PROJECT ON CUSTOMER SATISFACTION IN WESTERN UNION MONEY TRANSFER

Name: Ronak Surana Enrollment no.: A30606411033 Class: BBA 2011-2014

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AKNOWLEDGEMENTS
I would like to thank my college, AGBS Hyderabad for giving me an opportunity to do this project. It helped me learn a lot about the current market and about how work takes place. I would also like to thank my faculty for their guidance and their ideas that helped me bring out the project better. I would also like to thank my friends who helped me during the course of study. Last but not the least, I am thankful to my parents for their immense support and their blessings.
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ABOUT THE PROJECT

I have done my project on the customer satisfaction of Western Union Money Transfer service, Secunderabad. I did this project as it shows how a money transfer service can help people living in different countries. During the course of this project, I went to the Western Union office at Secunderabad. I collected information regarding their services from a number of customers. I have also gone through the company history and profile thoroughly.
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CONTENTS
1. INTRODUCTION TO MARKETING 2. CUSTOMER SATISFACTION 3. MONEY TRANSFER SERVICE 4. HISTORY OF WESTERN UNION MONEY TRANSFER 5. COMPANY PROFILE 6. RESEARCH 7. RESEARCH METHODOLOGY 8. ANALYSIS AND INTERPRETATION OF RESEARCH DATA 9. FINDING & SUGGESTIONS 10. QUESTIONNAIRE AND BIBLIOGRAPHY

CHAPTER 1
INTRODUCTION TO MARKETING

INTRODUCTION:
Marketing is a process or an activity by which individuals and groups of people get what they need and want by creative and exchanging services and goods with other. Traditional people think that marketing is telling and selling. But modern sense the marketing is satisfied customer needs and making good relationship with other. Marketing deals meeting the customer needs and satisfied those offering higher values to customers. Marketing needs with maintaining present customers and growing potential customers premising higher values.

MARKETING CONCEPTS:
The following concepts or very use full to business organization Production concept Product concept Market concept Societal marketing concept

Marketing is a restless, changing and dynamic field thousands of new products, including those of entire new industries has appeared in the market the role of marketing and market places are recurrently changing day by day on ever increasing are becoming more market-driven in the premium has been placed on making sound marketing decisions and companies strategic decision making.

Concentration on key markets or opportunities provides firms with a chance to build a fuller picture of market conditions understand the details of customers specific requirements, design and develop offering adapted to meet buyer needs, establish and sustain along term marketing presence and minimize costs while maximizing the returns from individual market.

OBJECTIVE OF THE STUDY:

Study the customer satisfaction about money transfer service.

To draw out the customer satisfaction levels.

To build a good customer relationship.

To take care necessary measures to improve services offered to customer.

To compare satisfaction of the company Vis-a-Vis major competitors.

METHODOLOGY:
SOURCES OF DATA:
The data furnished in the report has been collected from two sources.

PRIMARY DATA:
The primary data for research study has been collected from the customers by the method of questionnaire.

SECONDARY DATA:
The secondary data for research study has been collected from the brochures, pamphlets and from internet websites.

SCOPE OF THE STUDY:

This study is related to Western union Money Transfer Service only.

The study covers the opinion of customers about the Western Union Money Transfer Service.

The study is concerned with perception of the customers of the Western Union Money Transfer Service.

It manages to bring out how much a money transfer service can help people.

It helped create awareness about the usefulness and positive effects of money transfer services.

It brought out the discrepancies involved in a money transfer process.

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LIMITATIONS:
The following are the limitations of the project.

A survey on customers of WESTERN UNION MONEY TRANSFER OF SERVICES restricted to Secunderabad. 1) There is a limited time to study the project it is difficult to collect more information. Therefore a deep study is not possible. 2) The given information by the customers may not be correct as their opinions, attitudes etc., may differ from others. 3) It is collected only from 30 customers; therefore it cannot give the accurate information. 4) It may not provide all the information required to find out the customer satisfaction of Western Union Money Transfer.

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CHAPTER 2
CUSTOMER SATISFACTION

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CUSTOMER SATISFACTION:
Customer satisfaction is known as the heart of marketing. Every businesss success in todays world depends upon the level of satisfaction of the customers. No business can survive without satisfaction of customers, be it product or service. Customer satisfaction is outlined a frame work of a five steps end-to-end process. The presentation tries to address a problem that many corporations get consistently, year after year low customers satisfaction scores even though year after year they aim towards improvements. Although we do not claim to comprehend all the reasons behind declared in customer satisfaction corporations experience in recent year, we be live a substantial increase in customer satisfaction could be achieved by better management of promises to customers and better co ordination of actions to improve customer satisfaction.

Quality and service alone cannot produce recurrent satisfaction. Satisfaction is distinct and separate issue. It is the customers entire experience with us that determines his or her declaration of satisfaction. This experience is not objective at all but totally subjective. It is the customers call. A customer is satisfied only if and when they say they are satisfied. Satisfaction is a based upon the customers perception is his/her interpretation of the value received played back against expectations. This declaration does not require any objective evidence. It can be a declaration made with no reason.

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Our interactions with the customer, the promises made to the customer in these conversations, the customers expectations generated in these conversations and the actions we take that are consistent with those expectations combine to produce a declarations of satisfaction. Therefore it is essential we manage these aspects of our business in proactive manner to excel at customer satisfaction.

CUSTOMER SATISFACTION PROCESS:

Customer satisfaction process is not a set of surveys, a set of Bridge the Gaps actions in response to Customer satisfaction surveys. Customer satisfaction process is end-to-end, planned, comprehensive, coordinated, and managed. Set of activities and interactions designed to achieve the highest possible Customer satisfaction. Actions initiated both ahead of Customer satisfaction surveys, and as a response to Customer satisfaction surveys.

