RESEARCH PROJECT ON ANALYSIS OF CONSUMER BEHAVIOUR TOWARDS ELECTRONICS DURABLES GOODS
M.B.A. (MARKETING MANAGEMENT) SEMESTER-II
INSTITUTE OF MANAGEMENT STUDIES (DAVV) INDORE (M.P.) INDIA SUBMITTED TO: MR.PRASHANT MAHAJAN
SUBMITTED BY: VASANT KUMAR CHOUDHARY
The entire body of work as it stands today is largely due to the rich contribution, through discussions and practical exposure, made by various members of LOTUS. It gives me pleasure to say that I learned a lot from them and that I am grateful to them for this. It is my pleasure to gratefully acknowledge the help and advice rendered by a number of people, who in their ways tried to realize our hope of completing the project. It is impossible to grade or classify the assistance provided by them, however small, for it is the thought that counts, not the extent to which they have helped. So we are pleased to thank everyone who has helped us in bringing the project to reality. I am thankful to Mr.Prashant Mahajan(Manager HR) ,for allowing me to do my research in his office by knowing my interest in doing research on LOTUS.
I am expressing my thanks to Mr. Amarjeet Singh (Floor Manager), for instantly providing all the help needed. I an indebted to them for giving us time off from their busy schedule. I am also thankful to Dr. Rajendra Singh , Coordinator – MBA(MM) , Institute of Management Studies(DAVV), under whose guidance we were able to understand the topic and thereby complete the project more efficiently. I am thankful to all colleagues for their keen interest in the project.
SUBMITTED BY:VASANT KUMAR CHOUDHARY
MBA (MM) II SEM.
DECLARATION I hereby declare that the following project report titled “ ANALYSIS OF CONSUMER
BEHAVIOUR
TOWARDS
ELECTRONICS
” DURABLES GOODS
is an authentic work done by me. This is to declare that all my work indulged in the completion of this Project Report such as research, competitor analysis, and sales promotion is a profound and honest work of mine.
DATE: 28/01/2009
VASANT K. CHOUDHARY MBA(MM) II SEM.
CONTENTS 1. INTRODUCTION
1.1
Worldwide Consumer Electronic Market
1.2
Consumer Electronic Market in India
1.3
Trends in Electronics Market
2. COMPANY PROFILE 3. CLASSIFICATION OF CONSUMER DURABLE GOODS 4. CONSUMER BUYING BEHAVIOUR 5. RESEACH METHOLOGY 6. REASONS WHY CONSUMER DO NOT PURCHASED PRODUCTS FROM LOTUS 7. SUGGETIONS 8. BIBLIOGRAPHY
Worldwide Consumer Electronics Market The consumer electronics industry has witnessed a phenomenal growth over the past few years. This growth can be attributed to the increasing effect of state of the art electronic devices on the market. The consumer electronics industry is ushering in the dawn of Convergence. It is the confluence and merging of hitherto separated markets of digital-based audio, video and information technology, removing entry barriers across the market and industry boundaries. This convergence of technologies has resulted in a greater demand for consumer devices, be they portable, in-home (mobile phones, digital camera) or in-car (CD/DVD players), offering multiple functions.
The revolution brought about by Digital technology has enabled the consumer electronics sector to profit from the growing interaction of digital applications such as: camcorders, DVD player/recorder, still camera, computer monitor, LCD TV etc. It has also witnessed the emergence of mobile telecommunications technology, incorporating both digital visual and digital MP3 capabilities. The computer industry has also benefited by being able to make its way into consumer's living rooms. HDTV's with VGA connections and SD/MMC card slots, personal media players, and Microsoft-based Media Center PCs have pushed the two industries even closer together than before.
The overall revenue earned through the sale of audio, video and gaming consoles constitutes the international consumer electronics market. The global sale of consumer electronics is estimated to exceed all expectations to touch an all time high of $135.4 billion in 2006, which indicates 8% increase from 2005. By the year 2008, sales are forecasted to soar up to $158.4 billion, up BY 65% over 2000.
