MARKETING RESEARCH REPORT TO FIND THE MAIN FACTORS EFFECTING THE PURCHASE DECISION IN Anti aging products in reference of OLAY
March 5, 2008
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SUBMITTED TO: SUBMITTED BY: PRO F. Pankaj Priy PROF Priya a GROUP- 1 Sec tion A, PGDM (FT)
Table of contents 1. Back Backgr grou ound nd stu study dy 2. Seco Second ndar ary y Data Data 3. Lite Litera ratu ture re revi review ew 4. Rese Researc arch h Meth Method odolo ology gy 5. Manage Management ment Decisio Decision n Proble Problem m 6. Manage Management ment Research Research problem problem
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SUBMITTED TO: SUBMITTED BY: PRO F. Pankaj Priy PROF Priya a GROUP- 1 Sec tion A, PGDM (FT)
Table of contents 1. Back Backgr grou ound nd stu study dy 2. Seco Second ndar ary y Data Data 3. Lite Litera ratu ture re revi review ew 4. Rese Researc arch h Meth Method odolo ology gy 5. Manage Management ment Decisio Decision n Proble Problem m 6. Manage Management ment Research Research problem problem
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7.
Methodology or approach(research Questions and hypothesis)
8. Ques Questio tionna nnaire ire desig design n 9. Comp Compan any y pro profi file le 10. Analysis and findings 11.Conclusion 12.limitations 13.references
Background study The anti-aging market is one of the largest in the world. The majority of these people want to find a way to fight aging, which is why there is such a high
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demand for products which hide or fight the signs of aging. It is a great thing that there are so many anti-aging products available. There have been many options for controlling on wrinkles like Plastic surgery, Botox etc. but plastic surgery could not get success because of its complexity and high cost and remained in the reach of film stars and high profile people. Same the case is with Botox but it was not complex and it is relatively economical. But Botox has its own side effects. Botox addresses only one aspect of facial rejuvenation — motion wrinkles. The FDA has only approved Botox for use on an extremely limited area (less than 5% of our entire face). Regular injections risk skin and nerve damage and actually thin the skin exacerbating some skin problems. The effect of Botox injections almost completely disappear within 3 to 6 months. After which we need to again and again set up appointments with a doctor, get a new set of injections and spend more money (about $700)...every 3 to 6 months. Anti-aging creams are now being used by people under 30 for wrinkle prevention because of growing consumer awareness of anti-aging solutions. From time-release, to heat activation, to nanosphere bursts, to film technology, specialty actives and delivery systems are helping drive the fast-growing cosmeceutical market, at US$2.5 billion in the U.S. alone. Anti-aging skin care products are expected to grow 11% annually by 2008. The slow release into the skin sustains the benefits of the active, meaning better, longer-lasting products. With skin care accounting for 59% of the cosmeceuticals market, new actives for skin care have plenty of room to grow. Consumers are returning to the notion that natural is healthier, and the natural, holistic approach to personal care has regenerated itself in the form of organic preservatives. Despite a shorter shelf life, they provide aroma therapeutic and anti-oxidant wellness for the user, while preserving the integrity of the product. Organic personal care and cosmetics are expected to grow into a US$5.8 billion market by 2008. In Latin America, in spite of the region's low disposable income, the past two years have seen skin care march ahead of hair care as the fastest growing product sector. Mainly due to new technologically advanced products, anti-aging and anti-cellulite sales increased by 22% and 25%. This is also due to the fact that people under 30, in the hopes of preventing wrinkles and maintaining a youthful look, are buying more anti-aging products. Consumers have also become increasingly well informed about the advances in the skin care sector. The report from Fredonia Group entitled Anti-Aging Products sets the 2004 market for health maintenance products at $18 billion in 2004, compared with just $2 billion for appearance products. The overall anti-aging market was set to grow by 8.7 per cent a year over the next five years, reaching a total value of 4|Page
