Business Development Plan and CRM: Thomas Cook Group

disdain Development Plan and CRM doubting doubting doubting doubting doubting doubting Thomas nominate Group1.0 ABSTRACTCustomer kind management(CRM) consists of the processes a c every last(predicate)er uses to track and organize its contacts with its current and prospective clients. CRM in its broadest sense simply means managing exclusively customer interactions. In practice, this requires using information about integritys customers and prospects to more(prenominal) effectively interact with its customers in every last(predicate) stages of its relationship with them. We refer to these stages as the customer life cycle.The customer life cycle has three stagesAcquiring customersincrease the value of customerretaining good customerBUSINESS DEVELOPMENTThe specialist atomic number 18a o fbusiness ontogeny comprises a number of techniques and responsibilities which aim at gaining new customers and at penet evaluation existing markets. Techniques used let inassessment of mar keting opportunities and target marketsintelligence gathering on customers and competitorsgenerating leadsfor possible salesadvising on, drafting and enforcing sales policies and processesfollow-up sales activity.Project workLearning of the major products and work of Thomas finagle (India) Ltd. study ClientsMajor CompetitorsAcquiring a expectantr market sh arLearning about Customer blood ManagementObjectivesAcquiring new customers.Retaining existing customersTo arrive at larger market sh atomic number 18LimitationsSome sequences it is very hard to get an appointment with a corporate client as they have tough schedules. conflux the right psyche in the organization is not an easy task who has the decision making power. overlook of transp arncy by companies in providing their data.Time period constraint was there for carrying out analysis.2. INTRODUCTION2.1 confederation ProfileThomas Cook Group plc is a leading internationalistic leisure affect group, created by the merger of My set off Group plc and Thomas Cook AG in June 2007. Thomas Cook Group plc is a fully listed alliance on the London linage permutation. Thomas Cook (India) Limited is a sort out of Thomas Cook Group. It remains as a subsidiary of TCIM Limited, an unlisted private comp some(prenominal), incorporated chthonic the laws of England and Wales having its Registered Office at Peterborough, England, U.K. and holding 55.87% of the post Rights Issue paid-up equity dowery great of the come with. Thomas Cook UK Limited (TCUK) apart from holding 21.45% of the post Rights Issue paid-up equity sh are jacket of the Company, also holds degree centigrade% holding in TCIM Limited. Thus, TCUK indirectly holds 77.31% of the present paid-up equity share capital of the Company.2.2 Thomas Cook (India) LimitedDuring the form 2008, the Company successfully consolidated divers(a) businesses across Thomas Cook (India) Limited and its subsidiaries. The Company derived the synergy benefits in 20 08 arising out of respective(a) initiatives like network harmonization, plosive consonant of non-core and dismissal making units, manpower realignment, and contributions from preventativeism boards for marketing spends, re-negotiation with vendors due to increased bargaining power. The one-time cost of desegregation amounted to Rs. 69.8 million.Thomas Cook organized a 19 city Summer holiday Sale, a pan-India Holiday road-show offering the best Holiday deals. The roadshows were very successful giving a boost to the Domestic parentage. The year 2008 was focused on Domestic transitism with its launch finished the brand name My India, My Way. During the year, packages catering to the necessarily of different segments of customers were created. the Company was the first displace Company to offer Indian plain Bookings online in compact with IRCTC on its portal. Further, the Company also integrated with Hotels4u real time on www.thomascook.in giving its online customers first lapse access to over 30,000 hotels in the Hotels4u inventory. The Company also tied-up with Axis curse for pre-paid forex card which offers step in upto 7 currencies.Thomas Cook (India) Ltd. is the largest integrated voyage and Travel related Financial expediencys Company in the country offering a broad spectrum of work that include impertinent Exchange, Corporate Travel, Leisure Travel, and Insurance. The Company launched its Indian operations in 1881 and is celebrating its 127 age of beingness-class service in India. Thomas Cook (India) operates in the following areas of business, namelyLeisure Travel, Corporate Travel Management, MICE, contrary