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Voltas – Marketing Project Report

Voltas Air Conditioner

Project Report by:


Gautam Gulati (219)
Jain Avi Dinesh (222)
Keyoor Prashant Diwaker (224)
Monica Virbhan (227)
Upasana Singh (265)
Urooj Ansari (266)
Mohit Motwani (270)

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INDEX

S. No Topic Covered Page No.

1 Background of Study 4

2 Objective 4

3 Scope 5

4 Methodology 5

5 Description of current situation – Company 6

8 Selection of samples and data collection - customers 12

9 Data Analysis and findings – customers 17

10 Selection of samples and data collection - Distributors 24

11 Data Analysis and findings – Distributors 26

12 SWOTAnalysis 29

13 Marketing Analysis 30

14 Marketing Strategy 33

15 Market Potential 35

16 Limitations of the project 36

17 Conclusion 36

18 Bibliography 37

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ACKNOWLEDGEMENT

A work is never a work of an individual. We owe a sense of gratitude to the


intelligence and co-operation of those people who had been so easy to let us
understand what we needed from time to time for completion of this exclusive project.

We want to express our gratitude towards Prof. A. K. Biswas, Marketing Department,


BIMTECH, Greater Noida for giving us an opportunity to do this project.

Last but not the least, we would like to forward our gratitude to our friends & other
faculty members who always endured us and stood by us and without whom we
could not have envisaged the completion of our project.

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BACKGROUND OF STUDY
This study has been done as part of the project work for Marketing Management II course.
The study is majorly focused on developing a sound understanding of various aspects of
Marketing Management. For this we have taken up one of the leading Air Conditioner Brand -
Voltas.

The reason why we chose this particular company in specific is that

• Voltas is closely related to one of the oldest Indian Industry, Tata

• Air Conditioner market is having huge demand in India

• Voltas has launched products for different customer segments

Objective:-
As part of this project, we will be concentrating our analysis on the following focal points

1. Study Customer Behaviour – Understanding the factors responsible for customer buying
behavior.
2. Marketing Strategy of Voltas – Understanding the Marketing plan of Voltas.
3. Analysis of Market Share of Voltas– To study and analyze the annual and financial
growth reports of Voltas Co.
4. Study of Customer Segmentation – To study the products of Voltas with respect to the
Segmentation of Customer over Family Size, Income, Price, Features etc.
5. Study of Product Differentiation – Variants of Products offered by Voltas Co.
6. Competition faced by Voltas – Analysis of the domestic competitors for Voltas.
7. External Environment of Voltas – Analysis of the Air Conditioner Industry.

We intend to run a customer survey, to find out the customer and distributor perception about
Voltas.

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Scope:-
As part of this project we have limited ourselves to study the marketing strategy of Voltas Air
Conditioners only. We have studied the different brands of AC products being produced by
Voltas.

For this we have done a consumer survey within the domestic boundary of our college
students and friends and families outside.

Methodology:-
The sources used for our study are as follows:

• Primary data

o A consumer survey was conducted with the help of questionnaires across our
colleagues within the campus and friends and family members.

o A set of questionnaire survey was done with the Distributors and local retailers
of AC’s

• Secondary data

o We have referred to magazines and similar resources at our library to collect


various data
o We have referred to the home page of Voltas for current information on
products and financial report

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DESCRIPTION OF CURRENT SITUATION:-

1. Company – Voltas

Voltas is among India's leading air-conditioning, refrigeration and engineering services


companies. Set up in 1954, its core competencies lie in air conditioning and cooling
appliances and services. Voltas is India's largest supplier of engineering products and services
for the textile machinery sector and is a major manufacturer of forklift trucks. It provides
solutions in turnkey pumping projects for water, effluent and sewage treatment, and water
pollution control. The company has ISO 9001-2000 certification and has executed projects in
the Middle East, Southeast Asia, Central Asia, Africa and Europe.

The company mainly operates in the following areas:

• Heating, ventilation and air-conditioning (HVAC) solutions: Includes the entire range
of mechanical, electrical and plumbing services for a diverse range of applications,
spanning office complexes, airports, malls, mercantile ships, atomic energy plants, IT
parks, hospitals, etc.

• Cooling appliances: Design, manufacture and marketing of a range of air conditioners


and water coolers for household and institutional use

• Engineering products and services: Design, sourcing, installation, training,


maintenance, etc of engineering products and services in the fields of textile
machinery, machine tools, mining and construction equipment and materials handling
equipment.