$30.7 billion by 2009, compared to an estimated value of $20.2 billion in 2004. But although health maintenance products are expected to increase by 13.6 percent, appearance products are slated for 17.6 percent growth, with the highest increase, of 19.8 percent, in the skin care subcategory. Anti-ageing products tend to focus on skin care, where anti-wrinkle cosmetics are now taking the market by storm. Euromonitor International estimated that the total market for skincare products is valued at $38.3 billion globally , a figure that is second only to the hair care sector. However, breaking this down for products specific to the anti-ageing market, the figures are even more dramatic. For products that target specific age-related conditions, the global market was estimated at $6.9 billion in 2003, indicating a growth rate of 11.4 per cent. India's personal care market is becoming more sophisticated as the country Westernizes according to a Kline and company report published earlier this year. According to Indian census report 113,742,306 females are in the age group of 34-59 years. So huge potential is lying in. Watching this opportunity International direct seller Mary Kay Inc. has set up its Indian subsidiary, Mary Kay Cosmetics Pvt. Ltd., in Gurgaon, New Delhi. The company plans to invest approximately $20 million in the country over five years. Targeting the high growth Indian beauty market, Mary Kay expects 50% of its business to be generated by its skin care range and the rest by its color cosmetics and body care offerings. "We anticipate generating the same success in India that we have seen in other Asia-Pacific markets," said K.K. Chua, president, Mary Kay Asia-Pacific. Products have been priced to attract both mass to mid-range consumers. "We want to make this brand available to all working women looking for good skin and makeup. We have kept the pricing affordable so that the maximum number of women can buy them," said Hina Nagarajan, country manager, Mary Kay India. The market has matured, and Indian women are ready to spend on looking good and feeling good." A survey at the Dubai and Heathrow airport retail outlets showed that Clinique was the most purchased skin care product among returning Indians. Speaking on While the market for direct selling beauty companies hasn't been very strong in the country, despite Oriflamme’s and Avon's steady business, Mary Kay is confident to bring a paradigm shift with its new selling strategy and approach. The company plans to create a pull in the market rather than push, and its consultants are being trained to act as beauty advisors rather than just salespersons. In fact, the company created a much focused product portfolio that answered beauty needs specific to Indian women, launching its Botanical Customized Skin Care Collection in India.
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Secondary Data Launched in 1957 in South Africa, now Olay is present in over 55 countries globally. In India, the brand has been distributed and has been available in the grey market all this while. Olay was formulated as a fluid moisturizer by South African chemist-entrepreneur Graham Wulff and launched officially in 1957. 6|Page
Once popular as 'Oil of Olay, the pink lotion' it is now known as just 'Olay' and enjoys a high recall value in India. The Indian skincare market grew by 9.4% in 2003 to reach a value of $94 million. The compound annual growth rate of the market in the period 19992003 was 10.8%. Annual growth has fallen steadily from its 2000 high of 12.0% to a low of 9.4% in 2003.
The anti-ageing cream, Olay Total Effects, has been launched only in six metros in the first phase in India and has been endorsed by former Miss Universe and actor Sushmita Sen. "Initially 'it is made available at around 2,000 outlets including hyper retail stores, chemists, beauty advisors and the existing distributors in Hyderabad, Delhi, Mumbai, Kolkata, Chennai, and Bangalore,". After the overwhelming response by discerning Indian women to the Olay Total Effects, P&G has now initialed a unique campaign - The Olay Total Effects Challenge*. This is an opportunity to enable many more women to experience the delight of one product that takes care of several ageing skin needs.
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Olay Total Effects' Vita Niacin Technology helps Indian women fight the seven signs of ageing It is a breakthrough anti-ageing moisturizer containing the patented Vitaniacin formulation. P&G Home Products Limited is one of India's fastest growing Fast Moving Consumer Goods Companies that has in its portfolio P&G's global brands such as Ariel and Tide in the Fabric Care segment, and in the Hair Care segment: Head & Shoulders - world's largest selling anti-dandruff shampoo; Pantene - world's No. 1 beauty shampoo; and Rejoice - Asia's No. 1 shampoo. P&G Home Products Limited is a 100% subsidiary of The Procter & Gamble Company, USA that in India, has carved a reputation for delivering superior quality, value-added products to meet the needs of consumers. The Indian skincare market grew by 8.5% in 2003 to reach a volume of 69 million units. The compound annual growth rate of the market volume in the period 1999-2003 was 8.8%.The strongest growth was in 2000 when the market grew by 9.1%.
