Comprehensive Report on Perceived value of consumers on selected

rice bran oil: A study of consumer preference in the city of Burdwan

Submitted by: Aniruddha Siddhanta

Department of Business Administration
Roll: BUR/MBA/2021/003
Registration No.: 201805000010 of 2018-19
The University of Burdwan

In partial fulfillment of the requirements for the award of the degree of

Master of Business Administration
Under the guidance of
Professor (Dr.) Dev Malya Dutta
Department of Business Administration
The University of Burdwan

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 DECLARATION

I, Aniruddha Siddhanta, MBA 4th semester student, thus declare that I completed the
Comprehensive Report on Perceived value of consumers on selected rice bran oil: A study of
consumer preference in the city of Burdwan. I personally completed the project under the
supervision of Prof. (Dr.) Dev Malya Dutta sir of MBA programme. To the best of my
knowledge and belief, everything of the data provided in this project is true and correct.

I further declare that this project report is all my own work and has not been taken from
anywhere else.

Date-

Signature-

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 ACKNOWLEDGEMENT
I would like to express my deep and sincere gratitude to my supervisor, Dr. Dev
Malya Dutta, Professor, Business Administration Department, The University of
Burdwan, for giving me the opportunity to do dissertation study and providing
invaluable guidance throughout this study. His dynamism, vision, sincerity and
motivation have deeply inspired me. He has taught me the methodology to carry out
the dissertation study and to present the works as clearly as possible. It was a great
privilege and honor to work and study under his guidance. I am extremely grateful
for what he has offered me.

A special thanks to our HOD Prof. (Dr.) Tanmoy Dasgupta sir for providing us the support
and guidance throughout our project work.
Finally, my thanks go to all the people who have supported me to complete the
research work directly or indirectly.

Sincerely, Aniruddha Siddhanta

Place: Burdwan
Date:

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 CERTIFICATE
This is to certify that Mr. Aniruddha Siddhanta, Roll No.-BUR/MBA/2021/003. Registration
No.- 201805000010 of 2018-19, a bonafide student of the MBA programme, session: 2021-
23 of the Business Administration Department of The University of Burdwan has conducted
the study titled “Perceived value of consumers on selected rice bran oil: A study of consumer
preference in the city of Burdwan” as a comprehensive report work for the partial fulfilment
of the MBA programme.

The report of the study has been entirely written by Aniruddha Siddhanta under the guidance
of Prof. (Dr.) Dev Malya Dutta Sir, Professor of the Business Administration Department,
The University of Burdwan.

Dr. Dev Malya Dutta

Professor
Department of Business Administration
The University of Burdwan.

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Contents

➢ Introduction – 6 - 13

➢ Literature Review—14 - 18

➢ Research Gap-- 19

➢ Objectives of the Study-- 19

➢ Research Methodology-- 20

➢ Analysis and Interpretation-- 21- 25

➢ Conclusion & Findings-- 26

➢ Recommendation & Suggestions-- 27

➢ References-- 28- 29

➢ Appendix1 -- 30

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Introduction:
Fast Moving Consumer Goods shortly known as FMCG goods which refer to the products
and brands which have a speedy turnover and less shelf life. The products which come under
FMCG category are the daily consumable food items, toiletries soap, cosmetics, tooth paste,
shaving cream and detergents, as well as other non-durables such as glassware, bulbs,
batteries, paper products, and plastic goods. Now a day many pharmaceutical products such
as medicines, consumer electronics, packaged food products, soft drinks, tissue paper, and
chocolate bar comes under the umbrella of FMCG products (Raja 2017).
The rice bran oil also comes under the domain of FMCG products.
Rice Bran Oil is a unique vegetable oil produced from the outer brown layer of rice which is
removed in the form of rice bran during the polishing process of the rice milling industry. It
has rich natural antioxidants along with ideally balanced fatty acid profile. Scientific studies
conducted in India & abroad asserted that as compared to other conventional vegetable oils
rice bran oil helps in lowering of cholesterol. The properties of the oil which makes its
presence unique are oryzanol & tocotrienols (Mishra & Richa 2013).
Many researchers stated that Rice bran oil is the world's healthiest edible oil because it
contains vitamins, antioxidants and nutrients which is very much needed in today’s life. It is
not only delicate and flavourful but also helps to lower cholesterol, fight diseases, enhance
the immune system, and fight free radicals. The most important and beneficial part of this oil
is it helps in increase in good cholesterol and lowering down the bad cholesterol and
triglycerides because highest amount of all-natural vitamin-E and unique component oryzanol
is present (Mishra & Richa 2013).
Rice Bran Oil is extensively used in Japan, Korea, China, Taiwan and Thailand as premium
edible oil. It is the conventional & the most favourite cooking medium of the Japanese and
the call it "Heart Oil". In many Western countries it has got the title of a "Functional Food" or
a "Health Food" (Mishra & Richa 2013).
In the previous year’s people are not aware of the use of rice bran oil but when the research
proved the health benefits of Rice bran oil the perception regarding Rice bran oil has been
changed completely. Permarupan et al., (2014) stated that Customers' perceptions of a brand
are largely determined by how well they comprehend its value, quality, and price. As a result,
the functional, social, and emotional components can be used to determine the consumer's
perceived value.
This study is based on perceived value of Rice Bran Oil among consumers in the city of
Burdwan.
The foundation for consumer purchasing behaviour is built on five value dimensions:
functional, subjective, epistemic, social, and conditional value (Wu & Chang, 2016). This is
portrayed in the below picture

