CHAPTER – 1

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Marketing is a dynamic and multifaceted field that has evolved significantly over
time. Its roots can be traced back to ancient civilizations, where merchants
employed various tactics to promote their goods. However, the formalization of
marketing as a discipline began in the early 20th century.

One of the pivotal moments in marketing history was the emergence of the
production-oriented era, prevalent in the early 1900s. During this time, businesses
focused on mass production and efficiency, assuming that if products were made
efficiently, they would sell themselves. This perspective, however, proved to be
limited, leading to the transition to the sales-oriented era.

In the sales-oriented era, which persisted through the mid-20th century,

companies emphasized aggressive sales tactics to convince consumers to purchase
their products. The emphasis shifted from production efficiency to personal
selling and advertising. This era marked the realization that a proactive approach
was necessary to stimulate demand.
The 1960s witnessed the rise of the marketing-oriented era, characterized by a
shift in focus from products to consumers. Companies began to conduct market
research to understand consumer needs and preferences better. This era
emphasized creating products that met customer demands, thereby establishing
the foundation for modern marketing practices.

As technology advanced, the late 20th century saw the advent of the relationship
marketing era. Businesses recognized the importance of building long-term
relationships with customers, emphasizing customer satisfaction and loyalty. The
rise of customer relationship management (CRM) systems facilitated personalized
interactions and tailored marketing strategies.

The turn of the millennium brought about the digital marketing era, reshaping the
landscape of advertising and consumer engagement. The internet became a
powerful tool for reaching global audiences, and social media platforms emerged
as influential channels for marketing. Digital marketing enabled real-time
interactions, data-driven decision-making, and targeted advertising,
revolutionizing the way businesses connect with consumers.

In recent years, the marketing landscape has been further transformed by the
integration of artificial intelligence (AI) and data analytics. AI facilitates
personalized marketing strategies, predictive analytics, and automation, enabling
businesses to optimize their campaigns and enhance customer experiences.
Additionally, the advent of mobile technology has given rise to mobile marketing,
allowing companies to reach consumers anytime, anywhere.
Contemporary marketing is characterized by an omnichannel approach, where
businesses integrate various channels seamlessly to provide a cohesive and
personalized customer experience. Social media, content marketing, influencer
marketing, and search engine optimization (SEO) are integral components of a
comprehensive marketing strategy.

Moreover, sustainability and corporate social responsibility have gained

prominence in marketing efforts, reflecting a growing consumer demand for
ethically produced and environmentally friendly products. Businesses are
increasingly recognizing the importance of aligning their values with those of
their target audience to build trust and brand loyalty.

CURRENT TRENDS OF MARKETING

Marketing trends evolve rapidly, shaped by technological advancements, shifting

consumer behaviors, and emerging business models. In the current landscape,
several key trends are influencing the way businesses connect with their
audiences.

1. Digital Transformation: The accelerated pace of digital transformation

continues to redefine marketing strategies. Businesses are increasingly leveraging
advanced technologies such as artificial intelligence, machine learning, and data
analytics to enhance customer experiences, personalize content, and optimize
campaigns.
2. Content Marketing Dominance: Content remains king in the marketing realm.
However, the focus has shifted towards interactive and visual content. Video
marketing, live streaming, and interactive content are gaining prominence,
capturing the attention of audiences in an era where attention spans are
diminishing.

3. Influencer Marketing Evolution: Influencer marketing has matured beyond

mere endorsements. Brands now seek authentic and long-term partnerships with
influencers who align with their values. Micro and nano influencers, with smaller
but highly engaged audiences, are becoming increasingly popular for niche
marketing.

4. Social Media Integration: Social media platforms are indispensable for

marketing. However, there's a shift towards deeper integration, with e-commerce
functionalities directly on platforms. Features like Instagram Shopping and
Facebook Marketplace blur the lines between social media engagement and online
shopping.

5. Personalization and Customer Experience: Tailoring marketing efforts to

individual preferences is a growing trend. AI-driven personalization, from
customized product recommendations to personalized email campaigns, enhances
the overall customer experience and fosters brand loyalty.
6. Sustainability and Purpose-Driven Marketing: Consumers are increasingly
conscious of environmental and social issues. Brands embracing sustainability and
aligning with social causes not only contribute to a better world but also resonate
with a growing segment of socially aware consumers.

7. Omnichannel Marketing: With consumers engaging across multiple channels,

creating a seamless experience is crucial. Omnichannel marketing integrates
various touchpoints, ensuring a consistent message and user experience across
online and offline platforms.

8. Voice Search Optimization: The rise of voice-activated devices has led to the
need for voice search optimization. Businesses are adapting their content and SEO
strategies to cater to the nuances of voice search, as more users turn to devices
like smart speakers and voice-enabled smartphones.

9. Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies

are increasingly being used for immersive brand experiences. From virtual try-ons
in the fashion industry to AR-enhanced product packaging, these technologies
offer unique ways to engage consumers.
10. Data Privacy and Compliance: With an increasing focus on data privacy,
marketers need to navigate evolving regulations. Consumer trust is paramount,
and businesses must be transparent about how they collect, use, and protect
customer data.

STRATEGIES USED BY HR IN PRODUCT STRATEGIES

Product strategies are crucial for the success of any business, guiding the
development, positioning, and marketing of a company's offerings. These
strategies are multifaceted, encompassing various aspects to ensure that
products meet market needs and contribute to organizational objectives. Here,
we'll delve into some key strategies employed by businesses in crafting and
managing their product portfolios.

1. Market Research and Analysis:

Effective product strategies start with thorough market research. Companies
invest time and resources in understanding customer needs, preferences, and
behaviors. This analysis helps identify gaps in the market, potential
opportunities, and areas of improvement for existing products. By staying
attuned to the market, businesses can align their product development with
consumer demands.

2. Product Lifecycle Management:

Managing a product through its lifecycle involves several stages: introduction,
growth, maturity, and decline. Companies tailor their strategies accordingly.
During the introduction phase, focus may be on building awareness and
establishing a market presence. In the maturity phase, efforts may shift to
differentiation and cost management. Understanding where a product stands in
its lifecycle informs decisions about marketing, pricing, and innovation.

3. Differentiation and Unique Value Proposition (UVP):

Successful products often stand out due to their unique features or benefits.
Companies strive to differentiate their offerings from competitors, creating a
distinct identity. A compelling Unique Value Proposition (UVP)
communicates what sets a product apart and why customers should choose it
over alternatives. This strategy is crucial for building brand loyalty and
gaining a competitive edge.

4. Pricing Strategies:
Pricing plays a pivotal role in product success. Companies adopt various
pricing strategies, such as cost-plus pricing, value-based pricing, or
penetration pricing. Pricing decisions must align with market expectations,
perceived value, and the overall business strategy. Striking the right balance is
essential for profitability and market acceptance.

5. Innovation and Product Development:

Continuous innovation is key to staying relevant in dynamic markets. Product
development strategies involve creating new products or enhancing existing
ones to meet changing customer needs. This may include technological
advancements, improved features, or novel designs. Innovation ensures a
company remains competitive and adaptable in evolving industries.

6. Branding and Positioning:

Effective branding establishes a product's identity and builds consumer trust.
Companies carefully craft brand messages to resonate with target audiences.
Product positioning involves defining where a product stands in relation to
competitors in the minds of consumers. A clear and compelling brand image
contributes to customer loyalty and market success.

7. Distribution Channels:
Choosing the right distribution channels is crucial for reaching target markets
efficiently. Companies decide whether to sell directly to consumers, use
intermediaries like retailers, or leverage online platforms. The distribution
strategy must align with product characteristics, target audience behavior, and
overall business goals.

8. Marketing and Promotion:

An effective marketing strategy is essential for creating awareness and driving
sales. Companies employ various channels, such as digital marketing,
advertising, and public relations, to promote their products. Timely and
targeted promotional campaigns help maintain visibility in the market.

9. Customer Feedback and Iteration:

Listening to customer feedback is integral to refining and improving products.
Companies that actively seek and incorporate customer insights can adapt
their products to changing preferences and market trends. Iterative product
development ensures ongoing relevance and customer satisfaction.