The Asia Pacific region is the market leader wielding the biggest chunk of the market, closely followed by Europe. The European market share is expected to take a drubbing due to the growing demand for consumer durables in the Asia Pacific consumer electronic market. Japanese companies have captured the consumer electronics market. World famous brands such as Sony, Panasonic and Matsushita are all owned by these Japanese manufacturers. Korean companies such as Samsung and LG are all trying to join the Japanese bandwagon. Samsung can claim to be the world's fastest growing electronic company.
Consumer Electronics Market in I ndia India has an increasingly affluent middle class population that, on the back of rapid economic growth, has made the country’s consumer electronics industry highly dynamic. The industry has been witnessing significant growth in recent years due to several factors, such as retail boom, growing disposable income and availability of easy finance schemes. But still, the consumer electronics goods, like refrigerators, microwave and washing machines have low penetration in the country, representing vast room for future growth.
The report finds that since the penetration of several products like TVs and refrigerators are reaching saturation in the urban areas, the markets for these products are shifting to the semi-urban and rural areas.
This analytical research evaluates the Indian consumer electronics industry. It briefly discusses about the current and emerging trends in the industry, underlining the future potential areas and key issues crucial for the industry development. It provides an insight into the emerging and potential future trend in all the categories and highlights the key strategies that need to be worked upon to get success in the highly competitive industry.
The report thoroughly analyzes the historic performance and future prospects, offering 4-year industry forecast, of following consumer electronics products: - Washing Machines (Semi-automatic & Fully Automatic) - Television - Set-top Box - Refrigerator (Frost-free & Direct Cool) - Air Conditioner - Microwave Oven - MP3 Players - Digital Camera & Camcorder - Mobile Handsets - PCs (Desktop & Notebook)
Trends in Electronics Market: -
Propelled by growing middle class population, changing lifestyle and rapid urbanization, the Indian consumer electronics industry is forecasted to grow at a rapid rate of 10% to 12% in the coming few years.
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Volume sales of washing machine will be driven by growth in fully automatic category during 2008-09 to 2011-12.
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The market for televisions in India is changing rapidly from the conventional CRT technology to Flat Panel Display Televisions (FPTV). Currently, the split between CRT and FPTV is around 97% and 3% respectively, and the share of FPTV is projected to increase at robust rate in near future.
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Frost-free refrigerator sales, certainly growing at a much faster pace than the direct-cool category, are anticipated to drive the Indian refrigerators market over the forecast period.
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The AC market in India is projected to grow at 30% to 35% for the coming few years.
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Driven by young population, demand for MP3 players and digital video appliances are anticipated to surge at double-digit rate in near future.
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The low penetration level of consumer electronics goods coupled with increasing preference for comfort and luxurious goods are widely attracting the foreign as well as domestic players to the industry.
COMPANY PROFILE Inaugurated on 5th April, 2000, at Sneh Nagar Main Road, Indore LOTUS ELECTRONICS is known to be one of the Largest Electronics
Supermarkets in India. Spread over an area of 15000 sq. ft Lotus presents to its customers a complete range of electronics consumer durables of almost every running brand under one roof. Other Showrooms were added to our chain on 18th October 2000 at Navneet Darshan, Greater Kailash Road, Old Palasia, Indore and on 9th 9th April 2005 at Surya Sadhna, A.B. A.B. Road Indore. Inaugurated on 5th April, 2000, at Sneh Nagar Main Road, Indore .
LOTUS ELECTRONICS is known to be one of the Largest Electronics
Supermarkets in India. Spread over an area of 15000 sq. ft Lotus presents to its customers a complete range of electronics consumer durables of almost every running brand under one roof. Other Showrooms were added to our chain on 18th October 2000 at Navneet Darshan, Greater Kailash Road, Old Palasia, Indore and on 9th April 2005 at Surya Sadhna, A.B. Road Indore
.
