A Desk Report on

“BRAND AWARENESS AND BRAND BUILDING”

Submitted in partial fulfillment of the requirements for the degree of

Post Graduate Diploma in Management (Marketing)

by

AMANDEEP SINGH BAGGA

MM1719157

A Study Conducted forFRR FOREX PVT LTD.

SUBMITTED
AT
BALAJI INSTITUTE OF MODERN MANAGEMENT,
Tathawade, Pune 411033
(2017-2019)
 INDEX

SR.NO TOPIC PAGE NO.

1. INTRODUCTION OF THE PROJECT

2. INDUSTRY OVERVIEW & COMPANY OVERVIEW

3. SWOT ANALYSIS

4. ROLE IN THE COMPANY

5. FINDING AND CONCLUSION

6. RECOMMENDATIONS

7. BIBLIOGRAPHY

8. APPENDIX
1. Introduction

The researcher has covered 4 points in this:-

a. The introduction covers about what the project is all about. In which the brief
of what all has been done in the internship program.

b. The second part defines the project and the purpose of the project, that tells
about the generating leads,, meeting various concern person in banks to sell
the multi-currency cards to various clients.

c. The third part of it describes the scope of the project which was done related
to the brand awareness of FRR Forex

d. The last part is outline of the project which is defining the 9 chapters of the
project giving a brief of what is done by the researcher.

2. Industry Overview & Customer Overview

The work done by the researcher in this is to study the Industry as well as
Company overview which gives more clear vision. The few points that are to be
noted in the Industry overview are:-

a. Foreign exchange trading increased by 20% between April 2007 and April
2010, and has more than doubled since 2004

b. According to the Bank for International Settlements, the preliminary global

results from the 2016 Triennial Central Bank Survey of Foreign Exchange and
OTC Derivatives Markets Activity show that trading in foreign exchange
markets averaged $5.1 trillion per day in April 2016

c. Non-bank foreign exchange companies offer currency exchange and

international payments to private individuals and companies. These are also
 known as foreign exchange brokers but are distinct in that they do not offer
speculative trading but rather currency exchange with payments.

Company Overview

a. FRR Forex Pvt.Ltd is a private limited company (incorporated on 20th august

2009). Received RBI approval to function as a FFMC in the month of July
2010 and currently we are operating from 14 branches across the country out
of which 4 are in north zone 7 are in west zone and 3 are in south zone. All
the locations are strategically located to attract maximum footfalls. FRR
Forex is a member of National Stock Exchange (NSEIL), MCX–SX and
United Stock Exchange (USE) for currency futures trading.

b. FRR offers host of services like, western union money transfer ,encashment
and remittances

c. FRR offers variety of product range like currencies multi-currency travel

cards, travel insurance etc.

3. Objectives

The researcher has kept few objectives to study about the requirement of forex in
market, market include various banks.,to analyze the competitors and their
strategy and to know the position of FRR in the local market as well as the
position of competitor in the minds of customer. Convince customers and to
inform them about the different products and services offered by the company. it
will help them for any requirement in the future. Even trying to solve the problem
of the customers.
 INDUSTRY
AND
COMPANY
OVERVIEW

Chapter 2

Industry Overview & Company Overview

1 . INDUSTRY PROFILE

Being the main force driving the global market, currency is no doubt an essential element
for a country. However, in order for all the countries with different currencies to trade
with one another a system of exchange rate between their currencies is needed; this
system is formally known as foreign exchange currency exchange.
India is undergoing rapid development. This means that there are millions of people who
dream of better home, better infrastructure and a better life. This opens several avenues of
potentially limitless growth in the banking and forex industry.

The foreign exchange market (forex, FX, or currency market) is a global decentralized
market for the trading of currencies. This includes all aspects of buying, selling and
exchanging currencies at current or determined prices. In terms of volume of trading, it is
by far the largest market in the world. The main participants in this market are the larger
international banks. Financial center’s around the world function as anchors of trading
between a wide range of multiple types of buyers and sellers around the clock, with the
exception of weekends. The foreign exchange market does not determine the relative
values of different currencies, but sets the current market price of the value of one
currency as demanded against another.

The foreign exchange market works through financial institutions, and it operates on
several levels. Behind the scenes banks turn to a smaller number of financial firms known
as “dealers,” who are actively involved in large quantities of foreign exchange trading.
Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes
called the “interbank market”, although a few insurance companies and other kinds of
financial firms are involved. Trades between foreign exchange dealers can be very large,
involving hundreds of millions of dollars.