• Chemicals: Import and distribution of an array of industrial, specialty and


pharmaceutical chemicals, industrial plastics and bulk drugs. The company also
exports gelatine, ultramarine blue and agrochemicals.

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JOINT VENTURES, SUBSIDIARIES, ASSOCIATES

Voltas's subsidiaries include Metrovol FZE, VIL Overseas Enterprises BV, Voice Antilles
NV, Weathermaker, Jebel Ali (Dubai), Simto Investment Company and Auto Aircon
(India).

LOCATION

Voltas has its head office in Mumbai and regional offices in several major cities in India.
Its overseas offices are in Abu Dhabi (UAE), Hong Kong and Singapore. The company
has factories at Thane (Maharashtra) and Pantnagar (Uttarakhand) in India.

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Air Conditioner Industry

Thanks to the fabled Indian middle-class, the air-conditioner market is hooting up. An
inordinately hot summer has convinced the people the comfort of an air-conditioner and a
large number appears to have decided to take one home this year. Indeed, in the last few
the years, the demand for air-conditioners from the household sector has been growing
rapidly. Still, the demand growth is particularly noticeable, and was also the most
significant change in the industry during this period.

According to some industry estimates, growth in volume terms has been 45-50 per cent
this fiscal. But official statistics underestimate this and even report a decline in production.
Nevertheless, by all accounts, including a study by the Confederation of Indian Industry
(CII), there has been a noticeable jump in the demand for air-conditioners from the
household segment. After several years of relatively modest growth, which was totally at
variance with the latent potential of the product, the sharp growth in demand the summer
past was very welcome for air-conditioner companies in many respects. One, it relatively
reduced their dependence on the corporate sector which is still the major demand driver.
Corporate traditionally accounted for about 60 per cent of the total demand for air-
conditioners. But the burgeoning demand from the household segment could level the ratio
in the near future

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One of the significant factors influencing the fortunes of the industry is the taxation
structure. The industry has come a long way from the time when the excise duty structure
favored only the unorganized sector. The steady fall in the excise rate in the 1990s helped
the organized sector cope with the competition from the unorganized sector on more
favorable terms. Still, the unorganized sector continues to meet a sizeable proportion of
the demand for non-ducted products.

There was a significant change in the excise duty structure in 2000. The rate was raised
from 30 per cent to 32 per cent and this was expected to adversely impact the industry.
However, the shift to a maximum retail price based system for the levy of excise appears
to have helped the manufacturers. In the MRP-based system, an abatement of around 40
per cent was provided. This ensured that the impact of the increase in excise was minimal
if not positive. Another major fiscal change is the removal of quantitative restrictions on
imports. Imports are, however, not all that competitive considering the Customs duty
structure. An import duty of 44 per cent along with a countervailing duty, which is
equivalent to the excise duty, is a large enough protection for the domestic companies.

Growth of AC market

The demand for non-ducted products grew steadily in the latter half of the 1990s. The
demand for mini-splits has grown at a higher rate compared to window ACs because of the
lower base. The demand switch from mid-sized ducted products, such as packaged ACs or
ducted splits, to mini-splits is also one of the reasons for the larger growth rates in the
latter segment.

Another major reason for the growth in demand was the increased attention this product
category has attracted in the recent past. Prices of air-conditioners dropped sharply in the
past few years because of competition. Most established players upgraded their
manufacturing facilities, while fresh capacities were created by companies such as
Matsushita (National brand). The marketing and advertisement spend by companies has
also been on the rise.

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With such investments flowing into building both the product and the brand, the expansion
of the market was inevitable. As seen with other consumer durables, in the initial years of
increased intensity of competition, both existing and new players invest more cash. This
leads to a drop in prices, fuelling demand and the result is a much larger market. And the
non-ducted segment has attracted a lot of players in the last few years. The latent long-
term demand potential from Indian households has led to a number of multinational
companies making a beeline to set up base in the country.

Major players in this product category are Carrier Aircon, Voltas and Blue Star. Brands
such as Hitachi, Videocon and Godrej also have a sizeable presence. Among the recent
entrants, the Korean brands such as Samsung and LG have been able to make an
immediate impact. Other brands that have positioned themselves for a share in this fast-
growing market are National, Fuji General and Daikin. On a much smaller scale,
Whirlpool and Electrolux have entered the market to cater to household demand.