VISION
THE GROUP’S ETHOS
Underlying the success of the group is its philosophy of Commitment to quality, service and reliability. The group believes in ‘ Customer Centric’ Centric’ approach added with commitment to after sale services. Thus group’s commitment to customers & quality is high. The group’s concern for development and welfare is deep rooted. Employee welfare and people care has always been the pride of the Lotus group.
MISSION
•
We will try to be the favorite shopping destination for people when it comes to Electronics consumer durables.
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We will serve customers with products of the highest quality, backed by a guarantee of total satisfaction.
•
We recognize that our success is largely due to the faith and trust of our customers in Lotus and we shall strive hard to uphold their trust in us.
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We will rely with full confidence on our esteemed customers, recognizing that our success depends on their contributions.
BRANCHES AND CORPORATE OFFICE :: Corporate Office ::
13, Sneh Nagar Main Road, Indore - 452 001 (Madhya Pradesh) INDIA Fax Number: 0731 4265530 Phone Number: 0731 426555
:: Showroom ::
13, Sneh Nagar Main Road, Indore - 452 001 (Madhya Pradesh) INDIA Fax Number: 0731 4265530 Phone Number: 0731 426555
Navneet Dharshan, Greater Kailash Road, Old Palasia, Indore - 452 001, (Madhya Pradesh) INDIA Fax Number: 0731 4064873 Phone Number: 0731 4265777
SuryaSadhna, SuryaSadhna, Survey No. 182/2/1, A.B. Road Indore - 452 001, (Madhya Pradesh) INDIA Fax Number: 0731 4265630 Phone Number: 0731 4265666
City Centre 1 Press Complex M.P. Nagar Zone -1 Bhopal – 460211(M.P.) INDIA Fax Number: 0755 4012211 Phone Number: 0755 4218140
Classification of Consumer Durable Sectors
TELEVISIONS • • •
CRT/LCD/Plasma CD/DVD Player DTH
KITCHEN APPLIANCES • •
CAMERAS &CAMCODERS Digital Camera • Movie Cameras • Camera Accessories •
•
•
•
AUDIO iPod & MP3 Player Audio Systems Home Theaters
• • • • • •
•
HOME APPLIANCES Washing Machines Refrigerator Microwave Solo Air Conditioners Iron Fan Hair Dryer Room Heater
Cooking Range Hand Blender Chimney Gas Table Toaster Maker Water Purifiers Vaccum Cleaner Mixer, Grinder & Food Processors Water Heater
TELEPHONES & MOBILES • •
• •
• • • • • •
COMPUTERS • • •
•
•
•
• •
Laptops Desktops Monitors Software Peripherals Computer Accessories
Mobiles Phones Land Line Telephones FAX Mobile Accessories
Revolution in Indian Consumer behavior •
Rising disposables incomes(higher buying power)
•
Male no longer the sole income generator
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Enjoys traveling, shopping and eating out
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Increased indulgence in entertainment and lifestyle products
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Pester Power, seeking variety
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Seeking value for money(High quality and price consciousness)
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Technology Savvy (Internet,Mobiles,Voice Recognition…)
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Getting used to speed of service
•
Convenience seekers
FACTOR AFFECTING CONSUMER BEHAVIOUR
RESEARCH METHOLOGY Marketing research is the systematic design, collection, analysis an reporting of data and findings relevant to a specific marketing situation facing the company.