The industry profile helps to get a clear overview of the entire business and will help us
know where our organization is ahead and where are we lagging behind as compared to
other organizations in the same industry.

There are certain organizations who are authorized by the RBI to deal in Foreign
exchange. They are further categorized in 3 different categories. The different types of
AMCs are Authorized Dealer Category -I Banks (AD Category–I Banks), Authorized
Dealers Category - II (ADs Category–II) and Full Fledged Money Changers (FFMCs).
MARKET SCENARIO

 The foreign exchange market is the most liquid financial market in the world.
Traders include governments and central banks, commercial banks, other
institutional investors and financial institutions, currency speculators, other
commercial corporations, and individuals. The average daily turnover in the
global foreign exchange and related markets is continuously growing.

The foreign exchange market is unique because of the following characteristics:

 Its huge trading volume representing the largest asset class in the world leading to
high liquidity;

 Its geographical dispersion.

 The variety of factors that affect exchange rates

 The low margins of relative profit compared with other markets of fixed income;

MARKET PARTICIPANTS

 Commercial companies

 Central banks

 Retail foreign exchange traders

 Money transfer/remittance companies

Governments: Governments have requirements for foreign currency, such as paying staff
salaries and local bills for embassies abroad, or for arraigning a foreign currency credit
line most often in dollars, for industrial or agricultural development in the third world,
interest on which, as well as the capital sum must periodically be paid, foreign exchange
rates concern governments because changes affect the value of product and financial
instruments, which affects the health of a nations markets and financial systems.

2.2 COMPANY OVERVIEW

A Company dealing as FFMC under RBI license no.FM.1787/10.

FRR Forex is a newly Incorporated Company by Mr. Parag Mehta. Earlier it was known
by LKP Forex and after that it was merged with Thomas cook and now in the year 2010 it
is again started by the name FRR Forex Pvt. ltd.

Brief Background of FRR Forex Private Limited

F.R.Ratnagar Pvt Ltd. Has a time- honoured presence since 1983, in this territory of inter
– bank currency broking and with nearly decades of experience in this business; FRR
forex has gained tremendous goodwill to be one of the leaders in this closely knit market.
Establishing firm relations with reputed banks has helped the company grow in the past
few years.
FRR forex has a committed team of dealers to ensure the company’s good standing in the
interbank foreign exchange world. With the inter – bank deals expertise for FRR forex.
FRR forex is a member of national stock exchange (NSEIL), MCX – SX and united
stock exchange (USE) for currency futures trading.
FRR FOREX PVT LTD is a incorporated on 20th August 2009.We received the RBI
approval to function as a FFMC in the month of July 2010 and currently we are operating
from 14 branches across the country out of which 4 are in north zone, 7 are in west zone
and 3 are in south zone. All the locations are strategically located to attract maximum
footfalls.

FRR Forex Pvt. Ltd

NORTH ZONE WEST ZONE SOUTH ZONE
Nehru place Nariman point Bangalore
Connaught place Navsar Chennai
Gurgaon Mumbai powai Coimbatore
Jaipur Pune chinchwad
Pune camp
Mumbai andheri
Mumbai Thane

ACTIVITIES

We are involved in Money Changing activities as stipulated by the Reserve Bank of

India. This includes buying/selling as well as exports of foreign currencies against Indian
Rupees. The customers include:

 Corporate Houses

 Banks & FFMCs

 Travel Agents

 Hotels/Hospitals

 Colleges
 Walk INS.

At FRR Forex we take care of all your foreign exchange requirements Any currency any
time. Just call us and we will have your exchange delivered to you.

FRR Forex offers a host of services:

 Major International Currencies

 Widely accepted travelers cheques like American Express

 Axis Bank Debit Cards

 Western Union Money Transfer

 X Press Money

 Money Gram

 Travel Insurance

 ICICI Bank Debit Cards

VISION
1. To attain world class Excellency by demonstrating value added products to
customers.

2. To attain brand value by learning, innovation, perfection and transparency.

3. To ensure proactively, to create the future through innovation.

4. To set new standards and reach near to perfection.

5. To convey clear conviction and characterize themselves

 6. To provide our customers with best possible services and product delivery and
establish a lifelong bond with them.

7. Preserve our work ethics and contribute to the society and economy.

MISSION
1. Fostering team work and enhancing the capability of team.

2. Continual Improvement.

3. Total elimination of fraud practices.

4. Ensuring easy and quick accessibility to customers.

To become the leading Stand-alone Forex advisory and service provider in the
country

Product profile:

1. Currencies
 Foreign currencies notes of 26 countries.
 Exotic currencies :
(Sri Lankan Rupee/Bangladesh Taka and many
more…….)