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 Functional Value

Subjective Value

Epistemic Value
Perceived Value

Social Value

Conditional Value

Health Benefits of Rice Bran Oil:

Because of its unique composition, rice bran oil is frequently promoted for its numerous
health benefits. Here are some of the potential health benefits of ingesting rice bran oil:

1. Heart Health: Rice bran oil is high in monounsaturated and polyunsaturated fats,
which are heart-healthy fats. These fats can help lower "bad" LDL cholesterol levels
while increasing "good" HDL cholesterol levels, lowering the risk of disease like
cardiac arrest.

2. Lowering Blood Pressure: The presence of chemicals such as oryzanol in rice bran
oil has the ability to reduce blood pressure, which is critical for overall heart health.

3. Antioxidant Properties: Rice bran oil includes natural antioxidants components such
as tocopherols and tocotrienols (forms of Vitamin E), which can help neutralise
damaging free radicals in the body. This antioxidant activity could help to minimise
oxidative stress and inflammation.

4. Weight Management: Rice bran oil's balanced fatty acid profile, as well as its ability
to promote healthy cholesterol levels, may help with weight management and obesity
prevention.

5. Digestive Health: Rice bran oil includes dietary fibre and chemicals that can help
with digestive health by encouraging regular bowel movements and lowering the risk
of gastrointestinal diseases.

6. Skin Health: Rice bran oil contains Vitamin E, which may nourish and moisturise the
skin. Because of its antioxidant capabilities, it may also help to reduce the appearance
of fine lines and wrinkles.

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 7. Cancer Prevention: Some studies suggest that the antioxidants in rice bran oil, such
as oryzanol and tocopherols, may have anti-cancer characteristics and may help
protect cells from damage that may lead to cancer.

8. Diabetes Management: Rice bran oil's balanced fatty acid composition may assist
enhance insulin sensitivity and glycemic management, potentially aiding diabetics.

9. Anti-Inflammatory Effects: Rice bran oil contains anti-inflammatory substances

such as oryzanol and phytosterols, which may be effective in lowering inflammation-
related health concerns.

Products from solvent industry

Crude Rice Bran Oil

De-Oiled-Rice-Bran-Oil

Refined Rice Bran Oil

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Refined rice bran oil manufacturing process

Rice Bran

Stabilization

Pellets

Hexane Extraction

Desolventizing DORB

Crude Rice bran oil

NaOH

Degumming & Neutralizing

Activated Clay

Bleaching

Winterization

Crude Rice Wax Filteration

Deodorization

Refined Rice Bran Oil

(Source: (Orthoefer, 1996).; Rice bran oil refining. Rice Bran Oil Refining Process |
Oilmillmachinery.net. (n.d.). http://www.oilmillmachinery.net/rice-bran-oil-
refining.html

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Analysis of the Rice Bran Oil Market
In the approaching years, the market for rice bran oil is anticipated to grow at a CAGR of
close to 9.98%.

