Evaluate the market image of Protik Developers Ltd.

comparing with other existing competitor of same market

Submitted By:
Eesara Binte Islam ID #0920265

An Internship Report Presented in Partial Fulfillment of the Requirements for the Degree of Bachelor of Business Administration

INDEPENDENT UNIVERSITY, BANGLADESH December 2012

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Evaluate the market image of Protik Developers Ltd. comparing with other existing competitor of same market

Submitted By:

Eesara Binte Islam ID#0920265

Has been approved by

.. Abul Khair Jyote Lecturer School of Business INDEPENDENT UNIVERSITY, BANGLADESH

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DECEMBER 2012

Letter of Transmittal

06 December, 2012 Mr. Abul Khair Jyote Lecturer School of Business Independent University, Bangladesh Subject: Submission of Internship report.

Dear Sir, With due respect, I would like to inform you that I have completed the internship report on market image of Protik Developers Ltd. It is immense pleasure for me because I have successfully completed this report by receiving your guideline as a supervisor. I have endeavored to prepare this report from my level of best to accumulate relevant & insightful information about the PDL. It is a great experience for me to make this report. I also acknowledge the help provided by MD. Moniruzzaman Moni, General Manager, Anisul Islam, Deputy Manager of PDL. I have tried to make the report comprehensively within the schedule time & limited recourse. I make to ensure you that if you have any query about any matter collecting information regarding this report so please ask me and I will best try to answer you. Yours Sincerely,

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 Eesara Binte Islam ID#0920265 BBA (Major in Marketing)

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No.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19.

Table of Contents
Acknowledgement History of real estate in Bangladesh clarity of the study Scope of the study Importance of the study Statement of the problem Objectives of the study Methodology of the study Limitations of the study My duties for the company Literature Review History of PDL Main focus The Profile Mission of PDL Vision of PDL Activities of the company Five steps to remarkable services SWOT analysis of the company

Page no.
6 8 9 10 10 10 14 15 17 18 18 20 20 21 21 21 22 23 24

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20.

Primary data analysis

Question-1 Question-2 Question-3 Question-4 Question-5 Question-6 Question-7 Question-8 Question-9 Question-10 Question-11 Question-12

27
27 28 29 30 31 32 33 34 35 36 37 38

21. 22. 23. 24. 25.

Result in Semantic differential model Recommendation and findings Conclusion and recommendation BIBLIOGRAPHY

39 41 44 47 48

Annexure

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Acknowledgement:

It is a great pleasure and humble opportunity for me that I am assigned for doing my internship in Protik Developers Ltd. At the beginning, I would like to pay my gratitude to almighty Allah for blessed me the chance to complete my internship successfully. I want to express my gratitude and thanks to my Internship Supervisor Mr. Abul Khair Jyote, Faculty of Business School, Independent University Bangladesh (IUB). He gave me continuous support and guidance to prepare this report successfully.

I would also like to thank to Md. Moniruzzaman Moni, General Manager, Marketing, Anisul Islam, Deputy Manager, my colleague & everyone for invaluable support and guidance that led to the successfully completion of my internship project.

Finally, I would like to thank our Faculty of Business Studies for giving me this wonderful opportunity to learn about the external business world. This will work as a guideline for me to work in practical field in future.

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PART ONE

INTRODUCTION

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1.Introduction:
1.1 History of Real Estate in Bangladesh:
The urbanization of Bangladesh is quite similar to that in Latin America; formerly called over-urbanization in 1950s, this is a situation where a rapid rate of urbanization does not lead to corresponding growth in industry and economy but results in a shift of people from low-productivity rural agricultural employment to low-productivity urban employment or underemployment. The major cities of Bangladesh exhibits the clearest symptoms of overurbanization, where an imbalance between rapid population growth and insufficient employment opportunities led to an increase in poverty and the mushrooming of slum and squatter settlements (Valladares, 2002).

