ITM BUSINESS SCHOOL,

NAVI MUMBAI

To Explore Business opportunities for Volume Based Model of MyDeals247,

especially Schools / Colleges category in Bangalore and its nearby area.

Faculty Guide: Dr. Ganesh Raja Company Guide: Mr. Shashikant Kabra

Prepared by: Kapil Garg (App id: 2329) ITM Business School

INDEX
SL NO. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Section: Title Page Certification Acknowledgement Executive Summary Overview E-Commerce Sites Comparison Sheet Organizational Chart Service portfolio Micro and macro Environment Project Proposals Research Design & Methodology Responsibilities Undertaken Swot anlysis Objectives Tasks, strategies & Process Conclusion Recommendations Page No. 1 3 4 5 6 8 9 10 13 16 18 20 23 26 27 30 31

2|Page

CERTIFICATION
This is to certify that the Industry Internship project report titled To Explore Business opportunities for Volume Based Model of MyDeals247, especially Schools / Colleges category in Bangalore and its nearby area is a bona fide work carried out by Kapil Garg, a student of PGDM program 2012-14 batch of the Institute for Technology & Management, Kharghar, Navi Mumbai under my guidance and direction.

Signature of Guide:

Mr. Shashikant Kabra VP Business Development +91 80500 84444 MyDeals247 eCommerce Pvt. Ltd.

Date: Place: Bangalore

3|Page

ACKNOWLEDGEMENT
I am extremely grateful to Institute for Technology & Management, Navi Mumbai for having given me the opportunity to undergo a longer duration of Summer Internship than the regular.

Dr. Ganesh Raja played an extremely important role in making my project easier by guiding me whenever required and following me up with necessary inputs every now and then.

Mr. Shashikant Kabra, VP,

MyDeals247 eCommerce Pvt. Ltd. Bangalore,

being my chief mentor taught me a whole lot of things that I had never even thought about before entering the Corporate. His assignments and tasks were of utmost importance to me in gathering quality knowledge and experience.

4|Page

EXECUTIVE SUMMARY
As E-Commerce has become an important tool for Day to Day trading. Many organizations are now shifting to this trend so as to attract more customers. But due to hackers, cyber crime and others had put an question mark on its reliability. So it was a big challenge for new entrants to win the confidence of customer in their business model and their working. MyDeals247 recognized this gap and to promote and at the same time gain profit started the offline business for volume based deals.

Now when I joined the company as intern their was an untouched category as Schools and Colleges where they need to focused but due to some uncontrollable circumstances unable to do in the recent past. So I took the responsibility for the same.

I was required to decide the target market in Bangalore and nearby areas for our products, cold calling, set the meetings with the Purchase managers and owners of schools or colleges and meet them regardingg our company and our products.My project consists of an initial analysis by making some calls and see the response as it was an hit n trail method of getting the leads.

I was given a complete details of some of our products, their pricing which they had traded for in past and thought that their might some requirement occcur for the same in schools and colleges too. I visited many Schools across the Bangalore to interact with the concern persons.

5|Page

AN OVERVIEW OF THE COMPANY

Brief About Company: MyDeals247.com is the worlds first PERSONALIZED ecommerce platform Totally personalized to the customer needs in the local cities and across the nationwide One stop solution for the customer needs buy / sell products/services, volume based discounts, and creates word-of-mouth marketing through personalized Ads Promotes the products or services very effectively Attracts new customers in no time

About Mydeals247
Today's most E-commerce sites routinely experience transaction closure rates in the range of 3 to 5 percent of the total visitors - the primary reason for the failure is most of the sites are too generic - no personalization whatsoever.

Most shoppers spend a significant amount of time by going through multiple websites and related comparison websites and still they cannot make a quick decision - average time to make a decision to buy any product online is between 2 hours to a week - also, they confine to a couple of choices.