MEANING OF RESEARCH
Research in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. In fact, research is an art of scientific investigation. The Advanced Learner’s Dictionary of Current English lays down the meaning of research as a careful investigation or inquiry especially through search for new facts in any branch of knowledge. Redman and Mory define research as a “systematized effort to gain new knowledge.” Some people consider research as a movement from the known to the unknown. It is actually a voyage of discovery. Research is an academic activity and such a term should be used in a technical sense. According to Clifford Woody research comprises defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions to determine whether they fit the formulating hypothesis. D.Slesinger and M.Stephenson in the Encyclopedia of Social Sciences define research as “the manipulation of things, concepts or symbols for the purpose of generalizing to extend, corrector verify
knowledge, whether that knowledge aids in construction of theory or in the practice of art.” Research is thus an original contribution to the existing stock of knowledge making for its advancement. It is the pursuit of truth with the help of study, observation, comparison and experiment. In short, the search for knowledge through objective and systematic method of finding solution to a problem is research. The systematic approach concerning generalization and the formulation of a theory is also research. As such the term ‘research’ refers to the systematic method consisting of enunciating the problem, formulating a hypothesis, collecting facts or data, analyzing the facts and reaching certain conclusion either in the form of solutions towards the concerned problem or in certain generalization for some theoretical formulation.
MARKETING RESEARCH PROCESS Marketing research is the systematic design, collection, analysis an reporting of data and findings relevant to a specific marketing situation facing the company.
Marketing research process Define the problem and research objective
Develop the research plan
Collect the information
Analyze the information
Present the findings in Report
Make decisions
Step 1: Define the problem and the research objectives The 1st step in research is formulating a research problem. It is most important stage as poorly defined problems will not yield useful results. Also the marketing management must be careful not to define the problem too broadly or too narrowly. In order to identify the research problem, three categories of symptomatic situations, namely, overt difficulties, latent difficulties and unnoticed opportunities should be studied. Overt difficulties are hose which are quite apparent and which manifest themselves. Latent difficulties are those which are not so apparent and which, if not checked, would soon become evident. Unnoticed opportunities indicate the potential for growth in a certain area of marketing. Such opportunities are not clearly seen and dome effort is required to explore them.
Step 2: Develop the research plan Designing a research plan calls for decisions on data sources, choice of research design, research approaches, research instruments, sampling plan and contact methods.
Step 3: Collect the information Our research group collected the information over a period of 15 days and from various locations such as malls, residential complexes, colleges and schools and also retailers.
Step 4: Analyze the information After the process of gathering information was completed we tabulated the data and developed frequency distributions and extracted the findings from the survey.
Step 5: Present the findings Finally we prepared a project report on our survey and along with the findings we also presented our recommendations.
Step 6: Make the decision
RESEARCH DESIGN A research design is the detailed blueprint used to guide a research study toward its objectives. The process of designing a research study involves many interrelated decisions. The most significant decision is the choice of research approach, because it determines how the information will be obtained. To design something also means to ensure that the pieces fit together. The achievement of this fit among objective, research approach, and research tactics is inherently an iterative process in which earlier decisions are constantly reconsidered in light of subsequent decisions.
Types of Research Designs
The different research designs can be categorized into research design in case of: 1. Hypothesis- Testing Testing Research Studies (Experimental (Experimental Studies) 2. Exploratory Research Studies. 3. Descriptive And Diagnostic Diagnostic Research Research Studies
Hypothesis- Testing Research Studies •
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•
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Hypothesis-tested research studies (experimental studies) are those where the researcher tests the hypothesis of casual relationship between variables. Such studies require procedures that will not only reduce bias and increase reliability, but will permit drawing inferences about causality. Professor R.A. Fisher begun such designs when he was working at Rothamsted Experimental Station (Centre for Agricultural Research in England). Professor Fischer found that by dividing agricultural fields or plots into different blocks and then by conducting experiments in each of these blocks, the information collected and inferences drawn happen to be more reliable.
•
This fact inspired him to develop certain experimental designs for testing hypotheses concerning scientific investigation.