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The leading revenue source for the Indian skincare market in 2003 was the facial care sector, which accounted for just over 72% of the market's value. In value terms this sector was worth $67.9 million in 2003, an increase of 49% since 1999. Despite its leading position, the facial care sector was outperformed by body care, which grew by 62% between 1999-2003. In addition the body care sector generated the second largest revenues in 2003, reaching a value of $12 million, equivalent to 13% of the market's value. It is unlikely that this sector will challenge the leading sector's position going forward. Because of the limitations of resources and funds we are taking secondary data as of 1999-2003 which is quite old. In theory and background a better and real scenario is projected. Hence figured data have its own limitations.
Market Segmentation In 2003, facial care products totaled 72.1% of the Indian skincare market Body care made up a further 12.8% of the market's value. Sun care products held the smallest share (4.2%) in 2003. Till this time market for anti aging was not created.
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Market Value Forecast
In 2008 the Indian skincare market is forecast to have a value of $134 million, an Increase of 42.8% since 2003. The compound annual growth rate of the market in the period 2003-2008 was predicted to be 7.4%. The Indian skin care market has experienced an exceptionally high rate of growth during the past five years making it one of the world's strongest performing skin care markets. Its present value in India is $525 Mn. However, its growth rates are forecast to fall over the next five years. The Indian skin care market reached a value of $94.1 million in 2003, having grown with a compound annual growth rate (CAGR) of 10.8% in the 1999-2003 periods. This growth was substantially larger than that of the Asia Pacific market itself, leading to the Indian market’s share rising by 0.2 percent age points during 1999-2003, accounting for 0.9 % of the Asia-Pacific market by the end of this period. During the next five years the market is expected to experience declining growth rates. By 2008, the market is forecast to reach a value of $134.3 10 | P a g e
million, which equates to a CAGR of 7.4% in the 2003-2008 period, higher than the Asia-Pacific and global market CAGRs of 4% and 3.9% respectively.
Olay is not alone in its efforts to increase prices at $27.99 each also. In skin care, L’Oreal and Neutrogena sell products for over $20, and an influx of European brands carry price tags as high as $80 in some drugstores. In the cosmetics aisle, Physicians Formula has fueled sales and space gains with premium prices, but this spring Max Factor and Revlon's Vital Radiance failed 11 | P a g e
to convince women to pay more for their offerings. Both lines have lost display space and Revlon has discontinued Vital Radiance.
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Literature review Looking better seems to equate with looking younger, and there is a readily apparent fear of aging. Many Urban adults seem to be dissatisfied with their natural appearance. In an online poll, Popular Demographics asked adults to rank their level of happiness with their personal appearance, and on a scale of 1 to 10 (with 1 being least happy), nearly half of the 2510 respondents (47 percent) gave themselves a score of 5 or lower. The poll found that: 87 percent of adults say that if they could change any part of their body for cosmetic reasons, they would ; half would change multiple body
parts … Fewer than 1 in 7 adults (18 percent of men and 10 percent of women) are happy enough with their bodies that they wouldn’t change a thing. A survey released by the Federation of Indian Chambers of Commerce and Industry (FICCI) reveals that 12 personal care products would continue to register growth rates that vary from 10 per cent to 20 per cent and above.
