1.

1 SHARE BROKING SERVICE SECTOR PROFILE

There are several national as well as local players in stock trading services which are providing various services to their customers like online trading, portfolio management system, stock broking etc. Various key players in this sector are: 1.11 KEY PLAYERS1:

5Paisa.com - Online trading, live stock quotes and market research

Advani Share Brokers - Share broking and market research Anand Rathi Securities - Portfolio management, corporate equity & fixed income brokerage services

services

finance,

Brescon Group - Advisory and broking services CIL Securities - Stock broking & merchant banking services CRN India - Trends of stock market, trading tips, chat etc Churiwala Securities - Stock trading, quotes and market analysis DSP Merrill Lynch - Investment banking and brokerage services Dalmia Securities - Stock broking & depository services EquityTrade - Stock trading, company news & market research Gandhi Securities - Stock broking and investment services Gogia Capital Services - Stock broking and market analysis Hasmukh Lalbhai - Stock trading services Idafa Investments - Stock broking services

India Market Access - Offers stock broking, portfolio Investsmart India - Personal finance advisory & online Kisan Ratilal Choksey Shares - Stock broking and e-trading

management and investment banking services

brokerage services

services

Kotak Securities - Brokerage services & retail distributor of Manubhai Mangaldas Securities - Stock broking and market

financial securities

analysis

Moneypore - Investment and broking services Motilal Oswal - Online trading, live BSE and NSE quotes Navia Markets - Stock broking, IPO and mutual funds services Parag Parikh - Stock broking and portfolio management

Parsoli Corporation - Investment management & stock

trading services

Pratibhuti Viniyog - Stock broking services Prudential - Investment management services

Quantum

Securities

Offers

broking

and

portfolio

management services.

Sivan Securities - offers services related investment banking Skindia Finance - Brokerage firm focusing on GDR arbitrage, Stock Holding Corporation of India - Custody management,

& stock broking with a focus on South India.

equities & debt

safekeeping & stock broking services

StockMarkit.com - Stock quotes, news, market indicators etc

Sunidhi Consultancy - Stock broking, portfolio management

& equity research

Techno Shares - Stock broking and portfolio management Valia Consultancy - Stock investment and trading consultancy1

1.2: COMPANY PROFILE:

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1.21: SSKI HISTORY:

Sevaklal Sevantilal Kantilal Ishwarlal

Securities Private Limited. Founded in 1922, it is one of Indias oldest brokerage houses having over Eighty years of broking experience. Founding member of the Stock Exchange, Mumbai and pioneer institutional broker. SSKI is the only domestic player in a market crowded by 44 multinational securities firm. Foray into institutional broking and corporate finance 20 years ago. SSKI group also comprises Institutional broking division caters to the largest domestic and foreign institutional investors, the corporate finance division focuses on niche areas such as infrastructure, telecom and media. SSKI holds a sizeable portion of the market in each of these segments. Forerunner of investment research in the Indian market, SSKI provide the best research coverage amongst broking houses in India. The companys research team was set up in December 1992 and is rated as one of the best in the country. Voted four times as the top domestic brokerage house by Asia money survey, SSKI is consistently ranked amongst the top domestic brokerage houses in India. Retail broking started in 1985.

Research group was set up in December 1992. It acts as a pioneer if investment research in the Indian market aimed at generating quick investment ideas.

Group interest Investment Banking, Institutional Broking and Retail Broking.

It occupies 65% of business share from foreign institutional investors.

SSKI named its online division as Sharekhan on February 8, 2000 coinciding with the launch of its website.

Sharekhan is a share broking and retail broking arm of SSKI, an organization with more than 80 years of trust and credibility in the stock market. Retail Distribution Started In 1998. SSKI is a veteran equities solutions company with over 8 decades of experience in the Indian stock markets. It helps the customers/people to make informed decisions and simplifies investing in stocks. SSKI named its online division as a Sharekhan and it is into retail broking. The business of the company overhauled 6 years ago on February 8, 2000. It acts as a discount brokerage house to a full service investment solution provider. It has specialized research product for the small investors and day traders. Sharekhan has a shop in 170 cities across India. They have talent pool of experienced professionals specially designated to guide customers when they need assistance, which is why investigating with Sharekhan is bound to be a hassle-free experience for customers! The Sharekhan provides its customers First Step program, built specifically for new investors, which guide throughout investing lifecycle. 4

They have 510 share shops across 170 cities in India to get a host of trading related services. 1.22 ABOUT SHAREKHAN SSKI named its online division as SHAREKHAN and it is into retail broking. It acts as a discount brokerage house to a full service investment solutions provider. It has specialized research product for the small investors and day traders. The site was also launched on February 8, 2000 and named it as www.sharekhan.com The Speed Trade account of Sharekhan is the next generation technology product launched on April 17, 2002. It offers its customers with the trade execution facilities on the NSE and BSE, for cash as well as derivatives, depository services. Ensures convenience in Trading Experience: trading experience, whether trading is Sharekhans daily or

trading services are designed to offer an easy, hassle free done occasionally. The customer will be entitled to a host of value added services in the investment process depending on his investing style and frequency offers a suite of products and services, providing the customers with a multi-channel access to the stock markets.

It gives advice based on extensive research to its customers and provides them with relevant and updated information to help him make informed about his investment decisions.

Sharekhan offers its customers the convenience of a broker-DP. It helps the customers meet his pay in obligations on time thereby reducing the possibility of auctions. The company believes in flexibility and therefore allows accepting late instructions without any extra charge. And execute the instruction immediately on receiving it and thereafter the customer can view his updated account statement on Internet.

Sharekhan individual

depository and

services

offer

Demat It has

services a team

to of

corporate

investors.

professionals and the latest technological expertise dedicated exclusively to their Demat department. A customer can avail of Demat, repurchase and transmission facilities at any of the Sharekhan branches and business partners outlets.

1.23 BRAND NAME

The company as a whole in its offline business has named itself as SSKI Securities Private Limited Sevaklal Sevantilal Kantilal Ishwarlal Securities Private Limited. The company has preferred to name themselves under a blanket family name. But in its online division started since 1997, the company preferred to name itself as SHAREKHAN. The Brand name SHAREKHAN itself suggests the business in which the company is dealing so that the customer could easily identify the product or service category. 1.24 SERVICES PROVIDED BY SHAREKHAN

Online Services Offline Services

Depository Services Equity and Derivatives Trading Fundamental Research Technical Research Portfolio Management Commodities Trading Dial-n-trade Share shops 1. Online Services: 1. Mutual Funds 2. Commodity Futures 3.PMS (Portfolio Management Service) 4. Technical PMS 5. Demat Services 6. Share shops

2. Offline Services: 1. Trading with the help of Dealer 2. Trading without credit 3. By calling to the Share shops 4. Credit facility (Only in Delivery-based) 5. T+2 facility 6.Special website for Offline Clients: www.mysharekhan.com 7. Physical contract notes 1.25 Types of Account Classic A/c

Speed-trade

[A] Classic A/c: Features of Classic A/c: Online trading account for investing in Equities and Derivatives via sharekhan.com Integration of: Online trading + Bank + Demat account. Instant cash transfer facility against purchase & sale of shares. Make IPO bookings. You get Instant order and trade confirmations by e-mail Streaming Quotes. Personalized Market Scan with your own customized stock ticker. Single screen interface for cash and derivatives.

[B] Speed-trade: Features of Speed-trade: Instant order Execution & Confirmation Single screen trading terminal Real-time streaming quotes, tic-by-tic charts Market summary (most traded scrip, highest value and lots of other relevant statistics) Hot keys similar to a brokers terminal Alerts and reminders Back-up facility to place trades on Direct Phone lines Single screen interface for cash and derivatives

[C] Dial-n-trade: Features of Dial-n-trade: Two numbers for placing orders for customers: Toll free number: 1-800-22-7050. For people with difficulty in accessing the toll-free number, a Reliance number 30307600 which is charged at Rs. 1.50 per minute for STD calls. Automatic funds transfer with phone banking (for

Citibank and HDFC bank customers. Simple and Secure Interactive Voice Response based system for authentication. No waiting time. Enter TPIN to be transferred to Sharekhans telebrokers. One can also get the trusted, professional advice of Sharekhans telebrokers. After hours order placement facility between 8.00 am and 9.30 am (timings to be extended soon.

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1.26 BANK AFFILIATION Sharekhan has affiliation with 7 banks, which allows its customers to enjoy the facility of instant credit and transfer of funds from his savings bank account to his Sharekhan trading account. The Affiliated banks are as follows: HDFC BANK UTI BANK CITI BANK ORIENTAL BANK OF COMMERCE IDBI BANK UBI BANK CORPORATION BANK

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1.27 PROMOTION TOOLS AND ADVERTISEMENT OF SHAREKHAN

1. Promotion Online share trading is totally a new concept in Indian market. Generally investor doesnt like to come from conventional way of share trading. Sharekhan has introduced this product in the concept and products are still new in the market. Therefore the company has undertaken extensive promotion campaign to create awareness about the product. Sharekhan adopts the following tools for promoting the product. Internet Tele Marketing Retail Share Shops Franchisee Owners Sales Force

2. Advertising Company advertises its product through TV media on channels like CNBC, Print Media-in leading dailies and outdoors media. It advertises itself as an innovative brand with a cartoon of tigercalled SHERU. Besides attractive and colorful brochures as well as posters are used giving full details about the product. Mails are sent to people togging on to sites like moneycontrol.com and rediff.com.

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1.28 SWOT ANALYSIS

1. STRENGTHS: Online Trading Facility Largest Chain of Retail Share Shops in India 80 years of Experience in securities market Dedicated and responsive workforce/staff Value added service for clients Research Center Membership of NSE & BSE Trading option like Future & Option and Commodities Volume based differentiated product.

2. WEAKNESSES: Less informative website Does not have slab rate brokerage which is provided by competitors Problems due to network crash Unawareness Among Investors

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3. OPPORTUNITY: Collaboration with international financial institution To tap the Untapped market E.g. if retired persons segment is not covered then try to cover that market segment. To capture the market lost to its Competitors. Many a time it happens that one customer may dissatisfied with one broker, try to show the strengths of Sharekhan and capture that segment. To focus on developing a superior and powerful portal To spread awareness of its Brand Name.