Initially, the entry of new players did have an adverse impact on the established players --
especially Voltas and Carrier Aircon. The reduced sales of window ACs by Carrier Aircon
and Voltas in 1999-2000 compared to 1998-99 is testimony to the adverse impact caused
by the entry of the new brands, especially Samsung and LG. However, since the beginning
of 2000-01, it does appear that the established players -- Carrier Aircon and Voltas -- have
started to hit back. They may have even picked up some of the market shares they lost in
the earlier period. Again, initially, margins of established companies suffered as larger
outlays in selling and distribution failed to translate into superior sales growth. The trend
now appears to have been reversed.

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Major Competitors

Voltas Air conditioners faces fierce competition with the following brands of air conditioners

i. LG

ii. Samsung

iii. Videocon

iv. Hitachi

v. Carrier

vi. Whirlpool

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SELECTION OF SAMPLES AND DATA COLLECTION

SAMPLING METHOD

Random Sampling method

SAMPLE SIZE
50 Customers & 5 Dealer/Distributors

RESEARCH TOOL

Questionnaires

RESEARCH AREA

We have taken response from consumers using a set of questionnaire. Our target responders
were our colleagues, friends and family members.

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The following are the set of questions which we used for extracting information from the
responders.

Customer Response for Voltas Airconditioners


This set of questions are used for academic project to study the Voltas Airconditioner Market

* Required

What is your age group? *

15 - 25
26 - 35
36 - 50
above 50

How many members are there in your household?

less than 3
3-6
6-9
more than 9

What is your family Annual Income Scale?

less than 5 lac


5 lac - 10 lac
10 lac - 20 lac
more than 20 lac

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How many AC's do you have in your household?

0-1
2-4
4-6
more than 6

Which Brand(s) of AC do you have? If you have given 1 or more in previous response

Voltas
LG
Samsung
Hitachi
Videocon
Whirlpool
Other:
Which brand of AC have you recently purchased

Voltas
LG
Samsung
Hitachi
Videocon
Whirlpool
Other:

What are the factors for selecting a Brand

Brand Popularity
Advertisement
Current trend
Finance option
Brand Image

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Other:

Where do you prefer to purchase Air conditioner

Exclusive Showroom
Multi Brand Store
Local Retailer
Non Branded Retailers

What are the influences for purchasing AC

Friend
Family
Price
Features
Looks
Other:

When do you prefer to purchase Air Conditioner?

Pre Summer
Peak summer
Off Season
Festive Season

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How do you rate the factors for Air conditioners1 - most Important | 5 - Least Important

1 2 3 4 5

Power
Consumption

Maintenance

On Call
Service

Warranty

Size

Which brand tagline says "India ka Dil, India ka AC"

LG
Samsung
Voltas
Videocon
Whirlpool
Hitachi
Other:

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DATA ANALYSIS AND FINDINGS:-


Based on the response of the survey conducted within the consumers, the following trend came up

How many members are there in your household?


less than 3 13%
3-6 81%
6-9 4%
more than 9 2%

What is your family Annual Income Scale?


less than 5 lac 22%
5 lac - 10 lac 50%
10 lac - 20 lac 20%
more than 20 lac 8%

How many AC's do you have in your household?


0-1 40%
2-4 46%
4-6 12%
more than 6 2%

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Which Brand(s) of AC do you have?

Voltas 19%
LG 52%
Samsung 25%
Hitachi 17%
Videocon 8%
Whirlpool 6%
Other 15%
People may select more than one checkbox, so percentages may add up to more than 100%.

Which brand of AC have you recently purchased


Voltas 17%
LG 38%
Samsung 17%
Hitachi 9%
Videocon 6%
Whirlpool 2%
Other 11%

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What are the factors for selecting a Brand

Brand Popularity 35%


Advertisement 4%
Current trend 14%
Finance option 37%
Brand Image 49%
Other 24%

People may select more than one checkbox, so percentages may add up to more than 100%.

