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Efficacy of Communication Strategy of Micro Finance in Urban Slums

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Introduction:
Microfinance has been one of the most talked about topics in the recent past. From analysis of its various aspects to its utility as tool for poverty alleviation to its successes and failures there is little about it that has not been examined. However the communicative aspect of microfinance namely the media vehicles employed to promote awareness, the reasons for their selection, methodologies adopted to induce the consumer to articulate his/her needs and the brand image associated with the microfinance institutions is an area that needs more attention.
It must be noted that most economists have pointed out that if Microfinance institutions are here to stay they must be able to do so through their commercial viability in the absence of subsidies. A Microfinance institution must then in such a scenario function like any normal market entity that should be able to successfully convey to its consumer its value preposition.
This project is an attempt to understand this need and analyze the communicative aspect associated with it. The initial part of this work gives comprehensives details about what Microfinance is and how it has evolved and how it is delivered today. The second part deals with the communicative aspect associated with Microfinance. Some questions addressed include what image does an MFI have in the minds of the consumer, what are the communicative tools and methodologies used and why?
Secondary Data so collected provides information on the communicative strategy that has and had been adopted and why. It examines all the changes in the communicative strategy and the reasons for the changes. The primary data collected thereafter attempts to fill in missing links and compare what has been expected with the ground reality is like.
Primary Data was collected through speaking with people employed with Micro finance institutions and clients of the same.
Secondary and primary finding reveal that microfinance in Delhi is at a nascent stage and practiced mainly in eastern Delhi. MFIs catering to microfinance needs of the poor included a handful of NGOs and One corporate MFI, Basix which has entered the market just four months ago.
All NGOs catering such need do not intend to work within the market frame work financial credit offered is solely contingent on savings of self help group members. The communicative aspect therefore associated with such NGOs serves the primary pupose of just informing the consumer of available services.
Basix on the other hand functions within the given market framework and therefore aims at market oriented communication which aim to communicate to its consumer its brand value preposition and positioning.
After a through analysis of all data collected it has been observed that despite clients of microfinance being aware of its product differentiating qualities the brand recall of Basix is negligible. Microfinance is still largely unbranded. Consumers identify with services and products provided rather that the corporationís identity or name.
It has also been observed that the MFI itself has neglected this aspect of communication which could lead to huge losses in case another MFI enters the market (as growth is high) and reap the benefits of the heavy initial investment made by the former to acquire clients.
It is therefore recommended that the MFI makes use of its already existing corporate identity to build its image and brand identity in minds of consumers without any delay and explore more cost effective methods of advertising rather than restricting itself to few modes of communication.

Number of Pages of Project Report: 64
Package Includes: Project Report
Project Format: Document (.doc)

Table of Contents of Project Report:
I. Declaration
II. Executive Summary
III. Rationale
IV. Introduction and Background
1) What is Microfinance all about
a) Definition
b) What are MFIs?
c) Products offered
d) Clients.
e) Models of micro Finance and their modus operandi
f) Regulatory frame work
2) The Need for Microfinance
3) Evolution of Micro finance
4) Micro Finance Scenario in India
a) Then
b) Now
c) Future Prospects
5) Communication Strategy of Microfinance
a) Communication at various Levels
b) The need for communication Strategy
6) Overview of Microfinance in Delhi
a) MFIs catering to this need
b) Modus operandi
c) Products offered
d) Communication Involved
V. Research Design
1) Scope of Work
2) Research methodology
3) Nature of Study
4) Target Segment
5) Respondent profile
6) Interview Modus Operandi
7) Sample Size
VI. Major Findings
1) Findings from Secondary and Primary Data
2) Analysis
3) Conclusion
VII. Annexure
1) Bibliography
2) Questionnaire


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