Exchange, SWIFT Network, Travel Insurance, doctrine Cards, Pre-Paid Cards, bearing Insurance and E-Business.Post March 31st 2008, Thomas Cook (India) Limited (TCIL) is a part of Thomas Cook Group plc UK (TCG). On March 7th 2008, TCG announced its decision to acquire TCIL from Dubai Investment Group. Thomas Cook Group plc is on e of the largest travel groups in the world with a market capitalization of or so US$6 Billion.In June 2006, Thomas Cook (India) acquired LKP Forex Limited and Travel Corporation (India) Pvt. Ltd. (TCI).TCIL presently operates in over 61 cities across almost 166 locations in the country. The conjunction has afield operations in Sri Lanka which is a branch of TCIL and Mauritius which is a subsidiary of Thomas Cook (India). The Company employs over 2,500 resources and is listed on both the Bombay Stock Exchange as well up as the home(a) Stock Exchange.Thomas Cook (India), over the years has received several prestigious awards such as the Golden Peacock Award for excellence in Corporate Governance and the Pacific Asia Travel tie (PATA) Golden Award for Best Travel. Recently, the Company won the Best piece performer at the CNBC Awaaz Travel Awards 2008 and was also accredited the P1 rating which is the highest financial rating given by Crisil.2.3 Financial Facts of the CompanyRe venues as on December 31, 2010 as declared in the annual report was Rs 2588 million crore. A dividend of 37.5% on the equity share capital had also been the proposed dividend on the equity capital and preferenceCapital absorbs Rs. 93 million for dividend and Rs. 16 million for Dividend Tax.2.4 Listing of Sharesdoubting Thomas COOK INDIA LIMITED is listed on two Stock Exchanges in India viz. Bombay Stock Exchange Limited, Mumbai and National Stock Exchange of India Limited, Mumbai.2.5 Principal BankersState Bank of IndiaICICI Bank LimitedHDFC Bank LimitedIDBI Bank LimitedDeutsche BankStandard Chartered BankThe Hong Kong and Shanghai Banking CorporationApart from this Thomas Cook has won the following awardsBest Travel Agency Award2004 given by TTG Asia fall apart of Pacific Asia Travel Association (PATA) for the 5th year in succession.The Golden Peacock Award for Corporate Governance, for the moment time in a row. The Criteria for this award are transparency, excellence in conduct ing business, various levels of management, social and environmental responsibility, respectable business practice and Consistent creation of value for all the stakeholders.The National touristry Awardfor 2001-2002 2002-2003, winning the second rank in category 1 for the company that achieved the highest foreign transfer earnings from Ministry of Tourism.National Tourism Award Best MICE Operator2006-07National Tourism Award 3rd prize Inbound Operator2006-07The Association of Business Communications of India(ABCI) where the company won the first prize for its web place www.thomascook.co.inAwarded The Best outgoing Inbound Tour Operator of the Year award at the Hospitality India Awards 2006 hosted by Hospitality India.Recipient of the prestigious Government of India Ministry of Tourism award for Excellence in Conference TourismBest Travel Agency India for the year 2008by TTG Asia Part of Pacific Asia Travel Association (PATA)Best Tour Operator by CNBC Awaaz in 2008Best Outb ound Tour Operatorin the 4th Hospitality India Explore the world Annual International Awards 20082.7 SWOT ANALYSISStrengths characterizationOverall presenceCustomized runEfficient sales staffHigh focus on customer satisfactionHandling last minute transactionsWeaknessInability to fully top distributively marketNot aggressive in advertisingOpportunitiesUnexplored MarketHotels in ManesarThreatsOther players in foreign qualify market.3.0 INDUSTRY ANALYSIS3.1 About Foreign Exchange MarketIn todays world no economy is self sufficient, so there is need for exchange of goods and services amongst the different countries. So, inappropriate in the primitive age the exchange of goods and services is no longer carried out on work basis. Every country in the world has a currency that is legal tender in its grunge and this currency does not act as money outside its boundaries. So whenever a country buys or sells goods and services from or to another country, the residents of the two count ries have to exchange currencies.Foreign exchange market is depict as an OTC (over the counter) market as there is no physical place where the participants meet to execute the deals. The largest foreign exchange market is in London, followed by the New York, Tokyo, Zurich and Frankfurt. The market are situated throughout the different time zone of the globe