Where do you prefer to purchase Air conditioner


Exclusive Showroom 13 27%
Multi Brand Store 26 53%
Local Retailer 9 18%
Non Branded Retailers 1 2%

What are the influences for purchasing AC


Friend 6%
Family 19%
Price 27%
Features 44%
Looks 0%
Other 4%

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When do you prefer to purchase Air Conditioner


Pre Summer 27 52%
Peak Summer 8 15%
Off Season 13 25%
Festive Season 4 8%

How do you rate the factors for Air conditioners - Power Consumption

1 63%
2 17%
3 10%
4 4%
5 6%

How do you rate the factors for Air conditioners - Maintenance


1 31%
2 35%
3 19%
4 12%
5 4%

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How do you rate the factors for Air conditioners - On Call Service

1 23%
2 27%
3 27%
4 12%
5 12%

How do you rate the factors for Air conditioners - Warranty


1 29%
2 35%
3 8%
4 22%
5 6%

How do you rate the factors for Air conditioners - Size


1 19%
2 13%
3 35%
4 15%
5 17%

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Which brand tagline says "India ka Dil, India ka AC"


LG 6%
Samsung 0%
Voltas 78%
Videocon 4%
Whirlpool 2%
Hitachi 2%
Other 8%

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Our Finding Report


Based on the above survey result we were able to draw out some facts about the AC Market
and Voltas AC in particular.

• LG Brand AC is most popular within the consumer groups covered under our survey

• Samsung and Voltas are maintaining close market share

• AC purchase decision is governed by following factors


o Brand Image
o Brand Popularity
o Finance options
The purchase decision is a lot depended upon Brand Image but a typical customer
considers finance options also while its purchase.

• Shopping Malls / Multi Brand Stores are the most favorable place of purchase. This
clearly says that customers prefers to have comparative analysis of all possible brands
before purchasing an AC

• The top 3 factors influencing AC purchase decision are

o Features
o Price
o Family
• AC sales are at maximum during Pre Summer and then during off season (considering
prices are low). It is not much affected during festive offer period

• 60% sample survey suggest that


o Power Consumption
o Maintenance
o On Call Support service
o Warranty
Are the important factors considered while purchasing/selecting a branded AC

• The Branding of Voltas is strong and connects well within the masses

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Distributors Response Form


This set of questions is intended to be used for Academic research project to study the Voltas Air conditioner market
* Required

Name of the Store *

Address of Store

Do You Sell Voltas AC in your store *

Yes

No

If Not, Why don't you keep Voltas AC in your store

Exclusive Showroom

Lack of demand

Low Profit Margin

No service shop available locally

Other:

What are the major brands of AC being sold out from the store *

Samsung

LG

Videocon

Voltas

Hitachi

Carrier

Whirlpool

Other:

What are the usual brands considered by consumers for AC purchase

Samsung

LG

Videocon

Voltas

Hitachi

Carrier

Whirlpool

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Other:

What are the primary reasons for most selling brands of AC

Price

Quality

After Sale Service

Features

Advertisement

Attractive Schemes

Any Suggestions for Increasing Voltas sales

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Data Analysis

Do You Sell Voltas AC in your store

Yes 83%
No 17%

If Not, Why don't you keep Voltas AC in your store

People may select more than one checkbox, so percentages may add up to more than 100%.

Exclusive Showroom 0%
Lack of demand 100%
Low Profit Margin 0%
No service shop available locally 0%
Other 0%

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What are the major brands of AC being sold out from the store
Samsung 50%
LG 100%
Videocon 50%
Voltas 50%
Hitachi 33%
Carrier 33%
Whirlpool 33%
Other 0%
People may select
more than one
checkbox, so
percentages may
add up to more
than 100%.

What are the usual brands considered by consumers for AC purchase


Samsung 50%
LG 67%
Videocon 50%
Voltas 17%
Hitachi 17%
Carrier 0%
Whirlpool 0%
Other 0%
People may select
more than one
checkbox, so
percentages may
add up to more
than 100%.

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What are the primary reasons for most selling brands of AC


Price 50%
Quality 33%
After Sale Service 50%
Features 67%
Advertisement 17%
Attractive Schemes 50%
People may select more
than one checkbox, so
percentages may add up to
more than 100%.