Due to increase in consumer health consciousness and they have a high demand of nutritional
food the rice bran oil market is increasing day by day. Because it has mild flavour, neutral
taste, Rich nutrient content etc. In most Asia-Pacific cuisine Rice bran oil is extensively used
in culinary activities. The retail sales value of edible oils in China is estimated to be USD
15.48 million in 2021 according to Agriculture and Afri Food Canada. As organic rice bran
oil comes with no artificially added ingredients and imparts a natural taste to the recipe has
gained popularity among retail consumers, in recent times. The market growth was further
boosted as the regulatory bodies favouring the consumption of rice bran oil.
The rice bran oil has a good composition of monounsaturated, polyunsaturated, and saturated
fats which is much safer than the composition of most other vegetable oils stated by the
World Health Organization (WHO) and the American Heart Association. This regulation has
insisted the manufacturers in the market to increase their offerings in the retail market to
attract more consumers. Supermarkets/hypermarkets and convenience stores play a very vital
role in the distribution of rice bran oil in the market, as they are extensively retailed in these
retail establishments, which the consumers frequently visit in the market now a days. (Rice
Bran Oil Market Size & Share Analysis - Industry Research Report - Growth Trends. (n.d.).
https://www.mordorintelligence.com/industry-reports/rice-bran-oil-market).

The 7p’s of Marketing in accordance with Refined Rice Bran Oil

The "7 Ps of marketing" is a marketing framework that represents seven key elements that are
essential for a successful marketing strategy. These elements are Product, Price, Place,
Promotion, People, Process, and Physical Evidence. Let's explore how these elements can be
applied specifically to refined rice bran oil:

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 1. Product: In this case, the product is refined rice bran oil. It's important to highlight
the unique selling points and benefits of the product, such as its high smoke point,
nutritional value, and cholesterol-lowering properties.

2. Price: Determine an appropriate pricing strategy for the refined rice bran oil.
Consider factors like production costs, competition, and target market affordability.
Price positioning can be done as premium, mid-range, or budget, depending on the
overall market strategy.

3. Place: Decide where and how the refined rice bran oil will be distributed. This
includes determining the distribution channels, such as retail stores, online platforms,
or direct sales. Ensure that the product is available in locations that are convenient and
accessible to the target customers.

4. Promotion: Develop a promotional strategy to create awareness and generate demand

for refined rice bran oil. This may involve advertising, public relations, social media
campaigns, influencer partnerships, or conducting product demonstrations and
tastings. Emphasize the health benefits and versatility of the oil in cooking.

5. People: Train and educate the sales and customer service staff about the benefits and
uses of refined rice bran oil. They should be able to provide accurate information and
assist customers in making informed purchasing decisions.

6. Process: Streamline the production and distribution processes to ensure efficiency and
quality control. Implement measures to maintain the freshness and purity of the oil
during the refining, packaging, and transportation stages.

7. Physical Evidence: Focus on the packaging and labelling of the refined rice bran oil
to convey quality, healthiness, and authenticity. Consider using eco-friendly
packaging materials and provide clear instructions on usage, storage, and nutritional
information.

In addition to the traditional 7Ps, you can also consider incorporating newer elements of the
marketing mix, such as:

1. Partnerships: Collaborate with chefs, nutritionists, and other influencers who can
vouch for the health benefits and culinary applications of refined rice bran oil.
Their endorsements can help the product to gain credibility.

2. Personalization: Adapt your marketing efforts to different segments of your

target audience. Highlight several characteristics of the product that may appeal to
health-conscious consumers, home cooks, or professional chefs.

3. Planet: Highlight the environmentally friendly practises used in the manufacture

and procurement of refined rice bran oil. Consumers are becoming increasingly
interested in eco-friendly items.

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Market size of Rice Bran Oil in 2021:

