Title - “A study on Remittance Business in India” - The Emerging Scenario
An Overview of the Title
Management Thesis title itself asks for a deep study as India is the largest remittance receiver in the world ahead of China & Mexico. Study should highlight on the overall remittance market in India. To perform this project, one has to evaluate every competitor operating in this market.
A comparative study on strategies adopted by various players in the market has to be done in order to get insight of this emerging market. By making a comparative study, one can know that who is the strongest player in the market & what are its key strengths. It can also help in identifying the players whose products/services are economical for customers & have differentiated products. It should cover various means to receive remittance from abroad and also find out the most economical & fastest products in this market.
Management Thesis on this title will help the Company, to identify its competitors & strategies adopted by them. It can know the strengths of their competitor, awareness about competitors’ products, distribution network etc. By using this information company can get an insight to the overall remittance market & can design need-based products for its customers & gain a competitive edge over its competitors. Remittance market is emerging day-by-day. ICICI Bank is the only bank with dedicated sales team in remittance market. More banks will identify this opportunity in future & may enter this emerging market. Thus, being updated with the current trends in the market, bank will have upper hand over its competitors.
Management Thesis title itself asks for a deep study as India is the largest remittance receiver in the world ahead of China & Mexico. Study should highlight on the overall remittance market in India. To perform this project, one has to evaluate every competitor operating in this market.
A comparative study on strategies adopted by various players in the market has to be done in order to get insight of this emerging market. By making a comparative study, one can know that who is the strongest player in the market & what are its key strengths. It can also help in identifying the players whose products/services are economical for customers & have differentiated products. It should cover various means to receive remittance from abroad and also find out the most economical & fastest products in this market.
Management Thesis on this title will help the Company, to identify its competitors & strategies adopted by them. It can know the strengths of their competitor, awareness about competitors’ products, distribution network etc. By using this information company can get an insight to the overall remittance market & can design need-based products for its customers & gain a competitive edge over its competitors. Remittance market is emerging day-by-day. ICICI Bank is the only bank with dedicated sales team in remittance market. More banks will identify this opportunity in future & may enter this emerging market. Thus, being updated with the current trends in the market, bank will have upper hand over its competitors.
Objectives
Ø Insight to the market
Ø Updating the Company about recent trends of the market
Ø Understanding competition in remittance market
Ø Major Players & their key strengths in this market
Ø Information for designing better products for customer
Ø Grabbing new opportunities
Ø Preparedness for future & awareness of possible threats
Limitations
Ø Threat of Non-response from some of the competitors
Ø Relying on secondary data to know the market potential, as survey would require a very vast study all over India
Ø Lack of time may be a factor
Ø May get biased information from other competitors
Ø Study is very vast, but have to restrict myself to my region
Methodology
The ideal methodology & planning helps in a making a quality project report. Hence for completing this project (Study on remittance business in India) the methodology to complete the project would go in three phases viz.
(1) Data Collection
(2) Analysis
(3) Final Draft (Presentation)
Data Collection: To complete the project, both Primary & Secondary data would be required. Primary data would be collected by visiting offices of various players in remittance market. Primary data would be collected with the help of questionnaires & observation techniques. I will also be interviewing competitors’ partners in their distribution channel, to know various benefits provided by the competitors. Survey would also include customers, to know the needs which are not catered by any of the player in remittance market, which would help company in designing new products. Secondary data from magazines, journals, and internet etc. would be used in order to know the potentials of the market, getting information about competitors, various online remittance services provider like remit2india.com etc.
Analysis: After data collection the next step is analysis. Under this step, important information would be identified & unimportant data would be erased from the study. Analysis would focus on making the project useful to the SIP Company. I will be consulting my faculties to get guidance on data analysis & will make use of graphs & pictures to make the reader understand it easily & less time consuming.
Final draft: After data collection & analysis is complete, final report would be drafted by following the logical sequence. Presentation of the data would be such that it inculcates interest in the reader to read it further.
Ø Insight to the market
Ø Updating the Company about recent trends of the market
Ø Understanding competition in remittance market
Ø Major Players & their key strengths in this market
Ø Information for designing better products for customer
Ø Grabbing new opportunities
Ø Preparedness for future & awareness of possible threats
Limitations
Ø Threat of Non-response from some of the competitors
Ø Relying on secondary data to know the market potential, as survey would require a very vast study all over India
Ø Lack of time may be a factor
Ø May get biased information from other competitors
Ø Study is very vast, but have to restrict myself to my region
Methodology
The ideal methodology & planning helps in a making a quality project report. Hence for completing this project (Study on remittance business in India) the methodology to complete the project would go in three phases viz.
(1) Data Collection
(2) Analysis
(3) Final Draft (Presentation)
Data Collection: To complete the project, both Primary & Secondary data would be required. Primary data would be collected by visiting offices of various players in remittance market. Primary data would be collected with the help of questionnaires & observation techniques. I will also be interviewing competitors’ partners in their distribution channel, to know various benefits provided by the competitors. Survey would also include customers, to know the needs which are not catered by any of the player in remittance market, which would help company in designing new products. Secondary data from magazines, journals, and internet etc. would be used in order to know the potentials of the market, getting information about competitors, various online remittance services provider like remit2india.com etc.
Analysis: After data collection the next step is analysis. Under this step, important information would be identified & unimportant data would be erased from the study. Analysis would focus on making the project useful to the SIP Company. I will be consulting my faculties to get guidance on data analysis & will make use of graphs & pictures to make the reader understand it easily & less time consuming.
Final draft: After data collection & analysis is complete, final report would be drafted by following the logical sequence. Presentation of the data would be such that it inculcates interest in the reader to read it further.
References
The references would be provided as & when project proceeds. Till now, only company journals have been referred which includes several graphs related to remittance market in India.
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