In Bangladesh, the problem of urbanization is further aggravated by limited land supply in urban areas, lower land utilization and the lack of proper planning and land use policy. Due to globalization, the urbanization process is also increased. The ever-increasing urban population is creating an increasing demand for shelter. Article 25 of the United Nations Universal Declaration on Human Rights (1948-1998) has clearly stated that: Everyone has the right to a standard of living adequate of the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right of security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control. (UNO, 1948)

Bangladesh has one of the lowest land-person ratios in the world. The situation is further aggravated every year through an irrevocable reduction of per capita share of land for housing, as a result of continuing population growth. Acknowledging the importance of housing, which is one of the five basis needs incorporated in the constitution of Bangladesh, the government is compelled constitutionally to play a vital role in securing housing rights. The constitution of the Peoples Republic of Bangladesh states in Articles 15(a) that:

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It shall be a fundamental responsibility of the State to attain, through planned economic growth, a constant increase of productive forces and a steady improvement in the material and cultural standard of living of the people, with a view to securing to its citizens--the provision of the basic necessities of life, including food, clothing, shelter, education and medical care

From the above statement it is quite clear that providing shelter to all the people is one of the fundamental responsibilities of sate. But being a government of a poor developing country, it is almost impossible for the government to ensure housing for all. As the public sector failed to provide this, people have taken their own initiative to ensure their fundamental need for shelter. Government alone cannot provide housing to all and realizing this, they decided to share the task of providing safe decent places to live with Real Estate Developers, to make people a productive resource. As a significant development in the housing question has been the adoption of the National Housing Policy (NHP) in 1993 (amended in 1997). The basis principle of the 1993 NHP is that the government would play the role of an enabler of facilitator in the hosing sector (Article 4.2) and not the role of a developer of provider. So the government of the peoples republic of Bangladesh is somehow patronizing the real estate developers to contribute in the housing sector of Bangladesh.

Statistics show that Bangladesh will need to construct approximately 4 million new houses annually over the next twenty years to meet the future demand of housing. Estimates for annual requirements for housing in urban areas vary from 0.3 to 0.55 million units. The share of urban population in Asia is 39 percent at present and is projected to be 45 percent by 2015. In Bangladesh, 25 percent of the population (some 35 million people) now lives in urban areas; this proportion will be 34 percent (75 million) by 2015. Dhaka with a total population of more than 10 million is now the 22nd largest city in the world. While comparing the growth of the real estate and housing and the construction sector with that of GDP, trend growth in the two sectors for the period 1992-2002 was 4.8 and 7.5 percent respectively, this is much higher than the trend growth in GDP of 4.6 % for that period. The shares of the real estate and housing sector and the construction sector in the GDP were quite high in the year 2002 and accounted for 8.3 and 8.0% respectively. However, the incremental contributions of these two sectors in the same year were also considerably high at 6.0 and 12.8 % respectively (CPD 2003).

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The Current trend of urban growth in Bangladesh is about 6-7% per annum. At present 29% of Bangladeshs population live in urban areas, which will be 34% by the year 2025. (REHAB). Considering this situation in this report is to identify the role of Real Estate Entrepreneurs in providing the housing facilities for the growing urban population and how these are influencing the growth pattern of the city and its sustain ability to the trade.

1.2 Clarity of the Study:

Study is a presentation of acts best on review, observation, data, analysis, and interpretation. It highlights the problem and currently situation along with the past position and future prospect of any organization.

1.3 Scope of the study:

This study called internship program mainly job oriented experiences which are generated by interviewing with targeted customers and the people who are working at the top management of the Protik Developers Ltd. The duration of the study was three months. This is an individual study, which is worked for this particular study under my internship program supervisor. Since this is a formal study, the scope of the study was not so detail. I just tried to give an over all scenarios of the Real Estate Market and Opportunities as well as an actual market image or share of the Protik Developers Ltd. by comparing with other companies in the same industry. The study covers overall Real Estate Market and Opportunities, Protik Developers Ltd. Market Image Analysis and Marketing System and all the data are collected from the organizations annual report and from other paper which are mainly secondary sources and direct interviews with customers and top managements people of the company. Information generated from the study has application in all the areas (4ps) of the marketing aspect. These are vital input for identifying the actual market share of the company.