in such a way that one market is closing the other is beginning its operations. Therefore, it is stated that foreign exchange market is kneading throughout 24 hours a day.3.2 Need for Foreign ExchangeIf an Indian company exports cotton fabrics to USA and invoices the goods in the US horse. The Ameri post importer go forth pay the amount in US dollar, as the same is his home currency. nevertheless the Indian exporter requires rupees i.e. his home currency for procuring raw materials and for payment to the labour charges, etc. Thus, he would need to exchange US dollar for rupee. If the Indian exporter invoices their goods in rupee, then the importer in USA will get his dollar converted in rupee and pay the exporter. From this we can infer that in case goods are bought or sold outside the country, exchange of currency is necessary.3.3 Following are the major bifurcationsFull fledge moneychangers these are the firms and individuals who have been authorized to take both, purchade and sale transaction with the public.Restricted moneychanger these are shops, hotels, etc that have been authorizes only to bargain for foreign currency towards cost of goods supplied or services rendered by them or for conversion into rupees.Authorized dealers these are the ones who can undertake all types of foreign exchange transaction. Banks are the only authorized dealers. The only exceptions are Thomas Cook, Western Union.3.4 Participants in foreign exchange marketThe main players in foreign exchange market are as followsCustomers The customers who are engaged in foreign trade participate in foreign exchange market by av ailing the services of banks.Commercial Banks They are the most active players in the foreign exchange market. Commercial banks dealing with international transaction offer services for conversion of one currency into another. They have a wide network of branches. key Bank In all countries Central Bank have been charged with the responsibility of maintaining the external value of the domesticated currency.. Generally this is achieved by the treatment of the bank.Exchange Brokers Forex brokers play a very important role in the foreign exchange market. provided the extent to which the services of foreign brokers are utilized depends on the tradition and practice prevailing at a situation Forex market centre.Overseas Forex marketSpeculators3.5 Major CompetitorsThe major players in the foreign exchange marketVKCFRRWEIZMANNFCMTT FOREXCENTRUMRR SENMERCURY4.0 SERVICES4.1 Holidays InboundInbound Tourist refers to tourists/ travelers coming to India.Inbound tour operators promote India as a tourist destination. TCIL organizes tours for foreign tourist visiting India. TCIL organizes Individual tours, group tours and Conferences. dissimilar services offered in inbound business are accommodation, ticketing, roundtrip, excursion, land ar regularizements, drome transfer etc. These services are procured from providers of these services like hotels, airlines, transporters, guides etc. within India. Customers are typically individuals and are sourced by overseas principals, tour operators or travel cistrons. TCI, one of the subsidiaries is among the leaders in inbound tourism and works nearly with tour operators worldwide.TCI has a widely distributed network of travel brokers and tour operators worldwide. It has around 20 offices in India and a total of 11 offices in USA, Canada, UK, France, Germany, Spain, China, Korea, Japan and Australia.TCIL also acts as a ground handling agent domestically for Charter flights coming from international destinations. TCIL also off ers customized individual holidays, group escorted holidays, MICE (Meeting, Incentive, Conference and Exhibition) arrangements and emergency checkup assistance.Inbound travelers handled by our Company are primarily from Europe and USA.TCIL enters into business arrangements with the foreign tour operators for work their customers when they arrive in India.4.2 International HolidaysOutbound tourist refers to Indian Nationals traveling out of India.TCIL offers outbound tour packages across approximately 50 Countries. Outbound packages include various services like air tickets, visa, travel insurance policy, airport transfer, hotel accommodation, sight seeing, etc.International Holidays is further classified into following categoriesGroup Escorted Holidays These are officious make packages where a group of travelers is escorted by a Tour Manger.Customised Individual Holidays Tailor made packages base on individual requirementsMICE Dealers/Employees are sent on tour by Corporates.Sa les agency amongst others for unity Cruise, Rail