UNDER STANDING CUSTOMER EXPECTATIONS:

How do buyers form their expectations? From past buying experience, friends and associates advice, marketers and competitors information and promises. If marketers raise expectations too high, the buyer is likely to be disappointed. However, if the company sets expectations too low, it wont attract enough buyers. Some of todays most successful companies are raising expectations and delivering
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performances to match. When General Motors launched the Saturn car division, it changed the whole buyer-seller relationship with a New Deal for car buyers: There would be a fixed price a 30-day guarantee or money back; and sales people on salary, not on commission. Look at what high satisfaction can do. A customers decision to be loyal or to defect is the sum of many small encounters with the company. Consulting firm Forum Corporation say that in order for all these small encounters to add up to customer loyalty, companies need to create a branded customer experience. Here is how San Franciscos Joie de Vivre chain does this.

MEASURING SATISFACTION:
Many companies are systematically measuring customer satisfaction and the factors shaping it. For example, IBM tracks how satisfied customers are with r\each IBM salesperson they encounter, and makes this a factor in each salespersons compensation. A company would be wise to measure customer satisfaction regularly because one key to customer retention is customer satisfaction. A highly satisfied customer generally stays loyal longer, buys more as the company introduces new products and upgrades existing products, talks favorably about the company and its products, pays less attention to competing brands and is less sensitive to price, offers product or service ideas to company, and costs less to serve than new customers because transactions are routine. The link between customer satisfaction and customer loyalty, however, it is not proportional. Suppose customer satisfaction is rated on a scale from one to five. At a very low level of customer satisfaction, customers are likely to abandon the company and even bad-mouth it. At levels two to four, customers are fairly satisfied but still find it easy to switch when a better offer comes along. AT level five, t6he customer is very likely to repurchase and even spread good word of mouth about the company. High satisfaction or delight creates an emotional bond with the brand or company, not just a rational preference. Xeroxs senior
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management found out that its completely satisfied customers were six times more likely to repurchase Xerox products over the following 18 months than its very satisfied customers. When customers rate their satisfaction with an element of the companys performance-say, delivery-the company needs to recognize that customers vary in how they define good delivery. It could mean early delivery, on-time delivery, order completeness, and so on. The company must also realize that two customers can report being highly satisfied for different reasons. One may be easily satisfied most of the time and the other might be hard to please but was pleased on this occasion. A number of methods exist to measure customer satisfaction. Periodic surveys can track customer satisfaction directly. Respondents can also be asked additional questions to measure repurchase intention and the likelihood or willingness to recommend the company and brand to others. Paramount attributes the success of its five theme parks to the thousands of Web-based guest surveys it sends to customers who have agreed to be contacted. During the past year, the company conducted more than 55 Web-based surveys and netted 100,000 individual responses that described guest satisfaction on topics including rides, dining, shopping, games, and shows. Companies can monitor the customer loss rate and contact customers who have stopped buying or who have switched to another supplier to learn by this happened. Finally, companies can hire mystery shoppers to pose as potential buyers and report on strong and weak points experienced in buying the companys and competitors products. Managers themselves can enter company and competitor sales situation where they are unknown and experienced firsthand the treatment they receive, or phone their own company with questions and complaints to see hoe the calls are handle. For customer satisfaction surveys, its important that companies ask the right questions. Frederick Reichheld suggests that perhaps only one question really matters: Would you recommend this product or service to a friend? He maintains that marketing departments typically
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focus surveys on the areas they can control, such as brand image, pricing, and product features. According to Reichheld, a customers willingness to recommend to a friend results from how well the customer is treated by front-line employees, which in turn is determined by all the functional areas that contribute to a customers experience. In addition to tracking customer value expectation and satisfaction, companies need to monitor their competitors performance in these areas. One company was pleased to find that 80 percent of his customers said they were satisfied. Then the CEO found out that its leading competitor had a 90 percent customer satisfaction score. He was further dismayed when he learned that this competitor was aiming for a 95 percent satisfaction score. For customer-centered companies, customer satisfaction is both a goal and a marketing tool. Companies need to be especially concerned today with their customer satisfaction level because the Internet provides a tool for consumers to spread bad word of mouthas well as good word of mouthto the rest of the world. On Web sites like troublebenz.com and lemonmb.com, angry Mercedes-Benz owners have been airing their complaints on everything from faulty key fobs and leaky sunroofs to balky electronic that leave drivers and their passengers stranded. Companies that do achieve high customer satisfaction ratings make sure their target market knows it. When J .D. Power began to rate national home mortgage leaders, Countrywide was quick to advertise its number-one ranking in customer satisfaction. Dell Computer meteoric growth in the computer systems industry can be partly attributed to achieving and advertising its number-one rank in customer satisfaction. The University of Michigans Claes Fornell has developed the American Customer Satisfaction Index (ACSI) to measure the perceived satisfaction consumers feel with different firms. Industries, economic sectors, and national economies. Examples of firms that led their respective industries with high ACSI scores in 2003 are Dell (78), Cadillac (87), FedEx (82), Google (82), Heinz (88), Kenmore (84), Southwest Airlines (75), and Yahoo! (78).
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CHAPTER 3
MONEY TRANSFER SERVICE & REMITTANCE
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HISTORY OF MONEY TRANSFER SERVICE:

Money transfer service is not a new thing to mankind. People have been travelling to distant places for earning since centuries. Migration has been an integral part of human life A person earning in far-off country has to send money home to his family. The process of sending of money home is the most important part of earning in a foreign country. Sending this money home is called remittance.

