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Market Report on Lg Refrigerator

Market Report on Lg Refrigerator

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Published by Akki Seht
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Published by: Akki Seht on Oct 28, 2010
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UNIVERSITY OF WALES INSTITUTE CARDIFF
 
Master of Business Administration
 
MBA 403
 
Marketing
 
(Assignment 2)
 
LETURER: MR David Goh
 
STUDENT’S NAME: KOTHA SHIV SHANKER REDDY
 
Student ID Number: 0910/5978
 
TABLE OF CONTENTS:
 
§
EXECUTIVE SUMMARY
 
§
PRESENT SCENARIO OF REFRIGERATOR IN INDIA
 
§
COMPETETORS IN THE INDUSTRY
 
§
COMPETETOR ANALYSIS OF INDIAN REFRIGERATOR MARKET
 
§
DIRECT RIVAL PROFILE
 
§
LG INDIA
 
§
PRODUCT PROFILE
 
 
§
CONSUMER DECISION MAKING PROCESS
 
§
TARGET MARKET
 
§
MARKETING OBJECTIVES
 
§
RESEARCH METHODS
 
§
REFERENCES
 
EXECUTIVE SUMMARY
 The consumer durable industry in India has witnessed a major change in the past few years. The changein lifestyle, increase in household income along with more affordability and an increase in advertising
 
standards have been instrumental in bringing phenomenal changes in consumer behaviour pattern.Indian consumer durables market used to be dominated by a few domestic players like Godrej, Allwyn,Kelvinator, and Voltas. But post-liberalization many foreign companies have entered into India,dethroning
 
the Indian players and dominating the market. The major categories in the market areCTVs, refrigerators, air-conditioners and washing machines.India being the second fastest growing economy with a huge consumer class has resulted in consumer 
 
durables as one of the fastest growing industries in India. LG and Samsung, the two Korean companieshave been maintaining the lead in the industry with LG being the leader in almost all the categories.
A New Report on Indian Consumer Durables Market by Koncept Analytics
 
 
 By Koncept Analytics Pvt Ltd 
 
 
 Dated: Jun 03, 2008
 According to a survey conducted by FICCI on the consumer durable industry, there has been a notable
 
change in the preferences of consumers towards more tech-savvy, high end quality branded products.The major reasons for this shift can be explained as very low difference in prices between branded andunbranded products, and the excellent quality of after sales service provided by some of the branded
 
companies. One of the major reasons is the entry of foreign companies due to low import duty andother beneficials provided by the government.
REFRIGERATOR INDUSTRY IN INDIA
 
PRESENT SCENARIO
 The present scenario in India is that refrigerators have the most aspirational value after televisions. Thisshows that the growth rate of refrigerator is high. Today refrigerators are being manufactured in two basic designs which are:a)
 
Direct Cool Refrigerator  b) Frost Free Refrigerator In these two designs of refrigerators, the direct cool design market is much more than the expensive
 
frost-free models. Although the growth is marginal in the direct cool models, the major factor for itsgrowth is the availability of low priced models. A T Kearney’s 8th Annual Global Retail DevelopmentIndex (GRDI) of 2009 ranked the Indian market as the most promising emerging market for investmentin the retail sector.
 
According to ‘The Rise of The Indian Consumer Market’ (A McKinsey report), the Indian consumer 
 
market is predicted to grow four times by 2025OverviewIndian refrigerator market is valued at Rs 4000 crore. Refrigerators hold only 16% of consumer durable
 
market that is valued at around Rs. 20,000-25,000 crore in India. Its market is growing at the rate of 7-8% annually.
Projected sales for the year 2007-2008
 
CHALLENGES FACED BY COMPANIES IN REFRIGERATOR SEGMENT
 Despite the fact that refrigerators have immense utility to housewives and provide a solution to avoidfood wastage, the penetration level is still below 20% and its market is growing at a very small pace.This may be because:
People in small towns and rural areas do not consider it as a necessary product and areunaware of its utility value.
 
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