This report is based on Destiny-2000 Ltd. This report is an analysis of Destiny group with the introduction of Multi Level Marketing (MLM) in Bangladesh. How they started their journey in Bangladesh and how they get success to their business. Destiny achieved a high level of success in a very short period of time. They started their business in this country in 2000 and with a very few number of customers. Now they have a large pool customer which is a great achievement as a new business in country like Bangladesh.This analysis will try to explore the basic problem, causes and ramifications of the MLM issue in Bangladesh in light of a case study of the Destiny group.
Table of contents
3.Multi Level Marketing
Introduction Destiny-2000 Ltd. is the largest Direct Selling Company, which is also the fastest growing and biggest Network Marketing Company in Bangladesh. It is also one of the Top 10 (ten) largest Direct Selling Company among the world. Ending June 2012, about 4.5 million Independent Distributors have already enrolled in to the system, and started working as an Independent sales representative of the company, since its inception on December 14th, 2000. With the goal of creating self-employment opportunities for millions of educated-unemployed, semi employed Young hood, youths, and college out, University out Students of Bangladesh; the company started its journey on a very rough road from January 5th, 2001 of the company's first sales ceremony. Since the Sales & marketing plan of the company and the concept of the business system, was very new to the ordinary people of Bangladesh; the company started facing many challenges, obstacles, difficulties from the various sectors. The actual concept was also highly misunderstood by many people? Even misunderstood by some of the government agencies? Due to bad MLM business practice by the some non-ethical multi-level marketing companies initially.While an investigation is underway, the alleged fraudulent activity of the multilevel marketing (MLM) Company Destiny 2000 Limited has stirred the whole nation recently. The case has brought the poorly understood practice of MLM to the fore and has posed serious questions regarding how a possible scam of this extent could be sustained for so long. Inadequate understanding on part of the investors, lack of social awareness, corruption, a weak regulatory framework and even weaker implementation are mainly to be blamed for this debacle. Many more scandals like this might be imminent, if immediate actions are not taken. With millions of investment dollars and the fate of thousands of investors at stake, the effects of the problem dig deep into Bangladeshi society.
Having its corporate office situated at NTC (Nasir Trade Centre) Tower, near Banglamotor area in Dhaka Bangladesh, the company expanded their 7 (seven) divisional offices along with 119 branch offices across the country. For the Products distribution, the company setup 15 Divisional Channel of Distribution (DCDs) and over 1000 “Regional Distribution Centers (RDCs) along with few hundreds of “Institutional Regional Distribution Centers (IRDCs)also has been setup all across the country. However, under the dynamic leadership of its Managing Director, Mr. Mohammad Rafiqul Amin and his team, the company could overcome most of those obstacles, and made a remarkable progress in the business down the road within the following decade.
During those periods, the company has made significant contribution to the economy of Bangladesh in many ways: by paying taxes more than BDT 400, 00, 00,000 (4 Billion Taka) equal to US dollars $47 million, to the government ‘taxes fund to support the Budget within last 4-5 years. Also developed a huge...