4. THREATS: Follow government laws. As govt. policy changes it create obstacles for the progress. PAN card became mandatory for investing in equity, so company like Sharekhan has to wait for the customer until he/she gets his/her PAN number. Competitors develops As Sharekhan is developing at same time competitors are also making their efforts to be successful. Prolonged market Nature of stock market and its volatility New Entrants. Like Bafna Securities, Marwadi Investors etc in Bardoli. depression and high volatility in the

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1.3 LITERATURE REVIEW

1.31 IMPORTANCE:
Literature review helps to understand the topic thoroughly. It provides valuable insight in the topic. It helps for decision making about the problem. The information collected for the literature review should be relevant and valid as well as reliable. Literature review helps in removing the gaps between theory and the existing study. So in short to clean the rosy picture and to identify the clear cut solution literature review is helpful.

1.32 CONSUMER BUYING BEHAVIOUR:

Consumer is God, Consumer is always right, Consumer is the most important guest in our premises these are some of the phrases that have been in use since the advent of business. Earlier, the market used to be small and limited to a few manufacturers and consumers, but as it expanded beyond geographical boundaries, sellers as well as buyers increased several folds. The free market has led to cutthroat competition among the manufacturers who are trying to capture as much market share as possible. Almost all major companies, whether in telecommunication, banking, credit card, finance or IT, have realized the importance of consumer and are therefore trying to retain their loyalty. Organizations are now, just not only selling product or services, but also expanding their operations to understand their consumers demographic profile, buying behaviour and preferences in order to build long-lasting relationship.2

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According to Schiffman & Kanuk, Consumer Behaviour can be defined as the behaviour that consumer displays in searching for, purchasing, using, evaluating and disposing of product and services that they expect will satisfy their needs. According to Phillip Kotler, Consumer Buying Behavior refers to the behavior of ultimate user of the product Buying Behavior is defined as the body of knowledge that tries to understand and predict consumers reactions based on individuals specific characteristics. N.K.Malhotra The decision processes and acts of final household consumers associated with evaluating, buying, consuming, and discarding products for personal consumption.
3

An analysis of the consumers behavior in terms of consumer consumption patterns, consumer preferences, consumer motivation, consumer buying process and shopping behavior is very much helpful to formulate a firms marketing strategy.

The study of consumers helps firms and organizations improve their marketing strategies by understanding issues such as how

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The psychology of how consumers think, feel, reason, and select between different alternatives (e.g., brands, products);

The psychology of how the consumer is influenced by his or her environment (e.g., culture, family, signs, media); The behavior of consumers while shopping or making other marketing decisions; Limitations processing outcome; in consumer knowledge decisions or information abilities influence and marketing

How consumer motivation and decision strategies differ between products that differ in their level of importance or interest that they entail for the consumer; and

How marketers can adapt and improve their marketing campaigns and marketing strategies to more effectively reach the consumer.

Understanding these issues helps us adapt our strategies by taking the consumer into consideration. For example, by understanding that a number of different messages compete for our potential customers attention, we learn that to be effective, advertisements must usually be repeated extensively. We also learn that consumers will sometimes be persuaded more by logical arguments, but at other times will be persuaded more by emotional or symbolic appeals. By understanding the consumer, we will be able to make a more informed decision as to which strategy to employ. So the ultimate objective of a business firm is to create a consumer who is said to be pivot around which the entire business of a firm revolves. Thus the marketing concept is consumer oriented and the emphasis is more on the consumer rather than on the product. The essence of modern marketing lies in building of profit along with creating meaningful value satisfaction for the costumers, whose needs and

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desires have to be coordinated with the set of products and production programmes. Therefore, marketing success an enterprise depends as its ability to create a community of satisfied consumers. All the business activities should be carried out in ways which are directed towards the satisfaction of the consumer needs. The marketing concept is consumer oriented and the emphasis is more on the consumer rather than on the product. The essence of modern marketing lies in building of profit along with creating meaningful value satisfaction for the costumers, whose needs and desires have to be coordinated with the set of products and production programmes. Therefore, marketing success an enterprise depends as its ability to create a community of satisfied consumers. All the business activities should be carried out in ways which are directed towards the satisfaction of the consumer needs. Consumer behavior is affected by a host of variables ranging from personal, professional needs, attitudes and values, personality characteristics, social economic and cultural background, age, gender, professional status to social influences of various kinds exerted a family, friends, colleagues, and society as a whole. The combination of these factors help the consumer in decision making further Psychological factors that as individual consumer needs, motivations, perceptions attitudes, the learning process personality characteristics are the similarities, which operate across the different types of people and influence their behavior. Marketing starts with the consumers and ends with the consumer. Satisfaction of the consumers becomes the most important goal of a business enterprise. The effort to ensure consumer satisfaction lies in understanding the consumer, his likes dislikes, his expectations and motivation. Buying Behavior is the decision processes and acts of people involved in buying and using products. 18

Consumer Buying Behavior refers to the buying behavior of the ultimate consumer. A firm needs to analyze buying behavior for:

Buyers reactions to a firms marketing strategy has a great impact on the firms success. The marketing concept stresses that a firm should create a Marketing Mix (MM) that satisfies (gives utility to) customers, therefore need to analyze the what, where, when and how consumers buy.

Marketers can better predict how consumers will respond to marketing strategies.
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1.33: Types of Buying Behavior:

Consumer decision making varies on the basis of product characteristics. It can be any of the following.

1. Complex buying behavior. 2. Dissonance reducing buying behavior. 3. Variety seeking buying behavior. 4. Habitual buying behavior. High Involvement Low Involvement

Significance difference Between brands.

COMPLEX BUYING BEHAVIOR

VARIETY SEEKING BUYING BEHAVIOR

DISSONANCE RDUCING No difference Between brands. BUYING BEHAVIOR

HABITUAL BUYING BEHAVIOR

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1. Complex buying behavior:Consumers are highly involved in a purchase when it is expensive bought in frequently risky and highly self-expressive. Typically the consumer does not know much about the product category and has much to learn. This buyer will pass thought a cognitive learning process characterized by then attitude and the making a thoughtful purchase choice.

2. Dissonance- Reducing Buying Behavior:The high involvement is again based of the fact that the purchase is expensive infrequent and risky. The buyer will shop around to learn what is available but will buy fairly quickly because brand differences are not pronounced the buyer may respond primary to a good price or the convenience of purchasing at that time or place. 3. Habitual buying behavior:Consumers behavior in these cases not passes through the belief attitude consumers do not search extensively for information about the evaluation their characteristics and make a weighty decision on which one to buy.. 4. Variety- seeking buying behavior:Some buying situation is characterized by low consumer involvement but significant brand differences. Here consumers are often observed to do a lot of brand switching.

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1.34:

MAJOR

FACTORS

INFLUENCING

BUYING

BEHAVIOR:

INTERNAL INFLUENCES: 1. Perceptual Filter: Perception is how we see ourselves and the world we live in.

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Perception is a unique way in which individual see, receive, organize or interpret the things to give meaning to the surrounding environment.

Perception has several steps.

Exposure Attention

sensing a stimuli (e.g. seeing an ad) an effort to recognize the nature of a stimuli (e.g.

recognizing it is an ad)
Awareness

assigning meaning to a stimuli (e.g., humorous ad for

particular product)
Retention

adding the meaning to ones internal makeup (i.e.,

product has fun ads) Marketing Implication: Marketers must understand the process of perception through which customer passes. They must make their communication such that target audience can interpret it same as intended by marketers. 2. Knowledge Knowledge is the sum of all information known by a person. It is the facts of the world as he/she knows it and the depth of knowledge is a function of the breadth of worldly experiences and the strength of an individuals long-term memory. Marketing Implications: Marketers may conduct research that will gauge consumers level of knowledge regarding their product. As we will see below, it is likely that other factors influencing consumer behavior are in large part shaped by what is known about a product. Thus, developing methods (e.g., incentives) to encourage consumers to accept more information (or correct information) may affect other influencing factors.

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5. Attitude Attitude refers to what a person feels or believes about something. Attitude is predispositions to act or react to a particular thing Marketing Implication: Marketers facing consumers who have a negative attitude toward their product must work to identify the key issues shaping a consumers attitude then adjust marketing decisions (e.g., advertising) in an effort to change the attitude. For companies competing against strong rivals to whom loyal consumers exhibit a positive attitude, an important strategy is to work to see why consumers feel positive toward the competitor and then try to meet or beat the competitor on these issues. Alternatively, a company can try to locate customers who feel negatively toward the competitor and then increase awareness among this group. 6. Personality An individuals personality relates to perceived personal characteristics that are consistently exhibited, especially when one acts in the presence of others. Marketing Implication:

For marketers it is important to know that consumers make purchase decisions to support their self concept. Using research techniques to identify how customers view themselves may give marketers insight into

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products and promotion options that are not readily apparent.

For

example, when examining consumers a marketer may initially build marketing strategy around more obvious clues to consumption behavior, such as consumers demographic indicators (e.g., age, occupation, income). However, in-depth research may yield information that shows consumers are purchasing products to fulfill self-concept objectives that have little to do with the demographic category they fall into (e.g., senior citizen may be making purchases that make them feel younger). Appealing to the consumers self concept needs could expand the market to which the product is targeted.

5. Lifestyle This influencing factor relates to the way we live through the activities we engage in and interests we express. In simple terms it is what we value out of life. Lifestyle is often determined by how we spend our time and money. Marketing Implication: Products and services are purchased to support consumers lifestyles. Marketers have worked hard researching how consumers in their target markets live their lives since this information is key to developing products, suggesting promotional strategies and even determining how best to distribute products. 6. Roles

Roles represent the position we feel we hold or others feel we should hold when dealing in a group environment. Marketing Implication:

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Advertisers often show how the benefits of their products aid consumers as they perform certain roles. Typically the underlying message of this promotional approach is to suggest that using the advertisers product will help raise ones status in the eyes of others while using a competitors product may have a negative effect on status.

7. Motivation Motivation relates to our desire to achieve a certain outcome. Motivation refers to the intensity, direction and persistence of efforts of an individual towards achieving a particular goal. Marketing Implication: Motivation is also closely tied to the concept of involvement, which relates to how much effort the consumer will exert in making a decision. Highly motivated consumers will want to get mentally and physically involved in the purchase process. Not all products have a high percentage of highly involved customers (e.g., milk) but marketers who market products and services that may lead to high level of consumer involvement should prepare options that will be attractive to this group. For instance, marketers should make it easy for consumers to learn about their product (e.g., information on website, free video preview) and, for some products, allow customers to experience the product (e.g., free trial before committing to the purchase.