REMITTANCE:
A remittance is a transfer of money by a foreign worker to his or her home country. Remittances are not a new phenomenon in the world, being a normal concomitant to migration which has always been a part of human history. Several European countries, for example Spain, Italy and Ireland were heavily dependent on remittances received from their emigrants during the 19th and 20th centuries. In the case of Spain, remittances amounted to the 21% of all of its current account income in 1946. All of those countries created policies on remittances developed after significant research efforts in the field. For instance, Italy was the first country in the world to enact a law to protect remittances in 1901 while Spain was the first country to sign an international treaty (with Argentina in 1960) to lower the cost of the remittances received.

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EFFECTS, IMPORTANCE AND BENEFITS:

The remittances in a way are a major force in driving the economy of home country. The remittances sent by the citizens who are working abroad offers an import source of funds for many developing nations. In some cases these funds from remittances even exceed the aid received from the developed world. The remittances received in home countries are used for meeting the expenses of the workers family; however it is difficult to track the expenditure as it is form of private transfers. As per the economists, recipients may use funds for buying necessities like food, clothing and housing. It does not lead to development because these are not strictly investments. Some other economists opined that funds received from abroad are used for developing the domestic financial system. The remittances can be sent via wire transfer, to banks and other financial institutions. These funds are used for the consumption of goods and services. It can also be used for other purposes like constructing house, building or any other investments. As per the research, migrants returning from abroad invest their funds in developing their own business and they recognize the business trends in their home country and utilise their work experience abroad for creating a company in their home country. The inflow of money from remittances is compared to commodity like oil that have high demand source. Government can spend money on poorly-planned projects and get into trouble if the demand for that commodity slows down. As the remittances are not held by the government unlike oil revenues, they are sent to individuals for spending.
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Money sent home by migrants constitutes the second largest financial inflow to many developing countries, exceeding international aid. Estimates of remittances to developing countries vary from International Fund for Agricultural Development's US$301 billion (including informal flows) to the World Bank's US$250 billion for 2006 (excluding informal flows). Remittances contribute to economic growth and to the livelihoods of people worldwide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion. Remittances also foster, in the receiving countries, a further economic dependence on the global economy instead of building sustainable, local economies. As remittance receivers often have a higher propensity to own a bank account, remittances promote access to financial services for the sender and recipient, an essential aspect of leveraging remittances to promote economic development. The stability of remittance flows despite financial crises and economic downturns make them a reliable financial resource for developing countries. As migrant remittances are sent cumulatively over the years and not only by new migrants, remittances are able to be persistent over time. At the state level, countries with diversified migration destinations are likely to have more sustainable remittance flows.

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TYPES OF REMITTANCES:
The remittances can be classified into four types including Family Remittances, Community Remittances, Migrant Worker Remittances and Social Worker Remittances. Family Remittances: It refers to remittances that are sent by individual immigrants working in the foreign locations to their family, relatives or friends in their home country. These remittances are sent every month and they assist the families of the migrants to survive. These remittances also help the poor families to fight against the poverty. The family remittances are regarded as the major form of remittances across the world where millions of workers are working hard in distant land away from their home for earning their livelihood. Community Remittances: It refers to the remittance that is sent by individual immigrants generally and also includes the remittance sent by various hometown associations to organisations and communities in their home country. This money has been used for the developmental activities of communities such as in building infrastructure, church, parks, and roads. It also offers health care to the poor. The community remittances are also used for offering health benefits, education; and employment to big communities who need these facilities in the home countries. Migrant worker Remittances These remittances refers to the cash transfers done by migrant workers for sending the money to the families, friends and relatives back home. The migrant worker remittances make up a large chunk of money inflows into home country by the people who have migrated to foreign locations in the search of money, job or education.

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Social Remittances These remittances basically comprise of various ideas, practices, and social capital that make up the backbone of many remittances that flows from workers of one country to another. Thus social remittances assist the traditions and culture of one race or community, to socialize with the cultures and traditions of another community. Social Remittances help in the bonding of people and do not have money associated with them.

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WAYS OF MAKING PAYMENT:

One can make payment for the remittance in your bank in many ways as mentioned below. (a) Certified Personal Check or Personal Check This check needs to be drawn on the account and should be payable to the branch of bank from where you are sending money. (b) Cashiers Check This payment method involves the check to be purchased from your account and it should be payable to branch of bank from where you are sending money. You should ensure that your name is printed on the check. (c) Wire Transfer This method involves the wire transfer from your account. The account number and routing number are used for sending money in this case. (d) ACH Debit Authorization This method involves the debit of money from account upon the authorization through the Automated Clearing House (ACH). ACH refers to an electronic processing facility that allows the bank to debit (or credit) an account with another bank. It acts as an electronic substitute for checks in the banks. The form used requires you to fill the information related to the bank account including the banks routing number and account number that is available on the check. (e) Account Debit In case user has maintained an account with the branch of the bank, he can authorize the bank to debit that account.
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(f) Cash Customer can also make the payment in person up to $2500. (g) Debit or Credit Card Banks can also charge the valid debit or credit card up to amount of $5000 if customer comes in person for sending money and up to $1000 when customer applies by mail or fax.

REMITTANCE IN INDIA:
India continues to be the top recipient of global remittance flow at $52 billion in 2011, the World Bank has said in a report. Remittance is defined as the sum of money paid to someone at a distance. A 'remittance transfer' refers to the transfer of money from an individual, usually a person who has emigrated from her city or country of origin, to another individual, usually a relative who remains at home. Migrant remittance flow to developing countries, including India, will be around $317 billion this year, a lower-than-expected fall from the yearago level, but will return to the recovery path in years to come, the World Bank has said. Remittance flow to developing countries will touch $317 billion in 2011, and going forward, the inflows to these nations are expected to remain almost flat in 2012, (with a modest rise of 1.4 per cent) and grow by 3.9 per cent in 2012, the World Bank said in its Migration and Development Brief.

