reasons for the delay. Such
party’s obligation shall be suspended during the term till the said circumstances
continue and such party shall be given a reasonable extension of time for
performance taking into account the period of delay.
17. Liability
(i) The FIRST PARTY shall be liable to rectify the errors etc. in NETCAT material
within a reasonable time and without charge. If the FIRST PARTY fail to comply
with such obligations, then the FIRST PARTY’s responsibility shall be limited to a
sum upto the license fee.
(ii) The FIRST PARTY shall not be liable to the SECOND PARTY for any
damage/destruction/loss of compute programs and/or data, arising out of any
failure or lapse on the part of the SECOND PARTY to follow the best computing
practices.
(iii) Notwithstanding anything contained in this Agreement the FIRST PARTY shall
not be liable to indemnify the SECOND PARTY for loss or profits or contracts to
other indirect or consequential loss whether arising from negligence, or breach
of contract.
18. Entire Agreement.
This agreement along with the schedules and exhibits, if any, comprises the whole
and complete agreement and it shall supersede all prior arrangements, and
understandings entered between the PARTIES RELATING TO THE SUBJECT MATTER
HEREOF. Any addition to or modification of any provision of this Agreement shall be
binding only if the said addition or modification be made by a written instrument
signed by a duly authorized representative of each of the parties.
19. Notice
All notices which are required to be given hereunder shall be in writing and shall be
sent to the address of the recipient set out in this Agreement or such other address
in India as the recipient may designate by notice may by delivered personally or by
express courier or facsimile transmission and shall be deemed to have been served if
by hand when delivered, if by express courier 48 hours after posting and if by
facsimile transmission when dispatched.
20. Governing Law
The Agreement shall be governed by and construed in accordance with the laws of
the Republic of India.
21. Dispute settlement
Any dispute or claim arising out of or in connection with this Agreement or the
performance, breach or termination hereof, shall be finally settled by binding
arbitration conducted in Delhi (India) by a Panel consisting of Three arbitrators,
wherein one arbitrator shall be appointed by the FIRST PARTY, other arbitrator shall
be appointed by the SECOND PARTY and the third arbitrator shall be appointed jointly
by the PARTIES. The arbitration shall be governed by the provisions of the Arbitration
and Conciliation Act 1996. The award of arbitration shall be binding and final.
22. Severability
If any provision of this Agreement is held to be invalid illegal or unenforceable under
present or future laws, such provisions shall be struck from the Agreement, however
such invalidity or enforceability shall not affect the remaining provisions or conditions
of this Agreement. The PARTIES shall remain legally bound by the remaining terms of
this Agreement and shall strive to reform the Agreement in a manner consistent with
the original intent of the PARTIES.
In WITNESS WHEREOF, each of the PARTIES has caused this Agreement to by duly
executed and delivered as of the day and year first above written.
WITNESSES:
1. FIRST PARTY
2. SECOND PARTY