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1.4 Importance of the Study:

Human being has always been in search of new and better homes. Thus cities, towns and villages grew, flourished and wither away. In the process, societies forever demand and produce all kinds of goods and services, through, never satisfied, we ask for things more different. Real estate visibly shapes the way people live, work and innovates and therefore most strongly defines culture and civilization. Today Real state is recognized the world over as the main engine that runs the economy, creating work not only for masons and managers, accountants and architects, but also for makers and sellers of building materials. It means work for maintenances, security cleaning and other services; work for makers and sellers of appliances, furniture and vehicles; work for bankers and bureaucrats, lenders and lawyers. Purpose of this study is to locate and justify the current brand image of Asset Developments and Holdings Limited, which has been established through its superior products and customer services, in contrast with the other leading real estate companies in Bangladesh.

1.5 Statement of the Problems:

1.5.1 Problem definition
1.5.1.1 BACKGROUND TO THE PROBLEM
Protik Developers Ltd. had been operating a lot of market promotion activities, deeper research and development, proper employee training, efficient management team over the years. Their current market share is high. At present the company is considering the possibilities, which may help to increase its market share largely. For why the authority of its management is feeling to know the insights and images of its market and other companies positions in the market.

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1.5.1.2 Data analysis

The project was done by primary data analysis as the information collected from customers and marketing executives of the company by conducting direct interviews and those information were interpreted as the projects major findings.

1.5.1.3 THE QUALITATIVE RESEARCH

The project was based on the qualitative exploratory research because the company management wants to know the customer perceptions regarding their companies and products insights, quality, presentations, brandings, features and amenities, business policy, customers opinions and so on.

1.5.1.4

FACTORS CONSIDERED

Direct interviews were taken by a questionnaire from all types of customers. Face- to discussion with the marketing executives of PDL. Randomly 100 customers were taken for interviews within the city. Customers having the positions of Businessman, Banker, Multinational companys executives, Doctor, Engineer, Consultant, Private companys manager, high official etc. Customers were fully ensured that their information against the questionnaire would preserve confidentially and would not be exposed anywhere.

1.5.1.5 MANAGEMENT DECISION PROBLEMS

The decision makers are confronting with the problems which indicate the product management decision maker what does he need to do?

Should newer products be introduced immediately? Should the existing promotional program be changed? Should the price of the product be changed?

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1.5.1.6 RESEARCH PROBLEMS

A problem that entails determining what information is needed and how it can be obtained. Quality of the product. Availability of the product. Brand name effectiveness of the product. Communicating effectiveness of all the companies. Social responsiveness of the companies. Employees efficiency of the companies. Promotional items of the companies. Customers weakness of the companies. Customers satisfactions of the companies.

HOW INFORMATION CAN BE OBTAINED

The necessary information only from customers by direct interviews with questionnaires and from the marketing executives of the PDL. The sample size of customers was 100 the technique was random sampling throughout the city.

1.5.2 Approach to the problem:

The exploratory and qualitative research procedures are followed to conduct the project. That is I was only assigned to collect all the informations criteria regarding real estate markets images from customer and insights and understanding of this market. Hence there was no option to conduct the conclusive research or any other research.

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1.5.2.1 Causes for the exploratory research

To provide insights and understanding of the real estate market to know the companies images. Informations need is defined only loosely. The research process was flexible and unstructured. Sample size was small and no representative. Analysis of primary data is qualitative. Generally followed by further exploratory or conclusive research. Expert surveys.

1.5.2.2 Types of analytical model

Primary data analysis. Cross tabulation model. Graphical interpretation of cross tabulation. Find outcome or result drawn from the semantic differential model. Recommendation drawn from the overall project experience.

1.6 Objectives of the Study:

Generally every study is conducted to find one or mere findings, if the findings are predetermined they called the objectives of the study. The main purpose of my study is to evaluate the market image of the Protik Developers Ltd. by comparing with other company in the same industry. Thus the main objectives of the study are as follows. To show overall Sceneries of Real Estate Market and Opportunities in Bangladesh and the market condition. To analyze the market image of Protik Developers Ltd.in the same industry. To define the marketing Strategy of Protik Developers Ltd.in the same industry.

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To determine the level of customer satisfaction and their attitude toward the company under study. To identify Problems faced by the customers as well as the marketers in the market of the same. To put forward some recommendation in the light of the problems identified.

1.7 Methodology of the Study:

Methodology is the process or purpose of collecting of data and information which are required in connecting with finding tools for best possible situation of problems.

