Marketing management Report on: Market survey on branded apparel
Faculty guidance’s: Mr. Mubasheruddin Ahmed Submitted to: Mr. Mubasheruddin Ahmed
Submitted by: Anand Reddy,Lalit Chauhan,Niladri Dutta, Pavani Reddy,Pushan Datta
Contents
Introduction Need & scope Objectives Research Methodology Source of data Population of study Sample size Sampling technique Data processing Interpretation of the data Interpretation of results Summary Conclusion Limitations Questionnaire Datasheet
INTRODUCTION: Apparel fashion has always changed no matter what category of apparel it is. Social forces are believed to influence fashion. One’s spouse, family and culture are some of the forces that change fashion. An example of one’s spouse influencing an individual, when he buys apparel, is that she may accompany him and offer suggestions when he purchases items of apparel. A review of related literature revealed that self-image/product image congruity was related to an individual’s behavior to a particular item and that apparel products had symbolic meaning. Studies have considered the relationship between the self and apparel and have taken into account the various aspects of the self such as actual self-image and ideal self- image. If the image of an outfit were a positive match with the self-image, including both the actual self and the ideal self, the apparel item would be worn most of the time. The purpose of this research was to investigate consumers, to examine, if differences in their buying behavior for apparel exist. In addition, consumer attributes (i.e., apparel involvement, selfesteem, reference group, social class, and media) and personal characteristics were investigated separately and in relation to the purchase behavior of consumer. Consumer Behavior is defined as the behavior that consumer displays in the searching for, purchasing, using, evaluating, & disposing of the products & services that they expect will satisfy their needs. Consumer Behavior focuses on how consumer make the decisions to spend their available resources (Time, Money, Efforts) on consumption related items. That includes what they buy ,why they buy it , when they buy it, where the buy it , how often they buy it ,how often they use it ,how often they evaluate it after the purchase & the impact of such evaluations on future purchases.
NEED & SCOPE: Need of this project is that, in this competition era you must be aware about the customer needs & wants & what a consumer expects from the company. You must have this information or a customer data base if u wants to stay in the market to competitive edge in the market. After conducting this study we must be able to understand what customers wants from a brand, why he switches to other brand, what are the factor which force him to purchase branded apparels, by which company can formulate the strategies as per the customer needs & deliver them the products which consumer want from the company which will be profitable for the company. After gathering the information about the youths who like to purchase the branded apparels & after studying the factors which influence them to go with that specific brand which includes demographic factors, cultural influences, & social class, this study will be helpful for the companies who are in this business segment of apparels. They will be able to know the taste & need of the consumer & what will be the products & services which will help them to change the non user into user of their brand & retain their existing customer by providing them the products which they want from the company. This study will help them to formulate & implementing the marketing strategies.
This research also investigates Cultural factors such as apparel involvement, media, and reference group influences, self- esteem and social class. It also investigates demographics such as income and age. Market segmentation has become an important tool used by retailers and marketers for identifying target customers. Segmentation as the process of partitioning markets into segments of potential customers who have similar characteristics and who are likely to exhibit similar purchasing behavior. Segmentation has become a major tool of companies for planning marketing strategies. Segmentation research has several objectives that include analyzing markets, finding a niche, and developing and capitalizing on a superior competitive position.
OBJECTIVE: Objective behind this capstone project which we are going to conduct on the buying behavior of the consumers towards branded apparels are: 1. 2. 3. 4.
To study & analyze the brand preference of consumers in buying branded apparels. To study the most preferred brand in the apparels segment amongst the youth. To study impact of psychological factors on buying of youth regarding apparels. To study the factors which influence the buying behavior of consumers for branded apparels.
RESEARCH METHODOLOGY : We prepared a Questioner consisting of 15 questions and collected the view points of consumers belonging to different age groups and income index.
SOURCE OF DATA: These data are collected afresh and for the first time, and thus happen to be original in character. We used the structured questioners.
POPULATION OF STUDY: All age group consumers of Warangal are included in the population.
SAMPLE SIZE: Sample size of 30 persons is taken for this research.