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FACTS RELATED TO REMITTANCE:

The facts related to the remittances are mentioned below: (1) As per the report submitted by the World Bank, almost US$250 billion was sent through remittance throughout the world in the year 2006. The amount of money sent via remittance has been increasing steadily with thirty percent growth every year (2) The share of the global remittances sent to the developing nations rises from fifty seven percent in 1995 to seventy two percent in 2005. It was equivalent to an amount of $167 billion in the time period of ten years. (3) India is the leading remittance receiver globally and accounts for the maximum remittance received every year. In the year 2006, $26.9 billion was remitted to India and it increased up to $55.06 billion in 2009. India is followed by China at second position with $22.52 billion in 2006 to $40.5 billion in 2008. These two are followed by Philippines ($17.3 billion); Mexico ($21.2 billion) and Poland. (4) A large chunk of remittances from the US is directed to Asian countries including India ( 26 billion USD), Philippines (16 billion USD) and China (23 billion USD). In the year 2003.2004, five out of seven top remittance recipient countries belonged to Asia. The Asian countries were India, Philippines, China, Pakistan and Bangladesh. Non Asian countries in the top seven include Mexico and France. (5) The Asian countries like India, China and non Asian such as Mexico and France accounts for a third of global remittances.
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(6) The remittances make up a high share of GDP gross domestic product in only two countries including the Philippines and Serbia and Montenegro. (7) In fact, approx ten percent of the population globally is involved directly with remittances. (8) USA tops the list of countries that offers the largest amount of remittances, with $31 billion of remittance is sent every year from USA to other countries.

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CHAPTER 4
HISTORY OF WESTERN UNION MONEY TRANSFER
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HISTORY:
Western union began as a telegraph company, sending messages to millions of people worldwide. Today, Western union is a global leader in money transfer services. Because money transfers service is available in over 200 countries at more than 2, 70,000 agent locations. India is the largest remittance market in the world. Western Union Money Transfer commenced its operations in India in 1993 with few agents. Today, the Western Union family extends to more than 36,000 locations across 3500 cities. Today, Western Union serves millions of customers in India and their service has created a lifeline for NRIs.

1851 A group of businessmen in Rochester, New York and Mississippi Valley printing Telegraph company Western Unions Predecessor Company.

1856 The New York and Mississippi Valley printing telegraph company changes its name to Western Union Telegraph Company, signifying the union of western telegraph lines with eastern lines into one system.

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1861 Western Union completes the first transcontinental telegraph line, providing fast, coast-to-coast communications during the U.S. Civil War.

1869 Western Union introduces the first stock ticker, providing brokerage firms with New York stock Exchange quotations.

1871 Western Union Money Transfer service was introduced and became the companys primary business.

1884 Western Union is selected as one of the original 11 stocks tracked in the first Dow Jones Average.

1914 Western Union introduces the first consumer charge card.

1920 Western Union introduces teletypewriter, joining branches and individual companies.
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1933 Singing telegrams are introduced.

1935 The first inter-city facsimile service is introduced.

1943 Western Union pioneers the first commercial inter-city microwave system.

1958 Western Union introduces Telex, a direct-dial consumer to consumer teleprinter service.

1964 Western Union launches the use of a transcontinental microwave radio beam system, replacing poles and wires spanning the continent.

1970 Western Union Mailgram messages offer next-day delivery through the postal service.

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1974 Western Union launches Westar I, the first commercial communications satellite in the United States.

1980 Revenue from the Money Transfer service (originally known as money order service) exceeds that from the telegram service for the first time in Western Union history.

1982 Western Union is the first company with five satellites in orbit.

1989 Quick collect provides creditors a service for securing fast collection of payments via fiat-rate money transfers. Rapid Money Transfer Service becomes available outside North America.

1992 Western Union Money Order service provides customers with a fast, easy way to get money orders.

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1993 Dinero en Minutos (Money in Minutes) service is introduced, making fund sent to Mexico from the U.S. available in minutes.

1993 The Western Union phone card service is the first branded, pre-paid, and disposable telephone card offered in the United States.

1994 First financial Management Corporation acquires Western Union financial Services, Inc.

1995 First financial management corporation completes a $7 billion merger with first data corporation (NYSE:FDC) Western Union financial services, Inc. becomes a first data corporation subsidiary.

1996 Western Union opens its North America head quarters in Englewood, Colorada. International presence continues to expand with new regional offices in Paris, Vienna, and Hong Kong.

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1998 The Western Union Money Transfer service expands to reach 50,000 Agent locations worldwide, the worlds largest money-transfer network. International Regional Operating Centers open in Brussels and Costa Rica.

1999 By the end of the year, there are more than 80,000 Western Union agent locations in more than 140 countries and territories and the globe.

2000 Western Union launches westernunion.com, bringing the convenience of money transfers to the Internet.

2001 Western Union celebrates its 150-year anniversary by reaching more than 100,000 Agent locations worldwide.

2002 Christina Gold named president, Western Union Financial Services, Inc. 2005 The Western Union Agent network, combined with subsidiary Orlandi Valuta, exceeds 250,000 locations.
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2006 Western Union discontinues its historic telegram services, completing its transformation to a financial services company. For more than 150 years, Western Union has been connecting people.

2009 In May 2009, Western Union announced their intention to acquire Custom House from Peter Gustavson. The deal closed in September 2009, with Western Union purchasing Custom House for $370 million USD. Its acquisition led the company to be re-branded as Western Union Business Solutions.

2010 Hikmet Ersec takes over as the president of Western Union Business Solutions on September 1, 2010.

2011 In January 2011, Western Union acquired the 100% of Angelo Costa, CEO Francesco Costa, a group active in money transfer and services to immigrants. Angelo Costa has a network of 7,500 points of sale in various European countries. The agreement was signed for $ 200 million. In July 2011, Western Union acquired Travelex's Global Business Payments division for 606 Million.