MOTIVATION MEANING
Product strategies are crucial components of a business's overall strategy, focused
specifically on the development, positioning, and promotion of its products. These
strategies guide how a company introduces, manages, and evolves its product
offerings to meet customer needs and achieve business objectives.

One fundamental aspect of product strategy involves defining the target market
and understanding customer needs. Through market research, companies gather
data to identify the preferences, behaviors, and pain points of their target
audience. This information helps in creating products that resonate with customers
and address specific market demands.

Another key element of product strategy is product development. This

encompasses the entire process of bringing a new product to market, from
conceptualization to design, manufacturing, and distribution. Companies must
strike a balance between innovation and feasibility, ensuring that their products
not only meet customer expectations but also align with the company's
capabilities and resources.

Once a product is developed, positioning becomes crucial. Product positioning

involves establishing a distinct image for the product in the minds of consumers.
This includes defining the unique selling proposition, highlighting key features,
and differentiating the product from competitors. Effective positioning contributes
to a product's market success by influencing how consumers perceive its value.
Furthermore, pricing strategies are integral to product strategies. Companies must
determine the optimal price point that maximizes profitability while remaining
competitive in the market. Pricing decisions take into account production costs,
perceived value, and the overall pricing strategy within the industry.

Distribution channels are another critical consideration in product strategy.

Deciding how to deliver products to customers involves choices about retail
partnerships, online platforms, and logistics. The goal is to ensure that products
are conveniently accessible to the target market, whether through traditional
brick-and-mortar stores or digital channels.

Promotion is a key component of product strategies, encompassing advertising,

public relations, and marketing communications. Building awareness and
generating interest in a product require a well-crafted promotional campaign that
reaches the target audience through various channels. This includes digital
marketing, social media, traditional advertising, and other communication
methods.

Product life cycle management is an essential aspect of product strategies.

Products go through distinct stages, from introduction to growth, maturity, and
decline. Companies need to adapt their strategies at each stage to maximize the
product's life cycle and potentially introduce new iterations or innovations to meet
evolving market demands.

TYPES OF PRODUST STRATEGIES

1. Market Penetration:

Focuses on increasing market share for existing products in the current

market.

Involves aggressive pricing, promotional campaigns, and enhancing

distribution channels.

Aims to attract more customers from competitors or encourage existing

customers to buy more.

2. Product Development:

Involves creating and introducing new products or improving existing

ones.

Capitalizes on innovation to meet changing customer needs or preferences.

Requires substantial research and development investment.

3. Market Development:

Targets new markets or customer segments with existing products.

Often involves geographical expansion or reaching out to untapped

demographics.
Requires understanding and adapting to different market dynamics.

4. Diversification:

Expands the product portfolio into new markets or industries.

Can be related or unrelated diversification.

Helps mitigate risks by not relying solely on one product or market.

5. Branding Strategies:

Focuses on building a strong brand identity for products.

Involves establishing brand values, unique selling propositions, and

creating brand loyalty.

Aims to differentiate products from competitors in consumers' minds.

6. Lifecycle Extension:

Seeks to extend the lifespan of a product through updates, modifications,

or rebranding.

Often applied to mature products to keep them relevant in the market.

Helps maximize the return on investment in product development.

 7. Cost Leadership:

Emphasizes becoming a low-cost producer in the industry.

Involves efficient production processes, economies of scale, and cost

control.

Enables companies to offer competitive prices and attract cost-conscious

customers.

WAYS TO IMPROVE PRODUCT STRATEGIES

To enhance product strategies, businesses should focus on several key aspects to

ensure sustainable growth and competitiveness. Here are some crucial ways to
improve product strategies:

Market Research and Understanding:

Conduct comprehensive market research to understand customer needs,

preferences, and emerging trends. Analyze competitors to identify gaps in the
market and opportunities for differentiation.

Customer-Centric Approach:

Prioritize the customer experience by actively seeking feedback and integrating it

into product development. Understand customer pain points and tailor products to
address those specific needs, enhancing overall satisfaction and loyalty.

Agile Product Development:

Embrace agile methodologies to facilitate quick adaptation to changing market
conditions. Frequent iterations and feedback loops allow for continuous
improvement, ensuring products stay relevant in dynamic environments.

Cross-Functional Collaboration:

Foster collaboration between different departments, such as marketing, sales, and

development. Cross-functional teams can ensure that the entire organization is
aligned with the product strategy, facilitating smoother execution.

Data-Driven Decision Making:

Utilize data analytics to gather insights into customer behavior, market trends, and
product performance. Informed decision-making based on data can significantly
enhance the effectiveness of product strategies.

Innovation and Creativity:

Encourage a culture of innovation within the organization. Regularly explore new

ideas, technologies, and approaches to product development. This can lead to
breakthrough innovations that set products apart from the competition.

Scalability and Flexibility:

Design products with scalability in mind to accommodate future growth.

Additionally, build flexibility into products to adapt to evolving customer needs
and technological advancements, ensuring long-term viability.

Effective Communication:
Clearly communicate the value proposition of the product to both internal teams
and external stakeholders. A well-defined messaging strategy helps in aligning
everyone involved and facilitates effective marketing efforts.

IMPORTANCE OF PRODUCT STRATEGIES

Product strategies play a pivotal role in the success and sustainability of any
business. They serve as the guiding framework that aligns a company's offerings
with market demands, customer needs, and overall business objectives. A well-
crafted product strategy is essential for several reasons.

First and foremost, product strategies provide a roadmap for product development.
They help businesses define their target market, understand customer preferences,
and identify opportunities for innovation. This clarity is crucial for creating
products that not only meet but exceed customer expectations, fostering customer
satisfaction and loyalty.

Moreover, product strategies contribute to competitive advantage. In a dynamic

market, businesses face constant challenges from competitors. A robust product
strategy allows companies to differentiate themselves by offering unique features,
superior quality, or better value. This differentiation becomes a key driver in
attracting and retaining customers in a crowded marketplace.
Additionally, effective product strategies ensure resource optimization.
Companies operate within finite resources, including time, money, and
manpower. A well-defined strategy helps allocate these resources efficiently,
focusing on initiatives that align with the company's long-term goals. This
strategic resource allocation enhances overall operational efficiency and
profitability.

Furthermore, product strategies facilitate adaptation to market changes. Markets

are dynamic and subject to continuous evolution due to technological
advancements, shifting consumer trends, and competitive landscape variations. A
flexible product strategy enables a company to adapt to these changes swiftly,
ensuring its products remain relevant and in demand.

Strategic product planning also plays a pivotal role in risk mitigation. By

conducting thorough market research and analysis, businesses can anticipate
potential challenges and plan mitigation strategies. This proactive approach helps
in minimizing risks associated with product development, launch, and market
acceptance.

In the context of innovation, product strategies drive research and development

efforts. They guide the exploration of new technologies, features, and
functionalities that can elevate a product above others in the market. Innovation is
crucial for staying ahead in competitive industries and capturing the attention of
tech-savvy consumers.
Moreover, product strategies contribute to effective communication both
internally and externally. Internally, a clear product strategy aligns teams and
departments towards common goals, fostering collaboration and synergy.
Externally, it aids in communicating the value proposition of a product to
customers, investors, and other stakeholders, building trust and credibility.

Customer feedback is another area where product strategies prove vital. By

establishing channels for customer input, companies can incorporate valuable
insights into their product development processes. This customer-centric approach
enhances the likelihood of creating products that resonate with the target
audience, leading to increased market share and revenue.

FACTORS INFLUENCING PRODUCT STRATEGIES .

Product strategies are shaped by a multitude of factors, each playing a crucial

role in the development, positioning, and success of a product in the market.
These factors can be broadly categorized into internal and external influences.

Internal Factors:

Organizational Goals and Objectives: The overarching objectives of a

company greatly influence product strategies. Whether the focus is on revenue
growth, market share expansion, or brand positioning, these goals guide
decisions related to product development and marketing.

Available Resources: The financial, human, and technological resources at a

company's disposal impact its ability to innovate, manufacture, and market
products. Resource constraints may necessitate strategic choices, such as
focusing on specific market segments or optimizing existing products.

Company Culture: The values, beliefs, and culture within a company shape its
approach to product development. A culture that values innovation may lead to
the introduction of cutting-edge products, while a more conservative culture
might prioritize incremental improvements.

