A study on East coast group & Its communication process

Report on East Coast Group & its Communication Process

Submitted to: Mostafa Monzur Hasan Lecturer Department of Finance Faculty of Business Studies University of Dhaka

Submitted by: Amir Hossain Nadim On behalf of the group. 17th Batch

Date of Submission: 28-04-2011

We are -

Serial No. 1. 2. 3. 4. 5.

Name
Amir Hossain Nadim Md.Enayet Hossain Shougata Saha B.M. Rayhanul Islam Bejoy Jannatul Ferdous Turna

Roll No. 17-001 17-007 17-013 17-065 17-073

Letter of Transmittal
28th April, 2011 Mostafa Monzur Hasan Lecturer Department of Finance University of Dhaka Subject: Submission of a report

Dear Sir, Here is our report on Communication Process of East Coast Group as you assigned us. It is a great pleasure for us to submit this report. This report discussed about the communication process of East Coast Group, in their functional level. This study has greatly helped to realize the communication system of an organization. To make this report effective, effort is devoted to a degree, as you instructed. We hope you will appreciate the sincere effort.

Very sincerely yours,

Amir Hossain Nadim Roll No. : 17-001 On behalf of the group.

Acknowledgement
It is a great honor for us to submit this report to our respected teacher Mostafa Monzur Hasan, Lecturer of Finance Department. At first we want to convey our thanks and gratitude to her for assigning us to prepare report entitled, Communication process in East Coast Group. We are grateful to MD. Mustafizur Rahman , Head of Finance for his cordial assistance. He provided us the required documents we needed. We also thank the IT department. All of the efforts ended at a desired point for the co operation and hard work, sincerity and seriousness of our group members. So all of them as well as our group members are worth of pure compliment.

All the group members of group the group.

Table of Contents
Serial No. 1. 2 3. 4. 5. 6. 7. 7.1. 7.2. 7.3. 7.4. 7.5. 8. 8.1. 8.2. Contents Introduction Objectives Methodology Scope of the study Limitations Communication Process of ECG Internal Communication Media of Internal Communication Feedback Barriers Adaptation Percentage of expense in Internal Communication External Communication Media of External Communication Feedback
6

Page 7 8 9 9 9 10 10 11 13 13 14 15 15 16 17

8.3. 8.4. 9. 10. 11. 12.

Barriers Percentage of expense in External Communication Routine Communication Preference of Media Strategies followed by ECG for developing effective communication Conclusion

17 18 18 19 20 20

1. Introduction
East Coast Group emerged as one of the fastest growing business conglomerates in Bangladesh. The maiden journey was started having a lone company as its trading area focusing on oil & gas business which is still soaring as the flagship business of the group. Trading mainly in petroleum, crude oil and base stock followed by their transportation in early eighties and rest of the companies with diversified portfolios gained momentum in nineties. The group became active in different areas of business starting from trading in bank commodities to investing in manufacturing real estate, financial intermediaries, bank and insurance sector. The group farther expanded its areas of operation to aviation business and development of power stations.

Subsequently and investment arm was stretched having a merchant banking license to handle groups an house asset management functions including developing its business as independent financial intermediary. In order to capitalize, trading activities bank in a totally liberated consumer market, a distribution company was launched lately for import and distribution of brand products in the high end of segment.

2. Objectives
The report is prepared primarily for the fulfillment of the class requirement of Department of Finance, University of Dhaka. The secondary objective of this report are listed below To know the communication followed by East Coast Group. process

To identify various aspect for improving the communication process.

8

 Suggesting strategies communication process.

to

improve

It will also enable us to improve our skills on report writing. As corporate executive put great value on report writing as an important element in organization success, this part of the course will prepare us to face the future challenges of corporate world. To meet the curiosity in this stated subject.

3. Methodology
Research methodology: To collect information, the following techniques of researches were used

Collecting collected

Data: Information through face to

was face

interview as well as from website of East Coast Group.

official

Analyzing Data & presentation of the Fact: sector wise portfolio was made. Moreover the accumulated findings have been systematically presented throughout the report.

4. Scope of the study

The study covers the communication process of East Coast Group along with some recommendations to improve the communication process of the group.

5. Limitations
There are some limitations that we have faced during preparing the report. They are Unavailability of genuine information Lack of available information source Inexperience of the researcher Lack of time This report is mostly text based

10

6. Communication process of East Coast Group (ECG)

Communication plays a vital role for properly accomplishing business deals. The business has to communicate constantly for performing his various business functions such as production, distribution and other related works. So, for performing their business functions successfully and to the goals of organization East Coast Group (ECG) maintain a well communication system. For smooth functioning of their business they communicate with the people of the organization and continue regular transmission of information with the party concerned staying outside the business. Actually, their business communication is done for achieving the internal and external goals of their organization.

7. Internal communication
The communication which takes place with an organization is called internal communication. It is a communication within an organization may be priors, downwards to subordinates, or horizontal to peers be through formal channels established among employee. East Coast Group maintains their internal communication. The internal communication is occurred in two ways11

 Communication with sub-ordinates Communication with superiors

7.1. Media Communication

of

Internal

East Coast Group use various media for communicate with the superiors and the subordinates. For communicate with the sub-ordinates they use Bulletin Boards, Company periodicals & employee handbooks, Letters & memos, Telephone (Intercom), E-mail, Instruction manual, Meeting, Report etc. Sometimes they also apply training course. Bulletin board: East Coast Group Use bulletin board as their employees typically congregate, and to keep them up to date. Company periodicals: This media is very effective. It is sent to the sub-ordinates by peon or other media by the authority concerned. Letters & memos: East Coast Group most frequently used letters & memos. Especially among departments they use memos, which provide a format of concise message.