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PRESIDENTS OF THE COMPANY:

Hiram Sibley (18561866) Jeptha Wade (18661867) William Orton (18671878) Norvin Green (18781893) Thomas Eckert (18931902) Robert Clowry (19021910) Theodore Vail (19101914) Newcomb Carlton (19141933) Roy White (19331941) Albert Williams (19411948) Walter P. Marshall (19481964) Russell McFall (19651979) Robert Flanagan (19791984) Roland Berner (1984) Robert Leventhal (19841988) Robert Amman (19881994) Alan Silberstein (19942001) Christina Gold (20062010) Hikmet Ersek (2010Present)

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CHAPTER 5 COMPANY PROFILE

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A GLOBAL LEADER:
Western Union employees nearly 7,000 people around the world. Employees live and work in more than 200 different countries and speak 75 languages and dialects. Western Union has more than 5,00,000 agent locations in more than 200 countries. Western Union is a global leader Money Transfer Services. Western Union is an industry leader with more than $5 billion revenue, and total assets worth nearly $8 billion. Western Union helps consumer and business send money, bill payments quickly, reliably. Western Union provides consumers with financial, convenience and control. Western Union offers services through agent locations around the world.

Western Union Money Transfer is a part of, First Data Corp., which is a fortune 500 company who also is world leader in Money Transfer Business with over 2,70,000 locations spread over more than 200 countries. Western Union with its state-of-the-art technology offers safe, reliable, legal and fraud free instant money transfer services duly approved by Reserve Bank of India.

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SAFE:
The safest easiest and fastest way to transfer money from anywhere in the world to India is through Western Union Money Transfer. For disbursement at Paul Merchants Ltd., offices authorized by Reserve Bank of India, Western Union Financial Services USA is the largest and most trusted service in the world and has been in existence since 1871, and currently has and electronically transfer network of over 2,70,000 locations to make money transfer for immediate payout in 200 countries including India. Paul Merchants Ltd. Is the market leader in the Money transfer with conveniently located offices throughout India so, if you intend to send money to someone in India then make sure, you do it through Western Union Money Transfer to Paul Merchants for disbursement. The person you are sending money to, will receive it just minutes after you have sent it to any of the Paul merchants locations.

EASY:
Money Transfer made easy to transfer the Money you dont need to have a Bank Account. Simply bring your Money to any Western Union agent and fill out a short Form to pay a service fee. Get a receipt with Money Transfer Control Number. In form your receiver of the Transfer and advice him to collect Money at any of Paul Merchants locations listed in our website. The receiver will be required to present proper photo identification and will be paid immediately. Paul Merchants and Western Union are much more convenient than any Bank.

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LEGAL:
Money Transfer through Western Union is totally legal and authorized By Reserve Bank of India. Paul Merchants Limited (PML) is the flagship company of renowned PAUL MERCHANTS group based at Chadigarh, a Conglomerate having prominent interests in fields like Forex, International Money Transfer, Finance, Immigration, Tours & Travels and Holidays, Packages and Air Ticketing. Paul Merchants Limited was incorporated on 13th July 1984 and its Scrips are listed on Delhi Stock Exchange. Riding high upon its vision and philosophy Of remaining ahead of Times, PML has made paradigmic developments in all the fields of its operations PML has established itself has a leading member of the regions star studded financial services sector lobby. PML had made a humble beginning in the field of international Money Transfer after signing an agency agreement with Western Union Financial Services Inc., New Jersey, U.S.A. PML had obtained a specific approval from the Reserve Bank of India, Central Office, and Mumbai for this purpose. Western Union Financial Services Inc. is worlds number one Money Transfer company with over 2,70,000 agent locations covering more than 200 countries. Staff and thoughtfully entered strategic alliance is that today PML is ranked as the highest revenue generating principal agent of Western Union in whole of south Asia and is making momentous contribution to the foreign exchange reserves of India in the form of Western Union inward remittances. PML is being managed professionally by a group of experienced professionals having wide experience in their respective fields under the innovative leadership of its chairman cum managing director, Mr. S. Paul who himself has an experienced of over 30 years in various lines of business over the year the Board of directors of PML has conducted the Business with a profuse dignity, which inspires everyone associated with the company. PML has a dedicated and fully trained team of over 300 employees who are having expertise in their respective fields. The company offices are equipped with all modern infrastructures required for extending quality service to valuable customer, with the companys
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concept of providing Total Services in the Forex, Money Transfer & travel sectors and its belief in providing Service up to the utmost satisfaction of the customer the company is poised to achieve greater heights in the near future. PAUL MERCHANTS is one of the primary agents of the Western Union.

PAUL MERCHANTS HAVING THE FOLLOWING PARTNERS: State bank of Patiala (SBOP) Kerala state Financial Enterprises Ltd. Trinethra Capital Local Area Bank HP Gas Punjab & Sind Bank (P & SB) Hindustan Petroleum Corporation Ltd. Bharat Petroleum Corporation Ltd.(BPCL) Professional Courier E-SEVA COX & KING PHEROZ Framroze
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 EMITRA State Bank of Indore (SBOI) Sify-I-Way Tick Business Solutions CMS Computer Solutions Easy Bill (HERO Honda)

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AREAS OF OPERATIONS:
SERVICES PROVIDED:
ONLINE
Western Union's website, westernunion.com, allows users to send and receive funds to others, pay bills, or purchase gift cards. The domain westernunion.com attracted at least 8.7 million visitors annually by 2008 according to an online study.

BIDPAY
As the Internet became an arena for commerce at the turn of the millennium, Western Union started its online services. BidPay was renamed "Western Union Auction Payments" in 2004 before being renamed back to BidPay. BidPay ceased operations on December 31, 2005, and was purchased for US$1.8 million in March 2006 by CyberSource Corp. who announced their intention to re-launch BidPay. BidPay was later discontinued by CyberSource effective December 31, 2007.