With the skin care market showing double-digit annual growth, P&G-owned Olay arked its entry into the $535 million Indian skin care market with Olay Total Effects Anti-Aging cream. "Today, anti aging is only 3% of the total skin care market at [$15 million], which means there is huge potential. It has been doubling every year for the last three years," said Sumeet Vohra, head of marketing, P&G India. "With our latest Olay anti aging product, we feel we can make a difference to Indian women with specific skin care needs. With the launch of four new Olay brand skin care products, we want to establish a strong presence in the country." P&G rival HUL launched its Pond's International range of skin care with targeted approach for every age group and skin type, and Olay's delayed entry might cost the company some market share. Justifying the move, Vohra added, "There are other players already present in the market, but we delayed our entry because we wanted to be absolutely sure that the product is right for Indian skin. We also tweaked the product a bit to suit Indian skin types. Secondly, we wanted to make sure that it is right from an economic standpoint, and we believe the time is right now. Today, women are more willing to embrace anti aging products, since looking youthful is a key beauty trend. Finally, this move fit in our sequence of priorities, because whenever we launch something new, we want to focus on it and put in the right amount of resources and energy behind each one of them." Olay Total Effects has been launched in six metros for the first phase of the launch, and the company plans to extend its presence to 25 cities and then add another 44. In speaking about the market share the company looks to gain with the Indian launch of the new product, Vohra said that the anti-aging products market is still nascent in the 13 | P a g e
country, so there is ample room for the company to grow. "There is a great need to increase awareness about this product. Initially Olay Total Effects will be available in around 2,000 outlets— including hyper retail stores, chemists, beauty advisors and through existing distributors in Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bangalore," Vohra added. The company has previously introduced three other skin care ranges—White Radiance, Beauty Fluid and Olay Cleansers—to the Indian market. "We are seeing price escalation in skin care," said Carrie Mellage, industry manager, consumer products, for Kline & Co., noting that women are seeking products with technology that improve their appearance. Mellage said that dollar sales across all beauty channels including mass, prestige, spa, specialty and direct -- are increasing at a more rapid clip than unit sales, indicating that price tags are inching up. Last year, dollar sales of facial treatments increased 7.8 percent, while unit sales grew 3 percent, according to Kline and Co.'s Cosmetics & Toiletries USA 2005 Report. Industry consultant Allan Mottus declared, "Drugstores need MAC Cosmetics and Clinique pricing to survive. The problem is the consumer isn't willing to pay those prices. She's feeling pretty burnt out." Referring to Max Factor and Vital Radiance's troubles, Mottus continued, "retailers were initially attracted by their higher price points, but that excitement didn't hold the last three or four months." A higher cash register ring does come with challenges. For instance, several mass retailers have locked Definity behind glass to prevent theft. Brace said that P&G is working to resolve such issues as price points climb higher. He added that on shop-along with consumers who buy beauty across multiple channels, P&G found that many women arrived at department store counters armed with knowledge and in some cases knew more than the beauty adviser. Brace said, "The consumer drive for sophistication is driving prices higher." “It is the working woman who is more conscious of the way she looks rather than the woman who stays at home. And in India that segment is still small, unlike the Chinese market where there is a high population of working women. To that extent, the brand might have its limitations in India” said Dr. R. K. Joshi senior consultant and coordinator of dermatology at Indraprastha Apollo Hospital New Delhi. •
•
•
Anti-ageing solutions are nascent but gaining ground Fastest growing segment in the skincare market (approximately 3 per cent of the overall skin category, it has doubled in the last three years) Development of the skincare category in India
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•
Growing consumer awareness
Research Methodology
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Research design A research design is a logical and systematic plan prepared for directing a research study. The methodology and techniques designed is the program that guides the investigator in the process of collecting, analyzing and interpreting data. The research in this case is exploratory research. Single cross-sectional study has been used here. Information has been collected from a given sample of population only once by drawing the sample of respondents from the target population. A Research Design consists of the following parameters •
Exploratory research will be done on the information collected
•
Use of descriptive research in conclusion research design to attain the objective of research through “single cross-section design”
•
The measurement and scaling procedure that can be adopted for the research are dependent on the questionnaire designed and validity or degree of precision desired.
•
Questionnaire design
•
Sampling process and sample size.
Reasons for choosing a particular research design
•
Exploratory research: Since this research helps to assist the decision maker in determining,
evaluating and selecting the factors which prompt consumers to buy anti aging products from external sources and reports. •
Descriptive research: This method is used by analyzing the questionnaire that had been
filled by consumers to find the main factors among the factors that had been spotted by exploratory research. •
Single cross sectional design: Since the data collected in primary research through
administration of questionnaire will be done for one sample of respondents drawn from the target population of consumers and this survey will be conducted once.