Market trends of Rice Bran Oil

India has the potential to produce about 13.04 lakh MT of Rice Bran Oil per annum which
makes India is the second largest producer of rice in the world next to China. India produces
140 million MT of paddy and 93 million MT of rice. Currently, the industry is processing
about 44 lakh MT of Rice Bran producing about 8.30 lakh MT of Rice Bran Oil per annum,
out of which 8.0 lakh MT are of edible grade and the balance 0.30 lakh MT is of non-edible
grade. India has substantial reserves of non-traditional oil seeds and oil-bearing materials. At
present, merely half of this potential is realized; yet India is the largest producer of rice bran
oil in the world. Edible rice bran oil in India is still not very popular among the consumers.
Typically rice bran accounts for 7 –8 % of the rice produced and the recovery of rice bran oil
from rice bran is usually 15 - 16.5% in the country.
As per Solvent Extraction Association data, India RBO production is tremendously increasing
50 thousand annually. If the demand increases there is much more expectation in production
increase of RBO. In last five years there has been an increase of 20-30% in RBO
consumption. Asian countries like Thailand and Japan have showed much more interest
Nayik et al., (2015)
The increasing level of rice production worldwide has led to increased market demand for
rice bran oil. And now India has been one of the largest producers of rice bran oil globally in
recent years, with an increasing number of consumers realize that the importance of
incorporating heart-friendly oil into their diet.
According to the Directorate of Economics and Statistics, the Government of India, in 2021,
the rice yield across India was estimated to be approximately 2.7 thousand kilograms per
hectare, an increase from about 2.6 thousand kilograms per hectare. The government takes
various initiatives worldwide to meet the supply and demand of edible oils. Different growers
and investors have lifted the quantitative restrictions on edible oils, which has led to the
growth of the rice bran oil market. (Rice Bran Oil Market Size & Share Analysis - Industry
Research Report - Growth Trends. (n.d.). https://www.mordorintelligence.com/industry-
reports/rice-bran-oil-market).

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Rice Bran oil market news:
• Emami aggrotech ltd. relaunched their edible oil brand Healthy & Tasty in India in
October 2022. The corporation is extensively marketing their products in India, with
celebrity endorsements and campaigns taking place around the country. They are
including a variety of items such as rice bran oil, soyabean oil, mustard oil, and other
edible oils. (Rice Bran Oil Market Size & Share Analysis - Industry Research Report -
Growth Trends. (n.d.). https://www.mordorintelligence.com/industry-reports/rice-
bran-oil-market)

• Gemini Edibles & Fats India Ltd. has announced the release of a 5-litre jar of
physically refined rice bran oil. Their advertising is mostly focused on informing
people about the benefits of rice bran oil. (Rice Bran Oil Market Size & Share
Analysis - Industry Research Report - Growth Trends. (n.d.).
https://www.mordorintelligence.com/industry-reports/rice-bran-oil-market)
The market leaders in rice bran oil are:
• Cargil, Incorporated
• Adani Wilmar ltd.
• Ricela group of companies
• Emami Agrotech Limited
• King Rice oil Group.
• Marioco Industries

Some National Rice Bran oil:

• Fortune Rice Bran Oil

• Emami Healthy & Tasty Rice Bran Oil

• Saffola Rice Bran Oil

• King Refined Rice Oil

• Ricela Physically Refined Rice Bran Oil

• Cargil Gemini Rice Bran oil

Some local rice bran oil:

• Sarvottam Refined Rice Bran Oil

• Dhara Rice Bran Oil
• Rice Gold Oil

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Literature Review
Review of literature plays a vital role in any research investigation. Analysis of review of
literature enables one to identify the areas of research concentration and the level of research
output in a specialized branch of any subject. Further, it aims to analyse the part trends,
emerging new areas of research, growth of literature and productivity of researchers. With
this background, this chapter reviews the studies related to the Rice Bran Oil, Fast moving
consumer goods, Consumer behaviour & purchase decision towards FMCG products,
Perceived value of consumers in purchasing Fmcg products

Rice Bran Oil:

In several countries such as Japan, India, Korea, China and Indonesia as a cooking oil Rice
bran oil is highly popular. Chakrabarty (1989) stated Due to its high smoke point and delicate
flavour rice bran oil is an excellent cooking and salad oil. It also has some nutritional
qualities and other health benefits which contains micronutrients like vitamin E complexes,
gamma oryzanol, phytosterols, polyphenols etc.
Shimasaki and Ueta (1983) studied the fractions of neutral lipids of rice bran oil. To isolate
neutral lipids of rice-bran oil a centrifugal liquid chromatography was used. It was observed
that the separation of the neutral lipids is very clear and rapid. A bioactive molecule named
Oryzanol is the key element responsible for this function is naturally present in crude rice
bran oil and ranges from 1.1 to 2.6 % (Seetharamaiah et al., 1986).
The study of blended oil by Crick et al., (1988) stated that the blended oils offer some extra
advantages in terms of nutrition as compared to individual oil constitutes. It was found that
Fatty acids absorption of sunflower and canola oil blend at the ratio of 7:3, 5:5 is far better
that of unblended oil.
Several vegetable oils produce many allergenic reactions but the RBO does not produce any
allergenic reactions when ingested (Crevel et al., 2000).
The rich source of commercially and nutritionally important phytoceuticals make the Rice
bran oil unique among other edible oils. It contains
• Oryzanol
• Lecithin
• Tocopherols
• Tocotrienols.
But during the refining process most of these phytoceuticals are removed from the rice bran
oil as waste by-products. The component which has the potential to be used in nutraceutical,
pharmaceutical and cosmoceutical preparations is the γ- oryzanol. It serves as natural
antioxidant and present at a level of 1-2 % in Rice bran oil Patel and Naik (2004).
Rice bran oil is regarded as a healthy lipid source. Through the reduction of serum cholesterol
levels in hamsters fed diets containing rice bran oil (active constituent oryzanol) has also
been observed by Orthoefer (1996).