WESTERN UNION MOBILE

In October 2007, Western Union announced plans to introduce a mobile money transfer service with the GSM Association, a global trade association representing more than 700 mobile operators in 218 countries and covering 2.5 billion mobile subscribers.
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The proliferation of mobile phones in developed and developing economies provides a widely accessible consumer device capable of delivering mobile financial services ranging from text notifications associated with Western Union cash delivery services to phone-based remittance options. Western Union's mobile money transfer service offering will connect its core money transfer platform to m-bank or mwallet platforms provided by mobile operators and / or locally regulated financial institutions.

SENDING AND RECEIVING FUNDS

The most important service that Western Union provides is the transfer of money from one place/country to other. Money can be transferred in cash or as cheques. Alternatively, a sender may forward funds online to a recipient by using Western Union's online site, westernunion.com.

TRANSFER FEES
Fees differ based on originating and receiver countries and type of transfer. Generally, fees are less if using the website rather than using a partner agent location.

PAST SERVICES
Along with satellite telecommunications, Western Union was also active in other forms of telecommunication services: WU phone parlors near Times Square, 2008 Common carrier terrestrial microwave networks

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 Business communications networks such as Telex and TWX, which was acquired from AT&T and renamed Telex II by Western Union Landline-based leased voice and data communication circuits Long distance telephone service Airfone air-ground radiotelephone service from 1981 to 1986 Cellular phone service for a very short time in the early 1980s (the phones were made by 2-way radio manufacturer E.F. Johnson Company)

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WESTERN UNION EXECUTIVE BOARD:

CEO Hikmet Ersek Chairman of the Board Jack Greenberg Director Roberto Mendoza Director Michael Miles Director Linda Levinson Director Dennis Stevenson Director Betsy Holden Director Richard Goodman Director Dinyar Devitre Director Wulf Von Schimmelmann CFO Scott Scheirman Human Resources Paula Larson Marketing Diane Scott Integration Robin Heller Global Consumer Financial Services Stewart Stockdale CIO John Thompson CMO Gail Galuppo Corporate Affairs Anne McCarthy Legal & Secretary John Dye The Western Union Foundation Luella Chavez DAngelo Western Union Business Solutions Raj Agarwal Latin America & Caribbean Odilon Almeida North America Victoria Lopez Negrete Asia Pacific Drina Yue Electronic Channels Khalid Fellahi Europe & CIS Jan Hillered Middle East & Africa Jean Claude Farah
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MONEY TRANSFER PROCESS:

PROCEDURE FOR MONEY TRANSFER TO INDIA FROM ABROAD:
Person sending money from abroad, approaches the nearest WESTERN UNION agent location submits the money along with the name and address of receiver. A long with the receipt, the location officer gives a secret 10digit code called the MTCN (Money Transfer Control Number). This code can be verified at every Western Union location and helps to identify the genuine receiver. The sender informs the receiver about the code as well as the amount sent. Upon receipt of the code, the receiver approaches the nearest Western Union agent location along with the code and his identity proof. The location officer issues the money immediately to the receiver after verifying the code and any of the Western Union
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accepted photo identity card. The entire process takes a few minutes.

SAMPLE FORM FOR SENDING MONEY

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PROCEDURE FOR RECEIVING MONEY IN INDIA:

The receiver must be physically present for transaction and possess all the five basic information: Senders Name Country sent from Amount expected MTCN (Money Transfer Control Number) Receivers Name

If any of these are not available, the payment should not be made. The receiver should produce one of the 10 valid photo IDs for personal identification: Passport Voter card Driving License Pan card Employee Id (Armed Forces & Para military Services)

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 Employee Id of RBI,SEBI,TRAI & IRDI (Serving, not retired) Ration Card Central Govt. Employee ID State Govt. Employee ID Loyalty Card Employee Id of police (again, in service) Bank pass book with photo Payment is not to be made in cash for an amount of over Rs.50,000/-Only an accounts payee cheque should be issued.

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CHAPTER 6 RESEARCH

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PROBLEM DEFINITION

In the case, the topic is to know the customer satisfaction towards WESTERN UNION MONEY TRANSFER because of good marketing, the basic problem is to know the satisfaction of the consumer is at present towards WESTERN UNION MONEY TRANSFER. What people think about it? The main problem is to know how many people are interested in using the services of WESTERN UNION MONEY TRANSFER.

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OBJECTIVES OF THE STUDY:The main objective of the study can be explained as below: To know how many persons are willing to use WESTERN UNION MONEY TRANSFER service. To know the different criteria that the customer undertakes while using money exchange services. Through customer satisfaction, we can know the current position of WESTERN UNION MONEY TRANSFER in the market. Also the study will provide detail about the money exchange and remittance service and the financial position of the company will be known.

SCOPE OF THE STUDY:Scope of the study is to know the customer satisfaction about WESTERN UNION MONEY TRANSFER in Hyderabad city.

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RESEARCH COMPONENT
Research design: Research design is the plan for collecting the information related to the study. Research design explains the methods that are used for collecting the information. The research design will focus attention on the different methods that are used for collection of the data. Also it will help to solve the problem. Different forms of collecting the data will be tasted in the research design.

In this case, survey method is used to collect the necessary data in the survey method, the personal interview is used to collect the information from the respondents, and questionnaires are used. The respondents are visited personally, and the detail information is collected related to the study. The question mainly focuses attention on the consumer behavior to fulfill the objective of the study.

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CHAPTER 7
RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY
Research is an organized inquiry designed and car ried out to provide information for solving problems. -Fred Kerlinger. Research is careful inquiry or examination to discover new information or relationships and t o existing knowledge. - Francis Rammel.