Internet users want some of these aspects today: personalized dashboards based on their current needs (what they want, when they want, where they want) pretty much real-time. MyDeals247.com offers a revolutionary idea in the ecommerce industry which identifies individual's preferences, interests and then
6|Page

delivers on-the-fly adjustments that make each customer feel the site was built just for him or her. It's pretty much like having your own e-commerce or online store to fulfill your own needs on daily basis. MyDeals247 brings the lowest offers from the sellers based on buyers request in the local markets - all the bids from sellers takes place on real time basis and are very much alive. Also, MyDeals247.com provides the current need analytics (on daily basis) to the sellers in the local markets.

7|Page

E - Commerce Sites - Comparison Sheet

Business Model
Auction-Based Deals eBay Fixed Price C2C; B2C; B2B; Amazon Fixed Price C2C; B2C; B2B(small %) Voucher Model Fixed Price GroupON Daily Deals (City Based) Selling Products (recently) B2C Daily Deals (Very few cities) Fixed Price B2C B2B

Real-Time Offers?

NO

NO

NO

Google Offers

NO

Alibaba

NO

Real-Time eCommerce Platform offers dynamic prices by YES creating competition among the sellers - only top5 best offers shown to the consumer. Totally dynamic price offers based on the consumer request at that particular point of time. A huge opportunity for the consumer to get the best offers when compared to the traditional fixed price model.

Volume-Based Deals (Buy more, save BIG) - true alternative for gift card sharing.

Totally personalized experience to the consumer MyDeals247

No Listing Fee or hidden charges (Charges only the success fee from seller)

Online and Off-line (rural markets first time ever) C2C; B2C; B2B Promote (through personalized Ads) and sell

8|Page

Organizational Chart

Venu G. Somineni (CEO)

Marketing & Sales

Technical Department

Finance

Ravi Kuman s. (Director)

Shashikant Kabra (Vice President)

Sujana B. (Sr. Manager) (Rural & online marketing)

Aneesh Sharma (Sr. BDM) (Volume Sales)

Sandeep Raju (Sr. BDM) Paid Ads

Gautam Nath (Ex. Manager) (Digital Marketing)

Ram (IT Head) (PHP Developer & IT)

G. Valentine (Accounts Dept. Head)

Interns

Interns

Interns

Interns

9|Page

SERVICE PORTFOLIO
Like e-commerce companies, Mydeals247 have different kind of revenue models. So basically it has 3 Business model:-

a) A Real-Time Marketplace (Buy / Sell Model) It is an online buying and selling model and that why it is called as eCommerce Company which is completely real time market place as it is totally dependent on providing value to customer in terms of price range with their specific product. Company work on the policy of Zero inventories and zero operating cost. Simply customer posts their requirements and their after a waiting time allotted to customer and meanwhile the requirement is being processed at back end office and the best 5 choices are provided to customer with deadline time and if demand is fulfilled by website the goods are delivered to consumer destination by the seller directly. Cost Structure: Here company work on approximately 10-20% margin depending upon who will get the shipping cost.

10 | P a g e

b) Volume Based Discounts This model is an offline business model which is also a profitable one. Strategy adopted by company Buy more, save more. Deals with only 5 star rated retailers. Categories involve - general house-hold items, entertainment, education, local events, amusement parks, professional training, and services companies. Here company have different category like Real Estate, Schools/Colleges, Boutiques/Spa/Hair Saloon, Hotels etc. So company garbs the requirements from here having bulk quantity and then delivers the same with competitive prices in the market. Cost Structure: - For this category company work on the margin of approximately 10-15% but the order should be in bulk.