2. Traveller’s Cheques/cards:
 Amercian Express Travellers cheque
 Axis bank travelers card
 ICICI bank travelers card
(safest mode of carrying foreign exchange aborad.
Available in
USD,GBP,EURO,AUD,JPY,CAD,CHF,SRL,AED,SGD
and SEK)
3. Overseas Insurance
 Travel and global assistance
 Family protection
 Travel insurance
  Global mobile sim
(peace of mind wherever you go…. Secure yourself before
you travel overseas.)

4. Money transfer services scheme (MTSS) INWARD

 Western union
 Money gram
 Xpress money
(most convenient way of receiving money from your
loved ones abroad)

5. Money transfer services scheme (MTTS) OUTWARD

 Foreign currency telegraphic transfer (FCTT)
 Foreign currency demand draft (FCDD)
 For maintenance of close relaives
 Payment of university fees aborad
 Migration
 Employment
 Medical expenses overseas and much more…..
Detail Explanation about FRR forex products and services :

Currencies:

“Currency is a generally accepted form of money, including coins and paper notes, which
is issued by a government and circulated within an economy. Used as a medium of
exchange for goods and services, currency is the basis for trade”

It is the physical currency that one carries while travelling abroad. Be sure to carry a
minimum amount in cash to safeguard yourself from loss by theft. When converting one
currency to another, preferably do so in either one of the countries .

 Foreign currencies notes of 26 countries.

 Exotic currencies:
(Bangladesh Taka/Sri Lankan rupee and many more.

TRAVEL CHEQUE
“An instrument which is similar to a bearer cheque. You need not convert the same to
cash, but can use it across the counter at shops, hotels and other establishments” We sell
travelers cheques of American Express.

Encashment:
On your return, unused travelers cheques can be converted to cash at the prevailing rates.
In case of lost cheques, please be sure to contact the local issuing office and also the local
police within 24 hours and obtain an FIR.

Refund:
If your travelers cheques are lost or stolen, the issuer company will refund their face
value provided.

BEFORE LOSS

 You have signed each cheque at the place marked "Signature of the Holder" in
non erasable ink immediately upon receipt, but have not countersigned any of
them.
 You have safeguarded each cheque against loss or theft as you would a similar
amount of your own cash.
 You have not parted with the cheques voluntarily or as collateral security

AFTER LOSS

 You notify the issuer company within 24 hours of the loss or theft of your
cheques and the local police reporting the circumstances of the loss or theft in
such details as may be reasonably required
 .You supply the Purchaser's receipt copy of the sales advice (PAF), as well as
acceptable proof of your identity, when making your refund claim.
 You complete the appropriate refund claim documents to reasonable satisfaction
and sign them in good faith.
 You agree to co-operate in the investigation of the loss or theft, and in any
resulting prosecution. However the issuer reserves the right to delay refunds
 during investigation of the loss or theft and will not be liable for any loss or
expense caused by such delay. In addition, your cheques will not be refunded by
the issuer if they have been seized or confiscated by the state government,
customs, revenue, police, military or other such officials or personnel. The issuer
shall not be obliged to stop payment of your travelers cheques for any reason
whatsoever.

Always been inquires the most of the man the most of them have been the most senior
way to the many

TRAVEL INSURANCE

Travel insurance is insurance that is intended to cover medical expenses, trip

cancellation, lost luggage, flight accident and other losses incurred while traveling, either
internationally or within one's own country.

Travel and Global assistance:

Offers complimentary insurance cover to safe guard you from any fraudulent usage on
your travel currency card due to lost/stolen/counterfeit cards. The insurance cover is
provided up to INR 3,00,000.

Family Protection:
For any medical emergency back home, our expert team of doctors shall be by your
family’s side in your absence.

Travel Insurance:
The only product in india which gives you the freedom to customize your insurance cover
for business or study. In addition to the comprehensive cover for adventure sports , car
rental excess, overseas supplier insolvency and trip cancellation.

Prepaid travel cards

Prepaid travel cards ( axis bank , icici bank travelers card) is a prepaid foreign currency
card, which is currently available in the denominations of US Dollars, Euro, great Britain
pound, Australian dollar , Canadian dollar , Singapore dollar, swiss francs, Swedish
kroner , Japanese yen , dirham ( UAE) and Saudi riyal . the cards is available off the shelf
at our branches.
All you need to do is fill in a simple application form along with relevant documents and
you can walk out with the cards in your hand, loaded with the required amount of foreign
currency.
Recently multi currency card has been launched by axis bank.
Multicurrency forex cad:
It is designed exclusively for customers who travel extensively across the globe. It is a
unique product with multiple cards for different destinations.