The nature of the project work has been exploratory as no hypothesis is taken to be tested. Though the conclusions drawn could be taken as the hypothesis and further tested by the research work undertaken in the relevant field. The reason for choosing the exploratory research design is the fact the project report has been primarily based upon the secondary sources of data and whose authenticity could be assured of. The reluctance of the company's personnel in parting with much of information led the project report to be based substantially on the secondary source of data. The sources of data used in data collection are the following:

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Primary sources :
In order to gather information about the various products, I personally visited a number of retail markets and collected data pertaining to the prices of the products offered. The market visits were useful in knowing the comparative prices and quality of the offered brands vis--vis the competitive brands. Detail regarding the packaging of the products were collected were collected and I also inquired about the various sales promotion schemes followed by the three companies. By interviewing these retailers valuable information was collected. I inquired from them about their marketing advertising and distribution strategies.

Secondary sources:
Information was collected from secondary sources such as public libraries, newspapers, business magazines. Beside these the use of Internet was also made in collecting relevant information. The data collected from the above mentioned sources has been adequately structured and used at appropriate places in the report. This particular way of data collection was used because of its low cost (except data
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collected through surfing the internet) and less time consumption. The information gathered included: Their annual reports Pamphlets. Posters. Press clippings. News releases Newsletters. Pictures. Websites

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CHAPTER 8
ANALYSIS & INTERPRETATION OF RESEARCH DATA

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SERVICES WESTERN UNION MONEY TRANSFER, SECUNDERABAD:

Response Satisfied Dissatisfied Very much satisfied Very much dissatisfied Total No. of Respondents 12 5 13 Percentage 40 16.66 43.34

30

100

120 100 80 60 40 20 0 No.of Respondents percentages

Satisfied Dissatisfied Verymuchsatisfied Verymuchdissatisfi ed Total

The customers were asked about the services of Western Union Money Transfer, Secunderabad. 43.3% of the Respondents are very much satisfied with the services of organization where are only 16.66% of customers are dissatisfied service.
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SOURCE OF INFORMATION:
Response Television Magazine Friends Agents Total No. of Respondents 18 3 7 2 30 percentage 60 10 23.3 6.7 100

120 100 80 60 40 20 0 No.of Respondents percentages Television Magazine Friends Agents Total

The customer responded that they came to know about money transfer service through television were 60% where as others came to know about the western union services through friends and magazine.

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NEW BRANCHES:
Choice Yes No Cant say Total No. of Respondents 20 5 5 30 Percentage 66.68 16.66 16.66 100

120 100 80 60 40 20 0 No.of Respondents percentages

Yes No Can't say Total

The customers were asked about whether there is any need for new branches of western union services. Around 66.68% said that western union should open new branches and where as 16.66 felt that there is no need for new branches.
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SERVICES EXPECTED:
Services Online services International Exchange Depositary participate Total No. of Respondents 12 10 08 30 Percentage 40 33.33 26.67 100

120 100 80 60 40 20 0 No.of Respondents percentages

Onlineser vices Internatio nalExcha nge Depositar y Participat e Total

The customers were asked about the new services they are expecting from western union. 33.33% of the respondents said that they were expecting International Exchange where as 40% of the customers said that they want Online Services only. 26.67% of the customers said that they were Expecting Depositary Participate services.

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CUSTOMER SATISFACTION AT WESTERN UNION

Response Excellent Good Average Total No. of Respondents 18 8 4 30 Percentage 60 26.67 13.33 100

120 100 80 60 40 20 0 No.of Respondents percentages

Excellent

Good

Average

Total

The above table shows the customer satisfaction at western union. 60% of the respondents are said that the level of satisfaction is excellent where as 26.67% of then said that is good. Overall the customers are satisfied with western union.

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FINANCIAL DETAILS SECRECY:

Options Yes No Total No. of Respondents 13 17 30 Percentage 43.33 56.67 100

120 100 80 60 40 20 0 No.of Respondents percentages Yes No Total

The customers were asked whether they would like the financial details to be passed to other. 56.67% of customers said that they would like to maintain secrecy of their financial details, where as 43.33% of them said that they would like to pass on the details to others.

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NO. OF TIMES MONEY RECEIVED:

No. of times 4 6 Many times Total No. of Respondents 4 4 22 30 Percentage 13.33 13.33 73.34 100

80 70 60 50 40 30 20 10 0 No.of Respondents percentages

4 4 Many times

The customers were asked about the number of times they received money 73.34% of then said that they received money many times, where as 26.66% of the respondents said that they received money 4 to 6 times.

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PROBLEM FACED:
Problem faced Yes No Total No. of Respondent 5 25 30 Percentage 16.7 83.3 100

120 100 80 60 40 20 0 No.of Respondents percentages Yes No total

The customers were asked whether they faced any problem while receiving money. 83.3% of them said that they didnt face any problem where as 16.7% of customers were faced problem while receiving the money.

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ANY DEFECTS:
Response Yes No Total No. of Respondents 3 27 30 Percentage 10 90 100

120 100 80 60 40 20 0 No.of Respondents percentages Yes No total

The customers were asked whether they find any defects in western union. 90% of customers did not find any defects in western union where as 10% of the respondents find defects.

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CHARGES OF WESTERN UNION:

Options High Low Reasonable Total No. of Respondents 5 15 10 30 Percentage 16.67 50 33.33 100

120 100 80 60 40 20 0 No.of Respondents percentages High Low Reasonable Total

The customers were asked about the charges in western union. 50% of the Respondents said that the charges are low, where as 33.33% of they said that charges are Reasonable. Only 16.67% of the customer felt that charges were high.