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Taylor et al., (1996) mentioned that the component oryzanol which make RBO as a unique oil
helps in increase the good cholesterol and lowering down of bad cholesterol and triglycerides
and also possesses high levels of phytosterols, gamma-oryzanol, tocotrienols as well as
tocopherols. Many studies proved that rice bran oil reduces harmful cholesterol (LDL)
without reducing the good cholesterol (HDL) (Sugano 1997, Nicolosi et al., 1991, Sharma &
Rukmini 1987).
The characterization of rice bran oil was mentioned by Tahira et al., (2007) which was taken
from the Pattoki Rice Mills, Jaranwala. The oil was extracted through solvent extraction and
to inactivate lipase activity the oil was stabilized. Then the oil was putted into refining
process. It was found that there are different physico-chemical parameters which are present
in a certain percentage such as refractive index, peroxide value, iodine value and free fatty
acid which were recorded as 1.4792, 0.92 meq/kg, 105, and 0.07% (as oleic acid),
respectively. The fatty acid profile showed palmitic acid (16.74%), stearic acid (1.9%), oleic
acid (42.79%), linoleic acid (34.65%) and linolenic acid (0.19%) as major fatty acids.

Fast Moving Consumer Goods:

Gomathi & Gomathi (2013) stated that the factor which motivates the consumer to buy the
FMCG products is the quality. To hold the top in the consumer market FMCGs always
introduce new products in the market and trying to satisfy the needs of the consumer. FMCG
goods have a short span of life used for a period of days, weeks, or months and within one
year. It was also found that due to high consumer demand and the product deteriorates rapidly
FMCG has a short life. Many buying behavioural patterns are involved in the purchasing of
FMCG products. The supermarkets can make high profits if they make better understanding
of consumer perception towards FMCG products. An attempt is always made by the
researcher to find out the consumer’s feedback about the availability of product and services.
FMCG companies always trying offer new generation products to change the mindset of the
consumer. To reach in the Indian rural market the producers of FMCG have to progressively
strengthen their distribution channels. But there are several challenges faced by FMCG
producers who are penetrating the rural markets such as
• Poor distribution system.
• Fragmented rural market.
• Heterogeneity of the Indian population.
• Market Is scattered.
• Presence of the spurious products Etc.
Hence the producers of FMCG must keep in mind these challenges and formulate their
strategies accordingly to gain advantage of this untapped market for FMCGs in the rural
sector of India Muneeswaran (2014).
Sangameshwaran and Balakrishnan (2016) opined that there is no difference in the perception
of a rural consumer and a urban consumer.
A study by Patil (2016) mentioned that an important and essential commodity of human life
in these days are the fast-moving consumer goods. This sector is regarded as a recession
proof and have the potential to create huge employment opportunity in India, can become one
of the strongest key pillars of the Indian economy. This sector has vast opportunities like

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 • Increasing consumer income
• Changing consumer life style
• Aspiring rural consumer
• Consistent economic growth by utilizing its strengths etc.
By increasing brand awareness and by reducing cost through sharing resources such as
distribution network the competition from unorganized sector can be reduced which is
considered as the biggest problem of this FMCG industry.
Georgie (2018) states that every product has its own life cycle includes different stages like
introduction, growth, maturity and decline. Irrespective of being in durable or FMCG
category the firm try hard to grow and reach its maximum height of performance. After
reaching prosperity or maturity stage, they try to hold the position as long as possible by
utilizing different strategies like diversification, attracting buyer/purchasers, making them to
buy more etc. Promotional offers are regarded as one of the attracting strategies by which
firms try to attract new users and to maintain the existing users. The fast-moving consumer
goods sector provides a big opportunity in implementing new and attractive buyer/purchaser
directed promotional schemes, as their prosperity stage is characterized by maximising the
volume sales, which regarded as the only method for extracting maximum possible revenue.
Though the risk involvement with the purchase of these category products is less when
compared with high involvement buying situations that’s why the purchasers try to
experiment with varied brands and their decisional factors like which, what, how much, from
where and when are influenced either by brand specific factors like price and promotional
offers or by buyer/purchaser specific factors like consumption rate, brand loyalty, sensitivity
to brand and promotion etc.

