A report on Challenges on Sales activities of Prime

Bank Limited

Semester : Spring 2018

Course Code : MBA 507

Submitted To : Ms. Nigar Sultana

Associate Professor
(IUB)
Submitted by : Md. Ali Hasan
ID : 1821277

Date of submission: o2 April, 2018

 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Letter of Submission

April 02, 2018

To,
Ms. Nigar Sultana
Associate Professor
School of Business
Independent University, Bangladesh
Subject: Submission of report on challenges on Sales activities of Prime Bank Limited.

Dear Madam,
I am feeling happy to submit Business Communication report on “challenges on sales activities
of Prime Bank Limited”. This report helped me to get a very good and proper understanding
about the sales activities of prime bank limited. To prepare this report, I have given my supreme
effort despite some limitation.

Thank You very much for your guidance and cooperation during the course without which this
report cannot be completed. Moreover, if you have any further enquiry concerning any additional
information I would be very pleased to clarify that.

Sincerely Yours,

---------------------
Md. Ali Hasan
ID: 1821277

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Acknowledgement:

In the beginning I would like to convey my sincere appreciation to the Almighty Allah for giving
me the strength and ability to finish the task. I am grateful to many individuals for the
completion of the report successfully; Prime Bank Ltd provided enormous support and guidance
to complete my report.

I would also like to express my sincere gratitude and cordial thanks to my honorable faculty Ms.
Nigar Sultana Madam, Associate Professor, School of Business for her valuable advice,
excellent guidance and support during the preparation of the report.

I am very much grateful to all off the employees of Prime Bank Limited head office Motijheel,
Dhaka for their advice that helped me to prepare this report and towards following individual’s
persons for aiding me:

• Md. Abdul Quddus (Senior Vice president)

• Md. Shahedul Azam Farqkee (Senior Executive Officer)

• Md. Akteruzzaman (Executive Officer)

• Dulal Uddin (Junior Officer)

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Table of Contents

No Particulars Page no
1 Letter of submission 2

2 Acknowledgement 3

3 Abstract 5

4 Background of Prime Bank 6

5 PBL Mission, Vision, Objectives 7

6 Objective of the report 7

7 Methodology of the report 8

8 Limitation 8

9 Findings of the report 9-11

10 Challenges on sales activities 11-13

11 Recommendation 14

12 Conclusion 15

13 Reference 16

14 Appendix 17-18

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Abstract:

This report aims toward providing an overview on “Challenges on Sales activities of Prime
Bank Limited.” I have chosen an important topic of banking system, the sales activities. While
preparing this report it has been tried to reveal the insights of the functions of sales activities.
The report emphasize on the challenges on Sales activities of Prime Bank Limited which
highlights how many problems sales manager faced products and services offered by the bank to
its customers, ranges of these services. It will demonstrate that better service and understands
customer needs can provide efficient, friendly and Modern full service banking on a profitable
basis. The main objective of the study is to get knowledge about the products and services
offered by the Prime Bank Limited and also identify the major challenges that sales activities
faced while meeting the sales target. Besides the objectives of the study is to have knowledge
about dealing with the customer. In this report discussed about the mission, vision and limitation
of Prime Bank Limited. Also try to find sales activities (Dependent Variable) which depends on
four (Independent Variables) and analyze this variable. At last give some recommendations how
to overcome this challenge. Utmost care has been given to explain all necessary aspects related
to the subject matter for easier and quick understanding of the report.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Background of Prime Bank:

In the backdrop of economic liberalization and financial sector reforms, a group of highly
successful local entrepreneurs conceived an idea of floating a commercial bank with different
outlook. For them, it was competence, excellence and consistent delivery of reliable service
with superior value products. Accordingly, Prime Bank was created and commencement of
business started on 17th April 1995. The sponsors are reputed personalities in the field of trade
and commerce and their stake ranges from shipping to textile and finance to energy etc.