SAMPLING TECHNIQUE: Random sampling technique was used in this research project.
DATA PROCESSING : Daily data was entered into MS-Excel sheets. After the exhaustion of the specified geographical area this data was analyzed using simple graphical and tabulation techniques. The data sheets mentioned here will be attached in the annexure of the report.
INTERPRETATION OF DATA: Questionnaire has been distributed to 30 people out of those 19 are male and 11 are female.
Number 20 gender
15 10 5 0 Number
male
female
19
11
Age groups : <20, 20-30, 30-40, 40-50, >50
Age group <20
20-30 6%
30-40
40-50
>50
0% 7%
17%
70%
Range of apparels: <2000, 2000-5000, 5000-8000, >8000
Range of apparel <2000
2000-5000
5000-8000
>8000
6% 0% 27% 67%
Factors influencing purchase: current trend, price, brand, market reputation, quality
Number of people
Factors influencing purchase 17 20 15
8
7 3
10
2
5 0 current trend
price
brand
market reputation
quality
factors
Source: friends, advertisement, family, others
Source 18
numbers
20 15
6
5
10
1
5 0 Friends
advertisment
family members
others
Sources
Influence: yourself, parents, friends, others
Influence
Numbers
40
21 6
5
20
0
0 yourself
parents/family
friends
others
Deciders
Loyalty:
yes / no
Loyality
33% Yes No 67%
Types of apparels: casual formal both
Types of apparels
34%
casual formal
53%
both 13%
Manufacture type: tailor/readymade, tailor-made , readymade
Manufacture types
Types
Tailor/readymade Tailormade Readymade 0
5
10
15
Numbers
Choice confidence level :
20
25
Poor = 1,Fair = 2,Good = 3,Very good = 4,Excellent = 5
Choice confidence level 7%
13%
1
33%
2 20%
3
27%
4 5
Level of satisfaction: Poor = 1, Fair = 2, Good = 3, Very good = 4, Excellent = 5
Satisfaction level 1
2
3
4
5
7% 13%
33%
20% 27%
1
Level of preferance of foreign brand
Level of preferance of foreign brand 7% 1
13%
33%
2 20% 27%
3 4 5
Number of people: multipurpose / dedicated / both
Number of people 19 20
Numbers
15
10
10
Number of people 1
5 0 Multipurpose
Dedicated outlets
both
Mode of payment : cash / credit / both
Mode of payment 10% cash
23%
cradit both 67%
Interpretation of results : The data which has been posted by the customers on questionnaire shows that, mostly the young segment of the population concentrate on branded apparels and the companies must focus on this segment more. The buying decision process of the customers depends mostly on the Quality of the product along with other factors playing their role as well. Very few of them consider price as an important factor suggesting the rise in income and purchasing power of the consumers. However brand and current trend also come into consideration when a consumer opts for branded apparel. They are more influenced by the their own market knowledge with their main source being advertisements and also friends and family. Most of them prefer foreign brands with a very small segment of the sample inclined towards Indian brands too. 67% of the population is concentrated in the 2K-5K range showing that, consumers are mainly concerned about their outlook and are ready to pay the amount for it.
The sample’s diplomatic answer being loyal to their brand as well as opting for an alternative brand shows that they are always switching their brands. On the contrary the most of the consumers surveyed are satisfied with what they wear. Customers prefer readymade more than the tailor-made. And their use of casual and formals is according to the taste and purpose.