Europe, Globus, Cosmos Tours, Greyhound, Amtrak, Rocky Mountaineer Vacations, Japan Rail and Costa Cruises4.3 Domestic HolidaysDomestic Travel refers to Indian Nationals (Tourists, Business Travelers, Students, Leisure travelers) traveling within India. Various services offered are accommodation, ticketing, roundtrip, excursions, land arrangements, airport transfer, etc. These services are procured from service providers like hotels, airlines, transporters, guides, etc.TCI, one of our subsidiaries specializes in special spare-time activity and incentive tours, conferences and air charter / cruise ship ground operations. It operates its own Taj Mahal Tour and Delhi City Tour and is a General Sales Agent (GSA) for the Palace on Wheels and the Deccan Odyssey.TCIL is an active member of various diligence and professional organizations.4.4 Air TicketsBook your Air Tickets for your travel with TCIL either offline or online through the si tewww.thomascook.in. TCIL offers a fuck range for flights, right from Low Cost to Full service Airlines, to choose from.4.5 Rail TicketsBook your Rail Tickets for your travel with Thomas Cook either offline or online through the sitewww.thomascook.in. You can choose either Indian Rail Tickets that are available via IRCTC or International Rail Tickets via Rail Europe. TCIL offers a complete range for Rail Bookings, International or Domestic.4.6 Corporate TravelCorporate Travel forms a dominant share of overall travel business of our Company. TCIL manages the travel budgets of several large national and multinational companies. The large weighing machine of operations enables it to effectively manage travel budgets of several Multi National Companies, Blue-Chip companies and Multinational banks to their advantage. The Company provides interconnected Travel Management / Advisory Services to more than 300 Corporates.TCIL provides customers a complete basket of products for all thei r travel needsAir ReservationsHotel ReservationsLand arrangements which includes sight seeing, car rental, transfers etc.Passport / Visa ServiceConference / Incentive tour arrangementsForeign ExchangeInsuranceThe branches specialize in offering tailored Travel Policies for each corporate, thereby bringing savings on spend.Based on requirements and volumes of business, corporate are serviced either by having a dedicated relationship team visits clients office regularly or having a dedicated expert travel consultant with Centralised Reservation System located at the clients site as an implant.4.7 Meetings, Incentives, Exhibitions ConferencesExperienceThis refers to the draw of the travelers right from the time they board the airline to the foreign destination gutter the time they come back. The travel here is a REWARD for the dealers/employees of the company who have through with(p) well over a period of time. The company (as well as the employees) expects the trip to be an enjo yable, hassle clear and fun filled experience. Thomas Cook understands their concern and provide them this experience through our-Experienced, dependable and extensively traveled Tour Managers, who are available with the group 24 X 7, provide their personalized services to the group and at generation, act as crisis managers. In contrast, the other tour companies often send their ticketing person as the tour manager.The requests for special Dietary requirements are taken care of completely. The Indians are very particular about the food they eat (e.g.) Jain food. It is made sure that the clients get the same, irrespective of the location they are traveling to.The sightseeings that are offered are often exotic and different from the rest of the tour operators.Customer rivet/Customer Centric/Exceptional ServiceThis primarily refers to the experience of the corporate with the sales representatives. There is a huge extent of customization in case of a MICE trip in terms of destination s, hotel requirements, conference needs, sightseeings to be covered, gala dinner venue, team building activities etc. The prime focus is always to cater to our customers specialized needs and the intent is to delight the customer by always delivering more than promised by us/ evaluate by them.DependableThis comes out of the reputation of the company (TCIL) and the vast experience of handling a large number of MICE movements in the past. The fact that TCIL has trusted business partners (suppliers) for every destination and that there is always an undergo tour manager with the group ensures that the clients feel secure when they travel with us. Moreover, the reputation of the company ensures that there will be