B. EXTERNAL INFLUENCES

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Consumer purchasing decisions are often affected by factors that are outside of their control but have direct or indirect impact on how we live and what we consume.

1. Culture Culture represents the behavior, beliefs and, in many cases, the way we act learned by interacting or observing other members of society.

Marketing Implication: As part of their efforts to convince customers to purchase their products, marketers often use cultural representations, especially in promotional appeals. The objective is to connect to consumers using cultural references that are easily understood and often embraced by the consumer. By doing so the marketer hopes the consumer feels more comfortable with or can relate better to the product since it corresponds with their cultural values. Additionally, smart marketers use strong research efforts in an attempt to identify differences in how sub-culture behaves. These efforts help pave the way for spotting trends within a sub-culture, which the marketer can capitalize on through new marketing tactics (e.g., new products, new sales channels, added value, etc. 2. Other Group Membership Some of the basic groups we may belong to include:

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Social Class represents the social standing one has within a society based on such factors as income level, education, occupation

Family ones family situation can have a strong effect on how purchase decisions are made

Reference groups most consumers simultaneously belong to many other groups with which they associate or, in some cases, feel the need to disassociate

Marketing Implication: Identifying and understanding the groups consumers belong to is a key strategy for marketers. Doing so helps identify target markets, develop new products, and create appealing marketing promotions to which consumers can relate. In particular, marketers seek to locate group leaders and others to whom members of the group look for advice or direction. These opinion leaders, if well respected by the group, can be used to gain insight into group behavior and if these opinion leaders accept promotional opportunities could act as effective spokespeople for the marketers products.

3. Situation A purchase decision can be strongly affected by the situation in which people find themselves. Not all situations are controllable, in which case a consumer may not follow their normal process for making a purchase decision.

Marketing Implications:

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Marketers can take advantage of decisions made in uncontrollable situations in at least two ways. First, the marketers can use promotional methods to reinforce a specific selection of products when the consumer is confronted with a particular situation. For example, automotive services can be purchased that promise to service vehicles if the user runs into problems anywhere and at anytime. Second, marketers can use marketing methods that attempt to convince consumers that a situation is less likely to occur if the marketers product is used. This can also be seen with auto products, where marketers explain that using their product will prevent unexpected damage to their vehicles. A recent survey on buying behavior by Jeremy Nye, BBC gives the following findings: Who decides? Self Buying a house Child's marriage Own marriage Child's education Taking a loan Fixing monthly budget Buying entertainment durables, like TVs Buying durables like washing machines Deciding on holiday destinations 25% 7.7% 20.4% 15.1% 31.4% 24.2% 21.4% 19.3% 20.6% Spouse 5.8% 5.9% 2.5% 6.6% 5% 10.3% 8.2% 10.7% 6.1% Joint 20.8% 21.8% 6.2% 34% 24.3% 33.3% 33.4% 33.3% 28.4% Family Elders Children 30.1% 22.4% 12.5% 18.1% 14% 29.7% 5.6% 9.2% 0.4% 4% 0.9% 4.6% 0.6% 0.6% 1.6% 1% 5.6% 18.7% 11.5%
7

18.5% 11.2% 26.7% 26.2% 31.8% 7.4% 8.2% 4.5%

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1.35: How Consumers buy?

Now that we have discussed the factors influencing a consumers decision to purchase, lets examine the process itself. This process is presented in a sequence of 5 steps as shown below.

However, whether a consumer will actually carryout each step depends on the type of purchase decision that is faced. For instance, for minor re-purchases the consumer may be quite loyal to the same brand, thus the decision is a routine one (i.e., buy the same product) and little effort is involved in making a purchase decision. In cases of routine, brand loyal purchases consumers may skip several steps in the purchasing process since they know exactly what they want allowing the consumer to move quickly through the steps. But for more complex decisions,

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such as Major New Purchases, the purchasing process can extend for days, weeks, months or longer. So in presenting these steps marketers should realize that, depending on the circumstances surrounding the purchase, the importance of each step may vary.

Stages of the Consumer Buying Process

Five Stages to the Consumer Buying Decision Process (For complex decisions). Actual purchasing is only one stage of the process. Not all decision processes lead to a purchase. All consumer decisions do not always include all 5 stages, determined by the degree of complexity...discussed next. 1. Problem Recognition (Need Recognized): Difference between the desired state and the actual condition. e.g.: Hunger--Food. Hunger stimulates your need to eat.

Can be stimulated by the marketer through product information--did not know you were deficient? I.E., see a commercial for a new pair of shoes, stimulates your recognition that you need a new pair of shoes. 2. Information search- Internal search, memory. External search if you need more information. Friends and relatives (word of mouth). Marketer dominated sources; comparison shopping; public sources etc. A successful information search leaves a buyer with possible alternatives, the evoked set. Hungry, want to go out and eat, evoked set is:

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Chinese food South Indian food Punjabi Food

3. Evaluation of Alternatives: Need to establish criteria for evaluation, features the buyer wants or does not want. Rank/weight alternatives or resume search. May decide that you want to eat something spicy, Indian gets highest rank etc.

If not satisfied with your choice then returns to the search phase. Can you think of another restaurant? Look in the yellow pages etc. Information from different sources may be treated differently. Marketers try to influence by "framing" alternatives.

4. Purchase decision: Choose buying alternative, includes product, package, store, method of purchase etc. Actual Purchase: May differ from decision, time lapse between 4 & 5, product availability. 5. Post-Purchase Evaluation:

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Outcome: Satisfaction or Dissatisfaction. Cognitive Dissonance, have you made the right decision. This can be reduced by warranties, after sales communication etc. After eating an Indian meal, may think that really you wanted a Chinese meal instead.
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1.36: Buying Roles:-

We can distinguish the five roles people ply in buying decisions.

Initiator: - The person who first suggests to buy a good or service. Influencer: - The person whose views or advice influence the buying decision. Decider: - The person who decides on any component of buying decisions; whether to buy, what to buy, how to buy, or where to buy. Buyer: - The person who ultimately buys the product. User: - The person who consumes or uses the product.

1.37: TREND OF CONSUMERS AND THEIR BUYING BEHAVIOUR IN INDIA

India is the fourth largest economy in the world as far as purchasing power is concerned just behind USA, Japan, and China. Indias growth rate in the past two decades has been amongst the top ten in the world. 32

It was amongst the top 5 recipients of private equity flows in Asia in 2003 and expects around US$1.2bn of investments in 2004 (CMIE). The equity focus has shifted from IT, BPO, and PSU disinvestments to infrastructure, energy, pharma, distressed assets, banks, and real estate. Even though 25% of the population lives below the poverty line, India has a large and growing middle class population of 300 mn people that has the disposable income for consumer goods making it a strong emerging market. The Indian consumer is in the grip of a big change. This is because the country and its environment have become more complex in recent times. A new trend towards globalization is taking India further on the path of change. The well-off segments of the population are becoming more cosmopolitan in work-culture, food habits, entertainment, and lifestyle in general. Even today, only 16 per cent of Indian professionals are women. Therefore, consumer decision-making in all areas -- ranging from what cars to buy to what clothes manufacturers to patronize -- is dictated by men when it comes to the most upscale market segment in India.5

To examine the family buying process and to identify the roles played by different family members, D P S Verma and Sheetal Kapoor surveyed 313 families living in Delhi, who had purchased one of six durable consumer products in recent years. Five roles (namely, the initiator, the influencer, the decider, the buyer and the user) played by family members were examined for the study. While the young, well-educated women in the family emerged significantly as initiators of the buying decision and students and children among the influencers, and the purchase decision process was 33

relatively democratic at the initial stages, subsequently it seemed to become much more unilateral in terms of the role played by the decidermember. The husband was found to play the highly significant roles of coordinator, decider and buyer.6 'Horizon 2003', a study by BBC World, BBC's 24-hour international news and information channel, using the latest census as a base, gives some startling insights into the attitudes and activities of India's leading consumers and decision makers. The research, conducted by market research agency NFO-MBL across six top metros and profiling 380,000 people, will greatly help media planners, agencies and advertisers to understand this particular horizon professional.7 The following are the findings of various researches done in India. Life insurance was found to be the biggest financial investment for most Indians, followed by the stock markets. Washing machines were the most desirable consumer durable products, followed by cars and desktop computers. Forty-two per cent of the respondents owned a mobile phone, of which 52 per cent had a Nokia, and 42 per cent of these subscribed to AirTel cellular service. 56% of the people surveyed felt that it was all right to give or take bribes to get their work done. A slightly smaller number (40 per cent) thought it perfectly acceptable 'to make money through underhand means/deals.8

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2: RESEARCH METHODOLOGY

2.1 Problem Statements:

How to know requirements of urban & rural people regarding How to get comparative advantage in competitive market of As a new branch in Bardoli, How to make our communication

trading in equity service? trading in equity service in Bardoli & surrounding area? effective to the customer / investors so it provide solution for their investment services problems?

Management Decision Problem:

How to increase clients by providing them best services in the field of Demat a/c & trading in equity services?

Marketing Research Problem:

What is investors Buying Behavior regarding Demat account and trading in equity services in Bardoli Town & surrounding rural areas?

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2.2 Research Objectives:

Primary Objective: To know the buying behavior of investors regarding Demat and trading in equity services in Bardoli and rural area. Secondary Objectives: To know peoples awareness about various brands for investment in equities in Bardoli and rural area. To identify the most popular type of trading in equities in Bardoli and rural area. To identify the effective medium of communication in Bardoli and rural area. To identify the social factors that affect investors buying behavior in Bardoli and rural area. To measure the importance of various parameters for investment in equities services in Bardoli and rural area. To measure the satisfaction level of investors regarding various parameters for investment in equities services in Bardoli and rural area.

Research methodology is the systematic design, collection, analysis and reporting of data and finding, relevant to appraisal specific personnel situation facing the company. Research methodology describes the research procedure. It is cover the following points:

36

A. Research design. B. Data collection method. C. Sample Design.

2.3 Research design:

It is an overall framework of project that indicates what information to be collected from which sources and by which procedures. It is also the plan, structure, and strategy of investigation conceived so as to obtain answers to research questions and to control variance. 1. Exploratory Stage: The first stage in research design is exploration of current situation. In this stage clarification of the specific problem is identified. How I came to know about problem statement? Answer is I have gone through secondary data of the company. Also I have gone through internal database of the company. For more information about that I have also gone through literature review with that regard. I have talked to the management. Why Exploration? One of the reasons is that the area of my investigation was

new; this is my first study of investigation.