1.7.1 Data Collection Methods

For data collecting I have used both primary and secondary data. At the starting point I have started by examining primary data to see whether the problem can be fully or purely solved without collecting secondary data. When the needed data did not exit, then I had gone to collect the secondary data. So, data gathered for specific purpose or a specific reason. Here, the normal procedure is interviewing some people individually to get a sense of hoe people feel and think about the topic in question.

1.7.1.1 Research Design:

1.7.1.1.1 Nature of the research design
Exploratory research
The exploratory research has been conducted due to short time and little knowledge of the research focus. The main purpose of the survey is to define the actual market image of Protik Developers Ltd. by comparing different companys market image. So, exploratory research is most effective for completing this survey.

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1.7.1.1.2 Information Needed

To define the actual market image and market growth strategy of Protik Developers Ltd. it is very important to obtain great insight of the following information. Quality of the product. Availability of the product. Brand name effectiveness of the product. Communicating effectiveness of all the companies. Employees efficiency of the companies. Promotional items of the companies. Customers weakness of the companies. Customers satisfactions of the companies. Future prospect of the companies. Corporate responsibilities of the companies. Contribution of the companies in the economy. Service facilities of the companies. Based on the above required information, I have evaluated the market conditions and market image of different company in the same industry in order to determine the actual market image of the Protik Developers Ltd. and the Marketing System of that company.

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1.7.1.1.3 Scaling Technique

Votes have been collected from different customers against each of the market image criteria have been weighted by a ten point scaling technique where (10) are best and (1) is worst.

1.7.1.1.4 Questionnaire Development

Questionnaires were developed for customers. Customers questionnaire was designed by 12 questions. Each of the questions was made on the elements, which comprise the market image. The questions were MCQ type and the respondents were required to answer (tick mark) many alternatives as it was difficult to determine one or two answers, because all the companies kept in the answer lines are having the same operations, qualities and images in the market.

1.7.1.1.5 Sampling Technique

Type of sample item was a customer, for customers the sample size was 100. The technique was random sampling throughout the city. Customers of this survey were generally Businessman, Banker, Multinational companys executives, Doctor, Engineer, Consultant, Private Companys manager, high official etc.

1.8 Limitations of the Study:

It couldnt be claimed that this study was 100% based on impractical data. Undoubtedly it has got some limitation regarding the representation of the factors which are collected from customers and people of the company. At the data collection for the study, I have been facing following problems.

Time Limitation
Time limitation is one of the major problems for most researchers to diagnose the problem. Like the other study, it has time limitation to identify the actual problem and provide some recommendations.

To keep confidence Information

During the period of data collection it has been observed that the tendency of employees has been to keep information confidential.

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Sample Size
Though the sample size was fixed for the study, with this sample size it is very difficult to get good result.

Lack of Interest
At the time of data collection, it has been observed that most of the interviewers did not pay attention in answering questionnaire.

Ignorance of the company top manager

Most of the companys managers were not willing to answer the questionnaire due to their assigned tasks. So, I have been facing problem to study and question papers in the said topics Study is not the conclusion of this field, but it will be more or less helpful for other related organization. However I proceeded by overcoming such limitations and constraints.

1.9 My Duties for the company:

I was assigned as a marketing executive of PDL. I worked there for three months and my main duty was to talk with customer and convinces them to buy apartment of the company. I sincerely did my job and able to sale two apartments which cost over 1.5 cores.

1.10 Literature Review

There is not much writing on real estate business in Bangladesh. A very few columns are written in different magazines. The Real Estate and Housing Association of Bangladesh (REHAB) is only organization of real estate companies of Bangladesh. A research was conducted in 1997 by REHAB using a sample of 126 projects of 56 real estate companies which only represents a profile of the real estate developers. Out of 126 projects 105 was residential, 9 were commercial, and 12 were residential cum commercial. Of the 126 projects 25 were completed, 81 were construction, and 20 were in pipeline.

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PART TWO

Organization part
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2.About Protik Developers Ltd.