Difference between exploratory and descriptive research
RESEARCH DESIGN
Types of study
EXPLORATORY
DESCRIPTIVE
Overall design
Flexible design (design must provide opportunity for considering different aspects of the problem)
Rigid design (design must make enough provision for protection against and must maximize reliability)
(i) sampling design
Non- probability sampling design (purposive or judgement sampling)
Probability sampling design (random sampling)
(ii) statistical design
No pre-planned design for analysis
Pre-planned design for analysis
(iii) observational design
Unstructured instruments for collection of data
Structured or well thought out instruments for collection of data
(iv) operational design
No fixed design about the operational procedure
Advanced decisions about operational procedures
DATA COLLECTION The task of data collection begins after problem has been identified. While deciding about the method of data collection to be used for the study the researcher should keep in mind two types of data viz, primary data and secondary. The primary data are those, which are collected afresh and for first time and thus happen to be original in character. The secondary are those which have been collected by someone else and which have already been passed through statistical process. The researcher would have to decide which sort of data he would be using for his study. The method collecting primary and secondary data differ since primary data are to be originally collected while in case of secondary data the nature of data collection work is merely that of compilation. There are several ways of collecting primary data. They are as follows: 1. 2. 3. 4.
Observation method Interview method Through questionnaires Through schedules
OBSERVATION METHOD Observation becomes a scientific tool and the method of data collection for the researcher when it serves a formulated research. Purpose is systematically planned and recorded and is subjected to checks and controls on validity and reliability. Under the observation method the information is sought by way of investigators own direct observation without asking from respondent.
SURVEYS [Questionnaire [Questionnaire to public] Surveys are concerned with describing, recording, analyzing and interpreting conditions that exist or existed. The researcher does not manipulate the variable or arrange for events to happen Surveys are only concerned with conditions or relationships that exist, opinions that are held, processes that are going on, effects that are evident or trends that are developing. They are primarily concerned with present but at times do consider past events and influences as they relate to current conditions. Survey type researches usually have larger samples because percentages of responses generally happen to be low, as low as 20 to 30%, especially in mailed questionnaire studies. Thus, the survey method gathers data relatively from the large number of cases at a peculiar time; it is essentially cross-sectional. Surveys are conducted in case of descriptive research studies, usually appropriate in case of social and behavioral sciences because many types of behavior that interest researcher cannot be arranged in realistic setting. Surveys are example of field research and are concerned with hypothesis formulation and testing analysis of the relationship between non-manipulated variables. Surveys may either be census or sample surveys. They may also be classified as social surveys, economic surveys, public opinion surveys. Whatever be their type, the method of data collection happens to be either observation or interview or questionnaire or opinionnaire or some projective technique. Case method may as well be used. In case of surveys, research design must be rigid, must make economical provision for protection against bias and must maximize reliability, the aim happens to be to obtain complete and accurate information. Possible relationships between the data and the unknowns in the universe can be studied through surveys.
COLLECTION OF SECONDARY DATA Secondary data means that are already available that is they refer to the data, which have already been collected and analyzed by someone else. When the researcher utilizes secondary data, then he has to look into various sources from where he can obtain them. In this case he is certainly not confronted with the problems that are usually associated with the collection of original data. Secondary data may be either published or unpublished data. Usually published data are available in:
Various publications of the central, state and local government. Various publications of foreign government or of international bodies and their subsidiary organization. Technical and trade journals. Books magazines and newspapers. Reports publication of various associations connected with business and industry, banks, stocks exchanges etc. Reports prepared by various scholars’ universities economists etc in different field. Public records and statistics, historical documents and other sources of publish information. The sources of unpublished data are many; they may be found in diaries, letters unpublished biographies and autobiographies and also may be available with scholar’s research workers. Trade organization, labor bureaus and other public/private organizations.
Researcher must be careful in using data. He must make a minute because it is just possible that the secondary data may be unsuitable or maybe be inadequate in the context of a problem which the researcher wants to study.