37

Here company did not have any clarity about the problem Also due to time constrains, It saved time because it helped

statement. What should be researched what should be not? me to clarify the situation more precisely.

2. Descriptive studies: In this project, Descriptive and cross-sectional research design was used because it described the phenomena under study and recommendations / findings were specific under this study. Descriptive studies are undertaken in many circumstances. When the researcher is interested in knowing the characteristics of certain group such as age, sex, educational level, occupation or income, a descriptive study may be necessary. Other cases when a descriptive study could be taken up are when he is interested in knowing the proportion of people in a given population who have behaved in a particular manner, making projections of a certain thing: or determining the relationship between two of more variables. The objective of such studies is to answer the who, what, when, where, and way of the subject under investigation. Descriptive studies can be complex, demanding a high degree of scientific skill on the part of the researcher. Descriptive studies can be divided into two broad categories crosssectional and longitudinal. Researcher frequently uses them. 3. Cross-Sectional Studies: Cross-sectional studies are carried out once and selected, as the research will be carried out in a particular time only.

38

A cross-sectional study is concern with a sample of element from a given population. Cross-sectional studies are two types field studies & survey method. Although the distinction between them is not clearcut, there are come practical difference, which needs different technique and skill.

Exploratory

Descriptive

Cross-sectional

2.4 DATA COLLECTION METHOD:

Data Sources:
o

Primary Data: Utilizing the information from the Secondary data, questionnaire was prepared to study the investors behavior. Primary data were collected directly from the respondents to solve the problem.

Secondary Data: Secondary data were collected from many sources like books, newspapers, companys report, and magazines.

Research Approach: 39

Survey method was adopted to gather the primary data. This survey included face-to-face interview with respondents.

Research Instrument: The most effective research instrument for data collection was questionnaire, for this study the structured questionnaire was used. This interviews. Types of questions: In the questionnaire, both close-ended questions and open-ended questions were included. There were 1 Dichotomous question, 12 multiple-choice questions as well as 2 Interval Scale Questions and 5 open ended questions. Pre-testing of questionnaire: It was necessary to check the questionnaire, before actual research was done. Therefore pilot testing was done. In this case, pilot testing was done for 10 respondents. And based on the feedback, the questionnaire was fine-tuned. questionnaire was administered through face-to-face

40

2.5 Sampling Design :

Sampling Method: In this study, non-probability Sampling design had been used and the Sampling method employed was convenience Sampling. This had been done instead of pure random sampling method (probability Sampling) because of time and money constraints.

2.6: Defining the target population

Element: Potential users of Demat account and trading of

equity services. Sampling unit: users of trading in equity service Extent: Bardoli town and surrounding rural area. Survey Time: 20th June to 30th June Execution of sampling process: I had collected data from users of Demat and trading in equity service. Sample size:

41

Considering both TIME & MONEY constraints, I went for survey of 150 respondents.

2.7 STATISTICAL TESTS TO BE USED Here in this project I have used one sample T-test, cross tabulation and factor analysis.

One Sample T-test: The One-Sample T Test is used to test whether the mean of a single variable differs from a specified constant. The average difference between each data value and the hypothesized test value, a t test that tests that this difference is 0, and a confidence level for this test may either 95% or 90%.One sample T-test is used when the type of data are INTERVAL in nature.

Cross tabs: The Cross tabs procedure forms two-way and multiway tables and provides a variety of tests and measures of association for two-way tables. The structure of the table and whether categories are ordered determine what test or measure to use.

42

Crosstabs' statistics and measures of association are computed for twoway tables only. If you specify a row, a column, and a layer factor (control variable), the Crosstabs procedure forms one panel of associated statistics and measures for each value of the layer factor (or a combination of values for two or more control variables.

FACTOR ANLYSIS: Factor analysis attempts to identify underlying variables, or factors, that explain the pattern of correlations within a set of observed variables. Factor analysis is often used in data reduction to identify a small number of factors that explain most of the variance that is observed in a much larger number of manifest variables. Factor analysis can also be used to generate hypotheses regarding causal mechanisms or to screen variables for subsequent analysis (for example, to identify co-linearity prior to performing a linear regression analysis). The factor analysis procedure offers a high degree of flexibility: Seven methods of factor extraction are available. Five methods of rotation are available, including direct oblimin and promax for non orthogonal rotations. Three methods of computing factor scores are available, and scores can be saved as variables for further analysis.

Example: What underlying attitudes lead people to respond to the questions on a political survey as they do? Examining the correlations among the survey items reveals that there is significant overlap among various subgroups of items--questions about taxes tend to correlate with each other, questions about military issues correlate with each other, 43

and so on. With factor analysis, you can investigate the number of underlying factors and, in many cases; you can identify what the factors represent conceptually. Additionally, you can compute factor scores for each respondent, which can then be used in subsequent analyses. For example, you might build a logistic regression model to predict voting behavior based on factor scores.

Measurement of Central Tendency: Mean is used when data the types of data are interval, median is used when data are ordinal and mode is used when data are Nominal type. Data Analysis: Data Analysis was done using SPSS software (Stastical Package for Social Science). This was used because it gave me accurate and fast result. Also multiple features of SPSS helped in applying various tests to reach to accurate conclusions.

2.8 HOW TO CONDUCT STATISTICAL TESTS: To conduct various statistical Tests here I have used SPSS (Statistical Package for Social Science) software which helped me in getting quick and accurate test result.

44

2.9 Limitation of Research: As every coin has two sides, one good and other bad, my study has some limitation. Some of the major limitations of my study are mentioned below: 1. Probability sampling was not used and therefore the results cannot

be generalized. 2. The project has been carried within two months so there is time limitation and cost limitation. .

3.

Here only those respondents who were available at trading branch and from village were being surveyed. Especially some people in rural area found less concentrated towards questionnaire which may lead to bias.

4.

The sample size of 150 customers is very small compared to the

population size. There for, findings cannot be generalized to the larger population.

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DATA ANLYSIS & INTERPRETATION: The demographic profile of the respondent is as follows: 1. Age Group Percen Age Group 18 years - 30 years 31 years - 40 years 41 years - 50 years Above 50 years Total Frequency 77 65 6 2 150 t 51.3 43.3 4.0 1.3 100.0

Age Group

100

77

65

Frequency

50 6 0 18 77 31 65 41 6 2 Above 2 Series1

Series1

Age Group

46

From above table it is found that 51.3% respondents are between ages of 18 years-30 years, 43.3% are between ages of 31 years 40 years which collectively covers 94.7% respondents. And 5.3% are of age more than 40 years. Here series 1 shows the series of different age groups.

2.

Income Group:

Frequenc Income Group Less than 10000 10001 - 25000 25001 - 50000 50001 - 100000 Total y 24 100 22 4 150 Percent 16.0 66.7 14.7 2.7 100.0

Income Group
100 100

Frequency

50

24

22 4 Series1

0 Series1

Less 10001 - 25001 - 50001 24 100 22 4

Income

47

From above table it is founds that 66.7% respondents are having income range of 10001-25000 rupees per month while 16 having less than 10000 rupees per month and 14.7 % having 25001-50000 rupees per month. Here series 1 shows the series of different income groups.

3. Education

Education Frequency Primary (Below S.S.C.) 3 S.S.C 19 H.S.C 69 Diploma 2 Graduate 42 Post Graduate 15 Total 150

Percent 2.0 12.7 46.0 1.3 28.0 10.0 100.0

Education
69 42 19 3 2 15 Series1

80 60 Frequency 40 20 0 Series1

Prim S.S. H.S. Dipl Grad Post 3 19 69 2 42 15

Education

From above table it is found that 46.0% respondents are H.S.C pass, 28% are graduates, and 12.7% are S.S.C pass while 10% are post graduates. Here series 1 shows the series of different education. 48

4. Occupation Frequenc Occupation Student Farmer Employee Businessman Other( House Wife) Total y 13 59 33 44 1 150 Percent 8.7 39.3 22.0 29.3 .7 100.0

Occupation
59 60 40 Frequency 20 0 Series1 13 1 Stud Farm Empl Busi Other 13 59 33 44 1 Series1 33 44

Occupation

From above table it is found that 39.3% respondents are farmers, 29.3% are businessmen, 22% are employees,8.7% are students while 0.7 % are other category which is in this case she is housewife. Here series 1 shows the series of different occupation.

49

5. Area of Residence:

Area Urban Rural Total

Frequency 75 75 150

Percent 50.0 50.0 100.0

Area of Residence

Urban 75, 50% 75, 50% Rural

From above table it is found that 50% respondents are from Rural Area while 50% respondents are from Urban Area.

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Q-1: Do you have a Demat (Trading) Account for trading in Equity Services? Purpose of this question: This question is generally asked orally to respondent. This will help to cross verify whether the respondent is investor in equities or not. Demat a/c User
Demat Account User

Percen "Yes" Frequency 150 t 100.0

0, 0%

Yes No

150, 100%

From the above table and graph it is found that out of 150 respondent 150 has their Demat Account, so all are the user of Demat account and trading in equities services. Here mode 1 shows that all respondents fall into category of Demat account users.