Consumer and their Buying behaviour, purchase decision towards FMCG

products
Muneeswaran & Vethirajan (2013) indicated in the present consumer-oriented marketing
system Consumer behaviour factor is given much importance and also specific reference
provided to 'gender attention'. Four product categories come under The FMCG sector such as
Household Care; Personal Care; Food and Beverages; and Tobacco. These products are
treated as FMCG products because it has relatively fast turnover and low costs. Every single
purchase of these products depends upon many influencing factors. But the influencing
factors are not same all the time it differs from one buyer to another and also from one
product to another product. A brand which holds a strong position in the minds of the buyers
can disappears due to various reasons. To attract the rural consumers the FMCG producers
must work hard on sales promotion techniques and quality of the products. To reach rural
market and to be successful manufacturers of personal care FMCGs should also strengthen
their distribution channels. Challenges mainly faced by the FMCG companies are
• Poor distribution system
• Fragmented rural market
• Heterogeneity of population Etc.
A widely used sales promotional schemes used by the FMCG marketers is cash discount to
make a huge sale of their products. The study specified that the cash discount attracts both

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male and female customers similarly. In other words, both gender categories feel the same
urge to buy products towards cash discount of products. Also, in their study they found other
demographic variable such as various employment statuses, family size (number of family
members), family types (joint or individual family), and marital status (married or unmarried)
of the respondents does not differ accordingly Haresh & Sanjay (2011).
Sehrawet and Kundu (2007) studied that packaging of products play an important role on
buying decisions of rural customers and found that rural customers make their purchases
depending upon the packaging of products. Packaging play as a vital role as an indicator of
quality of the product and ease of storage in rural areas. Purchase behaviour of Rural buyers
are drastically different than urban buyers, they are not only influenced by ready availability
of products, but also the opinion leaders play an important role as their influencers in decision
making. To better understand the behaviour of the rural consumers it has to be compared with
the behaviour of urban consumers. Thought process of urban buyer is complex in nature
whereas rural buyers thought process is fairly simple.
Upadhyay (1999) in his study recognized that there is a significant difference between rural
market and urban market depending upon the role played by the family members in buying
decision of non-durable goods. Male members and children play an indispensable role in
rural areas to take purchase decision on non-durable goods and in urban areas women play a
leading role in taking the buying decision.

Role of perceived value in buying Fmcg products:

McDougall & Levesque (2000) in a study found that the deviation between the sacrifices and
benefits of the consumer results in Consumer Perceived Value (CPV). Perceived value is
considered as the benefits or results that the consumers obtain through the total costs involved
with the price paid plus other expenses related to the buying.
Now a days organic food consumption holds a good percentage (Huy & Chi 2019). Though
the consumers are so much health conscious in this modern organic world they preferred the
foods without preservatives, additives, coloring, and flavor. In terms of perceived value of
organic food consumption major research studies have stated a positive and very fewer
studies discovered negative outcomes because of lack of special value in the consumer’s eyes
(Huy & Chi 2019).
Huy et al. (2019) mentioned that depending upon different factors perceived value is
influenced globally. As per the study the health-related consciousness provides a positive
influence on purchase intention (Huy & Chi 2019). However, the religious factors and
concerns regarding food safety is now become less influential on the purchase intention of
customers. The outcome states that there are certain differences which clears, perceived value
have an essential influence on consumer’s desire to buy organic food products. Depending
upon the expectations of perceived quality consumers generally buy product & the quality of
nutritional contents is considered as sensory food attributes. The subjective perception of
consumers gives the opinion that environmental production processes are all valued. To be
sure about the quality of organic food consumption the consumers perception is based on the
variables like price, food safety, nutrition, sensory attributes, and environmentally friendly
attributes. It is also found that due to increase of environmental and health problems across
the world the patterns of food consumption are changing day by day.