2.1 History:
Protik Developers Ltd. Is a sister concern of Protik Group. Protik Group is a rising and first growing business conglomerate in the country striving to fulfill the growing demand of the nation in various sector such as ; Housing, Food, Defense, Hospitality, House Ware, Construction Material etc. Dynamic leadership of Mr. S.M. Faruqi Hasan, Chairman of the group has geared up the group business in a logical sequence. Group has also focuses on foreign currency earning through its international quality ceramics products exporting which is contributing to the National Economy. The Group has come a long way in reaching its goals by complimenting to client needs, learning real time lessons from past projects, Innovating and partnering its project implementation process. Presently the Group focuses on meeting and responding to the ever changing needs of the consumers both home and abroad. Protik Developers is a committed real estate company in Bangladesh. They have wonderful ideas to show the architectural beauty in the development side. Giving the best quality and service is their main commitment. They have successfully handed over several projects in Dhanmondi, Gulshan, Kalabagan, Basundhara and Mirpur. They started their project as Residential Apartment Building. However, now they are working on commercial building as well. At present their main focus is their Satellite City which is on Banarshree.

2.2 Main Focus:

Group focuses on ever growing demand of the nation such as; Housing Food Defense Health Hospitality

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Ceramic Table Ware (Porcelain and Bone China)

2.3 The Profile:

Protik Developers Ltd.
Corporate Office SULTANA TOWER (4th & 5th FLOOR), 2 MIRPUR ROAD KALABAGAN, DHANMONDI, DHAKA1205 SULTANA TOWER (4th & 5th FLOOR), 2 MIRPUR ROAD KALABAGAN, DHANMONDI, DHAKA1205 2004 Apartment 1000 High Class Higher Middle Class Middle class

Office Of Management Services

Year of Establishment Product Line Number of Employee Market segment

2.4 Mission of PDL:

Affordable Pricing for Middle Class Housing

2.5 Vision of PDL:

Top most priority on building construction which serves the BNBC Standards. Security Full time. Full time electricity and water supply. Earth quack and fire fighting measures. Ensuring proper and natural environment, healthy atmosphere of the project to confirm natural growth of the future generation.

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2.6 Activities of Company: 2.6.1 Land Procurement policy

It has been observed that procurement policy depends upon the location, size, shape and proper documentation. Other countable factors are cash involvement, higher biding of rivals etc. The company normally collects information about land by giving advertisement in newspaper or by personal contact. Landowners also themselves provide information from their own. Generally this company offers cash or apartment or both cash and apartment against the land to the owners.

2.6.2 Terms and Conditions Set by PDL

The following terms and conditions are to be maintained while transacting with PDL.

Application
Interested buyers are asked to submit application on the prescribed form with due signature along with the earnest money. The company also reserves the right to accept or reject application without assigning any reason.

Allotment
Allotment is normally based on first come first serve basis. On acceptance of the application and down payment, the company issues allotment letter to the applicant on receipt of which he/she starts making payments as per the specified schedule. Buyers willing to make a one- time payment are entertained with substantial discount. Until the full payment of installments, buyers cannot transfer the allotment to the third party.

Payment
All payments are made by A/C payee cheek or bank draft or pay order or cash, in favor of the owners. The company receives payments. Buyers are requested to follow the payment schedule. The

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Hand Over
Normally the possession of the apartments and lands are handed over within the specified schedule. This may be delayed due to the reasons beyond the control of the company, such as force, natural climates, political disturbance, strikes, etc. The handing over is made after the full payment of the installments.

Utility Connection
Connection fee, security deposits for water, gas, and electricity, and incidental cost relating to these are not includes in the price of the projects. Buyers make these payments directly to the authorities concerned and the utility price is remaining same for the entire project..

2.6.3 Customer Service:

Huge amounts of money are on the line when people buy apartment Buyers and sellers need to trust agents, and customer service is the key to generating trust and sales. "Service is king, and it can make or break a company. Nothing beats knowledge, experience, problem solving and responsiveness. Combining that with good manners usually wins a customer for life. It is one thing to talk about excellent customer service, but it is another to demand it and maintain it as a key element of an organization's culture. The first reaction to customer complaint is a negative one. No matter how much youve tried, some of them will not be satisfied. But you should try and see customer complaints in a positive light. Complaining clients are clients who care about getting better service. They want to keep working with you. Therefore, instead of seeing comply as a blow to your business, try and see them as valuable feedback.