Technology Infrastructure: The technological capabilities within an

organization influence its ability to create and support products. Companies
with advanced technology infrastructure may be more agile in adapting to
market trends and launching innovative products.

External Factors:

Market Dynamics: Understanding the target market is critical. Factors such as

market size, growth rate, and competitive landscape impact product decisions.
Analyzing consumer needs and preferences helps in tailoring products to meet
specific market demands.

Competitive Environment: The actions of competitors play a pivotal role. A

company needs to differentiate its products to stand out in a crowded market.
Analyzing competitors' strengths and weaknesses helps in positioning products
effectively.

Economic Conditions: Economic factors, including inflation rates, interest

rates, and overall economic stability, influence consumer spending. During
economic downturns, consumers may be more price-sensitive, affecting
product pricing and positioning.
Regulatory Environment: Legal and regulatory factors, such as industry
standards and government regulations, can significantly impact product
strategies. Adhering to compliance requirements is crucial for avoiding legal
issues and maintaining a positive brand image.

Consumer Trends and Preferences: Understanding evolving consumer

preferences is essential for successful product strategies. Market research helps
identify trends, allowing companies to adapt their products to changing
consumer demands.

Technological Trends: Rapid technological advancements can create new

opportunities or disrupt existing markets. Companies need to stay abreast of
technological trends to incorporate innovations into their product strategies
and stay competitive.

Globalization: For companies operating in a global context, factors like

cultural differences, geopolitical situations, and varying market conditions
across regions must be considered. Adapting products to diverse markets
requires a nuanced understanding of these global influences.
CURRENT TRENDS OF PRODUCT STRATEGIES

Product strategies are constantly evolving in response to changes in consumer

behavior, technology advancements, and competitive landscapes. Several key
trends are shaping the current landscape of product strategies.

1. Customer-Centric Approach:

Modern product strategies prioritize understanding and meeting customer needs.

Companies are leveraging data analytics, customer feedback, and market research
to develop products that resonate with their target audience. This customer-centric
approach ensures that products not only fulfill functional requirements but also
provide a positive user experience.

2. Agile Development Methodologies:

Agile methodologies are gaining prominence in product development. This

approach emphasizes flexibility, collaboration, and iterative development. By
breaking down the development process into smaller, manageable cycles,
companies can respond quickly to changes in market demands and technology.

3. Personalization and Customization:

Consumers increasingly expect personalized products and experiences. Product

strategies are incorporating customization options to allow users to tailor products
to their preferences. This trend is particularly noticeable in industries like fashion,
technology, and even food, where companies are offering personalized options
based on individual tastes and needs.
4. Sustainability and Social Responsibility:

There is a growing awareness of environmental and social issues, influencing

product strategies. Consumers are more inclined to support products and brands
that prioritize sustainability and social responsibility. Companies are
incorporating eco-friendly materials, reducing waste, and adopting ethical
business practices to align with these values.

5. Integration of AI and Machine Learning:

Artificial Intelligence (AI) and Machine Learning (ML) are increasingly

integrated into product strategies. From recommendation algorithms to predictive
analytics, AI is enhancing user experiences and optimizing various aspects of
product development. This technology enables companies to analyze vast amounts
of data, identify patterns, and make data-driven decisions.

6. Subscription-Based Models:

Subscription-based models are gaining popularity across various industries. This

approach provides a steady revenue stream and fosters long-term customer
relationships. From software services to streaming platforms, companies are
offering subscription plans that provide continuous value and access to ongoing
updates.

7. Ecosystem Building:
Companies are focusing on building comprehensive ecosystems around their
products. This involves creating interconnected platforms and services that
enhance the overall user experience. By offering a seamless integration of
products and services, companies aim to strengthen customer loyalty and increase
brand engagement.

8. Rapid Prototyping and Testing:

Reducing time-to-market is crucial in today's fast-paced business environment.

Product strategies are incorporating rapid prototyping and testing to validate ideas
quickly. This iterative process allows companies to gather feedback early in the
development cycle, enabling them to make informed decisions and refine their
products efficiently.

9. Digital Transformation:

Digital transformation is a key driver in shaping product strategies. Companies are

leveraging technology to enhance internal processes, improve efficiency, and
deliver innovative digital products. Embracing digital tools and platforms is
essential for staying competitive in the current business landscape.

10. Collaborative Innovation:

Collaboration is becoming a cornerstone of successful product strategies.
Companies are partnering with startups, industry experts, and even competitors to
foster innovation. Collaborative ecosystems enable access to diverse skills,
resources, and perspectives, accelerating product development and addressing
complex challenges.

1.2 INDUSTRY PROFILE

INDUSTRY PROFILE
The automobile industry is a dynamic and influential sector that plays a
pivotal role in global economic development. Characterized by constant
innovation, technological advancements, and evolving consumer
preferences, the industry has undergone significant transformations over
the years.

Historical Perspective:
The roots of the automobile industry can be traced back to the late 19th
century when pioneers like Karl Benz and Henry Ford introduced the
first mass-produced automobiles. Ford's assembly line revolutionized
manufacturing processes, making cars more affordable and accessible to
the general public.

Market Landscape:
In the contemporary landscape, the automobile industry is marked by a
diverse array of manufacturers, ranging from established giants like
Toyota, Volkswagen, and General Motors to newer players in electric
and autonomous vehicle segments. Globalization has interconnected
markets, leading to cross-border collaborations and joint ventures.

Technological Innovation:
 Technological innovation is at the forefront of the automobile industry.
The shift towards electric vehicles (EVs) and autonomous driving
technologies has gained momentum, driven by environmental concerns
and the pursuit of safer transportation. Electric vehicles, in particular, are
becoming increasingly popular as governments worldwide incentivize
sustainable practices.

Environmental Concerns:
The industry faces growing pressure to address environmental
concerns, prompting manufacturers to explore sustainable practices and
develop greener alternatives. Governments are enforcing stricter
emission standards, pushing companies to invest in research and
development for eco-friendly solutions.

Consumer Preferences:
Changing consumer preferences, influenced by factors such as fuel
efficiency, safety features, and connectivity, drive constant evolution in
the industry. The demand for connected cars, equipped with advanced
infotainment and communication systems, reflects the modern
consumer's desire for a seamless and integrated driving experience.

Challenges and Opportunities:

Despite its advancements, the automobile industry faces challenges
such as supply chain disruptions, regulatory changes, and the need for
substantial investments in research and development. However, these
challenges also present opportunities for companies to innovate,
diversify, and adapt to emerging trends.

Global Economic Impact:

 The automobile industry is a significant contributor to global economic
growth, providing employment opportunities and fostering ancillary
industries. The sector's impact extends beyond manufacturing,
influencing areas like logistics, finance, and technology.

Future Outlook:
Looking ahead, the industry is poised for continued transformation. The
widespread adoption of electric vehicles, the integration of artificial
intelligence in autonomous driving, and the development of smart
infrastructure are expected to shape the future of mobility.

FACTORS INFLUENCING GROWTH OF AUTOMOBILES

INDUSTRY

 INDUSTRY PROFILE
The automobile industry is a dynamic and influential sector that plays a
pivotal role in global economic development. Characterized by constant
innovation, technological advancements, and evolving consumer
preferences, the industry has undergone significant transformations over
the years.

Historical Perspective:
The roots of the automobile industry can be traced back to the late 19th
century when pioneers like Karl Benz and Henry Ford introduced the
first mass-produced automobiles. Ford's assembly line revolutionized
manufacturing processes, making cars more affordable and accessible to
the general public.

Market Landscape:
 In the contemporary landscape, the automobile industry is marked by a
diverse array of manufacturers, ranging from established giants like
Toyota, Volkswagen, and General Motors to newer players in electric
and autonomous vehicle segments. Globalization has interconnected
markets, leading to cross-border collaborations and joint ventures.

Technological Innovation:
Technological innovation is at the forefront of the automobile industry.
The shift towards electric vehicles (EVs) and autonomous driving
technologies has gained momentum, driven by environmental concerns
and the pursuit of safer transportation. Electric vehicles, in particular, are
becoming increasingly popular as governments worldwide incentivize
sustainable practices.