12

Telephone: For quickly transferring the message they use telephone (Intercom) inside the office building. Meeting & report: Sometimes they call for meeting & present report about their company to inform the sub-ordinates. The above Medias are mostly used by East Coast Group.

13

Figure 1: Meeting among the superiors

For communicate with the superiors the subordinates of the company use Reports, Complain & suggestion box, Informers, Direct communication etc. Reports: Sometimes the sub-ordinates of East Coast Group prepares report for the superiors to inform messages and submit the report. Complain & suggestion box: Boxes for depositing complaints and suggestions are available in East Coast Group. There is a schedule and procedure for
14

collecting and reviewing the suggestions and complaints established. Informers: Sometimes the sub-ordinates of East Coast group supply information to manager, either voluntarily or by request. Coworkers resent this method of upward communication. Direct Communication: Sometimes the lower level employees of the company establish direct communication with their superiors on important and urgent issues at their initiatives.

7.2. Feedback
East Coast Group gets sufficient positive feedback from the employees as the company expected. For their effective communication process they can achieve successfully their organizational goals. Beside this, they are trying to make job satisfaction for the employees. Both the superiors and the sub-ordinates of East Coast Group trying to co-operate each other which is a good example of feedback.

7.3. Barriers
15

In the way of the communication East Coast Group faces some problems. They are Sometimes the negligence of the authority concerned that has the responsibility to inform the command of the superiors to the sub-ordinates, make delay in the communication process.

Occurrence of technological problem. Excessive expense for using the media.

7.4. Adaptation
To make understand the organizational purpose, functions, deals and other systems the superiors of the company try to adapt with the sub-ordinates. They give importance to adaptation as they believe that it is important to realize the organizational goal all the employees and staff member of the company. So they try to adapt with the subordinates along with all the members of the company.

16

7.5.Percentage of expense in Internal Communication

Figure 2

8. External Communication
Communication network not only formed within the organization but also outside an organization. When a network is formed with the members of several other organizations it is called external network. East Coast Group dependent on outside communication to generate the business that enables them to survive, grow and profit. Because
17

internal communication is important in terms of efficient management and operation of the business, but external communication is clearly essential, East Coast Group Maintain external communication with importance.

8.1. Media Communication

for

External

External Communication has a strong role in fulfilling the demands of a concern as well as in reaching targets. East Coast Group follows some medium for communicate externally that areTelephone, Website, Internet, Exchanging letters and by participating in social works. Telephone: One of the modern devices of establishing communication with outsiders is telephone. East Coast Group uses telephone to communicate with the externals. Website: East Coast Group uses website facilities which are less costly, sophisticated and effective media of exchanging for external communication. By opening website, information is kept readily available for the inside and outside users.

18

Internet: East Coast Group communicates with the outsiders staying at any place in the world by the means of computer connected with internet. Exchanging Letters: It is another popular and prevalent method of communication to East Coast Group to communicate with the outsiders.

8.2. Feedback
For an organization the externals are the customers and clients of the company, suppliers and other professionals. Their Feedback is very important for an organization. Because their feedback will increase the companies goodwill and profit. For this reason East Coast Group try to use the media for external communication effectively. And the feedback of the external is as follow their expectations. Thats why East Coast Group is a renowned company in Bangladesh.

8.3. Barriers
In the way of external communication East Coast Group faces some problems. They are Excessive expense for using the media Occurrence of technological problem.
19

 Lack of proper adaptation.

8.4.Percentage of expense in External Communication

Figure 3
20

9. Routine Communication
Routine communication takes place for performing routine or day-to-day works of an organization. Daily functions of East Coast Group such as file working, giving instruction to the sub-ordinates, telephone call, writing letters etc. For their routine communication they use bulletin boards, letters & memos, telephone, informers etc. An effective routine communication is very necessary for an organization. East Coast Group tries their level best to make effective their routine communication.

10. Preference of Media

In the communication process of East Coast Group they use different types of media. But there are some media that are used mostly. For internal communication they like to use Telephone E-mail Letters &memos Instruction manual Complain & suggestion box
21

 Informers For external communication preferred to use Telephone Website Internet Exchanging letters Though some of those media are expensive and sometimes they face technological problem but those media are effective and fast communication media. East Coast Group

11. Strategies followed by ECG for developing effective communication

Besides company periodicals East Coast Group try to publish employee handbook
22

 ECG tries to established information racks in their office. They are trying to establishing loud speaker facilities. ECG tries to developing reliable information source. To avoid the technological problem they take help of the experts. To keep up to date with modern business competition ECG updated their website regularly and connected to the internet.

12. Conclusion
While we were preparing the report, we have seen that East Coast Groups communication strength is very high & this is the secret of their recent marvelous organizational performance. We think it was possible only for their efficient communication process and the proper use of communication in functional ways. This organization is much more effective than others to identify the weakness it carries as well as to solve them very effectively. The performance of East Coast Group is quite satisfactory. Obviously it strives for the best excellence in the modern business.
23

24