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Secondary data:
Secondary data was collected mainly through the Internet, companies’ websites and based on the talks with the company report.
Primary data:
The Primary Data was collected from the survey which involved meeting with consumers and getting a Questionnaire filled.
Scope of the study: Area: Metros
Time: 2 months Product scope : The products in the anti aging segment of all companies.
Defining the target population: •
With regards to consumers any individual above the age of 25 formed the part of target population
Sampling Frame:
Consumers were selected on the basis of convenient judgmental sampling. Sample size •
The Sample Size for Consumers is 64.
ASSUMPTIONS FOR THE STUDY
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•
The research is done by not focusing on the effects of time and cost consideration.
•
The selected sample unit, sample and sample size will be representing the target population.
•
The method of convenient sampling and sample frame selection will not lead to much error in answers.
•
The degree of confidence and degree of precision are enough for the study.
MANAGEMENT DECISION PROBLEM: TO GAIN LEADERSHIP IN ANTI AGING SEGMENT FOR OLAY (P & G).
MANAGEMENT RESEARCH PROBLEM: To identify the factors which influence purchase decision of Indian consumers.
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RESEARCH QUESTIONS AND THE HYPOTHESIS
1. Does age have relation with use of anti-ageing products to consumers? Ho: Age doesn’t have relation with use of anti-ageing products to consumers H1: Age has relation with use of anti-ageing products to consumers
2. Does Income have any relation with use of anti-ageing products to consumers? Ho: Income doesn’t have relation with use of anti-ageing products to consumers H1: Income has relation with use of anti-ageing products to consumers
3. Does Brand name affects the purchase decision? H0: Brand Name doesn’t affect the purchase decision H1: Brand Name affects the purchase decision
4. Does Quality affects the purchase decision? H0: Quality doesn’t affect the purchase decision H1: Quality effects the purchase decision
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5. Does Price affects the purchase decision? H0: Price doesn’t affect the purchase decision H1: Price affect the purchase decision
6. Does Promotional schemes affect the purchase decision? H0: Promotional Schemes doesn’t affect the purchase decision H1: Promotional schemes effect the purchase decision
7. Does marketing (consulting) affect the purchase decision? H0: marketing doesn’t affect the purchase decision H1: marketing affect the purchase decision
8. Does packaging affect the purchase decision? H0: packaging doesn’t affect the purchase decision H1: packaging effect the purchase decision
9. Distribution (availability) affects the purchase decision? H0: Distribution doesn’t affect the purchase decision H1: Distribution affect the purchase decision
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Lal BAHADUR SHASTRI INSTITUTE OF MANAGEMENT (New Delhi) Project on the Anti-aging Products
Questionnaire
(TO IDENTIFY THE INFLUENCING FACTORS AFFECTING PURCHASE DECISION)
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We conducted this survey online hence we tried to show a window view here.
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Questionnaire Analysis & Findings
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1.
Anti-Ageing treatment preference to use or recommend
users→
%age of users
Number of users
Botox
0
0
Laser
4.6
3
Anti-ageing Cream
35.9
23
Homemade pastes
50
32
none
9.5
6
options↓
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2.
What restricts consumers to go for other available solutions
responses→
%age of users
Number of users
Fear of side effects
51.6
33
High cost
9.4
6
Unavailability/difficulty in use
9.4
6
I don’t see others using it
3.1
2
I don’t use homemade pastes also
26.5
17
options↓
Please mention from where you mostly purchase your beauty products
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Number of respondents %age of respondents I don’t mind about place
10
15.6
Online purchase
2
3.1
Retail stores
45
70.3
Beauty parlors
7
11
Are you familiar with the brand OLAY
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Number of respondents
%age of respondents
Never of heard of it
7
11
I am aware of
50
78
Have used
3
4.7
Use it on a regular basis
4
6.3
How did you hear about OLAY
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Number of respondents
%age of respondents
TV
24
37.5
Magazines
17
26.6
Internet
6
9.4
Friends
8
12.5
Beautician
9
14
Hypotheses 1. . Does age have relation with use of anti-ageing products to consumers?