Environmental Concerns:
The industry faces growing pressure to address environmental
concerns, prompting manufacturers to explore sustainable practices and
develop greener alternatives. Governments are enforcing stricter
emission standards, pushing companies to invest in research and
development for eco-friendly solutions.

Consumer Preferences:
Changing consumer preferences, influenced by factors such as fuel
efficiency, safety features, and connectivity, drive constant evolution in
the industry. The demand for connected cars, equipped with advanced
infotainment and communication systems, reflects the modern
consumer's desire for a seamless and integrated driving experience.

Challenges and Opportunities:

 Despite its advancements, the automobile industry faces challenges
such as supply chain disruptions, regulatory changes, and the need for
substantial investments in research and development. However, these
challenges also present opportunities for companies to innovate,
diversify, and adapt to emerging trends.

Global Economic Impact:

The automobile industry is a significant contributor to global economic
growth, providing employment opportunities and fostering ancillary
industries. The sector's impact extends beyond manufacturing,
influencing areas like logistics, finance, and technology.

Future Outlook:
Looking ahead, the industry is poised for continued transformation. The
widespread adoption of electric vehicles, the integration of artificial
intelligence in autonomous driving, and the development of smart
infrastructure are expected to shape the future of mobility.

CHALLENGES FACED IN AUTOMOBILES INDUSTRY

 Regulatory Compliance: Adapting to and meeting stringent

environmental and safety regulations poses a continuous challenge
for automakers.
 Economic Volatility: Fluctuations in the global economy,
currency exchange rates, and interest rates can impact consumer
purchasing power and overall industry performance.
 Supply Chain Disruptions: Disruptions in the supply chain,
whether due to natural disasters, geopolitical issues, or pandemics,
can disrupt production and distribution.
  Technological Disruption: The rapid pace of technological
advancements requires significant investments and adaptation to
stay competitive, especially with the rise of electric and
autonomous vehicles.
 Consumer Preferences and Trends: Shifting consumer
preferences towards alternative transportation modes, such as ride-
sharing or subscription services, can impact traditional car
ownership models.
 Global Trade Uncertainties: Trade tensions and uncertainties in
global trade agreements can affect the flow of materials and
finished goods within the automotive industry.
 Cybersecurity Concerns: As vehicles become more connected,
the industry faces increased cybersecurity threats, requiring robust
measures to protect vehicles and their systems.

OVERCOME CHALLENGES IN AUTOMOBILES INDUSTRY

Investment in Research and Development: Allocate resources to research and

development to stay ahead in technological advancements, including electric and
autonomous vehicles, enhancing competitiveness.

Collaboration and Partnerships: Collaborate with other industry players,

technology companies, or research institutions to share knowledge, reduce
development costs, and accelerate innovation.

Adaptive Regulatory Compliance: Proactively adhere to and anticipate

changing regulations, ensuring products meet environmental and safety standards
while staying ahead of compliance requirements.
Diversification of Product Portfolio: Diversify product offerings to include a
mix of traditional, hybrid, and electric vehicles, aligning with evolving consumer
preferences and market demands.

Agile Supply Chain Management: Develop agile supply chain strategies to

mitigate risks from disruptions, ensuring the flexibility to adapt to changes in
geopolitical and economic conditions.

GDP CONTRIBUTION

The contribution of the automobile industry to a country's Gross Domestic

Product (GDP) varies depending on the size and strength of the industry in that
particular region. Typically, the automobile industry is a significant contributor to
GDP in many countries due to its extensive value chain, including manufacturing,
sales, and associated services.

In developed economies with well-established automotive sectors, such as the

United States, Germany, or Japan, the automobile industry can contribute a
substantial percentage to the overall GDP. This includes direct contributions from
automakers, suppliers, dealerships, and related services.

In emerging economies, the contribution might be significant as well, particularly

if the country has a growing automotive manufacturing sector or if it relies on the
automotive industry for exports.

It's important to note that economic conditions, policies, and global market
dynamics can influence the GDP contribution of the automobile industry.
Fluctuations in consumer demand, technological advancements, and regulatory
changes all play a role in shaping the industry's impact on a nation's GDP. For the
most accurate and up-to-date information, specific GDP data and economic
reports for a particular country should be consulted.

GOVERNMENT ROLES AND RESPONSIBILITIES

The government plays a crucial role in regulating and overseeing the automobile
industry. Responsibilities include setting safety standards, emission regulations,
and ensuring fair business practices. Governments also facilitate research for
innovation, provide infrastructure for transportation, and address environmental
concerns related to the industry.

Development and enforcement of regulations: To assure compliance,

quality, and safety in the automobiles business, governments create and
implement regulations. These regulations cover issues such as building
codes, zoning legislation, environmental restrictions, and occupational
safety standards.

• Issuing Permit and Licenses: Governments are in charge of issuing the

permits and licenses needed for automobiles-related activities. This
includes building permits, environmental permits, and occupational
licenses. These licenses guarantee that building projects comply with the
necessary requirements and legal guidelines.

• Planning and land use management: Planning and managing the use of
land for automobiles is a responsibility of the government. This involves
zoning restrictions, urban planning, and infrastructure development to
facilitate automobiles operations. They lay up rules for land usage and
make sure that building initiatives follow long-term development
strategies.

• Contracting and procurement: Either directly or through public-

 private partnerships, governments frequently take on automobiles projects.
In such circumstances, they are responsible for the procurement process,
including tendering, awarding contracts, and managing the building
process. Governments must ensure transparency, fairness, and adherence
to regulations in the procurement of automobiles services.

• Quality Control and Inspection : Governments employ quality control

and inspections to make sure that automobiles projects adhere to building
codes, safety laws, and contractual requirements. Automobilesrelated
factors such as structural integrity, electrical and plumbing systems, and
fire safety are all examined by inspectors.
• Consumer Protection: Governments have the authority to enact laws and
regulations to safeguard consumers in the building sector. This includes
steps to deal with problems like unfair business practices, warranty
requirements, dispute resolution procedures, and licensing requirements
for those working in the automobiles industry.

• Workforce Regulations: Governments frequently establish labour rules

and regulations to safeguard workers' rights and guarantee secure working
conditions in the automobiles sector. These rules encompass things like
the required minimum pay, working hours, workplace health and safety,
and workers' compensation.

CHAPTER - 2

COMPANY PROFILE
2.1 HISTORY OF COMPANY

The spring manufacturing industry has a rich history dating back to the 15th
century. In 1763, a significant milestone was achieved when the first-ever
spring, backed by a British patent, marked a notable advancement from the
traditional coiled spring design.

During the British rule in India, pivotal developments took place in various
industries. In 1854, a milestone in transportation was reached with the
construction of the first railway line between Bombay and Thane. Following
this, in 1855, Calcutta (now Kolkata) witnessed the establishment of the first
jute industry, contributing to the region's economic landscape.

The industrial landscape further evolved with the inception of the first iron ore
smelting plant in 1872 in Kulti, West Bengal. This marked a significant step
towards harnessing India's natural resources for industrial purposes, laying the
groundwork for future developments.
It wasn't until 1914 that the spring manufacturing industry found its roots in
India. This historical moment unfolded with the establishment of the industry
by Canara Public Conveyance Ltd, a small transport company located in the
South Canara district. The company initiated its operations with a
transportation service between Mangalore and Bantwala, neighboring cities in
the region.

The journey of the spring manufacturing industry in India spans 69 years from
its inception. Over this period, the industry has undergone transformative
changes, contributing to the country's economic and technological progress.
The establishment of the industry in 1914 not only marked a significant
milestone in India's industrialization but also reflected the adaptability and
growth potential of the manufacturing sector.

The Canara Public Conveyance Ltd played a pioneering role in shaping the
trajectory of the spring manufacturing industry in India. By initiating
operations in the transportation sector, the company laid the foundation for a
robust and dynamic industry that would evolve over the decades.

As the spring manufacturing industry matured, technological advancements

played a pivotal role in enhancing production processes. Innovations in
materials, design, and manufacturing techniques contributed to the industry's
efficiency and competitiveness on a global scale. The synergy between
technological progress and industrial expertise propelled the spring
manufacturing sector to new heights.