As a fully licensed commercial bank, Prime Bank is being managed by a highly professional
and dedicated team with long experience in banking. They constantly focus on understanding
and anticipating customer needs. As the banking scenario undergoes changes so is the bank and
it repositions itself in the changed market condition.

Prime Bank has already made significant progress within a very short period of its existence.
The bank has been graded as a top class bank in the country through internationally accepted
CAMELS rating. The bank has already occupied an enviable position among its competitors
after achieving success in all areas of business operation.

Prime Bank offers all kinds of Commercial Corporate and Personal Banking services covering
all segments of society within the framework of Banking Company Act and rules and
regulations laid down by our central bank. Diversification of products and services include
Corporate Banking, Retail Banking and Consumer Banking right from industry to agriculture,
and real state to software.

Prime Bank, since its beginning has attached more importance in technology integration. In
order to retain competitive edge, investment in technology is always a top agenda and under
constant focus. Keeping the network within a reasonable limit, our strategy is to serve the
customers through capacity building across multi-delivery channels. Our past performance
gives an indication of our strength. We are better placed and poised to take our customers
through fast changing times and enable them compete more effectively in the market they
operate.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

PBL Mission, Vision, Objectives:

Corporate Slogan of Prime Bank Limited

“A bank with a difference”

Mission

To build Prime Bank Limited into an efficient, market-driven, customer focused institution
with good corporate governance structure. Continuous improvement of our business policies,
procedure and efficiency through integration of technology at all levels.

Vision

To be the best Private Commercial Bank in Bangladesh in terms of efficiency, capital

adequacy, asset quality, sound management and profitability having strong liquidity.

Objective of the report:

A careful statement and purpose help in the preparation of a well decorated report on which
others can take the right type of decisions. The major objective of this study is to gain practical
exposures about problems on sales activities of Prime Bank Ltd.

The specific objectives of the study may be spelled out as follows-

To give a brief overview of Prime bank limited and the day to day products and services
offered by the bank
To identify the challenges on sales activities of Prime bank limited.
Conduct a study on the user feedback to make a descriptive analysis
To specify some findings on given topic
To reveal some recommendation for better performance in sales activities

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Methodology of the report:

Methodology is generally a guideline system for solving a problem with specific component
such as phases, task, methods, techniques and tools. It is the systematic study of methods that
are applied within a discipline. It also refers how to organize data from various sources to
complete a successful study.

Primary sources of data:

 Face-to-Face conversation and shared experience with the respective officers

 A questionnaire is made to collect Information

Secondary sources of data:

 Annual Report 2015/2016 of Prime Bank Ltd.

 Bangladesh Bank publications

 Official websites of Bangladesh Bank and Prime Bank Ltd.

 Related books and articles

Limitation:
 Major part of this report is based on the face to face interviews, which consists of view
and opinion of those people. In some cases some of them were not able to provide
concrete facts or figures. In these cases as well some assumption had to be made.
 The nature of information of the project part is somewhat critical to analyze. It was quite
difficult to have the sufficient knowledge and understanding in that particular field, in a
short period of time.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Findings of the report:

A survey has been conducted on 50 consumers who are already Prime Bank customers and 05
bank officers. The surveys are mostly taken by face to face interview.

Customer Satisfaction

Products &Services Sales Activities

Dependent Variable

Competitors

Employee Efficiency
Independent Variable

On the base of survey, theoretical analysis the following findings are identified during the
report period:

Customer Satisfaction:

Customer Satisfaction
9

7
6
5

Always Usually Sometimes Never Don’t know

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

In case of Prime Bank Limited, the customer is not satisfactory enough according to the
perceptions of the customers, in terms of responsiveness and assurance of the employees.
Customers perceived a relatively low service quality. It has been identified that courteousness,
promptness, and attitude of the employees towards their work are the critical issues and need to
improve significantly to provide better quality service to the customers.