no let up in the service feature and there wont be any trivial financial issues.Reservoir of KnowledgeThe experienced employees of the MICE business make sure that they function as a travel consultant to the client rather than being a travel agent to them. It is believed that with the expertise, TCIL is in a position to provide multiple options to our customers. This is especially true in case of clients who have a budget constraint. Once the client is provided with multiple options along with the pros and cons for the same, they are in a oft break up position to take a decision regarding the destination as well as the services that they expect us to provide them.Value for money/Cost Effective TCIL is committed to provide quality service to its clients and they do not believe in any compromise on the same (0% Compromise). It is made sure that the experience that our clients get is of a greater value than the cost that they pay for it. If TCILs cost is more than the competition, then there is ALWAYS a very strong reason for the same (which could be better quality of hotels, better airlines, EXTRA inclusions etc.).Product InnovationOver the last decade or so, the MICE assiduity has been booming. Since then, some(prenominal) of the companies have been traveling each year (with multiple incentives/conference tours). They are always sounding out for new destinations for the incentive trips. TCILs endeavour is to be ahead of the competition at all times and product innovation is one way of doing that. TCIL has promoted new destinations at different points of times which have traditionally never been thought of for a MICE trip. E.g. Jordan, Japan, Macau, Canada. Moreover, within the same destinations, TCIL has managed to change the product mix by ever-changing the venues for gala affair Dinner (at cruise, Desert Safari etc.) or including some exotic sight seeings or providing some out of the box team building activities or in any other way.Wide winTCIL is confident of providing our customers with the best of the services at any destination that they wish to visit. This is due to the vast resources of the company and due to the number of trusted business partners that we have all over the world.One Stop make for MICE needs/Integra ted travel servicesIts the firm belief that once the customer enters one of our offices, all his travel needs will be catered to. TCIL provides the customer with the forex services, insurance cover and a travel card. Moreover, TCIL can service their visa requirements better than any other tour operator because of our goodwill and the relationships that we have with the various embassies/consulates. We have the ability to provide the customer with a 360 degree experience on a invariable basis.Work with PlayThis is particularly true in case of the corporates who have an offsite for a conference/meeting. TCIL ensures that subsequently a hard days work, they have a relaxed and fun filled evening. This can be done by sending them on a night cruise or by treating them to a Gala Dinner with free flow of liquor and a Live DJ. In one of the cases, we had sent a couple of VJs and RJs (RJ Taraana) from India who made sure that everyone from the group was involved in the fun activities.4.8 Th omas Cook Credit CardSalient FeaturesThomas Cook Titanium MasterCard features in briefThe card has been specially knowing for frequent travelers.Attractive 6 payoff points for each spend of Rs.100 on the card on Thomas Cook products Free Delivery of Foreign Exchange within city limitsRs. 5,000 discount on any Thomas Cook GIT product1 Free Air ticket to a domestic destination on the issuance of new cardComplimentary travel inconvenience insurance constitutionAccess to MasterCard travel lounges at Airports across the worldRedemption of reward points for Thomas Cook holiday packages, hotel stays, air tickets, airline upgrades, etcConversion of Thomas Cook reward points to frequent flyer miles convert the reward points earned on card to frequent flyer miles on select domestic airlines.Positioned as a comprehensive travel cardAssured gifts for the joining fees free air ticket / discount verifierHigher reward points for card swipes at Our Companys outletsRedemption of reward points against Thomas Cook products encouraged4. 