The socio-economic impact of the spring manufacturing industry cannot be

understated. Job creation, skill development, and economic growth were
among the positive outcomes of the industry's expansion. Additionally, the
industry's ability to meet the demands of various sectors, including
automotive, aerospace, and machinery, further solidified its significance in the
country's industrial landscape.

The geographical expansion of the spring manufacturing industry in India

mirrored the country's overall industrial growth. From its initial operations in
the South Canara district, the industry gradually expanded its footprint to cater
to the diverse needs of different regions. This expansion not only contributed
to regional development but also fostered a sense of economic
interconnectedness across the country.

2.2 ABOUT PRODUCT MANUFACTURING

The company adheres to a stringent policy of supplying its products
exclusively to original equipment manufacturers (OEMs). This strategic
approach ensures a focused distribution channel and establishes strong
relationships with key players in the automotive and related industries.
By prioritizing OEM partnerships, Universal Automobile & Dairy
Products positions itself as a trusted and reliable supplier integral to the
production processes of major players in the market.

ualities.

2.3 VISION, MISSION AND OBJECTIVES OF THE COMPANY

2.3.1 VISION OF THE COMPANY

VISION:
To be the leader of all spring manufacturing company with good cutting
edge technology

2.3.2 MISSION OF THE COMPANY

The mission of this company is to build value conscious and quality

drivenand increase in turnover.
Provide exceptional service and innovative products to the customers.

2.3.3 OBJECTIVES OF COMPANY

Objective is to supply good quality products at economical price to

customers as per their significance and delivery schedule to their
satisfaction.

2.4 STRATEGIES, COMPANY MOTO AND ACHIEVEMENTS OF

THE COMPANY

2.4.1 STRATEGIES OF THE COMPANY

 Precision engineering
 Quality control
 Cost-effective production
 Innovation in materials
 Efficient supply chain management
 Continuous process improvement
 Environmental sustainability
 Regulatory compliance
 2.4.2 COMPANY MOTO

 Innovation

 Efficiency

 Safety

 Sustainability

 Customer satisfaction

2.4.3 ACHIEVEMENTS

ACHIEVEMENTS & AWARDS:

2.5 COMPETITORS
  Thimshulay spring manufacturing co
 Akal spring ltd
 Mars exim vt ltd auto pins
 Frontier springs ltd

2.6 CORPORATE SOCIAL RESPONSIBILITY

The concept behind CSR is that businesses should be concerned
with improving society and the environment in addition to
maximizing profits. By putting CSR practices into practice,
businesses can strengthen their relationships with customers,
suppliers, and other stakeholders while also attracting and retaining
talent.
Since consumers and investors have started to expect greater
accountability from businesses due to increased awareness of social
and environmental issues, CSR has grown in importance.
Many businesses see CSR as a crucial component of their overall
company strategy, which they incorporate into all aspects of their
operations, decision-making, and reporting procedures.

.
Over the past 50 years, the company has developed its own set of principles
for fulfilling its social obligation to the society, the environment, and its
operating area in particular. The corporation has started a number of
proactive social and community service initiatives as part of its ongoing
strategy and attitude. The business maintains its own public amenities and
services, including a gym, an ESI with frequent doctor visits, a free health
checkup, and medications.
 2.7 ORGANIZATIONAL HIERARCHY CHART

In the organizational chart there is Managing Director in the Top

Management who is responsible for overall activities of the company.

Reporting to the Manager, there are Director and Secretary who is

responsible of all the departments in the company and carrying out the
activities of the department in a right way.

Under the Manager and Secretary we have different departments which is

leaded by department manager.

• ACCOUNTS DEPARTMENT includes Accounts Manager , Senior

Accountant and Accounts of the company.

• SALES DEPARTMENT includes Sales Manager, Sales Executives and

Sales Support Staff

• HR DEPARTMENT includes Employees of the company.

• PURCHASE DEPARTMENT includes Purchase support staff and

Helpers.

ORGANIZATIONAL HIERARCHY CHART

2.8 NATURE OF ORGANISATION
SPRING MANUFACTURED AT UADP:
Universal Automobile & Dairy Products is specialized in manufacturing of
coldcoiled springs of various varieties starting from the springs of wire
diameter 0.4mm to12mm. It manufactures
“Compression Springs, Torsion Springs Tension Springs,
Spring Wire Forms, Shaped Springs, Spring Washers, Variable Pitched
Springs,
Rolling Shutters Springs, etc.”
1. Compression Springs
2. Torsion springs
3. Tension Springs
4. Spring wire spring
5. Shaped Spring
6. Variable pitched springs
7. Suspension Springs
8. Engine value springs
9. Rolling shutter springs

2.9 product and service

 2.10 DEPARTMENTAL STUDY

• MARKETING DEPARTMENT

• ACCOUNTS DEPARTMENT

• PURCHASE DEPARTMENT

 MARKETING DEPARTMENT

The management of the business's marketings and talent-related issues falls

within the purview of the marketing department, which plays a crucial role
within the organization. The HR Department's main objective is to assist the
success of the organization by luring in, fostering, and keeping outstanding
talent while also assuring adherence to employment laws and regulations.
Recruitment, pay and benefits, as well as training and development, are all
included.
1) The main objective is to provide required skills to the candidates hired
like (communication, Account billing)

HR
MANAGER

EMPLOYEES

2) There are around 47 employees working

3) In the Top level we have HR manager and Employees under him.

4) Job description , Employee profile and Offer letter are the documents.

5) The company should follow the company rules of arriving to the office
on time and incase of late arrival 3 times permission will be provided
per month.

6) Based on the candidates, roles and responsibilities will be provided.

Account billing, handling the customers response and dealing with
customer CRM Manager is also there.

7) There is direct Interview conducted in the company and no other

rounds are conducted and probationary period will be for 3 months.

8) The Company provides Bonus, Promotion and Hikes based on their

performance and provide welfare benefits such as ESI ( for the
candidates having the salary below Rs.21,000) and for the candidates
above Rs.21,000 Provident Fund, Bonus and Insurance will be
provided.

9) Employees having more than 5years of experience will be eligible for

Gratuity at the time of leaving the job and the Helpers will be provided
with Free room facilities.
 ACCOUNTS DEPARTMENT

The accounting department is a group of professionals responsible for an

organization's financial administration. Although not all team members will
be accountants, training in bookkeeping processes and procedures is
frequently provided to team members. By establishing an accounting
department, a company may guarantee complete transparency in its financial
operations and provide specialized, centralized support to other teams and
managers.
The department deals with all financial aspects of the firm. It is the main
department responsible for maintaining all accounts of the company.
1) The department's primary goal is to give management accurate

information.

CFOACCOUNTS MANAGERACCOUNTANTSENIOR
ACCOUNTANT

2) There are around 10 employees working under the department

3) In top level we have Accounts Manager , Middle level we have Senior

Accountant, Lower level we have Accountants.

4) All the transactions should be recorded properly without any

miscommunication
 5) The corporation keeps track of all receipts and expenditures. It is the
primary department in charge of budget preparation and investment
decision support.

6) Cash book and Bank book should be maintained.

The overall function performed by finance department are:

• Creating the P/L A/C, Balance Sheet, and other required A/Cs at the
completion of the accounting year.
• Keeping track of bank and cash transactions

• Pay slips

• Handling loans and other monetary issues.

• Preparing Monthly Trial Balance.

They communicate and report the financial information, they help the
businesses to prepare for future with accurate forecasting.
Accounting information helps us to compare the current year performance
with previous year and also with the other firms which belongs to same
industry.

 PURCHASE DEPARTMENT

The purchase department is crucial to the running of the business. Any

significant business has a separate division called the buying department. By
making the right purchases at the right time and location for the right quality
of goods, this department's efficiency can reduce costs even further.
1) The department's major goal is to procure goods at the most
affordable price while upholding quality requirements.
 PURCHASE
MANAGER

PURCHASE
SUPPORT
STAFF

HELPERS

This department is under the charge of purchase officer and he has a staff
under him to assist in carrying various activities of the department.

2) Under this department there are 25 members

3) A purchase order should be used for every purchase. Details like the
item description, quantity, unit price, delivery date, and payment
terms should all be included in the purchase order.