This multicurrency forex card will be available currently on visa platform with 12
currencies and additional currencies will be added in the due course of time.

Features and benefits

Travel across the globe with a single card:

You can carry multiple currencies on a single card, thereby making it a convenient way to
carry forex and make payment while travelling to multiple countries.

Convenience :
You need to maintain only one ATM pin and customer portal login password across all
currency wallets thereby making it convenient and simple to use. The card can
intelligently utilize funds across multiple currency wallets without any cross currency
charges.

Exchange rate lock – in :

While loading the card you get a locked iin exchange rate and protect yourself from the
volatility of currency fluctuations.

Validity:

The card is valid for 5 years during which the card can be reloaded and used for multiple
trips.

24*7 accesses to funds :

You can use the multicurrency forex card at over 30 million visa merchant outlets, 1
million plus Visa ATM an 100,000 ecommerce websites.

Security:

The card comes with enhanced security of an insurance cover incase there is any liability
on a lost card.

Money transfer services scheme (MTSS),Inward :

1. Western union:
 2. Money gram
3. Xpress money

Purpose to receive money:

 Personal use
 Family maintenance
 Medical
 Education

Money transfer services scheme (MTSS), Outward:

1. Foreign currency telegraphic transfer (FCTT)
2. Foreign currency demand draft (FCDD)
 TT (telegraphic transfer) is the process of
electronically transferring money in foreign
currencies abroad, as per the quota and limits as
prescribed by the RBI.
 A FCDD (draft in foreign currency) is issued in
india , favoring an entity abroad,
 Can be done/issued only by AD I/AD II
categories.

STRUCTURE OF FRR FOREX

PRODUCT/SERVICE MARKET
1. Corporate Clients

In corporates (CoC’s), they have a lot of business tours as well as personal tours
outside the country, which we as money changers can target. As money changers we can
provide them with foreign currency to whichever part of the world they are travelling to,
and since they have regular requirements the prices for them are much lower than to retail
clients.
2. Banks: As per the most delite way it was not as per the given reason

Not all banks are authorized to carry out foreign exchange business. There are
very few branches in one city that are authorized to carry out this business. These
branches are known as Authorized Dealers (AD). The other bank branches usually
forward their leads to these bank branches or money changers like us.
3. Travel Agents/Immigration Consultants/Education Advisory Firms.

Travel agents are further divided into three categories.

1. M.I.C.E
 2. F.I.T
3. G.I.T

The term MICE in the context of travel is an acronym for Meetings, Incentives,
Conferences, and Exhibitions. The MICE market refers to a specialized niche of group
tourism dedicated to planning, booking and facilitating conferences, seminars, and other
events. Very few travel agents cater to M.I.C.E clients.

F.I.T means Free Independent Traveler or Free Independent Tourist. An FIT is an

individual (or small group of < 10) traveling and vacationing with a self-booked
itinerary. FIT travel is not done as a member of a traditional guided tour.

G.I.T stands for Group Inclusive Tour. It is a travel program with a special fare and
specific requirements (usually a minimum number of persons often more than 5 persons
traveling as a group throughout the tour). Hence, in nutshell, it is a group tour.
3 SWOT ANALYSIS OF FRR FOREX

STRENGTH:

 Experienced personnel

 Large branch network (PAN Presence)

 Goodwill in the market

 Prominent location

 Door to Door Service

WEAKNESS:

 Newly incorporated

 Lack of Brand name

 High rates

 Have to compete with companies having worldwide set-up and

Global recognition

OPPORTUNITY:

 Increasing market scope

 Tour operators (inbound & outbound)

 Globalization

 Govt. rules and regulation

THREATS:

 Compete against major player like Thomas cook, Cox and kings etc.

 Increasing Competition

 Existence of Grey market

 Globalization
 1.4 ROLE IN THE COMPANY

a. Approaching maximum banks in the locality in order to promote Ad

Referral

b. Visiting/Calling up banks on a regular basis, in order to build up good

relationship with banks.

c. Maintain Good relation with the person handling Priority Customers

or NRI section in Banks.

d. Seeking Reference / putting a word to their other branches in order to

improve the database as well as our reach.
 FINDINGS
AND
CONCLUSIONS
 Chapter 7 Findings and Conclusions

7.1 FINDINGS

1. Branch manager co-ordinate with the sales team properly.

2. Rates are generally higher as compared to other market competitors.

3. There are less number of delivery guy as compared of demand, because of that
sometimes it takes time to complete a transaction.