Selection of appropriate methods for data collection Nature scope and object of enquiry: This constitutes the most important
factor affecting the choice of a particular method .the method selected should be such that it suits the type of enquiry that is to be conducted in the researcher, this factor is also important in deciding whether the data already available are to be used not yet available are to be collected. Availability of funds: Availability of funds for the research project
determines to a large extent the method to be used for the collection of data. When the funds at the disposal of the researcher are very limited, he will have to select a comparatively cheaper method. Finance in fact is big constraint in practice and the researcher has to act within this limitation Time factor: Availability of time has also to be taken into account in
deciding particular method of data collection. Some methods take relatively more time whereas with others the data can be collected in a comparatively shorter duration. The time at the disposal of the researcher thus affects the selection of the method by which the data is collected. Precision required: Precision required is yet another important factor to be
considered at the time of selecting the method of collection of data.
Data Collection Instruments 1) PERSONAL INTERVIEW
An interviewer asking questions generally face-to-face to other persons conducts personal interview. This sort of interview may be in the form of direct personal investigation or it may be an indirect oral investigation. This method is particularly suitable for intensive investigations. 2) TELEPHONE INTERVIEWS
This method of collecting information consists contacting information consists contacting respondents on telephone itself. It is not a very widely used method, but plays important role in industrial surveys in developed regions. 3) COMMERCIAL SURVEYS
Commercial surveys can be divided into three types: Periodic, Panel and Shared surveys. Each of them are discussed below Periodic surveys Periodic surveys are conducted at regular intervals, ranging from weekly to annually held surveys. They use a new sample of respondents for each survey, focusing on the same topic and allowing the analysis of trends over a period. Periodic surveys are conducted by mail, personal interview and telephone. Panel surveys Panel surveys, sometimes called interval panels , are conducted among a group of respondents who have agreed to respond to a number of mail, telephone or occasionally personal interviews over time. These need not occur regularly. But a continuous panel or panel data (explained more in panels) refers to a group of individuals who agree to report specified behaviors over time. Shared surveys Shared surveys , sometimes referred to as omnibus surveys, are administered by a research firm and consist of questions supplied by multiple clients. Such surveys can involve mail, telephone, or personal interviews. The respondents may be drawn from either an interval panel or random selection. The main advantage here is the cost factor.
4) AUDITS
Audits involve the physical inspection of inventories, sales receipts, shelf facing and other aspects of marketing mix to determine sales, market share, relative price, distribution and other relevant information. The different types of audits are store audits, product audits and retail distribution audits. 5) PANELS A panel is a group of individuals or organizations that have agreed to provide information to researcher over a period of time. A continuous panel ,
the focus of this section, has agreed to report specified behaviors on regular basis. There are 2 types of panels: retail and consumer, consumer further divided into diary panels and electronic panels. 6) MAIL QUESTIONNAIRE
A mail questionnaire is free from any interviewer’s bias and errors, which may undermine the reliability and validity of the results emerging from the survey. A mail questionnaire will not have any distribution bias as it will not show any particular preference or dislike for a certain individual or household. When the questions asked to the respondents need time to be answered and needs some thinking, mail questionnaire is ideal. Mail Questionnaire saves time in collecting the desired information as a large no. Of respondents can be approached all over the country. It saves money as cost of traveling, boarding and lodging of interviewers is not to be incurred. There is no difficulty in having central supervision and control over the survey operations over a large region. It avoids the bias arising from any inhibitions in answering questions. (During some personal questions the respondents may hesitate to answer them in the presence of the interviewer). It will not have the problem of non-contacts in the strict sense, as might be the case in personal interviews when the interviewer finds that the respondent, being away from home is not available.
METHOLOGY 1).PROBLEM DEFINE The research project starts with the clearly defining and understanding the problem. Here, the research project is on the analysis of consumer behaviour towards electronics consumer goods of LOTUS Electronics.
2).OBJECTIVE OF RESEACH The objective of whole study is to understand th consumer behaviour towards electronics goods with the objective to find out the reason behind due to which the consumer not purchase the electronics goods from LOTUS.