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Ho: Age doesn’t have relation with use of anti-ageing products to consumers
Crosstabs Case Processing Summary
Cases Valid N user * age
Missing Percent 100.0%
64
N
Total
Percent .0%
0
N 64
Percent 100.0%
user * age Crosstabulation
Count age low user
non user
8
medium 11
user
1 9
Total
high
Total 14
33
13
17
31
24
31
64
Chi-Square Tests
Pearson Chi-Square Likelihood Ratio Linear-by-Linear Association N of Valid Cases
Value 5.845 6.593
2 2
Asymp. Sig. (2sided) .054 .037
1
.063
df
3.470 64
Symmetric Measures
Nominal by Nominal N of Valid Cases
Phi Cramer's V
Value .302
Approx. Sig. .054
.302
.054
64
Here Pearson Chi-Square has value 5.845 and in table at 2 DF is 5.9 so we can not reject null hypotheses.
2. Does Income have any relation with use of anti-ageing products to consumers? Ho: Income doesn’t have relation with use of anti-ageing products to consumers
Case Processing Summary
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Cases Valid N user * income
Missing Percent 100.0%
64
N
Total
Percent .0%
0
N 64
Percent 100.0%
user * income Crosstabulation
Count income user
non user user
medium 15
Total
high
Total 18
33
10
21
31
25
39
64
Chi-Square Tests
1
Asymp. Sig. (2-sided) .280
.681
1
.409
1.175
1
.278
Value 1.169
Pearson Chi-Square Continuity Correction Likelihood Ratio
df
Fisher's Exact Test
Exact Sig. (2-sided)
.315
Linear-by-Linear Association
1.151
N of Valid Cases
1
Exact Sig. (1-sided)
.205
.283
64
Symmetric Measures
Nominal by Nominal
Phi Cramer's V
N of Valid Cases
Value .135
Approx. Sig. .280
.135
.280
64
Since Chi-Square has value 1.169 and in table at 1 DF is 1.7 so we can not reject null hypotheses here again.
Factors Hypotheses: 3. Does Brand name affects the purchase decision? H0: Brand Name doesn’t affect the purchase decision
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4. Does Quality affects the purchase decision? H0: Quality doesn’t affect the purchase decision 5. Does Price affects the purchase decision? H0: Price doesn’t affect the purchase decision 6. Does Promotional schemes affect the purchase decision? H0: Promotional Schemes doesn’t affect the purchase decision 7. Does marketing (consulting) affect the purchase decision? H0: marketing doesn’t affect the purchase decision 8. Does packaging affect the purchase decision? H0: packaging doesn’t affect the purchase decision 9. Distribution (availability) affects the purchase decision? H0: Distribution doesn’t affect the purchase decision For determining the correlation and Buyer behavior factors coefficient we did Multiple Regression Analysis here
Regression Descriptive Statistics
Mean .4844
Std. Deviation .50371
3.8125
.68718
64
Brand
3.4375
.61399
64
Ease of use
3.0000
.59094
64
consulting
2.6094
.72631
64
packaging
3.4375
.68718
64
promotion
3.5938
.68357
64
availability
2.6406
.93209
64
Price
3.9844
.62974
64
user Quality
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N 64
Correlations
Pearson Correlation
user Quality
user 1.000
Quality .496
consulting .005
packaging .387
promotion .166
availabilit y .647
Price -.276
.496
1.000
.348
-.117
.010
.311
.207
.290
-.154
.741
.348
1.000
.044
.069
.367
.165
.584
-.187
Ease of use
.107
-.117
.044
1.000
-.074
-.078
.196
.115
.128
consulting
.005
.010
.069
-.074
1.000
-.129
.091
-.023
-.118
packaging
.387
.311
.367
-.078
-.129
1.000
.114
.497
.053
promotion
.166
.207
.165
.196
.091
.114
1.000
.091
-.015
Price
N
Ease of use .107
Brand
Availability Sig. (1-tailed)
Brand .741
.647
.290
.584
.115
-.023
.497
.091
1.000
-.226
-.276
-.154
-.187
.128
-.118
.053
-.015
-.226
1.000
user
.