11 | P a g e

c) personalized Ad display and Pay Per Lead model Mydeals247 came out with different strategy and innovation in the field of advertisement as they know that in present scenario Merchants are worried about their marketing part and want to promote in best way to attract customers. Though Google adwords have provided them the opportunities but there are some question marks on their reliability. There is a large gap between the paid ads/ non-organic results and organic results. Today also people are following the organic results. Thats why MyDeals247 came out with personalized Ad format where they showcase the power of particular organization with their USP directly on their website. MyDeals247 worked on improving ROI for the merchants while displaying the relevant Ads to the consumers based on their interest at any given point in time. Process The merchant, who signs for advertisement, will provide a video which is posted on Mydeals247 website and some questions are asked from the customers about the same video. MyDeals247 ensures that merchant gets the complete database of the leads that had showed interest in their advertisement and also making consumers happy by paying them which is entirely different model then Google adwords. Cost Structure: - Depending upon the no of questions to be asked by the merchant the amount is quoted to them.
12 | P a g e

Micro and Macro Environment

In order to correctly identify opportunities and monitor threats, the company must begin with a thorough understanding of the marketing environment in which the firm operates. The marketing environment consists of all the actors and forces outside marketing that affect the marketing managements ability to develop and maintain successful relationships with its target customers. Though these factors and forces may vary depending on the specific company and industrial group, they can generally be divided into broad micro environmental and macro environmental components. Micro Environmental Factors:MyDeals247 eCommerce Pvt. Ltd. is a small private firm solely owned by Mr. Venu G. Somneni who function as a CEO of the company, having very small organization structure, some of micro environmental factors which affects MyDeals247 are1. Organizations Internal Environment:Having a small firm top decision is taken by CEO itself whether it is financial decision, HR decision or marketing decision, marketing and sales executive work closely with the MD of the company, so the decision time is very short and didnt follow any hierarchy. All the employees working in this organization only think consumer to become it successful, the goal is to provide superior customer value and satisfaction.

13 | P a g e

2. Suppliers:One of the key successes for this company is its suppliers all around India which provides resource needed by the company to produce goods and services; they are the important link in the companys overall customer value delivery system. E.g. suppliers of steel from Jindal steels etc.

3. Marketing Channels:Company has a good team for Marketing & Sales Representative headed by VP of the company Mr. Shashikant Kabra who promotes and sell the products depending upon the requirements received.

4. Customer Markets:Company has a large customer market which will help them to grow rapidly like they have Consumer markets (individuals and households that buy goods and services for personal consumption) through website. Business markets (Various Industries and firm) through Volume based deals. Reseller markets (One who requires service and maintenance).

14 | P a g e

Macro Environmental Factors:E-Commerce Company affects by various macro environmental factors some are as follow1. Demographic:Company have a good presence in different state in India which help them to cover a large consumer market, they have presence in almost every state through online business. Also they are targeting international market.

2. Cultural Environment:Today society is more knowledgeable and aware about eCommerce Company and their benefits.

15 | P a g e

PROJECT PROPOSAL
Project Title:To Explore Business opportunities for Volume Based Model of MyDeals247, especially Schools / Colleges category in Bangalore and its nearby area.

Statement of the Problem:Today e-Commerce is the need for every consumer. And in current scenario many terminologies had been added to this service like of extended hours, digital marketing etc. But many companies adding and shutting down to this era frequently has put some question mark on its reliability. And it is a great challenge for the new entrants to prove their reliability and at the same time also attract more customers to their website.

But the main problem is that knowledge about these companies and their working in India is not up to mark, and even there are many prospect buyers available in India who want to purchase but due to the lack of awareness among people the company is unable to approach them.

For the same reason MyDeals247 e-Commerce Pvt. Ltd. started a new model for volume sales or offline business to increase the awareness among the people.

16 | P a g e

Objective of the Project:As the project was to explore business opportunities for volume based model especially schools/colleges category in Bangalore and nearby area. Along with it I was also having the responsibility to see how market react for this business model and where the acceptance of model is more, which area of market will help them to improve target sales. This will give me ample opportunity to understand how to find new and target market for certain type of products, buying pattern / behavior of the customers.

Why this Project?

There exists a high demand from Schools & Colleges for shoes, stationery, uniforms, Laptops, Projectors etc. So it is the best selling period for any company that provides the above mentioned items. So this will help me in enhancing my skills on every aspect of sales - Lead Generation, Quotation Making, Vendor Management etc.