51

Q-2: Which of the following brand for Demat account & trading in equity services in Bardoli have you ever heard about? Purpose of this Question: This question is asked to respondents to know their awareness about various brands that are operating in Bardoli. Indiainfoline's Awareness

Not Aware Aware Total

Frequency Percent 53 35.3 97 64.7 150 100.0

Sharekhan's Awareness Percen Not Aware Aware Total Frequency 57 93 150 t 38.0 62.0 100.0

S.R.E (Gurukrupa's) Awareness

Not Aware Aware Total

Frequency 16 134 150

Percent 10.7 89.3 100.0

Angle Broking's Awareness

52

Frequency Not Aware 35 Aware 115 Total 150

Percent 23.3 76.7 100.0

K.R.C (Devashish's) Awareness

Not Aware Aware Total

Frequency 22 128 150

Percent 14.7 85.3 100.0

Motilal Oswal's Awareness Frequenc Not Aware Aware Total y 40 110 150 Percent 26.7 73.3 100.0

5paisa.com's Awareness

Not Aware Aware Total

Frequency 118 32 150

Percent 78.7 21.3 100.0

Reliance Money's Awareness

Not Aware Aware Total

Frequency 128 22 150

Percent 85.3 14.7 100.0 53

Local Brand's Awareness

Not Aware Aware Total

Frequency 141 9 150

Percent 94.0 6.0 100.0

Brand Awareness
S.R.E (Gurukrupa) 128, 17% 134, 18% 9, 1% 22, 3% 32, 4% 93, 13% 97, 13% 110, 15% 115, 16% K.R.C (Devashish) Angle Broking Motilal Oswal Indiainfoline Sharekhan Ltd 5paisa.com Reliance Money Local Brands

From the above table it is found that S.R.E (Gurukrupa Investors) brand has its highest brand awareness among peoples(89.3%) in Bardoli and rural areas , whereas the brand awareness for other brands in descending order are K.R.C ( Devashish ) 85.30% , Angle Broking 76.70%,Motilal Oswal 73.30%,Indiainfoline 64.70%, Sharekhan

54

62.00%,5paisa.com 21.30%,Relience Money 14.70% and for other local brands ( Arcadia , Bafna Securities & Marwadi investors). First four brands are older in Bardoli market while other five players are new entrant in the market of Bardoli.

For knowing various brands awareness Frequency command in SPSS is used. This command helps in determining frequency, pie charts and awareness in percentage of each brand. And from the result the ranking of various brands is done.

Q-3: At which brand(s) you are investing in equities? Purpose of this question: This question helps to know investors

brand which will help in knowing the market share of various brands.

Respondent's Brand

55

Indiainfoline Sharekhan S.R.E (Gurukrupa) Angle Broking K.R.C (Devashish) Motilal Oswal 5 paisa.com Reliance Money Local Brand Total

Frequency 12 15 13 27 18 20 25 14 6 150

Percent 8.0 10.0 8.7 18.0 12.0 13.3 16.7 9.3 4.0 100.0

Respondent's Brand
Indiainfoline Sharekhan 27 S.R.E (Gurukrupa) Angle Broking K.R.C (Devashish) 14 18 25 20 Motilal Oswal 5 paisa.com Reliance Money Local Brand

15 12 6

13

From the above table it is found that angle broking is the first in terms of investors having 18.00% respondents, 5paisa has 16.7%, Motilal Oswal 13.3%, K.R.C (Devashish) has 12.0% investors and so on. Sharekhan is on fifth rank having 10.00% market share. Local brands come at last stage in terms of market share.

56

To know various brands Market share Frequency command in SPSS is used. This command helps in determining frequency, pie charts and market share in percentage of each brand.

Cross Tabs Test Purpose of Cross Tab (Chi-square): This test is used to know whether there is any association between respondents brand and their age or not. Respondent's Brand * age group Crosstabulation

57

Null Hypothesis (H0): There is no significant association between respondents brand and age. It means that respondents are not choosing their brand according to their age group. Alternative Hypothesis (H1): There is significant association between respondents brand and age group. It means that respondents are choosing their brand according to their age group.

Significance Level: Here test of hypothesis is at 95% confidence level i.e. the chance of occurring type 1 error is 5%.

Respondent's Brand * Age Group Crosstabulation Respondent's Brand %=% within Age group 18 years 31 years 41 years Above 50 - 30 Indiainfoline Count years 9 - 40 years 3 - 50 years 12 58 years Age Group Total

Sharekhan S.R.E (Gurukrupa) Angle Broking K.R.C (Devashish) Motilal Oswal 5 paisa.com Relience Money Local Brand Total

% Count % Count % Count % Count % Count % Count % Count % Count % Count %

11.7% 13 16.9% 5 6.5% 11 14.3% 3 3.9% 10 13.0% 14 18.2% 10 13.0% 2 2.6% 77 100.0%

4.6% 1 1.5% 5 7.7% 14 21.5% 14 21.5% 10 15.4% 11 16.9% 3 4.6% 4 6.2% 65 100.0%

1 16.7% 3 50.0% 1 16.7%

8.0% 15 10.0% 13 8.7% 27 18.0% 18 12.0% 20 13.3% 25 16.7% 14 9.3% 6 4.0% 150 100.0%

1 50.0% 1 50.0%

1 16.7%

6 100.0%

2 100.0%

Chi-Square Tests Value Pearson ChiSquare N 45.953 150 Symmetric Measures Value Approx. Sig. df 24 Asymp. Sig. (2sided) .004

59

Nominal by Nominal N .

Contingency Coefficient

.484

.004

150

Interpretation: Here the sig. value is 0.004 < 0.050 which means Null Hypothesis is rejected and alternative hypothesis is accepted. It means that there is significance association between respondents brand and age group. In above table the Contingency Coefficient value is 0.484 which shows that the association between respondents brand and their age group is not strong but it is weak (near to Moderate.

Cross Tabs Test Purpose of Cross Tab (Chi-square): This test is used to know whether there is any association between respondents brand and their occupation or not? Respondent's Brand * Occupation Crosstabulation Null Hypothesis (H0): There is no significant association between respondents brand and occupation. It means that respondents are not choosing their brand according to their occupation.

60

Alternative Hypothesis (H1): There is significant association between respondents brand and occupation. It means that respondents are choosing their brand according to their occupation.

Significance Level: Here test of hypothesis is at 95% confidence level i.e. the chance of occurring type 1 error is 5%.

Respondent's Brand * Occupation Crosstabulation

Respondent's Brand Indiainfoline Sharekhan S.R.E (Gurukrupa)

Occupati Studen FarmerEmploye Busines Other Total on Count % Count % Count % t 2 6 15.4% 10.2% 3 4 23.1% 6.8% 3 7 23.1% 11.9% e 3 9.1% 6 18.2% s-man 1 2.3% 2 4.5% 2 4.5% 12 8.0% 15 10.0% 13

100.0% 8.7%

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Angle Broking K.R.C (Devashish) Motilal Oswal 5 paisa.com Relience Money Local Brand Total

Count % Count % Count % Count % Count % Count % Count %

1 7.7% 1 7.7%

12 20.3% 8 13.6% 8

3 9.1% 1 3.0% 6 18.2% 7 21.2% 5

11 25.0% 8 18.2% 6 13.6% 7 15.9% 4 9.1% 3 6.8% 44 1 100.0% 100.0%

27 18.0% 18 12.0% 20 13.3% 25 16.7% 14 9.3% 6 4.0% 150 100.0 %

13.6% 2 9 15.4% 15.3% 5 8.5%

15.2% 1 2 7.7% 6.1% 13 59 33 100.0% 100.0% 100.0%

Chi-Square Tests Asymp. Sig. (2Value Pearson Chi-Square 44.360(a) df 32 sided) .072

Interpretation: Here sig. value is 0.072>0.050 which means Null Hypothesis is accepted and alternative hypothesis is rejected. It means that there is no significance association between respondents brand and occupation.

62

Cross Tabs Test

Purpose of Cross Tab (Chi-square): This test is used to know whether there is any association between respondents brands and their area of residence or not?

Respondent's Brand * Area of Residence Cross tabulation Null Hypothesis (H0): There is no significance association between respondents brand and area of residence. It means that respondents are not choosing their brand according to their area of residence. Alternative Hypothesis (H1): There is significance association

between respondents brand and area of residence. It means that

63

respondents are choosing their brand according to their area of residence. Significance Level: Here test of hypothesis is at 95% confidence level i.e. the chance of occurring type 1 error is 5%.

Respondent's Brand * Area of Residence Area of Residence Respondent's Brand Indiainfoline Sharekhan S.R.E (Gurukrupa) Angle Broking Count % of Residence Count % of Residence Count % of Residence Count % of Residence Urban 10 13.3% 7 9.3% 5 6.7% 11 14.7% Rural 2 2.7% 8 10.7% 8 10.7% 16 21.3% Urban 12 8.0% 15 10.0% 13 8.7% 27 18.0% Total

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K.R.C (Devashish) Motilal Oswal 5 paisa.com Relience Money Local Brand Total

Count % of Residence Count % of Residence Count % of Residence Count % of Residence Count % of Residence Count % of Residence

5 6.7% 11 14.7% 17 22.7% 8 10.7% 1 1.3% 75 100.0%

13 17.3% 9 12.0% 8 10.7% 6 8.0% 5 6.7% 75 100.0%

18 12.0% 20 13.3% 25 16.7% 14 9.3% 6 4.0% 150 100.0%

Chi-Square Tests Asymp. Sig. Pearson Chi-Square N of Valid Cases Value 16.966(a ) 150 df 8 (2-sided) .030

Symmetric Measures Approx. Value Nominal by Contingency Nominal Coefficient N of Valid Cases Interpretation: .319 150 Sig. .030

65

Here Approx. Sig. value is 0.030<0.050 which means Null Hypothesis is rejected and alternative hypothesis is accepted. It means that there is a significance association between respondents brand and area of residence. In above table the Contingency Coefficient value is 0.319 which shows that the association between respondents brand and their area of residence is not strong but it is weak.

Q-4: Which of the following type of trading you belongs to?

Purpose of the question: There are various options available for trading in equity to the investors. So this question helps us to identify the most effective type of trading.

Delivery Frequency 11 139 150 Percent 7.3 92.7 100.0

No Yes Total

Intraday Frequency 61 89 Percent 40.7 59.3 66

No Yes

Total

150

100.0

Future & Option Frequency 93 57 150 Percent 62.0 38.0 100.0

No Yes Total

Type of Trading

89, 31% 57, 20% Delivery Intraday Future & Option 139, 49%

From the table it is found that 92.70% investors like to invest in DELIVERY TYPE of trading in equities. They would not like to take higher risk. They would like to be at safer side. As in Delivery Type of trading people buy shares at particular price and until and unless they could not get profitable margin they will not sell their equities. Another type of popular trading is Intraday (59.3%) and Future & Option (38.0%).

67

To know most popular type of trading Frequency command in SPSS is used. This command helps in determining frequency, pie charts and type of trading in percentage of each brand.

Q-5

For how long you are operating your Demat Account?

Purpose of the Question: This question helps in considering the suggestions and their view as important because they are having long experience of equity market.