4) The company's purchase officer has to make decisions about every

purchase. He must choose the appropriate suppliers, material quality,
and quantity needed for a specific time frame
 5) When the department receives an order from the stores department
for the purchase of items, the purchase officer follows the stated
procedure to make the company's purchases.

 SALES DEPARTMENT

The successful planning, coordination, implementation, control, and

evaluation of an organization's sales performance are all managed as part of
the process known as sales management. In the majority of firms, sales
management is a crucial business function. The typical role in sales
management is that of a sales manager, whose position is crucial to the
revenue and profit development of a corporation.
1) The main objective of sales department is to increase the revenue and
also to maintain long term relationship with customers.

SALES
MANAGER

SALES
EXECUTIVES

WORKERS

2) The sales department will then receive a copy of the order

confirmation. The confirmation order includes all of the information
 about the party, including the name and address of the parties, the
terms and conditions, the final destination of the goods, the required
quantity and size, etc.

3) The production department will manufacture the manhole in

accordance with the size and quantity needed by the party after
obtaining a copy of the confirmation from the sales department.
4) . The sales department will send a dispatch order to the godown in
response to the party's requests, and after the necessary formalities
are finished, it is dispatched from there.

5) Sales invoice and purchase order are the documents maintained.

2.11 SWOT ANALYSIS AND MASLOW’S HIERARCHY OF

NEEDS THE COMPANY
 STRENGTH WEAKNESS

SWOT

OPPORTUNITIES THREATS

Strengths, Weaknesses, Opportunities, and Threats is referred to as SWOT.

Strengths (S) and Weaknesses (W) are regarded as internal variables that you
may somewhat influence. Additionally, opportunities (O) and threats (T) are
viewed as external things that have no control over by definition.
The SWOT Analysis is the most well-known tool for auditing and analyzing
the organization's overall strategic position in relation to its surroundings. Its
fundamental objective is to identify the strategies that will assist a
corporation in creating a distinctive business model that best matches its
strengths and capabilities with the requirements of the surroundings in
which it works.

Strengths:
 Versatility:Springs are essential components in automobiles, providing versatility
in various applications, such as suspension systems and clutch mechanisms.
 Innovation: Ongoing advancements in materials and manufacturing technologies
allow for the creation of high-performance and durable springs.
 Customization: Springs can be tailored to specific requirements, catering to
diverse needs in the automotive sector.
 Global Demand: The automobile industry's global presence ensures a consistent
and widespread demand for springs.

Weaknesses:

 Dependency on Auto Industry: The springs manufacturing sector's performance is

closely tied to the fluctuations in the automobile industry, making it vulnerable to
market downturns.
 Cost Sensitivity: Price sensitivity in the automotive sector may lead to pressure on
manufacturers to maintain competitive pricing, impacting profit margins.
 Environmental Impact: Concerns regarding the environmental impact of
manufacturing processes and materials may pose challenges, especially as
sustainability becomes a more significant industry focus.

Opportunities:

 Electric Vehicles (EVs): The growing shift towards electric vehicles presents an
opportunity for springs manufacturers to adapt and create specialized components
for EV applications.
 Technological Integration: Integration of smart technologies in automobiles opens
avenues for innovative spring designs, such as adaptive suspension systems.
 Global Expansion: Exploring markets in emerging economies with a rising
automotive sector can be a strategic move for expanding the customer base.

Threats:

 Market Competition: Intense competition within the springs manufacturing sector

may exert pressure on pricing and profit margins.
 Supply Chain Disruptions: Dependence on a complex supply chain for raw
materials and components exposes the industry to disruptions, affecting
production timelines.
 Regulatory Changes: Evolving environmental regulations and industry standards
may necessitate adjustments in manufacturing processes, potentially increasing
costs.

2.12 MASLOW’S HIERARCHY OF NEEDS THEORY

Maslow's Hierarchy of Needs Theory is one of the most well-known

theories on motivation. It is a psychological theory that is based on a
hierarchical order system that explains why people have huge incentive to
meet their wants. Abraham Maslow first outlined the theory of motivation in
his 1943 paper of the same name. It depends on a hierarchy of needs that
moves from the most basic desires to higher degrees.
This need hierarchy theory's main goal is to satisfy the final and most
important need, which is the need for self actualization.

1. Physiological Needs:
At the foundational level, the springs manufacturing automobile industry must
meet basic physiological requirements equivalent to Maslow's physiological
needs. This involves securing raw materials, such as steel or alloys, to create
the springs. Ensuring a stable supply chain for these materials is crucial, akin
to satisfying the biological needs of humans for survival.

2. Safety Needs:

Just as individuals seek safety and security, the automobile industry requires a
stable and secure environment for its operations. This includes implementing
robust safety measures in the manufacturing process, adhering to industry
regulations, and maintaining a secure workplace. A safe production
environment promotes efficiency and minimizes risks, fulfilling the industry's
safety needs.

3. Social Needs:

In a corporate sense, social needs align with the importance of teamwork,

collaboration, and communication. For the springs manufacturing industry,
fostering a cooperative work culture and maintaining effective communication
channels are vital. This collaborative atmosphere ensures that different
components of the manufacturing process work seamlessly together,
resembling the social connections in Maslow's hierarchy.

4. Esteem Needs:

Esteem needs in the context of the automobile industry translate to the pursuit
of excellence and recognition. This involves ensuring the quality of the
manufactured springs meets or exceeds industry standards. Recognition can
 come in the form of certifications attesting to the quality of the products,
fostering a sense of accomplishment and esteem within the industry.

5. Self-Actualization:

In the context of the springs manufacturing industry, self-actualization can be

analogous to innovation and continuous improvement. Striving for excellence
in production techniques, investing in research and development for advanced
spring technologies, and staying at the forefront of industry trends represent
the industry's pursuit of self-actualization.

Integration of Maslow's Hierarchy:

The successful functioning of the springs manufacturing automobile industry

relies on the seamless integration of these needs. For instance, without
meeting the physiological need for raw materials, safety measures could be
compromised. Similarly, neglecting safety requirements may hinder the
development of a collaborative work culture. Recognizing and addressing
each level of need is crucial for the overall success and sustainability of the
industry.

CHAPTER- 3

RESEARCH DESIGN

RESEARCH DESIGN

The research design refers to the framework of research approaches and

techniques selected by a researcher to carry out a study. With the help of the
design, researchers can successfully set up their investigations by adjusting the
best study procedures for the subject at hand.

3.1 STATEMENT OF PROBLEM

The problem of product strategies lies in the dynamic and competitive nature of
the business landscape. Organizations face challenges in aligning their product
strategies with ever-evolving consumer demands, technological advancements,
and market trends. One key issue is the difficulty in predicting and adapting to
rapidly changing customer preferences. This unpredictability often results in
misalignment between product offerings and market needs.

Furthermore, the pressure to innovate and differentiate products intensifies the

complexity of product strategy. Balancing the need for continuous improvement
with the risk of market saturation or obsolescence poses a significant dilemma for
companies. Additionally, resource constraints and budget limitations may hinder
the implementation of robust product strategies.

3.2 NEED FOR THE STUDY

Studying product strategies is crucial for businesses to gain a competitive edge. It

helps identify market needs, optimize resource allocation, enhance product
development, and adapt to changing consumer preferences. Understanding
product strategies enables companies to effectively position their offerings, build
brand loyalty, and achieve sustainable growth in dynamic markets.

3.3 SCOPE OF THE STUDY

 Analyzing market trends, customer needs, and potential opportunities.

 Gathering data on competitors and market dynamics.
 Planning and executing strategies for creating, improving, or diversifying
products.
 Incorporating innovation to meet evolving consumer demands.

 Determining optimal pricing strategies based on cost, competition, and

perceived value.
 Adjusting pricing to align with market conditions.
 Identifying and optimizing distribution networks to ensure efficient
product availability.
 Evaluating various channels such as retail, e-commerce, and partnerships.

 Developing effective marketing and promotional campaigns.

 Utilizing advertising, social media, and other channels to enhance product
visibility.
3.4 OPERATIONAL DEFINITION

Product strategies refer to the comprehensive plans and approaches employed by a

company to develop, launch, and manage its products throughout their lifecycle.
An operational definition of product strategies would involve specifying the
detailed actions, tactics, and key performance indicators (KPIs) that guide the
execution of these plans. This includes elements such as market segmentation,
product positioning, pricing, distribution channels, and promotional activities.
Essentially, it outlines how the company will implement its broader product-
related goals in practical terms.