Products & Services:

Products & Services

10
8
6
4
2

Always Usually Sometimes Never Don’t know

As a customer point of view and from this survey I can say that customers are not satisfied
enough with Prime Bank’s products and services. Their FDR rate is very low, comparatively any
other commercial bank. Even they close some of products such as, monthly benefit, double
benefit, lakhopoti deposit, Savings Certificate etc. An ATM booth service is very poor and ATM
booth is not available in Dhaka city, most of the time customer faces difficulties.

Competitors:

Competitors

7% Always
7%
Usually
11%
46% Sometimes
Never
29%
Don’t know

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

All the commercial bank is competitors of Prime Bank Limited but main competitors are Dhaka
Bank, Eastern Bank, NCC Bank etc because these banks are second generation bank also Prime
Bank. Second generation bank is establish 1991 to 1999.

Employee Efficiency:

Employee Efficiency

12
10

2
0
Always Usually Sometimes Never Don’t know

Most of the employees do not have sufficient knowledge about sales system and many
customers do not like sales promotion system of prime bank. Most of the customers of the
bank ask for more quality service especially quick, accurate service and good behavior from
bankers as they think a private bank should provide such quality sufficiently. It has been found
that inappropriate and slow work process often compels the customers to compare the bank
with government bank, which is not a good indication for the reputation of the bank.

Challenges on sales activities:

The sales manager is a person who is responsible for selling different banking product to the
customer. The Prime bank has recruited such sales manager with a target which they have to
meet before the deadline and there is a group leader who maintains his or her group according to
the sales activities of different banking product. While meeting the sales activities the Prime
bank faced following challenges which is discussed in details-

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

o Uncertainties:

The uncertainties mean the outcome which is unknown. There is a target of sales executive
which they have to meet before the deadline. Usually they have to sell 10 accounts and 5
deposit products and in total they should have five Lac taka volumes at the end of the month.
While selling product they cannot estimate whether they will be able to sell those assigned
product or not. According to Md. Shahedul Azam Farqkee, Senior executive officer Prime
bank limited Bashundhara Branch; uncertainties are challenging part for sales activities.

o Timeline:

Another challenging part is meeting the target before the deadline which means they have
timeline. It influences their mental ability. When deadline comes they felt pressure which they
considered challenges to their mental ability toward the work.

o Commitment:

Before selling the banking product they have committed to their leader that they would meet
the target. They are also committed towards the customer to provide better service and become
helpful whenever they need. They try to maintain their commitment through hard working and
according to the most of the sales manager it is one of the most challenging parts for them
where they have to maintain their commitment towards their work.

o Pressure from upper level:

The group leader monitors the whole activities of the sales executive and he or she sometime
create pressure to the sales manager who does not perform well. The sales manager sometime
considered it as challenging to maintain the pressure from upper level.

o Customer attitude:

All customer attitudes will not be same. Some maybe tough and rude where the sales executive
hast to maintain balance on their attitude towards the customer. They have to tolerate customer
attitude even it is not appropriate.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

o Competition:

Competition is always a major challenge for any organization. In recent years, the number of
private bank is increasing. These banks always pose a challenge for others by coming up with
new product line, innovative technology, quality services etc. Thus the level of competition
raises and creates challenges for Prime Bank Ltd and affects their sales activities.

o Destructive marketing by some banks:

A number of local private banks are vigorous as well as aggressive in advertising and marketing,
by offering attractive rate on deposits as well as providing outstanding customer Services. Over
the branch network & customer base of those banks usually are not there for wide, still they will
acquire media protection regarding sales managing at the same time.

o Interest rate:

The main problem of Prime Bank is interest rate. The FDR and Deposit interest rate is low rather
than other competitors and also loan interest rate is high between other banks. So that day by day
customers are less attractive of Prime Bank.

o Weak marketing:

Second main problem of Prime Bank is weak marketing policy. Customers are not aware of their
products and services. Bank product promotional policy is very poor. Bank is not following
digital marketing strategy to attractive their customers.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Recommendations:

Being a fresh Graduate, this will be my courage to suggest on the performance and actions of
the Bank and on the experienced professional bankers. The below issues are some of my
observations based on my education prevailing circumstances comparing to other banks and
sometimes on the customer’s point of view.