Duration N Mode Percentiles 150 2 2.00 3.00 3.00

25 50 75

Duration Less than 1 month More than 1 month to 6 months More than 6 months to 1 year More than 1 year to 5 years More than 5 years Total

Frequency 13 53 49 31 4 150

Percent 8.7 35.3 32.7 20.7 2.7 100.0

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Duration
Less than 1 month 13 More than 1 month to 6 months 53 49 More than 6 months to 1 year More than 1 year to 5 years More than 5 years

4 31

From above table it is derived that about 76.7% investors are investing for 1 year or Less than 1 year other 23.3% are investing for 1 to 5 years.

To know the duration of investor operating period of Demat Account Frequency command in SPSS is used. This command helps in determining frequency, pie charts and duration in percentage of each brand. 69

Q-6: What is monthly transaction range of your Account in rupees? Purpose of the Question: This question helps in considering the suggestions of respondents who are having higher amount of transaction because they are contributing more to the organization and also due to their high amount of transaction they are more involved in decision making process.

Monthly Transaction

0-500000 500001-1000000 1000001-1500000 1500001-2000000 2000001-2500000 2500001-3000000 3000001-3500000 3500001-4000000 Above 4000000 Total

Frequency 36 57 22 16 12 1 3 1 2 150

Percent 24.0 38.0 14.7 10.7 8.0 .7 2.0 .7 1.3 100.0

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Monthly Transaction
16, 11% 12, 8% 1, 1% 3, 2% 1, 1% 57, 37% 2, 1% 36, 24% 0-500000 500001-1000000 1000001-1500000 1500001-2000000 2000001-2500000 2500001-3000000 3000001-3500000 3500001-4000000 Above 4000000

22, 15%

From above table it can derive that 62.00% respondents fall into category of monthly transaction less than 1000000 & other 28 respondents fall into category of more than 1000000.

To know the transaction of investors Frequency command in SPSS is used. This command helps in determining frequency, pie charts and transaction amount in percentage of each brand.

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Q-7 How you first come to know about the brand in which you are investing in equities? Purpose of the question: This question is asked to the respondents to know the effectiveness of media. How different people come to know about the brand in which they are investing in equities. This question helps us to identify the most effective media to communicate.

Non Personal Media

Television Magazine News Paper Hoardings Trade Fair Total

Frequency 45 21 75 7 2 150

Percent 30.0 14.0 50.0 4.7 1.3 100.0

Non Personal Media

75 45 21 7 2 Series1

80 60 Frequency 40 20 0 Series1

Televi Maga News Hoard Trade 45 21 75 7 2

Type of Media

72

From the table it is found that people come to know about various brands form different non personal media. In this News paper plays a very important role. 50% respondent come to know about their brand from Newspaper.30% from television,14% from magazine,4.7% from Hoardings & 1.3% from trade fair.

To know the effectiveness of various non personal media Frequency command in SPSS is used. This command helps in determining frequency, pie charts and frequency of different media in percentage of each brand.

73

Q-8 Who first introduce/initiate you with Demat Account while opening a Demat Account for trading in equity services? Purpose of the question: This question is asked to the respondents to know the role of initiator. Among the Bardoli region that plays the role of initiator. This question helps us to identify the most effective persons to communicate. Initiator Frequenc Self Spouse Children Parents Friend Broker Relative Total y 69 1 3 1 41 30 5 150 Percent 46.0 .7 2.0 .7 27.3 20.0 3.3 100.0

80 60 F re q u e n 4 0 cy 20 0

69

In itia to r
S e rie s 1

41 30 1 3 1 5

S e lf S p o us h ild P a re n t rie n d ro k eR e la ti C r F B 1 3 1 41 30 5 in itia to r

S e rie s 1 6 9

74

From above table it is found that 46.00% people are initiated by themselves. 27.3% people are introduced to Demat Account and trading in equity services by their friend, 20% people are introduced by broker, 3.3% by relative, 2 % by children, 0.7% by spouse, 0.7% by parents. So self, friend, broker are covering 93.30% for initiating to open an account for trading in equities.

To know the initiator among social members Frequency command in SPSS is used. This command helps in determining frequency, pie charts and frequency of different person (Social Factor).

Q-9 Who are the user/s of your Demat Account?

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Purpose of the question: This question is asked to the respondents to know the role of user. This question helps us to identify the other person who is involved with investor & who influence the investor. User/s

Self Spouse Children Parents Friend Other Self& Children Self & Parents Self & Relative Total

Frequency 136 1 1 3 2 1 1 4 1 150

Percent 90.7 .7 .7 2.0 1.3 .7 .7 2.7 .7 100.0

User
150 100 Frequency 50 0 Series1 Self Spo Chil Par Frie Oth Self Self Self 1 3 2 User 1 1 4 1

Series1 136 1

76

From above table it is found that 90.70% are the self user. They are the sole user. 2.7% are the user with parents. And only 2.0% tells that user are parents only.

To know the role of user Frequency command in SPSS is used. This command helps in determining frequency, pie charts and frequency of role of user.

Q-10 which of the following person helps you in taking decision regarding investment in equities? Purpose of the question: This question is asked to the respondents to know the role of .decider. This question helps us to identify the person who helps investor to taking decision.

Decider

Self Spouse Children Parents

Frequency 62 1 2 4

Percent 41.3 .7 1.3 2.7 77

Friend Colleague Relative Total

73 3 5 150

48.7 2.0 3.3 100.0

Decider
80 60 Frequency 40 20 0 Self Spo Chil Par Frie Coll Rela 1 2 4 73 3 5 Series1

Series1 62

Decider

From above table it is found that 48.70% investors takes help from their friends, 42.30% decides themselves, 3.30% from relatives, 2.70% form parents, 2.00% from colleagues for trading in equities.

To know the role of decider Frequency command in SPSS is used. This command helps in determining frequency, pie charts and frequency of role of decider.

78

Q-11 Rate the following parameters for investment in equity services according to its importance. Purpose of the question: This question is asked to know the importance level for different parameters. These are the different parameters of trading in equity services. Null Hypotheses (Ho): There is no significant difference between the calculated sample mean for individual parameter and hypothesized population mean (4.00). In other words, it means that individual different parameter is important for investor. Ho: x = = 4 Alternative Hypothesis (H1): There is significant difference between calculated mean for individual parameter and hypothesized mean. It means that individual different parameter is not important for investor.

79

H1: x 4

Significance level: Here test of hypothesis is at 95% confidence level i.e. the chance of occurring type 1 error is 5%.

One-Sample t-TEST Statistics

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Std. Importance Level for Brand Name Importance Level for Brokerage Importance Level for Offline Trading Importance Level for Online Trading Importance Level for Telephone Trading Importance Level for Staff Response Importance Level for Fast Trade Importance Level for Fast Fund Transfer Importance Level for Infrastructure Facility Importance Level for SMS Facility Importance Level for Monthly Transaction Report Importance Level for Stock Idea / call Importance Level for Portfolio Mgmt System N 50 50 50 50 50 50 50 50 50 50 50 50 50 Mean 3.45 4.29 4.08 3.23 3.82 4.13 4.17 4.19 4.15 4.17 3.73 4.47 3.11 Deviation .773 .572 .650 1.075 .860 .702 .653 .754 .766 .809 1.067 .642 1.402

Std. Error Mean .063 .047 .053 .088 .070 .057 .053 .062 .063 .066 .087 .052 .115

One-Sample t-Test

Test Value = 4 95% Confidence Sig. (2t df tailed) Mean Difference Interval of the Difference

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Lower Importance Level for Brand Name Importance Level for Brokerage Importance Level for Offline Trading Importance Level for Online Trading Importance Level for Telephone Trading Importance Level for Staff Response [Importance Level for Fast Trade Importance Level for Fast Fund Transfer Importance Level for Infrastructure Facility Importance Level for SMS Facility Importance Level for Monthly Transaction Report Importance Level for Stock Idea / call Importance Level for Portfolio Mgmt System 2.451 -8.765 6.143 1.506 -8.808

Upper 149 149 149 149

Lower .000 .000 .134 .000

Upper -.553 .287 .080 -.773

Lower -.68 .19 -.02 -.95

Upper -.43 .38 .18 -.60

-2.564

149

.011

-.180

-.32

-.04

2.328 3.252

149 149

.021 .001

.133 .173

.02 .07

.25 .28

3.031

149

.003

.187

.06

.31

149

.015

.153

.03

.28

2.624

149

.010

.173

.04

.30

-3.136

149

.002

-.273

-.45

-.10

9.031

149

.000

.473

.37

.58

-7.743

149

.000

-.887

-1.11

-.66

Interpretation: Here the result is tested at 95% confidence level. For the significant value less than 0.05, the null Hypothesis Ho is rejected or the alternative Hypothesis H1 is accepted. For the significant value greater than 0.05, the Null Hypothesis Ho is accepted or alternative Hypothesis H1 is rejected. If Null Hypothesis is accepted, it means that there is no significance difference between the calculated sample mean for individual parameter 82

and hypothesized population mean (4.00). And if Null Hypothesis is rejected, it means that there is significance difference between the calculated sample mean for individual parameter and hypothesized population mean (4.00). In above table negative t Value indicate that for investor the parameter less important than hypothesized importance or simply respondent tries to Neutral. Here in above cases Null Hypothesis is accepted only in case of Offline Trading Parameter because test value 0.134 > 0.05. It means that respondents are considering offline trading as one of the important parameters. And for rest all cases Null Hypothesis is rejected which means that for all other parameters there is significant difference between hypothesize mean and calculated mean of individual parameter. Other important parameters are brokerage, staff response, Fast trade, Fast fund transfer, Infrastructure facility, and SMS facility. While brand name, online trading, Telephone Trading, Monthly transaction Report and Portfolio Management System falls between Neutral (3) and Important(4).

For Example here I have explained t Test for Parameter Offline Trading, Null Hypotheses (Ho): There is no significant difference between the calculated sample mean and hypothesized population mean (4.00). In other words, it means that offline trading is important for investor.

83

Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean (4.00). It means offline trading is not important for investors. Significance level: Here test of hypothesis is at 95% confidence level i.e. the chance of occurring type 1 error is 5%.

Std. N Importance Level for Offline Trading 50 Mean 4.08 Deviation .650

Std. Error Mean .053

Test Value = 4 Mean Sig. (2t Lower Importance Level for Offline Trading 1.506 df Upper 149 tailed) Lower .134 Differen ce Upper .080

95% Confidence Interval of the Difference Lower -.02 Upper .18

Interpretation:
Here sig. value is 0.134 which is greater than 0.05, so Null

Hypothesis (Ho) is accepted it means that there is no significance difference between the calculated sample mean (4.08) and hypothesized population mean (4.00).

