Investigating the causes of the dwindling customer base of UAE exchange and exploring counter strategies; UAE Exchange

Abstract

The purpose of this study was to identify and examine the various causes that could have been the reasons for the dwindling customer base. The focus was more on the internal aspects of the problem as the external environment cannot be controlled by the company. The different internal causes could be attributed to various factors like the approach in the communication processes reaching the customers at all levels, the customer service satisfaction levels and the preferences of the customers in terms of the different products and services. The study first deals with the detailed analysis of the business environment in which UAE Exchange operates. Then a general understanding of the market dynamics of the UAE which includes the demographic, economic and media profile of UAE has been done. The actual research study consists of the analysis of current communication and PR activities undertaken, both offline and online, and the identification of the areas which need to be integrated for a uniform brand image. The brand image and communications that the customer perceives and his exposure to the media have been identified and compared with the brand image that the company is trying to portray in its communications through the selected media vehicles. Also, the factors that are influential in determining the brand image are identified and the gaps that occur between the communication of brand image and the perception of it is noted down. The Customers satisfaction with the services has been analyzed with the help of customer feedbacks given to the company and the call centre reports. The customer's satisfaction level with the services of UAE Exchange was also gauged through the survey that was conducted. The study also deals with the products and service preferences of the customers and their frequency of usage. This study will use the concept of Integrated Marketing Communications which integrates and co-ordinates the company's diverse set of communication channels in order to deliver a clear, consistent and striking message about the organization and the services it provides, for maximum impact on the consumer.