3.5 RESEARCH QUESTIONNARIES

1. How frequently do you purchase products in this category?

2. What factors influence your decision to choose a particular product
over others?
3. Are you more inclined towards innovative or established products in
this market?
4. How important is product pricing in your decision-making process?
5. To what extent does brand reputation impact your product choices?
6. Do you prefer products with a focus on sustainability and eco-
friendliness?
7. How influential are online reviews and ratings when selecting a
product?

3.6 OBJECTIVES OF STUDY

• A study on product development strategies and product development adopted by

Hindustan spring manufacturing company.
• To study on the impact of customer needs and demands in product strategies.

• To study on changes in sales due to product strategies.

• To study on risks involved in the product strategies.

3.7 DATA COLLECTION

There are two types of data collection

• Primary Data: Primary data is knowledge that has been discovered for
the first time from personal experiences or other evidence, usually for
research purposes. It is sometimes referred to as raw data or first-hand
knowledge. The process of gathering data is directly managed and
supervised by the investigator.
The information is gathered through the methods mentioned , such as
observations, physical examinations, questionnaires, surveys, in-person
interviews, telephone interviews, case studies, and focus groups.

• Secondary Data: Secondary data is information that has already been

collected and stored by some researchers for reasons other than the current
research problem. Data obtained from a variety of sources, including
government publications, censuses, internal organizational records, books,
journal articles, websites, and reports, among others, is available.
3.8 RESEARCH METHODOLOGY

The systematic process of gathering, evaluating, and interpreting data in a

research is known as research methodology. Identifying research
questions, selecting acceptable research methods, collecting and analyzing
data, and interpreting and presenting the findings are all involved in the
process.

3.9 SAMPLING PLAN

It is an organized strategy to draw a sample from the entire population.

• Sample size: Appropriate number of sample size is 35 was put to use for
the purpose of collecting primary data from selected employees.
• Sampling method: Non probability sampling design based on convenient
sampling method has been used for this research study
3.10 LIMITATIONS OF THE STUDY

Technological Constraints: Rapid advancements in technology could pose

challenges in keeping up with the latest innovations, impacting product
development.

Regulatory Compliance: Stringent regulations and safety standards in the

automotive sector may impose limitations on the design and composition of
springs.

Cost Constraints: Developing high-quality, innovative springs can be expensive,

potentially affecting the competitiveness of the product in the market.

Supply Chain Disruptions: Dependency on a complex supply chain for raw

materials might lead to disruptions, affecting the timely production of springs.

Customization Challenges: Meeting diverse requirements of different automobile

manufacturers for customized springs might be challenging due to variations in
specifications.

Environmental Concerns: Increasing focus on sustainability may require

adjustments in manufacturing processes and materials, impacting product
development strategies.
Competition and Market Dynamics: Intense competition within the industry can
limit the scope for differentiation, making it challenging to stand out solely
through product features.

3.11 CHAPTER SCHEME

Chapter 1: Introduction

The first chapter gives the detail introduction on Product strategies factors and it
deals with Industry profile and background of the study.

Chapter 2: Company Profile

The chapter gives the profile of the company it includes history of the company,
vision, mission and objectives. It also includes organizational chart , competitor
profile and departmental study. SWOT Analysis and Maslow’s theory of
motivation model is used.

Chapter 3: Research Design

This chapter includes statement of the problem, need for the study , scope of the
study, operational definition, objectives of the study and limitations of the study.

Chapter 4: Framework and Analysis

In this chapter data collected from primary source is shown and the data is
interpreted and shown in the form of pie chart.

Chapter 5: Suggestions/ Recommendation:

This chapter includes the suggestions and findings based on the data collected
 CHAPTER – 4

FRAMEWORK OF ANALYSIS
TABLE NO: 4.1

Table showing “ Gender”

Particulars Number of Percentage

Respondents

/ Male 70 70

Female 20 20

Total 100 100

ANALYSIS

From the above table it shows that out of 100% of employees participated in
the survey . Number of male respondents is 70 and female respondents is
20 and there is no transgender candidate participated in the survey
GRAPH NO: 4.1

PIE CHART SHOWING “GENDER”

Male Female
0%

42.9%

57.1%

INTERPRETATION

From the above pie chart we can conclude that, nearly 52.1% of the employees
are female and 42.9% of employees are male, it shows the active participation of
female employees than male employee in the organization. Even male employees
should give equal participation in these kind of activities
TABLE NO: 4.2

Age group of the respondents

RESPONDENTS’ AGE RANGE

Age in years No of respondents Percentage of

respondents
Below 30 45 45%
30-40 45 45%
40-50 10 10%
Above 50 - -
Total 100 100%

Analysis:

According to the aforementioned statistics, 45 percent of

respondents are under 30, 45 percent are between 30 and 40, 10
percent are between 40 and 50, and 0% are under 50.
Chart:4.0.2: chart shows the number of respondantsand its range.

Respondents' age range

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
Below 30 30-40 40-50 Above 50

Percentage of respondents

Interpretation:

The bulk of the respondents or employees are clearly shown in the

graph above to be under the age of 30, indicating that the firm has a
relatively young staff.
 TABLE 4..3

Employment status

Employment status:

Particulars Number of Percentage of

respondents respondents
Full time 95 95.%
Part time 5 5%
TOTAL 103 100%

Analysis:

From the above table, 95.8% of the respondents are full time employees and 4%
of the respondents are part time.
Chart 4.3: chart shows the employees satus.

Employment status
120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
Full time Part time

Percentage of respondents

Interpretation:

The range of working hours for any employee should be maintained

within 32-40 hrs(per week ) by the employer. As Gokaldas exports ltd is
a software company employee prefer full time rather part time .
TABLE NO: 4.4

Table showing “ Working Experience of Employees in the company”

Particulars Number of Percentage

Respondents
Below 1 year 50 50%

1-5 Years 20 20%

5-10 Years 15 15%

Above 10 Years 15 15%

Total 100 100

ANALYSIS

From the table it theshows the work experience of employees working in the
company. Here the tables shows 50% of employees having below 1 year
experience, 20% of employees having experience of 1-5 years, 15% of employees
having 5-10 years experience and 15% of employees having experience of above
10 years

GRAPH NO:4.4

PIE CHART SHOWING “WORK EXPERIENCE OF EMPLOYEE”

Below 1 Year 1-5 Years 5-10 Years Above 10 Years

.15 %

.50 %

15%

20 %
INTERPRETATION

From the above pie chart it is clear that Employees having below 1 year of
experience is more compared to all other employees. Next comes the employees
having 1-5 years comes next , candidates having 5-10 years and above 10 years is
comparatively less. It shows that there is no more number of employees who has
retained from 5-10 years and above 10 years.

TABLE NO: 4.5

Table showing “does the company identify and prioritize new product
opportunities?”

Particulars Number of Respondents Percentage

I don’t know what it is 10 10

I have basic 30 30
understanding about this
concept
I am familiar with this 50 50
concept
I have heard the term but 10 10

don’t know exactly what

it is

Total 35 100

ANALYSIS

From the above table it shows that 17.1% of employees don’t know the
concept, 34.3% of employees have basic understanding about the concept, 37.1%
of employees are familiar with the concept, 11.4% of employees have heard the
term but don’t know exactly what it is.

GRAPH NO: 4.5

Pie chart showing “does the company identify and prioritize new product
opportunities”
 I don't know what it is
I have basic understanding about this concept
I am familiar about this concept
I have heard the term but don't know exactly what it is

10 %
.10 %

50 %
30 %

INTERPRETATION:

From the above chart it is clear that many employees are familiar and have the
basic understanding about the concept. It is good to know about such concept by
employees in the organization where it helps them to demand any basic facilities
which is not provided by the organization. For the employees who are not familiar
and do not know about the concept the company should give basic knowledge
about this to employees.