2.7 Five Steps to Remarkable Service:

Protik Developers Ltd. continues its center of attention to increase customer loyalty by improving the quality of customer service. Employees of this company go through to understand and work through these steps (every time) for customer loyalty and customer retention. Connect with customer

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The people of the PDL always try to be connected with their customers to meet there expectations by providing better quality, flexibility of the larger selection and innovative products. Discover what they want People of this company are highly concerned to define what the customer wants while they are negotiating with the buyers of apartments. At this stage, the company also gets the flexibility of getting background information and their perceptions regarding the company and its market position. Know what you can do To increase customer loyalty, the people of the selling department of PDL spend their considerable time to define what they should do when the customer show his or her positive attitude toward for closing the buying process. Do it Whenever people of the PDL can understand what the customers want and how they want to close the buying process then they do in accordance of customer responses. Follow-up It is highly practiced in the PDL for maximizing its customer feedback because it believes that business is defined by customer relationship.

2.8 SWOT Analysis of the Company:

The SWOT analysis provides a useful strategic guidance. A SWOT analysis (Strength, Weakness, Opportunities and Threats) allows in constricting balance sheet for the company. In the analysis one can bring together all the internal factors, influencing companys strength and weakness. Based on these factors we can identify external fact0ors which can help to define opportunities and threats that a company faces due to competitive forces and trends in the business environment.

Strength
Company has excellent service department. Company always concern about to know, what is new and how can it overcome. It has efficient management. Good reputation Wide distribution capability

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Healthy financial position Has moderate experience in the business field Innovation capacity is excellent

Weakness
It does not have vast marketing program It does not have own training department It has low capacity to define the target market Company name and tag line

Opportunity
Very few domestic companies compete in this industry. So, there is big change to explore business activities Most of the company does not know the actual market size of real estate business. As the need for better housing is increasing, there is a great opportunity to measure the market and penetrate the market. PDL also takes the financial risk to bring any change and penetrate the market. Price should be moderate and somewhat below the competitors price. It has creative power to develop innovative thing.

Threats
Competitors are becoming a big threat for the company. Low price of the competitors is another threat. Political Instability is another great threat for the company. Changing customers demand. Changing world economy rapidly.

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PART THREE

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ANALYSIS & FINDINGS

3.Analysis and Findings: 3.1 Primary Data Analysis Customers:
After taking the answers of the questionnaire from the customers, those following findings and analysis have been prepared. Here all the primary data collected from the customers against the questionnaire.
QUESTION-1 ON WHICH REAL ESTATE COMPANYS PRODUCTS DO YOU NORMALLY EMPHASIZE?

Votes casted against the above question from 100 customers are shown as following Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd. Figure-01 Number of votes obtained 14 29 22 7 2 12 8 6

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QUESTION-2 IN YOUR OPINION, AT PRESENT WHICH COMPANY IS ENSURING SUPERIOR PRODUCT QUALITY?

Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 6 19 15 9 8 14 16 13

Figure-02

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Question-3 which companys brand name is easier to memorize? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 21 24 8 3 13 11 12 8

Figure-03

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Question-4 which company offers comparatively reasonable price having the appropriate product quality? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 3 14 17 11 8 20 16 11

Figure 04

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Question-5

which

company

is

pioneer

in

introducing

newer

products consequently? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 4 24 31 15 10 0 7 9

Figure-05
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Question-6 which companys products are more available in most of the area? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 9 18 17 8 3 22 9 14

Figure-06
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Question-7

which

company

provides

the

most

informative

promotional materials regarding the product? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 7 21 17 13 2 17 11 12

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Figure-07

Question-8 which companys Executives is smart enough to communicate with you? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 8 17 15 9 8 11 15 17

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Figure-08

Question-9 which companys Executives is more active in responding customers suggestion? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 1 32 19 16 7 4 11 10

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Figure-09

Question-10 which company operates the most innovative marketing approaches frequently? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 6 16 28 13 8 4 17 8

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Figure-10

Question-11 which Company committed to on time handover the Apartment? Votes casted against the above question from 100 customers are shown as following

Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders
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Number of votes obtained 11 19 22 12

Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

2 7 14 13

Figure-11

Question-12 which Company committed to post handover service? Votes casted against the above question from 100 customers are shown as following

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Name of the Real Estate Company Nakshi Protik Rupayan Fare Builders Biswas Builders Proparties Ltd. MIR Properties Ltd. Oriental Developers Ltd.