.000
.000
.201
.485
.001
.095
.000
.014
Quality
.000
.
.002
.178
.469
.006
.050
.010
.113
Brand
.000
.002
.
.366
.294
.001
.096
.000
.069
Ease of use
.201
.178
.366
.
.281
.270
.060
.182
.157
consulting
.485
.469
.294
.281
.
.154
.237
.428
.177
packaging
.001
.006
.001
.270
.154
.
.185
.000
.340
promotion
.095
.050
.096
.060
.237
.185
.
.237
.453
availability
.000
.010
.000
.182
.428
.000
.237
.
.036
Price
.014
.113
.069
.157
.177
.340
.453
.036
.
64
64
64
64
64
64
64
64
64
Quality
64
64
64
64
64
64
64
64
64
Brand
64
64
64
64
64
64
64
64
64
Ease of use
64
64
64
64
64
64
64
64
64
consulting
64
64
64
64
64
64
64
64
64
packaging
64
64
64
64
64
64
64
64
64
promotion
64
64
64
64
64
64
64
64
64
availability
64
64
64
64
64
64
64
64
64
Price
64
64
64
64
64
64
64
64
64
user
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Model 1
Variables Entered
Variables Removed
Price, promotion, packaging, consulting, Ease of use, Quality, Brand, availability
Method
.
Enter
Model Summary
Model 1
R .829
R Square .687
Adjusted R Square .641
Std. Error of the Estimate .30166
ANOVA
Model 1
Sum of Squares Regression (explained) Residual Total
df
Mean Square
10.979
8
1.372
5.005
55
.091
15.984
63
F 15.082
Sig. .000
Model 1
Variables Entered
Variables Removed
Price, promotion, packaging, consulting, Ease of use, Quality, Brand, availability
Method
.
Enter
Model Summary
Model 1
R .829
R Square .687
Adjusted R Square .641
Std. Error of the Estimate .30166
ANOVA
Model 1
Sum of Squares Regression (explained) Residual Total
df
Mean Square
10.979
8
1.372
5.005
55
.091
15.984
63
F
Sig.
15.082
.000
Coefficients
Unstandardized Coefficients Model 1
Standardized Coefficients
B -1.809
Std. Error .482
Quality
.181
.062
.247
2.910
.005
Brand
.394
.079
.481
4.963
.000
Ease of use
.087
.070
.102
1.246
.218
consulting
-.019
.054
-.027
-.345
.731
packaging
.016
.069
.022
.234
.816
promotion
-.007
.059
-.009
-.116
.908
.134
.057
.247
2.353
.022
-.088
.065
-.109
-1.343
.185
(Constant)
availability Price
Beta
t -3.755
Sig. .000
we can compare the Standardized Coefficients values and actual values of B.Since no coefficient is carrying value 0 hence all hypotheses from 3 to 9 are rejected.
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Conclusion
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Conclusion The research carried by us is an exploratory research which is to follow by Descriptive research. We tried to identify those factors which affect buyer’s perception for any product. 1. P&G is one of the leading companies in personal care segment of the world and it has entered in India with few ranges in beginning. 2. Age and income do not affect buyer’s purchase decision for this product, it is because number of Indian females who are involved in social activities is increasing with the disposable income of them. 3. All 8 factors are influencing but on different level so for f urther descriptive research these factors can be converted in to 3-4 f actors only by factor analysis.
Limitations: 1. Many respondents were not involved completely while filling questionnaires. 2. Background noise was also affecting responses. 3. Since we were not from the company so were not offering any free sample or rewards so consumers were not responding many times. 4. Sample size is very small it might not covering whole targeted population. 5. The primary and secondary data are limited and are constrained by the availability and approachability.
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