1) Self believe:

The fast and foremost factor of sales manager is this lf believes which help them to overcome
the pressure from upper level and form the timeline. It works as an engine which removes their
uncertainties along with other challenges which they faced while meeting the sales target.

2) Making proper strategy:

They make strategy to sell different product. For this they do following things-

o Keeping customer record on diary

o Gathering product information
o Suggesting better product according to the need of the clients
o Being punctual and committed to the work
o Increase the number of ATM services of PBL

3) Marketing strategy:
Heavy marketing and promotional campaign should be conducted for selling product through
newspaper, television and internet.

4) Customer satisfaction:

In order to improve the level of customer service satisfaction is should give more emphasize on
processing the task within promised time and give personal attention to each customer by PBL.
So that customers are more attractive PBL products.

5) Change interest rate:

Prime bank is a successful commercial bank, if bank want to continue success increase the FDR
and deposit interest rate also decrease interest loan.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Conclusion:

Prime Bank Ltd has emerged itself as one of the most disciplined and promising banks in the
commercial banking sector in Bangladesh. In this competitive market Prime Bank Ltd. competes
not only with the others commercial banks but also with the public Bank sector banks and has
been able to throw in more positive contributing towards economic development of Bangladesh
as compared to other banks.

PBL tries to satisfy their customer through providing different kind of services. From the report
we can see that it has successfully satisfying its customers and working on their lacking too.
Moreover, they have always tried to keep them up to date with the new technology to give fastest
service to their customers. In order to maintain sustainable growth, PBL should be implementing
new technology and innovation to ensure better and prompt service. In this purpose, they have to
identify their strength and also need to recover their weak sides.

The sales manager has a challenging job. The major challenges they faced are commitment
towards their work and recognized the customer as valued customer. It can be overcome by
increasing their self motivation, being punctual, making proper strategy, focusing on customer
attitude. In short there is no gain without hard work. So they must work hard along with positive
attitude towards their work.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Reference:

 Prime Bank Limited, Annual report, 2015, 2016. Retrieved from

https://www.primebank.com.bd/financial_report/Annual%20Report%202016-

Part%201.pdf

 Prime Bank Limited. Retrieved from

https://www.primebank.com.bd/
 Banking generations- Banking career in Bangladesh by Arif Chowdhury, June24,
2016.
 Looking at the bank from the customer’s point of view-EY, October 2014.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Appendix:
Questionnaire
Dear Madam,
I need your valuable opinion for my report that I am currently doing in Prime Bank Limited. It
will be an immense help if you take the time to fill in this questionnaire. This study will be used
to improve the sales activities of Prime bank Limited and my academic purposes. I thank you in
advance for your kind cooperation.

Customer satisfaction:

Always Usually Sometimes Never Don’t

know
Employees smile and establish eye contact
when You the center bank.

Employees take care of your transactions

Quickly and accurately.

Employee thank you for doing business

with Prime Bank.

Bank environment is satisfactory.

Products & Services:

Prime Bank offer all the financial products

and services you need.

In terms of your expectations regarding

mailed statements are easy to read and
understand.

ATM services are available.

Service charges of PBL are reasonable as

comparatively to other banks.

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 Challenges on sales activities of prime Bank Limited
Independent University, Bangladesh

Competitors:

Is there any competitor of Prime Bank?

Employee Efficiency:

Employees are willingly to listen and

response to your need.
Your questions and problems are handled
quickly and efficiently.
Employees are knowledgeable about the
bank’s products and sales policies.
The amount of time taken at cash counter
to deliver service to you was enough.

Charts:
Customer satisfaction Product & Services:

Always 7 Always 6
Usually 6 Usually 8
Sometimes 9 Sometimes 10
Never 5 Never 4
Don’t know 3
Don’t know 2

Competitors: Employee Efficiency:

Always 46% Always 6

Usually 29% Usually 12
Sometimes 11% Sometimes 10
Never 7% Never 2
Don’t know 7%
Don’t know 0

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