Number of votes obtained 8 11 17 13 6 16 14 15

Figure-12

3.2 Result in Semantic differential model:

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All the companies market images according to the customers opinions are shown by a semantic differential figure where ten point scaling technique was used.

OUTPUT DRAWN IN TEN POINT SCALE

Number of votes obtained Ten point scaling technique

Name of the Real Estate Company

Criteria
Innovative Marketing Product Emphasize
Promotional Materials Response to Customers Availability

Smart Executive

Timely Handover 1.1 1.9 2.2 1.2 0.2 0.7 1.4

Products

Nakshi Protik Rupayan FARE Biswas Properties MIR

1.4 2.9 2.2 0.7 0.2 1.2 0.8

0.6 1.9 1.5 0.9 0.8 1.4 1.6

2.1 2.4 0.8 0.3 1.3 1.1 1.2

0.3 1.4 1.7 1.1 0.8 2.0 1.6

0.4 2.4 3.1 1.5 1.0 0.0 0.7

0.9 1.8 1.7 0.8 0.3 2.2 0.9

0.7 2.1 1.7 1.3 0.2 1.7 1.1

0.8 1.7 1.5 0.9 0.8 1.1 1.5

0.1 3.2 1.9 1.6 0.7 0.4 1.1

0.6 1.6 2.8 1.3 0.8 0.4 1.7

Oriental

0.6

1.3

0.8

1.1

0.9

1.4

1.2

1.7

1.0

0.8

1.3

3.2.1 Output drawn in ten-point scale:

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PostHandover Services

Product

Price &

Quality

Quality

Newer

Brand Name

0.8 1.1 1.7 1.3 0.6 1.6 1.4

1.5

Output drawn in ten-point scale: Only for PROTIK Developers Ltd. (Customers point of View)

Summation of scaling ranks of all criteria (12):

SL No 01 02 03 04 05 06 07 08 09 10 11 12

Criteria Product Emphasize Product Quality Brand Name Memorize Price & Quality Newer Products Availability Promotional Materials Smart Executive Response to Customers Innovative Marketing Timely Handover Post-Handover Services

Point
2.9 1.9 2.4 1.4 2.4 1.8 2.1 1.7 3.2 1.6 1.9 1.1

Summation Overall position in the scale which shows Protik Developers Ltd.s market image

24.4 24.4/12= 2.033

5.3 Recommendation and findings:

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5.3.1 Findings from customers survey

Protik developers Ltd.s market image obtained the rank of 2.033 in terms of the 10 point scaling judgment found by the customers survey analysis. With the systematic questionnaire, the market of PDL has high potentiality to survive. The major findings of this survey are as follows Actual market image of Protik Developers Ltd. It has moderate market share in the industry. Actual market size of the company The main competitors of the company The reason of highest market share is quality. Marketing strategy of the company. Customer satisfaction and their attitude toward the company Problem faced both customers and marketers in the same industry. Ensure that Brand is viewed as an asset of the company.

5.3.2 Findings in the real estate business:

The task of marketing is not an easy, one mainly for such fixed asset, which cannot be replaced. In the case of marketing and other function, the company department faces the following problems.

Lack of customer faith

The most difficult job for the most marketing executives is to create faith on customer mind. They always hesitate to make such purchase decision. They hardly believe the company and its projects for following reasons. There is no direct government supervision in this sector. So they feel insecure to make purchase decision from the company. There is no government policy to guide the business.

Lack of customer knowledge regarding housing

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This result in too much time is needs for the marketer to make a better understanding regarding their perception about the company product.

Failure in commitment
Sometimes the company fails to hand over the plot or flat within the specified period due to several factors like storage in raw materials, legal building, deadly in preparation of necessary papers etc.

Political Instability
It is another problem in marketing. Due to political unrest construction and development, works delayed which delay the whole project. For this, hand over date is also extended. So, it reduces the good will of the company and customers faith.

Natural Climate
Natural climate like heavy rainfall, flood, storm, earth quake, usually delayed the project work. So, unfavorable natural climate is one of the main problems in this business.

Competitors
Competitors always change the policy frequently in this industry which is also considered as another major marketing problem.

Diverse
Disturbance of illegal, collectors of subscription, corruption from the government and nongovernment bodies is also major problem in this sector.

