Market Research

BACKGROUND

Banco Nacional de Comércio de Timor-Leste (BNCTL) is the only state-owned commercial bank in Timor-Leste, with a mandate to serve all Timorese people in both urban and rural areas. It was initially operated as Institute of Micro Finance Timor-Leste (IMFTL) from 2002 until its transformation in June 2011. In about 12 years of operational as a commercial bank, it has successfully created an image and brand name in the country and globally. Compared to other banks in the country, it performed much better in a short period of time. It is now operated in Dili and all municipalities through establishment of branches and sub-branches in order to contribute to the economic development of the country.

To gain a deeper understanding of market dynamics and validate our comprehension of challenges within the market, we suggest conducting a brief market research study focused on both our new and existing products and services, as well as customer behaviour.

OBJECTIVES

The objective of this market survey is to gain a deep understanding of market trends, customer needs, and the potential for the development of products and services for BNCTL Bank.

SCOPE OF WORK

The market survey will focus on:

• Evaluation of customer satisfaction with banking products and services.
• Competitive analysis against key banks in the [location/region].
• Identification of opportunities for the development of new products and services.
• Recommendations for [Organization/Project] based on survey findings.

METHODOLOGY

The market survey will utilize a combination of quantitative and qualitative research methods, including:

• Surveys: Conducting online and offline surveys targeting [demographic].
• Interviews and questionnaires with customers and potential customers.
• Analysis of historical transaction data and product usage.
• Review and analysis of competitors through public resources and industry research.
• Data Analysis: Employing statistical analysis tools to interpret quantitative data.
• Focus groups to understand customer perceptions more deeply.
• Conduct interviews with at least two bank employees at each branch or agency to assess the quality of their service at BNCTL. For the Dili branches, interviews are expected to cover all agencies.

TIMELINE

The market survey is expected to be completed within 6 Months. This includes Service Excellence survey, survey design, data collection, analysis and reporting.

BUDGET

The estimated budget for this survey is (Better to include the exact amount or the average), covering expenses related to survey design, data collection, analysis, and the preparation and presentation of the report.

DELIVERABLES

• Market Analysis Report presenting detailed survey findings.
• Performance and product offering comparison with major competitors.
• Strategic recommendations to enhance services and expand the customer base.

REPORTING

The report should be submitted as a word document (Times New Roman 11) with a supporting presentation in power point:

• Executive Summary
• Assignment methodology
• Assessment of market, and market failures
• Conclusions and Recommendations
• Lessons learned
• Gender and Environmental observations
• References
• Annexes

Report are made in two (2) languages: mandatory Tetum and English

QUALIFICATIONS

• Strong experience in conducting market research in the context of an emerging market and/or developing state.
• Previous studies/publications in market research and the related relevant fields.
• Clearly defined methodology proposed for the research.
• Possess strong managerial, communication and team building skills.
• Possess the ability to produce high quality work under pressure and meet all deadlines.
• Possess the ability to work with diverse stakeholders and customers.
• Possess clear analytical style of writing.
• Fluency in Tetum and English. Proficiency in Portuguese is desirable.

LOCATION

Timor-Leste Specific: Dili, Baucau, Aileu, Suai and Bobonaro

SUBMISSION OF PROPOSALS

Interested parties are invited to submit their proposals before [submission deadline]. Proposals should include a detailed methodology, budget breakdown, and examples of relevant past work.

SELECTION PROGRESS (MANDATORY)

The interested law firms or organizations shall submit a proposal, in written, with the following information:

1. Introduction of the firm/organization;
2. Acceptance of the Terms of Reference;
3. A complete research proposal with clear methodology and timeline;
4. CVs;
5. Questioner Draft
6. Proposed fees.

NGO or University are requested to submit a copy of their documents and financial proposals in a sealed envelope.

Interested parties are invited to submit their proposals by 24 May 2024, and remain valid for a minimum of 30 days. The proposals should be sent to [email protected] and [email protected]