COLLECTION TECHNIQUE USED IN STUDY 3).DATA COLLECTION A).Primary Data 1. For collection of primary data for the study Observation Method is to be used. 2. Direct Personal Interviews from the customers, general public and the salesmen.
B).Secondary Data For the collection of secondary data the following techniques are used: Various publications of the central, state and local government. Various publications of foreign government or of international bodies and their subsidiary organization. Technical and trade journals. Newspapers and Books magazines. Reports publication of various associations connected with business and industry, banks, stocks exchanges etc. Reports prepared by various scholars’ universities economists etc in different field.
Frequently Asked Question By Buyer : Q. What are the features of the product? Q. Is there is any upgraded version of product is available? Q. What is the Price of the Product? Q. Is there any Free Gift or Discount is available with product? Q. Is there any exchange offer is there on particular product? Q. What about the Product Warranty? Q. What are the after sales services of the purchased product? Q. Is Home delivery service is there?
Reasons Why Customers do not purchased product from LOTUS product:-Sometimes 1. Non – Availability of particular product:-Sometimes the particular product is not available at store. Price:-Now a days, the 2. Not satisfied with the given Price:-Now buyer is too conscious about the price of the product. If he/she think about the particular product have not have that much price or may have chance to purchase from other store at lower price. 3. Come with pre – mindset about the particular brand of the product: product: - Sometimes the buyer pre – opinion in mind about the particular brand of the product. And if the salesman not equally clarify the customer arguments and not attract the customers to try out
some other brand of the product, the buyers not make the purchase. 4. Unawareness about the availability of Products at LOTUS: Many numbers of customers are still unaware about the particular brands to be available at LOTUS. Still many semi-urban and rural customers are unknown about the LOTUS Supermarket. groups:5. Believe in opinion of the relatives and peer groups:Some customers are heavily influenced with the opinion and belief with their social groups. Social Groups includes –family member, friends, neighbors, peer groups, colleagues, etc. 6. Not satisfied with the arguments and ideas made by the Salesman about particular product: product: Sometimes the salesman not convinced the buyer in totality about the particular product features and usage. 7. Not purchased the Product before the through Market Analysis:-Consumer Analysis:-Consumer wants some time for market analysis before final decision to buy the product and due to this when they first come at store they do not purchased the product but after analyzing the product with other competitors they purchased the product. 8. Influenced by the advertisement and sales promotion strategy made by the competitors: competitors : Many a times the customer believe at the advertisement and offers made by the competitors and they purchased product on basis of such promotion activities.
SUGGESTIONS 1. Prompt availability of Product. 2. Satisfy the need of the consumer by offering product according to his/her needs. 3. Create the Brand image of LOTUS in mind of customers of different sections of society by various promotional offers such as Diwali offer, Id Offer, Christmas Special Offer, etc. 4. Promote the products at different targeted buyer segments. e.g Coupons, Scratch Cards, etc. 5. Time-to-time remind the customer that we are always available to satisfy their needs by advertisement campaign. 6. Change the attitude and perception by motivate the customer that this products best suited to your status/role in the society.
7. Make long term relationship with the customer by providing good environment and equally handle the any grievance about the product by setting up Customers Complains
Office .
For
e.g
Organizing
loyalty
programmes, Direct mailers,etc.
8. Maintain
Suggestion Register and promote the
customer to write the suggestion by offering some gifts on selection of the suggestion.
BIBLIOGRAPHY BOOKS REFERRED BOOK NAME
1.MARKETING MANAGEMENT 2.CONSUMER BEHAVIOR
AUTHOR’S NAME
PHILIP KOTLER LEON G. SCHIFFMAN & L.L. KANUK
WEBSITES www.google.com www.wikipedia.com www.ask.com www.reseachandmarket.com www.lotuselectronics.com
NEWSPAPERS REFERRED 1. THE TIMES OF INDIA
2. ECONOMIC TIMES
MAGAZINES REFERRED 1.COMPETITION SUCCESS REVIEW