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According to the marketing concept it is necessary to find out the degree of diversity that
exist among end users and also the ingredients of buyer/purchaser segments which constitute
the commonality of needs and interest that exist among them. Intensive studies proves that
the diversity and commonality are the resultants of facts and cognition, which include internal
as well as external variables that are capable of influencing buyer’s perception and behaviour.
The perception and behaviour of ‘buyer’ dependent upon wide range of factors including
product factors, situational factors and buyer/purchaser related factors mentioned by Georgie
(2018).
Georgie (2018) in his study found that with respect to FMCG sector the perception and
behaviour of buyers in case of purchasing normally have access to limited information either
because of the reason that the buyer may seek variety or may be due to there is enhanced
variety in product or excessive competition between national and international players.
Though these categories represent a group of loyal customers there is a high possibility that
the purchasers are loyal to more than one brand. Being loyal to a dominant brand the buyers
are ready to try out other brands. The perception and buying behaviour of the fast-moving
consumer goods sector is fully dominated by the variety seeking association and also by
impulsive purchasing because this sector represents low involvement product category.

Some definitions of perceived value of consumers:

Schechter, 1984 & Zeithaml, 1988
“Perceived value is composed of all factors; qualitative and quantitative, objective and
subjective, that jointly form a consumer’s buying experience”.
Zeithaml, 1988
“Perceived value is the consumer overall assessment of the utility of a product based on the
perceptions of what is received and what is given”.
Morrison,1989
“The mental estimate that consumers make of the travel product, where perceptions of value
are drawn from a personal cost/benefit assessment”.
Monroe, 1990
“A trade-off between the quality or benefits they perceive in the product relative to the
sacrifice they perceive by paying the price”.
Oliver, 1999
“Value is a positive function of what is received and a negative function of what is
sacrificed”.
Hallowell in Cornin et al., 2000
“Value equals a perceived quality relative to the price”.
Flint et al., 2002
“The consumer’s assessment of the value that has been created for them by a supplier given
the trade-off between all relevant benefits and sacrifices in a specific use situation.”

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Research Gap
An extensive review of available related literature helps to know that studies related to
perceived value and FMCG sector were being carried out but there was a very less work that
was done on the subject of perceived value of a particular FMCG commodity namely Rice
bran oil. The present study was carried out to fulfil the existing gap that intended to explore
the various aspects of perceived value and to know the perception of consumers in the FMCG
sector in general and Rice bran oil Segment in particular. And moreover, no study has been
conducted regarding rice bran oil in the city of Burdwan.

Objectives of the Study:

1. To understand the perceived value of rice bran oils among the people in the city of
Burdwan.

2. To determine the most popular rice bran oil among the people of Burdwan.

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Research Methodology
The systematic, theoretical analysis of procedures used in a field of study is known as
research methodology. It is a theoretical examination of the body of methods and principles
linked with a particular field of knowledge. This chapter contains information on the research
tools employed in the current study. The research was carried out in the Burdwan district.
The study's target audience is customers who use or have used refined rice bran oil as their
regular cooking oil.

Nature of the Study: This study is descriptive (cross sectional) in nature.

Scope of the Study: This study has been carried out on the consumers of Rice bran Oil in the
city of Burdwan.

Nature of data: The data collected for the purpose of this study is primary in nature, as it has
been collected from the consumers of Rice Bran oil in the city of Burdwan.

Sources of data: The primary data for this study has been collected from the consumers of
Rice Bran Oil in the city of Burdwan. Secondary data required for this study has been
collected from the relevant websites of government, regulatory agencies, media publications,
books, journals etc.

Methods of data collection: The primary data has been collected from the respondents
(consumers of Rice Bran Oil) through structured questionnaire.

Data analysis: The data that has been gathered for the purpose of this study is analysed using
quantitative data analysis techniques.

Tools for analysis: Finally, the data collected has been analysed using quantitative data
analysis software like Ms Excel.

Pilot Study: A pilot study is carried out based on 100 respondents.

Sample Size: The Sample size of this Study is 54. The pilot study which has been carried out showed
that 54 respondents use rice bran oil for cooking. Thus, the final questionnaire has been sent to those
54 respondents only.
It implies that 46 respondents are not using rice bran oil for cooking (100 – 54 = 46).