PART FOUR
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CONCLUSION & RECOMMENDATION

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4. Conclusion and Recommendation:

In Bangladesh perspective, it is almost impossible for the government to ensure housing for all. As the public sector failed to provide this, people have taken their own initiative to ensure their fundamental need for shelter. Government alone cannot provide housing to all and realizing this, they decided to share the task of providing safe decent places to live with Real Estate Developers, to make people productive resources. So, government should provide much flexibility to the developers to provide better housing facilities not only to higher income people but also middle and lower income people. I was assigned in the real estate sector in Bangladesh. Three months are short to understand every aspect of a company and overall market condition of this sector. Actually it needs more time to determine the overall market size, conditions, opportunity, and business activities of the company. Though, within the short time, I have tried to show the overall scenario of real estate sector and its marketing activities and actual market image of different company through direct interviews from different customers based on marketing activities of Protik Developers Ltd. And finally, I have tried my best to analyse the companys market image and position on the basis of my surveys results. So from my own experience I may suggest the following recommendations for sound and success market operation of the company:

The company management response to the market must be efficient and active. The company should recruit experienced and active people should be appointed in the marketing division. Product Price should be moderate and adjusted with the competitors price. The company executives should be more caring to the customers speeches and opinions. The company should establish sound and effective communication channels with internal customer through electronic mail. Decentralized authority to prompt communication and decision. The company should establish franchises in different location for prompt customer Care.
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More details on website needed for the convenient of the customers. Company should give more advertisement in different media like Radio, TV, Newspaper, and Magazine. It also should offer credit facilities to different classes people in order to increase their ability to purchase the plot/apartment. The company must increase the promotional activity. Establish incentives for frequent and repaid feedback on performance. Use appropriate technology to help jobs easier, more productive, less redundant & repetitive.

Finally Protik Developers Ltd. has the opportunity to increase its market share as its market image regarding the above survey found.

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PART FIVE

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BIBLIOGRAPHY

5. Bibliography:

Marketing Research (An Applied Orientation) by Naresh K. Malhotra Prentice, Hall of India (5th edition) Marketing Management by Philip Kotler Prentice, Hall of North America (11th edition) Business Research Methods by William G. Zikmund ,Thomson, South-Western (8th edition) Prospectus of Protik Developers Ltd. Real Estate and Housing Association of Bangladesh (REHAB). BBS (Bangladesh Bureau of Statistics) (1991) Statistical year book of Bangladesh (Dhaka: Reproduction, Documentation and Publishing Wing, BBS) Bangladesh House Building Finance Corporation, http://bhbfc.gov.bd/eknajar.html Website: www.google.com www.wikipedia.com www.protikgroup.com http://www.un.org/Overview/rights.html www.rics.org/research RICS Research Valladares. L. and Coelho. M. P. (2002) Urban Research in Latin America: Towards a Research Agenda (UNESCO, 2002 www.ifc.org/ifcext/municipalfund.nsf/AttachmentsByTitle/IFC_Housing_Fin ance/ $FILE/IFC+and+Housing+Finan ce.pdf

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6. Annexure:
Questionnaires pattern for customer:
The questionnaire pattern for customers Sample size: 100 Customers

Please give tick () mark to your chosen answers from each of the following questions. 1. On which Real estate companys product do you normally emphasize? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 2. In your opinion, at present which company is ensuring superior product quality? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 3. Which companys brand name is easier to memorize? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers

4. Which company offers comparatively reasonable price having the appropriate product quality? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd.

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(e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 5. Which company is pioneer in introducing newer products consequently? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 6. Which companys products are more available in most of the area? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 7. Which company provides the most informative promotional materials regarding the product? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 8. Which companys Executives are smart enough to communicate with you? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 9. Which companys Executives are more active in responding customers suggestion? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers

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10. Which company operates the most innovative marketing approaches frequently? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 11. Which Company committed to on time handover the Apartment? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers 12. Which Company committed to post-handover service? (a) Nakshi Heaven (b) Protik Developers Ltd. (c) Rupayan (d) FARE Builders Ltd. (e) Biswas Builders Ltd. (f) Properties Ltd. (g) MIR Properties Ltd. (h) Oriental Developers

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