Our Finding
Based on the survey response received from several distributors the following was our
observations

• Voltas AC lacks in demand in the NCR region


• LG is the most dominant brand of AC in NCR market
• LG, Samsung consists in majority of consideration set of customers
• Features are the prime factor of purchase reasons within NCR.
• Price, after sale support and finance schemes are also major reasons for consideration
of buying an AC

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SWOT Analysis of Voltas Air Conditioners

Strength Weakness

• Design and manufacture of • Too keen on targeting the


industrial equipment. economy consumer segment
• Management and execution of only
Air Conditioning • Unable to target the Green
• Voltas represents a number of conscious customers
global technology leaders,
serving diverse industrial
sectors and applications.
• Public works project
• Sourcing, installation and
servicing of technology based
systems
Opportunities Threats

• The high end value driven • Due to increased price of inputs


proposition helps increase the and continued price erosion
market share. there is downtrend in the
• Voltas is well known for its consumer durables market
product differentiation
• Promote eco friendliness
through their energy efficient
products

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MARKETING ANALYSIS

Marketing is a societal process by which individuals and groups obtain what they need and
want through creating, offering and freely exchanging products and services of value with
others or otherwise it is the process of planning and executing the conception, pricing,
promotion and distribution of ideas, goods, services to create exchanges that satisfy individual
and organizational goals.

Marketing Strategy

Marketing strategy is a set of objectives, policies and rules that leads the company's marketing
efforts. It is the marketing approach to accomplish the bread objective of the marketing
approach to accomplish the bread objective of the marketing plan. The various process of
marketing strategy is given below.

1. Selecting largest markets segmentation


2. Positioning
3. Product
4. Price
5. Place
6. Promotion
7. Research and development
8. Marketing research

1. Market segmentation and selecting target market

Voltas has smartly created their market segment on the basis of the Cost sensitivity
within consumers. Voltas has segmented their consumers as

- Cost saving conscious

- Cost saving plus appearance conscious

- Affordability with ease

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2. Positioning

Voltas has positioned themselves as a low on cost air conditioners with all the features
of a good air conditioner.

3. Product

Voltas offers a range of air conditioners in the market, which includes

• Split AC
• Window AC
• Pristine AC
• Panache AC
• Cassette AC
• Slim line AC

4. Price

Considering the customer segmentation and market positioning, Voltas has kept its
product prices competitive and lucrative for the economy minded consumers. The
company does operate in the higher segments but it ensures Price as their winning
factors, since they cannot compete over other value addition which is possible for
other costlier brands.

5. Place

Voltas has ensured its product presence at almost all tiers of cities throughout the
country through local retailers, exclusive showrooms, malls, electrical and electronic
superstores etc.

Since last year, the company has also started coming up with special retail franchisee
where all the Voltas products are installed in working conditions so that the consumers
can check and feel the features of the product at the store. The location of such
innovative stores is made such that it caters to majority of the areas within its radius.

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The after sale service shops are present in all major tier – A, B, C cities. Voltas has
even developed its own 24 hours dedicated customer care representatives to take all
types of complaints, feedbacks and suggestions from customers.

6. Promotion

Voltas advertisement strategy clearly depicts their customer segmentation and


positioning within market. The advertisement is meant to emotionally bridge the gap
within its consumers who feel that AC runs on electricity bill to electricity saving AC.

The promotions done through magazines are smartly placed and designed to attract
different income level customers who prefer AC with good exterior look and low on
energy bill.

7. Research and Development

Voltas uses the state of the art technology in its entire product range. With the solid
back up of Voltas and dependable Indian label, Tata, Voltas AC continuously develops
its product to match with all the compliance and customer requirement.

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MARKETING STRATEGY
Marketing is not Euclidean geometry a fixed system of concept. Rather marketing is one of
the dynamic fields with in the management arena. The market faces continually a new
challenge everyday and companies must respond to it positively. Therefore it is not surprising
that new market idea keep surfacing to meet new market place challenges.

The market process is applicable to more than goods and services. Anything related to market
including ideas, events, policies, prices and personalities comes under market strategy.
However it is important to emphasize opportunity in the market through market strategy.

Following strategies adopted by the organization.

 Niche Marketing:

Voltas has kept their marketing objectives for niche segments. The specific marketing effect
helps them staying focused with their product and customer demand

 Multi Prolonged Strategy:

Voltas marketing strategy is a long term approach. They have not changed their stand since
the inception of the brand and continue to promote the same value proposition of economic
energy consumption to their customer segments. This has helped them in creating a brand
sentiment within masses and the featured product are helping them in getting into cutting edge
competition.

 Corporate selling at discount price to Employees:

Voltas has adopted an amazing marketing technique of offering their AC product at reduced
price to the employees of TCS. This promoted the brand within in house.