4. Sales pitch to the customer is performed in very generic manner.

5. The process of keeping record is very much inconsistent.

7.2 CONCLUSIONS:
During the study I learnt how to pitch customers and generate leads, This project gave me
an overview of sales as well as research.

It was a great opportunity for me to do internship in such an esteemed organization which

is one of the fastest growing fully fledged money changers (FFMCs) .The organization

its own culture and from the day one a trainee was motivated to work in a dynamic
organization FRR Forex Pvt. Ltd.

I had a great experience learning in this organization .It was an assignment that
comprised of Branding & Marketing That spread across in office and field work. The
experience

gained here was a value addition to my personality and career prospects few basics
learning are as follows

 Various customer behavior

 Motivating customers

 Product branding and promotions

In FRR I was able to get an overview of working in a corporate which includes following
things

 How to deal in forex market

 Satisfying the dissatisfied customer

 Identifying a prospective customer

 Various low investment marketing technique’s

The project gave me an insight of how customers were deal and managed at FRR Forex
and functioning of the organization.
Salient Conclusions from the work:

 The main conclusions from the study is that there is a high demand of foreign
exchange in CAMP PUNE as most of the AD Bank are located over there and all
of them frequently take currencies or prepaid cards for business purposes as well
as for personal tours and travels

 The FRR Forex provides service delivery based on value creation for the
customers fulfilling your requirement on real and quick time basis

 Due to lack of brand awareness customers generally prefer banks and other
money exchangers

 Most of the existing customers are fully satisfied with the rates and services
provided to them

 Rate of the currencies are a matter of concern as the company is new with the low
brand awareness that is why some of the customer don’t have much trust on the
company

 One plus point in Camp branch is that most Experienced personnel are there.

 Prominent location.
RECOMMENDATION
RECOMMENDATIONS:
1. Service has to be improved extensively, due to poor service many customer has
shifted from FRR to the near past.

2. A proper check should be kept on the prices at which our products are available to
the final customer ,whether they are getting proper rates and services

3. Changes in price should be informed to all the customer by the company itself
through mails and proposals

4. Small dealers play a vital role towards company sales therefore proper attention
should be given to them

5. Some promotional activities should be designed such as online promotion

,advertisement and should be properly undertaken

6. Follow ups should be mandatory for every customer dealings

7. Online portal has to be improved like Tagline, Testimonial, User Friendly, Online
Customer care, Order tracking Service.

8. Advertising campaigns should be done at prominent public places like :Airport,

Colleges, Tourist places, etc

9. Tie up with various educational and immigration consultancies should be done

like:tie up with those colleges who offers industrial visit to their student. So that
the forex requirement will be on the bulk.

10. Company should focus on more digital marketing.

11. Company should provide better rates and services and convert prospect customer
into permanent customer.

12. Sponsor an event. There is no better way of ensuring that your brand reaches out
to a wider audience than this.
REFERENCES:
A. BOOKS

1. Philip Kotler, “Marketing Management”, (2013), Pearson Education Publications,

11th edition, Page no. -59-148.

2. Dr. C. R. Kothari, “Research Methodology: Methods and Techniques”, new age

international publications, 2nd revised edition, Page no. -55-187.

3. Foreign Exchange Management By Esha Sharma

B. WEBSITES

1. www.frrforexindia.com

2. www.xe.com

3. www.investing.com

4. www.rbi.org.com

5. www.wikipedia.com

6. www.justdial.com

7. www.trawelltag.com

8. www.frrforex.in
APPENDIX
FOREX MARKET STUDY FOR BANKS

CURRENCIES
CURRENCIES SYMBOL CURRENT XE RATE
US DOLLAR
STERLING POUND
EURO
AUSTRALIAN DOLLAR
BAHRAIN DINAR
CANADIAN DOLLAR
DANISH KRONER
EGYPTIAN POUND
HONGKONG DOLLAR
JAPANESE YENN/100
JORDAN DINAR
KUWAIT DINAR
MALAYSAIN RINGITT
NEWZEAL AND DOLLAR
NORWEGIAN KORNER
OMANI RIAL
QATAR RIAL
SAUDI RIAL
SINGAPORE DOLLAR
SOUTH AFRICAN RAND
SWEDISH KRONER
SWISS FRANC
SYRIAN POUND
THAI BAHT/100
UAE DIHRAM
CHINESE YUAN