TABLE NO: 4.6

Table showing “ does the company identify and prioritize new product
opportunities?”
 Particulars Number of Percentage

Respondents
Agree 50 50

Dis agree 20 20

Strongly disagree 20 20

Neural 10 10

Total 100 100

ANALYSIS

From the above table it shows out of 100% of employees 50% of employees are
agreed , 20% of employees are dis agree 20% of employees are strongly dis
agreed and rest of 10% from neutral .
GRAPH NO: 4.6

Pie chart showing “does the company identify and prioritize new product
opportunities”

Agree
Strongly dis agree
Dis agree
Neutral

22.9%
37.1 %

20%

20%

INTERPRETATION

The above chart shows does the company identify and prioritize new product
opportunities, 50% of employees are agreed , 20% of employees are dis agree
20% of employees are strongly dis agreed and rest of 10% from neutral.
TABLE 4.7

does the does the company ensure alignment between product strategies and
overall business goals?

Awareness status No of Respondence %Of

Respondence

Strongly agreed 60 60%

Agreed 40 40%
Uninvolved 0 -
Strongly Disagreed 0 -
Disagreed 0 -
TOTAL 100 100%

Analysis :

As indicated in the provided table, 60% of the staff express a strong level of does
the company ensure alignment between product strategies and overall business
goals, while 40% indicate a general agreedment with these policies.
Chart4.7: does the company ensure alignment between product strategies
and overall business goals

40% Strongly agree

Agree
Neutral
60% Strongly Disagree

Interpretation :

As shown in the table provided, 60% of workers strong agreed does the
customer feedback play in shaping and refining product strategies, whereas
40% generally agree with these policies.
TABLE 4.8 does customer feedback play in shaping and refining product
strategies?

Nature No of Respondence % of Respondence

Yes 95 90%
No 5 5%

TOTAL 100 100%

Analysis:

The data presented in the provided table indicates that a significant 95% of the
Respondence express customer feedback play in shaping and refining product
strategies 5% of the participants convey dissatisfaction in this regard.
Chart4.8 does customer feedback play in shaping and refining product
strategies?

Compensation and benefits for employees

5%

Yes
No

95%

Interpretation :

The data presented in the provided table indicates that a significant 95% of the
Respondence express transparent feedback mechanism for reporting gender-
related issues 5% of the participants convey dissatisfaction in this regard.

TABLE 4.9 does the considerations are taken into account when deciding
whether to innovate existing products or introduce entirely new ones?
 Nature No of Respondence % of Respondence

Yes 95 90%
No 5 5%

TOTAL 100 100%

Analysis:

The data presented in the provided table indicates that a significant 95% of the
Respondence personally encountered or witnessed any instances of considerations
are taken into account when deciding whether to innovate existing products or
introduce entirely new ones while a minor 5% of the participants convey
dissatisfaction in this regard.
Chart4.9: does the considerations are taken into account when deciding
whether to innovate existing products or introduce entirely new ones?

Compensation and benefits for employees

5%

Yes
No

95%

Interpretation :

The data presented in the provided table indicates that a significant 95% of the
Respondence considerations are taken into account when deciding whether to
innovate existing products or introduce entirely new ones, while a minor 5% of
the participants convey dissatisfaction in this regard.
TABLE 4.10 is successful product launches or adaptations based on the
company's strategic approach?

Nature No of Respondence % of Respondence

Yes 95 90%
No 5 5%

TOTAL 100 100%

Analysis:

The data presented in the provided table indicates that a significant 95% of the
Respondence express successful product launches or adaptations based on the
company's strategic approach, while a minor 5% of the participants convey
dissatisfaction in this regard.
Chart4.10: The chart displays is successful product launches or adaptations
based on the company's strategic approach?

Compensation and benefits for employees

5%

Yes
No

95%

Interpretation :

The data presented in the provided table indicates that a significant 95% of the
successful product launches or adaptations based on the company's strategic
approach, while a minor 5% of the participants convey dissatisfaction in this
regard.
 CHAPTER- 5

SUMMARY OF FINDINGS, CONCLUSIONS

AND RECOMMENDATIONS

5.1 FINDINGS

 Employees' viewpoints about how transparent management is in

recognizing their accomplishments, expressing gratitude shows
the gender descrimination, and addressing their growth
requirements differ and lack uniformity.
 Most employees are un satisfied with their current roles and have
plans to move with the company for the foreseeable future.
 Because how a company pays its employees has a big influence,
it's very important to make sure it's fair and impartial.
 Out of all the HR practices studied, it was discovered that rewards
and performance evaluations had a significant impact on keeping
employees in the company.
 The work environment is marked by openness and reliability.
 The diagram above clearly indicates that a significant majority of
the Respondence or employees are below the age of 30, suggesting
that the firm has a relatively youthful workforce.

 The diagram reveals a noticeable trend where a majority of the

employees fall within the 30 to 40-year-old age range, suggesting
that most of them are married. This observation points to a
correlation between age and marital status among the
organization's personnel.
  Based on the diagram, employees willingly accept responsibility
and authority, demonstrating their willingness to
embrace these roles.

5.2 CONCLUSION

Fostering gender equality within a company is not just a matter of

compliance with regulations; it is a strategic imperative that contributes
to organizational success and societal progress. A workplace that values
and promotes gender equality is more likely to attract diverse talents,
enhance creativity, and ultimately achieve sustainable growth.

By dismantling barriers and promoting an inclusive environment,

companies can tap into the full potential of their workforce. Gender-
balanced teams bring together diverse perspectives, leading to better
decision-making and innovative solutions. This diversity not only
improves the company's bottom line but also positions it as a socially
responsible and forward-thinking entity.

Moreover, a commitment to gender equality positively impacts

employee morale and engagement. When individuals feel that their
contributions are recognized and valued, they are more likely to be
motivated and dedicated to their work. This, in turn, leads to increased
productivity and a more positive workplace culture.

The benefits of gender equality extend beyond the confines of the

organization. Companies that champion gender equality contribute to the
larger societal goal of breaking down stereotypes and addressing
systemic inequalities. By serving as agents of change, these companies
play a crucial role in creating a more equitable world.

Implementing and sustaining gender equality initiatives requires a

multi-faceted approach. Companies should establish clear policies and
practices that promote equal opportunities, fair compensation, and a
supportive work environment. Regular training and awareness programs
can help educate employees about unconscious biases and foster a
culture of inclusivity.

Leadership commitment is paramount in driving gender equality

initiatives. When leaders actively advocate for diversity and inclusion, it
sends a powerful message throughout the organization. This commitment
should be reflected in both words and actions, demonstrating a dedication
to creating an environment where everyone, regardless of gender, can
thrive.

Monitoring and measuring progress is essential in ensuring the

effectiveness of gender equality initiatives. Regularly assessing key
performance indicators related to diversity and inclusion allows the
company to identify areas for improvement and celebrate successes.
Transparency in reporting on gender-related metrics also enhances
accountability and demonstrates the company's commitment to its goals.
5.2 SUGGESTIONS

 Diversify Product Line: Expand the range of spring types offered to cater
to a broader market, including compression springs, extension springs, and
torsion springs.

 Customization Services: Introduce customization options for clients,

allowing them to order springs tailored to their specific requirements,
ensuring a competitive edge.

 Material Innovation: Invest in research to develop and utilize advanced

materials, enhancing the durability, performance, and reliability of your
springs.

 Quality Assurance Programs: Implement stringent quality control

measures to ensure consistently high-quality products, building trust and
reputation in the market.

 Efficiency Improvements: Optimize manufacturing processes to reduce

production costs, enabling competitive pricing and potentially higher
profit margins.

 Market Diversification: Explore new industries and applications for

springs, reducing dependence on a single market segment and creating
new revenue streams.

 Supply Chain Optimization: Strengthen relationships with suppliers and

explore cost-effective sourcing options to maintain a competitive cost
structure.
BIBLIOGRAPHY

NEWSPAPERS

• The Indian Express

• The Economic Times

REFERENCE

 Company panorama.
 Companies books
 Factory manager- Nagaraju.S.A.
 Engineering manager- Nagaraju.S.A
 HR manager- Mohan
 Finance manager- Suresh Gowda.

WEBSITES

• https://hrforecast.com/top-5-hr-trends/

• http://www.buildtechinc.com/

• https://www.automobilestuts.com/automobiles-industry/

• https://www.simplypsychology.org/maslow.html

• www.morganmckinley.com