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MANAGEMENT TREATMENT:
Treatment Partial Impartial Reasonable Total No. of Respondents 5 20 5 30 Percentage 16.67 66.66 16..66 100

120 100 80 60 40 20 0 No.of Respondents percentages

Partial Impartial Reasonable Total

The customers were asked how the Management treats them in organization. 66.67% of the customers said that they were treated equally.

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WESTERN UNION MONEY TRANSFER SERVICE:

Options Good Bad Total No. of Respondents 22 8 30 Percentage 73.33 26.67 100

120 100 80 60 40 20 0 No.of Respondents percentages

Good Bad Total

The customers were asked whether the services of western union are good or bad. 73.33% of them said that it is good, where as 26.67% of them said that western union services are bad.

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CUSTOMER RELUCTANCE TO WORK:

Reluctance to work Yes No Total

No. of Respondents 20 10 30

Percentages 66.67 33.33 100

120 100 80 60 40 20 0 No.of Respondents percentages

Yes No Total

The customers were asked if western union is making the customer reluctant to work hard. 66.67% of them said yes, it is making the people reluctant to work hard, where as 33.33% of them said no.

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CHOICE FOR PREFERANCE WESTERN UNION:

Preference Easy Finance only Moderate price Durability Total No. of Respondents 6 10 14 30 Percentage 20 33.33 46.66 100

120 100 80 60 40 20 0 No.of Respondents percentages

Easy Finance Only Moderate price Durability Total

The customers were asked were asked why they prefer western union. 46.66% of them preferred it for Durability where as 33.33% of them opted it for Moderate price and 20% of them opted it for Easy Finance.

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CHAPTER 9
FINDINGS AND SUGGESTIONS

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FINDINGS:
After observing the customers opinions, I found the following details: It is found that the service is in a very good position in the area. In the month of December 2011, it has the highest turnover. In the month of December 2011, it also made the highest number of transactions. Customers came from different and far-off places. Most of the customers were satisfied with the service provided by Western Union Money Transfer services. Compared to all other money transfer services, the Western Union Money Transfer service is reliable, legal, and cheaper and this service convenient to the all types of customers. In Western union money transfer service, Paul Merchants is in the number one position in south Asia. Western union money transfer service is available in more than 200 countries. Therefore all types of customers all over the world will get benefit from this service. This service is provided all over the world by 5, 00,000 agent locations. Western union money transfer service and Paul merchants are providing best service to Indians as well NRIS, in money transfer service.
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SUGGESTIONS:
Many customers responded that western union money transfer service is not offering domestic money transfer service. So my suggestion is that they start domestic money transfer service also. Western union money transfer service is not giving any discounts to the customers. So my suggestion is that if some discounts are offered to customers, it will help to increase the transactions. Many people do not know about service provided by Western union international, therefore it should increase its advertisements, marketing and network to make it known to people. People are unaware about transfer services. So my suggestion is to increase the awareness in people about service offered by western union. Increasing the agent locations so that each and every person will know about the service provided by the western union money transfer. Service offered by western union is best but it needs to improve the service to rural people also. Because many people from rural areas go to foreign countries for employment. The service offered by western union international money transfer is better compared to other competitors like UAE Exchange, instant cash etc.
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CONCLUSION
Today, businesses around the world, both large and small, cannot ignore the impact that the global economy is having on their performance. Globalisation, the internet, and information transparency have led to an increasingly mobile workforce, ever more fickle customers, and rapidly changing technologies and business models. One result of this seemingly inexorable trend is that companies are less able to predict - let alone control - the short-term shape of their own markets. As a result, more and more organisations are choosing to adopt a marketing-led philosophy to enable them to win market share and capture and retain the hearts and minds of current and prospective customers. Marketing is becoming more important as organisations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded global marketplace. These complex issues heighten the need for effective marketing whilst expanding its scope beyond the marketing function. Put simply, marketing is no longer the sole prerogative of a single function, even if the leadership on marketing comes from that function, together with the framework within which marketing strategies are conceived, developed, planned, executed, reviewed and improved.

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CHAPTER 10
QUESTIONNAIRE AND BIBLIOGRAPHY

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QUESTIONNAIRE

NAME: OCCUPTION: GENDER: AGE: 1. How do you feel about the services of WESTERN UNION MONEY TRANSFER? A) Satisfied B) Dissatisfied C) Very much satisfied D) Very much dissatisfied

2. How did you come to know about money transfer service? A) From television B) From Magazine C) From Friends D) From Agent
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3. What major purpose would you use this money transfer service?

4. Do you think WESTERN UNION requires many more branches for effective services? A) Yes B) No C) Cant say

5. Do you demand any of the services below? A) Online service B) International Exchange C) Depositary participate services

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6. How much would you rate customer satisfaction At Western Union? A) Excellent B) Good C) Average 7. Would you like to share your money transfers financial details with others? A) Yes B) No

8. How many times you received money from abroad? A) 4 B) 6 C) Many times

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8. Have you faced any problem while receiving your money in Western Union? A) Yes If yes, please mention

B) No

9. Would you like to point out any defects you found in money transfer services? A) Yes If yes, please mention

C) No

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10.What do you feel about the charges at Western Union services? A) High B) Low 9. Reasonable

11. How does the management treat customers? A) Partial B) Impartial C) Indifferent

12. Do you think Western Union makes customer reluctant to work hard? A) Yes B) No

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13. Why most of the customers prefer Western Union service? Mention if any other reason. A) Easy process B) Moderate price C) Durability D) Other reason

14. Any other suggestions you would like to give to improve the services of Western Union Money transfer.

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BIBLIOGRAPHY
http://www.westernunion.com http://en.wikipedia.org/ http://www.remittance.in/ http://www.google.com/ NEW RULES OF MARKETING -David Meerman Scott WORD OF MARKETING -Andy Sernovitz

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