17 | P a g e

Research Design & Methodology

Research Design Used to Study Market potential:1. Secondary research Secondary research such as data available on website about schools and colleges, the strength of the students helped me to target new customer. We also used Snow Ball Sampling. We also use secondary data to make new clients.

2. Primary Research We used primary research such as finding requirements for schools and colleges by making appointments and making meetings with the Purchase Manager or Owner or Principal in Bangalore.

Methodology used to get prospect Buyers:1. Sales Funnel With the idea of the Sales Funnel, I use the metaphor of a funnel (wide at the top, narrow at the bottom) to monitor the sales process. At the top of the funnel I have "unqualified prospects" the prospects who I think might need my product or service, but to whom I never spoken. At the bottom of the funnel, I have people who had provided me the requirements and quotations for the same had been provided to them and now waiting for their approval so as to deliver the products.

18 | P a g e

Analysis of the information:From the data collected till now I understand that it is little bit difficult to penetrate in existing market, because consumer is very price sensitive. Acceptance of your proposal will only occur if we quote them the best competitive prices in the market. There are a lot of negotiations going between the seller and the consumers.

Target Market:From the information analyses we got to know to whom we have to target and so we made different category or segments of schools as 1. Kinder garden 2. Montessori 3. International Schools 4. Trusts 5. School Chains such as Vibgyor High School

And for colleges as:1. MBA colleges 2. Engineering colleges 3. Universities

19 | P a g e

Responsibilties Undertaken
a) Creating awareness among the people about mydeals247 and its offerings To increase the traffic on our website, we will be creating awareness among the users through social media marketing. Facebook has been our major tool, as most of the people who surf internet have their account in Facebook. We will be conducting online contest, sharing eye catchy posts etc on Facebook to create awareness about Mydeals247.

b) Looking for potential clients or generating leads for mydeals247 Mydeals247 maintains a database of its customers who can become its consumers. For Volume based model we will be targeting all schools including Montessori, Day care, kinder garden etc. and colleges include MBA, BBA and Engineering etc.

c) Meeting clients, understanding their requirements Here we also have to meet the client to understand their requirement, deadline to deliver the order and also look after the most important part i.e. mode of payment. Because in Schools/ Colleges category maximum transactions are made on credit basis so likewise we have to process further.

20 | P a g e

d) Searching vendors for the requirements, negotiating and finding best price in market After getting the requirements, next task will be to find vendor that too the person giving lowest price, because company work on motto of Providing Best Price in Market, Zero Inventory, Zero Operating Cost

So, for single requirements we have to search many vendors and then finding the least price also keeping in mind what mode of payment is there with the client.

e) Preparing quotations for clients and at same time also preparing Purchase Order After getting the price from vendor, difficult task will be to include companies margin and that too such as after including companies profit it should not exceed market price. The prepared quotations are sent to clients.

21 | P a g e

Findings: More schools/colleges are bent towards our model due to competitive prices and more over we were one point solution provider. Kinder garden and Montessori were more inclined towards these models as they wanted to reduce costs. In colleges category MBA colleges were more inclined as they have more needs of Laptops/ Tabs.

Difficulties Faced: Though the response was good from the clients but if the Schools/Colleges category was started form Jan then we would have got many more clients. Many a time credit issue was there with the clients as in schools and colleges many a times business is done on credit basis. Findings vendors was a difficult task and then negotiations were bit hectic. Language issue was also there during traveling to the clients destination and many schools which we approached out of Bangalore.

22 | P a g e

SWOT Analysis
Strength: Strong Business Model with ample experience of CEO in international market. One time solution providers for every category in Offline business. Cost effective with hundreds of vendors of any category in the market. Direct communication with the consumers and sellers. Excellent database of users with thousands of them making login every day. Easily availability of products from the market with transport facility. No inventory so no operating cost. Global location with their server in Singapore and USA. 24 x 7 Hours service with maximum purchase in extended hours. Lower transaction costs. Faster buying procedure with direct negotiations with the suppliers.
23 | P a g e

Weakness: Long Delivery Time to far away distances. Lack of Organizational Structure. Limited man power. Limited exposure. Lesser reliability in market as new entrants. Lower influence in outer regions of Karnataka. Hit and trail method are adopted for finding the leads. No credit term trading due to which lost many consumers. Low Alaska and Google Page Ranking. Many broken link. Some categories are still missing for online purchase.

