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Question a Ire

Question a Ire

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Published by: ukamaluddinmba on Oct 02, 2010
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Title: Factors influencing purchase of global brand with reference to white goods in vellore Objective: Study of consumer behavior

on purchase of global brand with reference to white goods Definition: White goods are the goods that are painted white or enameled white. These products were previously manufactured with a white enamel finish but are now colored White goods do not include the entertainment appliances, such as, Televisions, Home cinema, Camcorders, CD, and DVD players. These products are included in the Brown goods category. Needs: Technology, Price, Service and Brand identity which inturn leads to prestigious issues Limitations: No brown goods among consumer durables Questionaire: How it differs from domestic one? What r all d option is provided to pay for d goods? What makes d difference in their service when compared to that of local? What makes consumer to buy other countries goods? Do Indian brands don t produce that image what mnc s produce? Y consumer prefers mnc s products rather than domestic what makes mnc s to enter into d indian market what r d drawbacks facing with d entry of mnc s by domestic players How was d market before entry of mnc s what r d major companies currently operating Do Indian brands doesn t produce same quality as that of global brand

Rise in disposable income: The demand for consumer electronics has been rising with the increase in disposable income coupled with more and more consumers falling under the double income families. The growing Indian middle class is an attraction for companies who are out there to woo them.

Availability of newer variants of a product: Consumers are spoilt for choice when it comes to choosing products. Newer variants of a product will help a company in getting the attention of consumers who look for innovation in products. Product pricing: The consumer durables industry is highly price sensitive, making price the determining factor in increasing volumes, at least for lower range consumers. For middle and upper range consumers, it is the brand name, technology and product features that are important. Availability of financing schemes: Availability of credit and the structure of the loan determine the affordability of the product. Sale of a particular product is determined by the cost of credit as much as the flexibility of the scheme. Rise in the share of organized retail: Rise in organized retail will set the growth pace of the Indian consumer durables industry. According to a working paper released by the Indian Council for Research on International Economic Relations (ICRIER), organized retail which constituted a mere four percent of the retail sector in FY07 is likely to grow at 45-50% per annum and quadruple its share in the total retail pie 16% by 2011-2012. The share will grow with bigger players entering the market. Innovative advertising and brand promotion: Sales promotion measures such as discounts, free gifts and exchange offers help a company in distinguishing itself from others. Festive season sales: Demand for color TVs usually pick up during the festive seasons. As a result most companies come out with offers during this period to cash in on the festive mood. This period will continue to be the growth driver for consumer durable companies.

Today customer likes to indulge in buying spree. No more the customers buy only to fulfill their basic needs and emphasise on savings itself. Value sensitive: Indian consumers have become value sensitive and are not much price sensitive as was the case earlier. If they feel that a particular product offers them more value and its price is high, even then they are willing to buy the product. Culture , tradition and values: The Indian consumers strictly follow their culture, tradition and values, as a result of which foreign companies were forced to give an Indian touch to them in order to succeed in India. McDonalds, MTV, Pepsi, Star TV, Coca Cola

India and many more had to Indianise themselves to flourish in India. Karva Chauth is celebrated with more zeal and enthusiasm than the Valentine Day. Features: The Indian consumer of today gives preference to features of a product rather than its brand name. The trend that higher segment consumers only buy the top brands has also come to an end. Shift in preference: Even after liberalization Indian companies and brands are doing very well. It is clearly evident from the fact that despite many foreign brands being sold in India, Raymond is still India¶s largest textile company and Haldiram is doing well despite the presence of McDonalds and Pizza Hut. The consumers today are not confined to a single brand and prefer change rather than sticking to the same brand. Not often do we see any home with cars of the same brand or household products of the same brand. The use of credit card for shopping is a new emerging trend in India. Also consumers are availing credit or loan from banks and other financial institutions to fulfill their needs and wants. Better services and Ambience: The Indian consumers are spending thick and fast on premium and luxury products. The Indian consumers have shown another major change in their buying behavior. They just don¶t want availability of products, they also want better experience, services and ambience. This has led to the growth of shopping malls where shopping, entertainment and better facilities are all available under one roof. To a great extent the presence of heavy weight such as the pantaloons, big bazaar, croma , nilgiris etc has given a huge fillip to the growing market by not only selling products but also the experience. The Indian consumer are much more inclined to the organized sector. Reduced prices: The rural Indian consumers are also showing signs of change. They have all the modern amenities at their home and their standard of living is fast improving. The rural households have earned huge money due to price rise in real estate. They are also shifting towards industrial and services sector, hence their purchasing power is increasing. It is reflected in their living standard and possession of all electronic gadgets and luxury cars. There is a stiff competition in the Indian market today and it has become a buyer¶s market from seller¶s market. Customers are the ultimate beneficiary of the fierce competition in the market. Competition has reduced prices to a great extent and has forced the manufacturer to maintain product quality to sustain in the highly competitive market. Though in a small way internet and and telemarketing have also caught the attention of the Indian customers. Dell. Amazon .com, etc have carved a good niche for them in the sector. Credit availability: The consumers today do not mind availing credit as when needed. So credit availability has become a key factor for determination of a buying a good. Consumers are also availing the information available on net through various forums and websites.

IPL Consumers: Shifts in Mindsets aanndd LLiiffeessttyylleess

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