9 Travel InsuranceInsurance business of being carried out through our 100% subsidiary Thomas Cook Insurance Services (I) Ltd. (TCISL). TCISL is a corporate agent of Tata AIG General Insurance Company Limited. TCISL entered insurance distribution in 2001 and offers the following products and servicesTravelCare (Overseas Travel Insurance)- Travel Care offers security for travelers which covers travel insurance, hospitalization, loss of documents, Repatriation of Remains, emergency Cash Advance or any other crises which requires assistance.FamilyCare- An Overseas travel Insurance cover for entire family of 4-5 persons with single overall sum insured.ScholarCare (Overseas Student Insurance)- A customized product for all students studying overseas which ensures timely assistance in case of unexpected surprises in a foreign land.CorporateCare (Overseas Corporate Travel Insurance)- For Companies where employees travel abroad frequently on work, we have customized group policies. All foreign trips undertaken by employees in a year are covered under a single policy.TCISL provides all insurance products at all our outlets, leveraging on ability to cross sell insurance products to our Travel and Forex customers.4.10 Foreign ExchangeThomas Cook India is the largest non banking authorized Dealer in India providing an array of foreign exchange products and services to various customer segments in India, Srilanka and Mauritius It has the largest network of branches with 144 locations across 53 cities in India including 28 airport counters in major cities working 24 x7x 365 days. It also has a vast presence in Mauritius with 12 locations including international airport and also in Sri Lanka at 3 major locations. It has been awarded the best foreign exchange company by CNBC Awaaz for the year 2008 and 2009.4.11 Service Strategy of Thomas CookTo deliver exceptional service to all internal and external customersBy Being By Providing B y EnsuringProactive Professional Service individual(prenominal) CareSpeedyFlexibleTransparentReliableCreative5.0 FOREIGN EXCHANGEThomas Cook has been granted an authorized dealers license (category II) by RBI to deal in foreign exchange through its designated branches. Under this license, we have been, inter-alia, granted permission to undertake the following activities1. Retail purchases of foreign currencies and travelers cheques.2. Bulk purchases/sales of foreign currencies from/to authorized dealers, money changers and franchisees.3. Release / remittance of foreign exchange for the following activitiesa. Private Visitsb. remit by tour operators/travel agents to overseas agents/principals/hotelsc. Business Travel (including for Central and State Government officials)d. lean for participation in global conferences and specialized traininge. Payment of crew wagesf. painting pipg. Medical Treatment abroadh. Overseas Educationi. Remittance under educational tie up arrangements w ith universities abroadj. Maintenance of close relatives abroadk. Stall rentals and participation fees in connection with participation in overseas exhibitions / fairs4. Import and export of foreign currency and export of encashed Travelers Cheques5. Maintenance of foreign currency accounts with banks abroad and undertaking forex cover operations in India and abroad.The activities permitted by RBI are carried out only at the specific locations permitted by RBI. As an Authorized Dealer, we are a member of the Foreign Exchange Dealers Association of India.Our Company provides the foreign exchange and payment solutions forIndividual travelersForeign exchange for leisure outbound travelersForeign Exchange for migration, employment, medical treatmentRemittances for students studying abroad, gift remittances etcEncashment services inward remittances for inbound tourists visiting India, Non resident physician / Resident Indians.CorporatesTravel money and remittances for business traveler s.On site support for inbound tour conferences.Film production houses traveling for shoots abroad.Remittances of tour proceeds for tour operators.InstitutionsBulk purchases and sales of foreign currencies from Banks, Non Bank Retailers and Money Changers.Our business model revolves around leveraging its position as an Authorized Dealer with systems, ability and experience of handling large volumes of forex transactions for both wholesale and retail customers in a highly cost-efficient manner.5.1. NetworkThe strong network enables TCIL to attract large wholesale clients such as public and private sector banks, FFMCs and RMCs to use our services. TCIL has a strong network of approximately 160 offices in 55 cities and 100 RMCs Hotel Franchisee.The Company has foreign exchange counters at the international airports of Mumbai, New Delhi, Kolkata, Chennai, Cochin and Trivandrum which are open 24 hours and 365 days a year to cater to the needs of the international travelers. It also has a round-the clock Foreign Exchange counter at the New Delhi Railway Statio