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It means that respondents consider offline trading as one of the important parameters for trading in equity services.

Q-12 Rate the following parameters for investment in equities services according to your satisfaction. Purpose of the question: This question is asked to know the satisfaction level for different parameters. These are the different parameters of trading in equity services. Inference:

85

Null Hypotheses (Ho): There is no significant difference between the calculated sample mean for individual parameter and hypothesized population mean (4.00). In other words, it means that for individual different parameter investors are satisfied. Ho: x = = 4 Alternative Hypothesis (H1): There is significant difference between calculated mean for individual parameter and hypothesized mean. It means that for individual different parameter investors are not sastisfied (Dissatisfied). H1: x 4 Significance level: Here test of hypothesis is at 95% confidence level i.e. the chance of occurring type 1 error is 5%.

One-Sample t-TEST Statistics Std. Std. N Satisfaction Level for Brand Name Satisfaction Level for Brokerage 150 150 Mean 3.50 3.98 Deviation .693 .680 Error Mean .057 .056

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Satisfaction Level for Offline Trading Satisfaction Level for Online Trading Satisfaction Level for Telephone Trading Satisfaction Level for Staff Response Satisfaction Level for Fast Trade Satisfaction Level for Fast Fund Transfer Satisfaction Level for Infrastructure Facility Satisfaction Level for SMS Facility Satisfaction Level for Monthly Transaction Report Satisfaction Level for Stock Idea / call Satisfaction Level for Portfolio Mgmt System

150 150 150 150 150 150 150 150

3.98 3.37 3.69 3.82 3.93 3.77 3.93 3.74

.441 .958 .787 .778 .625 .893 .766 .915

.036 .078 .064 .064 .051 .073 .063 .075

150

3.72

.820

.067

150 150

3.64 3.08

1.005 1.138

.082 .093

One-Sample t-Test

Test Value = 4 95% Confidence Sig. (2t Lower Satisfaction Level for Brand Name Satisfaction Level for Brokerage Satisfaction Level for Offline Trading Satisfaction Level for Online Trading Satisfaction Level for -8.840 -.360 -.556 -8.094 -4.876 df Upper 149 149 149 149 149 tailed) Lower .000 .719 .579 .000 .000 Mean Difference Upper -.500 -.020 -.020 -.633 -.313 Interval of the Difference Lower -.61 -.13 -.09 -.79 -.44 Upper -.39 .09 .05 -.48 -.19

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Telephone Trading Satisfaction Level for Staff Response Satisfaction Level for Fast Trade Satisfaction Level for Fast Fund Transfer Satisfaction Level for Infrastructure Facility Satisfaction Level for SMS Facility Satisfaction Level for Monthly Transaction Report Satisfaction Level for Stock Idea / call Satisfaction Level for Portfolio Mgmt System -2.834 -1.437 -3.200 -1.066 -3.479 149 149 149 149 149 .005 .153 .002 .288 .001 -.180 -.073 -.233 -.067 -.260 -.31 -.17 -.38 -.19 -.41 -.05 .03 -.09 .06 -.11

-4.181

149

.000

-.280

-.41

-.15

-4.386

149

.000

-.360

-.52

-.20

-9.899

149

.000

-.920

-1.10

-.74

Interpretation: Here the result is tested at 95% confidence level. For the significant value less than 0.05, the null Hypothesis Ho is rejected or the alternative Hypothesis H1 is accepted. For the significant value greater than 0.05, the Null Hypothesis Ho is accepted or alternative Hypothesis H1 is rejected. If Null Hypothesis is accepted, it means that there is no significance difference between the calculated sample mean for individual parameter and hypothesized population mean (4.00). And if Null Hypothesis is rejected, it means that there is significance difference between the calculated sample mean for individual parameter and hypothesized population mean (4.00).

88

In above table negative t Value indicate that for investor the parameter less important than hypothesized importance or simply respondent tries to Neutral. Here in above cases Null Hypothesis is accepted in case of Offline

Trading, Brokerage, Fast Trade and Infrastructure facility Parameters because in those cases the value is greater than 0.05. It means that respondents are satisfied with offline trading, Brokerage, Fast Trade and Infrastructure facility. And for rest all cases Null Hypothesis is rejected which means that for all other parameters there is significant difference between hypothesize mean and calculated mean of individual parameter. Rests of the parameters are more likely tends to Neutral.

For Example here I have explained t Test for satisfaction level for brokerage parameter, Null Hypotheses (Ho): There is no significant difference between the calculated sample mean and hypothesized population mean (4.00). In other words, it means that investors are satisfied with brokerage parameter. Alternative Hypothesis (H1): There is significant difference between calculated mean and hypothesized mean (4.00). In other words, it means that investors are not satisfied with brokerage parameter. Significance level: Here test of hypothesis is at 95% confidence

level i.e. the chance of occurring type 1 error is 5%.

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Std. Std. N Satisfaction Level for Brokerage 150 3.98 .680 .056 Mean Deviation Error Mean

Test Value = 4 Mean Sig. (2t Lower Satisfaction Level for Brokerage -.360 149 .719 -.020 df Upper tailed) Lower Differen ce Upper

95% Confidence Interval of the Difference Lower -.13 Upper .09

Interpretation:
Here sig. value 0.719 which is greater than 0.05, so Null Hypothesis (Ho) is accepted, it means that there is no significance difference between the calculated sample mean (4.08) and hypothesized population mean (4.00).

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It means that respondents are satisfied with brokerage parameter for trading in equity services.

FACTOR ANALYSIS: Purpose of Factor Analysis Test: Different respondents rate differently for the important level for different parameters. It is not possible or feasible to focus on each and every parameter. So here Factor Analysis test is used to reduce the factors so that only those factors which are very important and need to focus more are considered.

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KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test Approx. Chiof Sphericity Square Df Sig.

.652 257.14 8 78 .000

KMO Value: Factor Analysis Test is used to determine reduced factors from various factors. Before applying factor analysis first we have to determine the value of KMO. A measure of whether my distribution of values is adequate for conducting factor analysis. Kaiser designates levels. A measure >0.9 is marvelous, >0.8 is meritorious, >0.7 is middling, >0.6 is mediocre, >0.5 is miserable, and <0.5 is unacceptable. In this case 0.652 is mediocre. Bartlett Test of Sphericity is a measure of the multivariate normality of set of distributions. It also tests whether the correlation matrix is an identity matrix or not. (Factor analysis is meaningless without Identity matrix.

A significant value < 0.05 indicates that these data do not produce an identity matrix or differ significantly from Identity matrix and are thus approximately multivariate normal and acceptable for factor analysis. In this case the Bartlett Test value is 0.000<0.05, so my set of distribution is multivariate normal and acceptable for factor analysis.

Total Variance Explained

92

Scree Plot

3.0

2.5

Eigenvalue

2.0

1.5

1.0

0.5

0.0 1 2 3 4 5 6 7 8 9 10 11 12 13

Component Number

Extraction Sums of Component Initial Eigenvalues % of Tot1 2 3 4 5 6 7 8 9 10 11 12 13 al 2.67 6 1.51 5 1.39 4 1.19 5 .996 .956 .884 .731 .631 .583 .528 .479 .433 Varia nce 20.58 4 11.65 2 10.72 1 9.190 7.659 7.350 6.802 5.620 4.857 4.487 4.060 3.684 3.332 Cumula tive % 20.584 32.237 42.958 52.148 59.807 67.157 73.959 79.579 84.437 88.924 92.984 96.668 100.00 0 Squared Loadings % of Tota l 2.67 6 1.51 5 1.39 4 1.19 5 Varia nce 20.58 4 11.65 2 10.72 1 9.190 Cumula tive % 20.584 32.237 42.958 52.148 Total 2.077 1.644 1.554 1.504 Rotation Sums of Squared Loadings % of Variance 15.978 12.645 11.956 11.569 Cumulative % 15.978 28.623 40.579 52.148

This figure is of Scree plot. It plots the Eigenvalues on a bicoodinate plane. The Scree plot is sometimes used to select how many factors to 93

rotate to a final solution. Scree plot shows the graphical representation of the factors and also the Eigenvalue is selected as 1. Here the reduced factors are those whose Eigenvalue is 1 greater than 1 will be considered. Here from total variance table it is interpreted that the four factors extracted together account for 52.148 of the total variance (information contained in the ten original variables.) Here while reducing these factors to four factors we lost (100-52.148=) 47.852% of the information content.

Rotated Component Matrix

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1 Importance Level for Brand Name Importance Level for Brokrage Importance Level for Offline Trading Importance Level for Online Trading Importance Level for Telephone Trading Importance Level for Staff Response Importance Level for Fast Trade Importance Level for Fast Fund Transfer Importance Level for Infrastructure Facility Importance Level for SMS Facility Importance Level for Monthly Transaction Report Importance Level for Stock Idea / call Importance Level for Portfolio Mgmt System .065 .185 -.063 -.001 -.092 .401 .331 .564 .523 .734 .039 .788 -.045

Component 2 3 .631 .692 .141 -.081 -.353 .426 .085 .230 .119 .097 .142 -.044 .575 .167 -.036 -.170 .662 .288 -.358 .175 -.024 .525 .155 .442 -.082 .561

4 .043 .014 .814 -.034 .612 .356 .549 .075 .098 .025 .103 -.050 -.077

Inferences: Here from total variance table it is interpreted that the four factors extracted together account for 52.148 of the total variance (information contained in the ten original variables.) Here while reducing these

95

factors to four factors we lost (100-52.148=) 47.852% of the information content. Here the 4 important factors are:

1. Customer Care: This parameter is the combination of SMS Facility & Stock Idea / Call 2. Brand Image: This parameter is the combination of Brand Name & Brokerage. 3. Personal Trading Facility: This parameter is the combination of online facility, Infrastructure facility & Portfolio Management System. 4. Trading at Branch Facility: This parameter is the combination of offline Trading, Telephone Trading & Fast Trade. Here these are the four main factors which are derived after applying Factor Analysis Test.