24 | P a g e

Opportunities: Global Expansion with new server recently launched in Singapore. High Availability ( 24 x 7 hours a week ) Cut down on local competition Advertising model which is day today need for every merchant. Can open chains/franchise in other metropolitan including Mumbai, Kolkata. Can start credit terms for volume based deals which attract many consumers.

Threats: Models can be easily copied by competitors. Fraud Changes in environment, law and regulations Privacy concerns. Heavy traffic can shut down the website.

25 | P a g e

OBJECTIVES
Executive training at MyDeals247 e-Commerce Pvt. Ltd. Is based on following principles: Creating awareness among the people about mydeals247 and its offerings. To work on the principles of segmentation , targeting and positioning in marketing. Looking for potential clients or generating leads for mydeals247. Meeting clients and understanding their requirements. Searching vendors for the requirements, negotiating and finding best price in market. Preparing quotations for clients and at the same time preparing Purchase Order as well.

26 | P a g e

TASKS
Following tasks were assigned by the company guide: Basically field work and direct marketing was to be done, so that we get a glimpse of a real life practical knowledge. A step wise approach is to be made on daily basis to approach the customer and makinng him a prospect out of the suspect. Cold canvassing, cold calling, fixing appointments with them, give presentations, follow-ups, handling their objective and queries forms part of this task process. Moreover the lead generation process along with their references is being crucially taken into consideration while forming our tasks lists for the week. After that,conforming their requirements, working on their quotations from the vendors and most importantly a constant follow up with every one of them makes our task a solid one. As working in a team and being a team leader, keeping morals high for yourself and others in a group.

27 | P a g e

TARGETS
I was provided with the target of 3 lacs for 2.5 months and 10 lacs for the team.

STRATEGIES
For achieving this target of 2.5 lacs various strategies were made by me for eg: Actually our Company is a facility providers, whatever is the bulk requirement is they provide that at best price in the market. So I differentiated the schools and colleges as mentioned above. As a team lead I distributed different category to different person with different area so that no overlapping occurs. After that we made small weekly targets of at least 2 meeting for each person. After getting the requirement, that person is eliminated from the queue of arranging the meetings and then he only focuses on closure of the deals.

28 | P a g e

PROCESS
For achieving the above said tasks I was constanly working on building new strategies: I started with making cold calls and arranging meetings with the customer

and also tries to know that what they are looking for exactly.
After getting insight I agin do a pre sale preparation prior to meeting the

client i.e. gathering information about the school and keep an foresight what requirements we can get from them.
On reaching customer , I usually greet them very politely with a smile for

giving their valuable time.

Then I proceed with giving brief overview of my company and our

business model.
After that to keep him /her engage in discussion I usaully give some live

example to explain our business model.

When they are in situation to understand our model, I ask them for their

requirements.
Then I get the deadline time also within which I have to send them the

quotations and also discuss about the payment terms such as RTGS.
Then after coming back to office I search for the local vendors and also

inform our another office situated in Nellore, Andra Pradesh.

After getting the vendors and understand their payment terms I usually

transfer the same to clients adding some profit of the company.

After getting approval about the quotations goods are delivered.

29 | P a g e

Conclusion
As the above discussion shows there is a potential market for schools and colleges category in Bangalore, which recognize the big improvement within few years and expecting further developments with upcoming International schools, the future looks very Promising or very Bright for the company.

30 | P a g e

Recomendations
Approach the clients for schools and colleges in starting months of the year like Jan- Feb. Increase the reliability among the vendors so can get the credit and that credit terms can be passed to clients. Snowball sampling can help a lot in contacting the clients and making relationship.

Vendors database should be managed properly.

Need to increase Alaska and Google page ranking to increase reliability among the customers.

31 | P a g e