Summary : More information is needed to understand the consumer. Retailers and marketers should understand the immense diversity among consumers if they are to market apparel accurately and successfully. The purpose of this research was to investigate consumers to examine if differences in their buying behavior for apparel exist. In addition, consumer attributes (i.e., apparel involvement, self-esteem, reference group, social class, and media) and personal characteristics were investigated separately and in relation to the purchase behavior of consumers. Objective behind this capstone project which we are going to conduct on the buying behavior of the male towards branded apparels are A) To study & analyze the brand preference of youth in buying branded apparels. B) To study the most preferred brand in the apparels segment amongst the youth C) To study impact of psychological factors on buying of youth regarding apparels. D) To study the factors which influence the buying behavior for branded apparels. Need of this project is that in this competition era you must be aware about the customer needs & wants & what a consumer expects from the company. You must have this information or a customer data base if u wants to stay in the market to competitive edge in the market. After conducting this study we must be able to understand what customers wants from a brand, why he switches to other brand, what are the factor which force him to purchase branded apparels. By which company can formulate the strategies as per the customer needs & deliver them the products which consumer want from the company which will be profitable for the company. If we talk about the scope of this study in future then the scope of such study is very wider. Scope of the study is that after gathering the information about the youth who like to purchase the branded apparels & after studying the factors which influence them to go with that specific brand, it includes demographic factors, cultural influences, & social class .This study will be helpful for the companies who are in this business segment of apparels. They will be able to know the taste & need of the consumer & what will be the products & services which will help them to change the non user into user of their brand & retain their existing customer by providing them the products which they want from the company. This study will help them to formulate & implementing the marketing strategies.
Conclusion : From the survey that was conducted, we conclude that majority of the people are inclined more towards casuals. This is followed by Corporate and Sportswear both getting decent responses. Ethnic comes last with minimal number of respondents preferring ethnic wear. The survey shows that majority of the sample size often tend to update their wardrobe and hence very often do they opt for pleasing color combinations and seasonal trial of new styles in apparels. Also today’s youth only sometimes cares to be considered as outstandingly well-dressed by their friends, which is majorly responsible for their trial of accessories during the purchase of new apparels. Today’s youth majorly tend to go for branded clothes and they always plan long-term for the final purchase. Today’s youth sometimes ask their friends about their apparels before choosing ones apparel for an event and hence do not care about buying new clothes similar to that of their friends. The youth today, wears what they like irrespective of his/her friend’s approval. The survey also depicts that today’s youth always prefers new clothes for special occasions. The survey shows that today’s youth always try new clothes without planning to buy them. They very often try on different apparels to impress people. They also decide on clothes according to their mood and never connect self-confidence with their apparels.
LIMITATIONS: There are following constraints of the study which can be explained as:The time of research was short due to which many fact has been left untouched The Area undertaken in research in warangal only. But to do a completer research a wide area is required, so the area is also a constraint of the study. Sample for the study taken is of only 30 consumers, which can also act as a constraint in the study. While collecting data some of the respondents are not willing to fill the questionnaire, so they might not fill their true behavior. This can also be a constraint of the study.
Questionnaire:
MARKET SURVEY ON BRANDED APPARELS Name: Age: Gender: Occupation: Email: 1. What’s your /family annual income (in Rs)? a) Bellow 2 lakh
b) 2 -5 lakh
c) 5 -7 lakh d) above 7 lakh.
2. What range do you follow for branded apparel (per piece)? a) Below 2000
b) 2000-5000
c) 5000-8000
d) above 8000
3. What are the factors you look into while purchasing the apparels? a) Current trend
b) price
c) brand
4. I go for __________ in branded apparels. a) Casual
b) formal
c) both
5. What is the brand you like most? Ans. 6. Are you loyal to your brand?
d) market reputation
e) quality
Ans. 7. What is the alternative brand you follow? Ans. 8. Who is the ultimate decider for your purchasing? a) Yourself
b) parents/family members
c) friends
d) others
9. I go for ________ apparels a)
Readymade
b) Tailor-made
10. I prefer foreign brands rather than Indian a) 1
b) 2
c)
3
d) 4
e)
5
11. What is the source of your clothes? a) Friends
b) Yourself (advertisement)
c)
Family members
d)
Others
12. Rate your own choice/taste a) 1
b) 2
c)
3
d) 4
e)
5
13. Rate your satisfaction level for the brand you follow a) 1
b) 2
c)
3
d) 4
e)
5
14. Where do you buy your clothes from? a)
Multipurpose shopping mall (like Spencer’s, Big bazaar) b) single dedicated shopping Outlets (like Levis, wranglers, Raymond’s etc.)
15. What is your mode of payment? a) Cash
Comments: Signature:
b) Credit card