Reliability Test
[A] RELIABILITY ANALYSIS - SCALE (ALPHA)

FOR IMPORTANCE OF VARIOUS PARAMETERS

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Mean 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. BRANDNAM BROKRAGE OFFLINEI ONLINEI TELEPHON STAFFRES FASTTRAD F.FUNDTR INFRA.FA SMSI TRANSACT STOCKIDE PMSI 3.4467 4.2867 4.0800 3.2267 3.8200 4.1333 4.1733 4.1867 4.1533 4.1733 3.7267 4.4733 3.1133

Std Dev .7732 .5715 .6505 1.0753 .8598 .7015 .6528 .7543 .7662 .8089 1.0675 .6419 1.4025

Cases 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0

Reliability Coefficients N of Cases = 150.0 Alpha = Interpretation: .5956 N of Items = 13

Reliability Analysis address the issues of whether this instrument will produce the same result each time, it is administered to the person in the same setting. Here Alpha is 0.5956, almost 0.6. According to thumb rule of Alpha, here instrument validity is poor.
[B] RELIABILITY ANALYSIS-SCALE (ALPHA) FOR SATISFACTION OF VARIOUS PARAMETERS

Mean

STD Dev

Cases

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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

BRANDNA BROKE OFFLINES ONLINES TELEPHO STAFF FAST FUND INFRA SMSS MTR CALL PMSS

3.5000 3.9800 3.9800 3.3667 3.6867 3.8200 3.9267 3.7667 3.9333 3.7400 3.7200 3.6400 3.0800

.6927 .6802 .4407 .9583 .7869 .7778 .6249 .8931 .7656 .9154 .8202 1.0052 1.1382

150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0

Reliability Coefficients N of Cases = 150.0 Alpha = .6166 N of Items = 13

Interpretation: Reliability Analysis address the issues of whether this instrument will produce the same result each time, it is administered to the person in the same setting. Here Alpha is 0.6166. According to thumb rule of Alpha, here instrument validity is Questionable. FINDINGS: I. It is found that most of the respondents are aware by the brand name S.R.E (89.3%), K.R.C (85.3%), Angle Broking (76.7%), Motilal Oswal (73.3%). One of the reasons is found that these are the brands which are existed into market for longer period of time. Then the awareness of Indiainfoline (64.7%) and Sharekhan (62.0%) which are new players. 98

II. The most popular type of trading among the investors is Delivery Type (92.7%), Intraday (59.3%) and Future & Option (38.0%). III. Most of the respondents (76.7%) are trading in equity for last 1 year or less. So as they are new in the equity trading they are more conscious about the services provided by the broker. IV. As there are many information sources available but the most effective communication source in Bardoli and surrounding rural area is Television (50%) and then News Paper (30%). V. While communicating to the investors/prospects the most effective initiator in social group for trading in equity is firstly the person himself/herself (46%) and then friend (27.3%). VI. Mostly the role of user is performed by the respondent him/her self (90.7%) and then in minor case by the parents (2%). VII. While taking decision regarding to investment in equity most of people are taking help of friends (48.7%) and other mostly by themselves (41.3%). VIII. The satisfaction level for the parameters like Online Trading, Portfolio Management System, Brand Name and Telephone Trading is very negative and it found that investors are dissatisfied with these parameters. IX. From chi-square test it is found that there is significant association between respondents brand and area of residence. Urban people are more likely investing in brands like Indiainfoline, Sharekhan, 5paisa.com and Reliance Money. While rural people found to invest in

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brands like S.R.E (Gurukrupa), K.R.C (Devashish), Motilal Oswal and Angle Broking. X. From chi-square test it is found that there is significant association between respondents brand and their age group. Age above 30 more likely to invest in K.R.C , Angle Broking ,Local brands while younger age 18 30 years more likely to invest in Sharekhan, Reliance Money, Indiainfoline.

XI. From chi-square test between occupation and respondents brand it is found that there is no association between them. XII. From Factor Analysis test four important factors out of 13 factors are identified which are as follows: 1. Customer Care: 2. Brand Image: 3. Personal Trading Facility: 4. Trading at Branch Facility:

RECOMMENDATIONS: 1. In terms of brand awareness Sharekhan got 6th rank. To increase the level of awareness among the people of Bardoli and surrounding rural area it is recommended to communicate the

100

strengths and services of Sharekhan by non personal media like Television and News Paper and personnel media like Brokers or Sales persons. 2. The most popular type of trading in Bardoli and surrounding rural area is Delivery. People are not still more focusing on Commodity type of trading, so it is good opportunity for Sharekhan to initiate Commodity Type of trading. 3. 76% investors are trading for 1 year or less than that period which shows that still there is good potential for Sharekhan to increase its market share. 4. While communicating to people it is recommended to target the people (prospects) directly or their friends (Decider). 5. It is also recommended that main user are individual themselves so try to target your prospect directly. 6. It is recommended to focus on the segment of age group having age of above 30 years. 7.It is recommend to focus on the parameters like Stock idea / call, Brand Image, Online trading facility, offline trading. 8. Investors are dissatisfied with parameters like online trading and portfolio management System. So it is recommended to concentrate on those aspects. Scope of Further Study 5. From my research I have solved aspects of non personal

communication media, different buying roles, important parameters

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for trading in equity services and the satisfaction level for different parameters. 6. For further Sharekhan can go for the study relating to satisfaction measurement for their services. 7. Also they can do study regarding requirements of the different market segments.

BIBLIOGRAPHY BOOKS:

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1. Nargundkar Rajendra, Marketing Research 2nd addition, New Delhi, Tata Mcgraw-Hill Publishing (2005). ( PAGE NO. 187 -333) 2. Kottler Philip, Marketing Management, analysis, planning

implementation and control, Prentice Hall of India Publishing, New Delhi.2002. ( PAGE NO. 65-122) 3. Schiffman G.Leon., Consumer Behaviour, Prentice Hall of India Pvt. Ltd., New Delhi 2001.( PAGE NO. 22-98)

WEBSITES: www.sharekhan.com 1=(http://www.searchindia.com/search/Business/Money_and 2,5=(http://www.tribuneindia.com/2001/20010326/login/mai _Banking/Stock_Brokers/index2.shtml) n3.htm) 3=(http://www.sykronix.com/tsoc/courses/sales/sls_cons.htm) 4=(http://www.udel.edu/alex/chapt6.html) 6=(http://www.iimb.ernet.in/iimb/html/man-review-article01.jsp?aid=241&edition=19&isvol=15&issueno=4) 7=(http://inhome.rediff.com/money/2003/may/02spec.htm) 8=(http://72.14.235.104/search? q=cache:ghE3kAiD9IJ:www.ficci.com/realestatesummit2006/htruf /Backgroundpaper2004.doc+Findings+on+buying+behaviour+re garding+investment+service+in+India&hl=en&ct=clnk&cd=1& gl=in) 9=http://www.knowthis.com/tutorials/principles-ofAPPENDIX Questionnaire marketing/consumer-buying-behavior/12.htm

103

My name is Mulchand Sen. I am a student of MBA-ll, SRIMCA (Tarsadi). I am doing this summer research project titled, Buying behavior of investors regarding Demat account and trading in equity services in Bardoli and surrounding rural area. This study is only for academic purpose & I promise you that information provided by you will never be disclosed to anyone, under any circumstances. NOTE: BEFORE FILLING UP THE QUESTIONNAIRE, PLEASE READ ALL THE INSTRUCTINS CAREFULLY. TICK MARK IN THE APPROPRIATE BOX ( ). 1. Do you have a DEMAT (TRADING) account for trading in equities? Yes No 2.Which of the following brand for DEMAT account and trading in equities have you ever heard in Bardoli? [TICK AS MANY AS APLLY] Indiainfoline Ltd Sharekhan Ltd S.R.E (Gurukrupa) Angle Broking K.R.C (Devashish) Motilal Oswal Ltd other please specify: . 3.At which brand(s) you are investing in equities? . 4. Which of the following type of trading you belong to? [TICK AS MANY AS APPLY] Intra day Future & Option Delivery other please specify_________________________

5. For how long you are investing in equities? Less than 1 Month More than 1 Month to 6 Months More than 6 Months to 1 Year More than 1 Year to 5 Years More than 5 Years 6. How you first come to know about brand in which you are investing in equities? Television Magazine News paper Hoardings other please specify _____________________ 7. Who first introduce/initiate you with Demat account while opening a Demat account for trading in equity service?

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[TICK ONLY ONE] Self Spouse Children (Age => 18 y) Parents Friend Broker Relative other please specify_____________________. 8. Who are the user /s of DEMAT account? [TICK AS MANY AS APPLY] Self Spouse Children (Age => 18 y) Parents Friend Relative other please specify __________________

9.Which of the following member helps you in taking decision regarding investment in equities? [TICK ONLY ONE] Self Spouse Children (Age => 18 y) Parents Friend Colleague Relative other please specify____________________ 10. Rate the following parameters for investment in equities services according to its importance. Where 1= Highly Unimportant; 2 = Unimportant; 3 = Neutral; 4= Important; 5= Highly Important. [PUT A TICK MARK IN APPROPRIATE BOX ()]

Parameter

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Brand Name Brokerage Offline Trading... Online Trading Telephone Trading Staff Response Fast Trade... Fund Transfer....................................... Infrastructure facility. SMS facility Monthly a/c transaction report Stock Idea / call Portfolio Management System.. Other ____________________________________

11. Rate the following parameters for investment in equities services according to your satisfaction. Where 1= Highly Dissatisfied 2= Dissatisfied 3= Neutral 4 = Satisfied 5= Highly Satisfied [PUT A TICK MARK IN APPROPRIATE BOX ()] Parameter Brand Name Brokerage Offline Trading... Online Trading Telephone Trading Staff Response Fast Trade... Fund Transfer....................................... Infrastructure facility. SMS facility Monthly a/c transaction report Stock Idea / call Portfolio Management System.. Other _____________________________________ 1 2 3 4 5

12.

Any suggestions that will help you to improve your satisfaction level. Personal Information . . . .

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1.

Age Group : 18 years - 30 years 41 years - 50 years

31 years - 40 years above 50 years

2.

Income Group : [ Monthly family income in rupees ] Less than 10000 10001 25000 25001 50000 50001 100000 Above 100000 Education : Primary (Below S.S.C) H.S.C Graduate Occupation: Student Employee Retired

3.

S.S.C Diploma Post Graduate

4.

Farmer Businessman other please specify .

5.

Name (optional):

6. Address: . 7. Contact No: (R): ..... (Optional) (M):

Thank You

107