On the basis of marketing strategy an organization runs in the market. It is several types of
which makes helpful to increase sales and turnover of the organization.

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MARKETING MIX
Target Market

Product Price Promotion Place

Product variety List price Sales promotion Channels

Quality Discounts Advertising Coverage

Design Allowances Sales forces Assortments

Features Payment period Public relation Locations

Brand name Credit terms Direct marketing Inventory

Packaging Transport

Sizes

Services

Warranties

returns

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MARKET POTENTIAL

The size of the air-conditioner industry in India is about Rs 2,000 crores. The industry can be
sub-divided into non-ducted and ducted products. The demand for non-ducted products --
window air-conditioners and mini-splits -- comes from both households and corporate. The
demand for ducted products -- central plants, packaged air-conditioners and ducted splits -- is
only from the corporate.

A vast majority of middle-class Indian homes have traditionally battled the summer heat with
the help of fans or giant fan-driven water coolers which blast cool air. "All these years
companies have thought of an AC as an expensive luxury product but that's no longer true,”
(The AC) has moved from its luxury status to a necessity item just like any washing machine
or refrigerator. Air conditioner companies see India as a potential gold mine as it offers a
winning combination of rising disposable incomes and AC ownership levels of just 1.1
percent of households. And average prices for air conditioners in India have dropped by about
20 percent over the past two years thanks to new companies entering the fray, making them
more accessible to consumers.

With average incomes rising, AC penetration to follow the same trajectory as colour TV
ownership which is pegged at 18 percent of all households and whose sales have also been
spurred by falling prices. The dismal supply of power where outages, lasting hours, are a part
of life in large swathes of India, could still throw a spanner into the bullish hopes of AC
companies. The big problem is the quality of power supply and the cost of running an AC
running costs are upwards of three rupees an hour depending upon electricity tariffs. Also
hurting growth is the unofficial "grey" market that accounts for close to 15 percent of the
sales. But that is down from 70 percent a decade ago, as competition among established
players and growing preference for brand name ACs among consumers who want after-sales
service has narrowed the gap to around 3,000 rupees from 7,000 earlier. It will shrink further
and further as markets mature and consumers get educated.

Indian air conditioner market is already flooded by players like Hitachi, Whirlpool, LG, Haier,
Samsung, Voltas, Videocon and many more each competing on the basis of price and features.

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LIMITATION OF THE PROJECT

1. The sample used for our consumer behaviour analysis is very small and does not
represent the whole market
2. The study is based on articles, presentations, etc available in library, internet, company
home page etc. only
3. Due to the lack of field work there is no substantial backing for the recommendation
4. The analysis is done by under trainee students and cannot be taken as final report

CONCLUSION

Based on this Marketing research project we were able to make the following conclusions
about the brand Voltas AC

1. Customer Behaviour – With the help of our survey we were able to deduce that the
consumers of ACs are mostly driven by Energy efficiency, maintenance cost, after sale
support
2. Marketing Strategy of Voltas – Voltas has strictly adhered to their mass marketing
technique and highly efficient products at reasonable cost of owning. This has helped
Voltas to capture the niche market of cost sensitive consumers and even retain them.
3. Market Share of Voltas– Voltas is doing fairly well in the current scenario with its last
quarter results showing positive development
4. Customer Segmentation – Voltas customer segmentation is very clear and they have
streamlined their products as per the same.
5. Product Differentiation – Voltas has a good line of products within each type of
products.

Voltas is a prominent AC brand within masses which promises cost saving through energy
efficiency to their customers. They have been able to reach out to their customer segments
through very emotional and powerful advertisement channels. The recent partnership at the
Abu Dhabi Grand Prix race, 2008 gave them an International dimension. Voltas has been
pioneering themselves across all segments of ACs with their solid engineering expertise of
Voltas engineers and great Indian value company – Tata.

Group 3, PGDM (IB) 2009 -11 Page 36


Voltas – Marketing Project Report

BIBLIOGRAPHY

http://www.voltasac.com/news-6.aspx

http://www.thaindian.com/newsportal/business/voltas-targets-premium-air-conditioner-
segment_10029375.html

http://www.theequitydesk.com/forum/forum_posts.asp?TID=1742

http://www.tata.co.in/company/media/index.aspx?sectid=PwJV/FG+lC4=

http://www.voltasac.com/air-conditioners.aspx

Group 3, PGDM (IB) 2009 -11 Page 37