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Analysis and Interpretation
The questionnaire consisted of two parts – (i) Demographic details (ii) Perceived value
details adopted from a scale by Matchwick et al., (2001); Petrick (2002) and Sweeney and
Soutar (2001)
The data collected through survey method by the help of questionnaire is analysed and
examined by putting the data in MS-EXCEL and the graphs were drawn from the Google
Forms where the visual representation of the data was exhibited.
Graph 1
Gender of the respondents

From the above graph it is evident that out of 54 respondents, 85.2% are male and 14.8 % are
female.
Graph 2
Age of the respondents

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From the above chart it is evident that the respondents belong to age group of 18 – 65 Years.
Graph 3
Income of the respondents

The graph above exhibits the annual income (in lacs) of the respondents – 51.9 % of the
respondents falls under the income group of 200001 – 500000 lacs, 25.9 % of the respondents
falls under the income group of 500001 – 1000000 lacs, 22.2 % of the respondents falls under
the income group of below 200000 lacs.
Graph 4
Choice of Rice Bran Oil among the Respondents

The above graph showcases that the respondents prefer Emami rice bran oil the most
(68.5%); followed by Fortune rice bran oil (61.1%), Saffola rice bran oil (42.6%), Rice gold
rice bran oil (33.3%), Dhara rice bran oil (27.8%), King refined rice bran oil (9.3%), Ricella
physically refined rice bran oil (7.4%).
The data was collected by employing the Likert-scale developed by Rensis Likert in the year
1932 which consists of 5 distinct points – Strongly Disagree (1), Disagree (2), Neutral (3),
Agree (4), Strongly Agree (5).

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The range of the points determined has been elucidated below:
Points Range
Strongly Disagree 1 – 1.8
Disagree 1.9 – 2.6
Neutral 2.7 – 3.4
Agree 3.5 – 4.2
Strongly Agree 4.3 - 5

The scale which consists of four items has been adopted from Matchwick et al., (2001);
Petrick (2002) and Sweeney and Soutar (2001). The four items have been asked to the
respondents in the form of statements as follows:

1. The product itself is worthy.

2. The brand is reasonably priced.
3. This brand offer value for money.
4. This brand is a good product for the price .

Graph 5

Item 1: The product (refined rice bran oil) itself is worthy

According to the graph above, 33.3% of respondents strongly disagree that rice bran oil is
worthy, followed by 27.8% who agree the product is worthy, 16.7% who are neutral about its
worthiness, and 18.5% who strongly agree that it is a worthy product. And only 3.7 percent of
those polled disagree.

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Graph 6

Item 2: The brands are reasonably priced

According to the graph above, 31.5% of respondents strongly disagree that the brands are
reasonably priced, 29.6% agree that the brands are reasonably priced, 22.2% are neutral about
the statement, and 11.1% strongly agree. And only a small percentage of people (5.6%)
disagree.

Graph 7

Item 3: The brands offer value for money product

According to the graph above, 27.8% of respondents strongly disagree that the brands offer
value for money products, followed by 24.1% who agree, 29.6% who hold a neutral value,
and 13% who highly approve. And only 5.6 percent of people disagree.

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Graph 8

Item 4: The brands are the good product for the price

According to the graph above, 31.5% of respondents strongly disagree that the brands are
good product for the price, followed by 31.5% who agree, 9.3% who hold a neutral value,
and 25.9% who highly agree with the statement. And only a small percentage of people
(1.9%) disagree.

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The score received on each of the ratings after adding the ratings of all the participants are as
follows:

1. The product itself is worthy – 159

2. The brand is reasonably priced – 153
3. This brand offer value for money – 156
4. This brand is a good product for the price – 172

Now, after dividing the scores by the number of respondents:

1. The product itself is worthy – 159/54 = 2.94

2. The brand is reasonably priced – 153/54 = 2.83
3. This brand offer value for money – 156/54 = 2.89
4. This brand is a good product for the price – 172/54 = 3.19

Thus, the statement “The product itself is worthy” falls under the category of “Neutral”, the
statement “The brand is reasonably priced” falls under the category of “Neutral”, the
statement “This brand offer value for money” falls under the category of “Neutral”, the
statement falls under the category of “Neutral”.

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Conclusion & Findings
It is concluded from the study that Refined Rice bran oil market is developing and but
growing at a very slow pace in the current scenario. The futures for this market look highly
encouraging. The marketers must need to undergo changes to capture more market growth.
There is opportunity for the Refined rice bran oil markets of branded and quality products.
The study on the rice bran oil market remains highly fragmented. The study on the perceived
value of consumer towards refined rice bran oil plays a vital role to understand the market
potential and the consumer’s perception towards it.
There are many competitors in the market. So that it is conclude that Emami healthy & tasty
rice bran oil is able to maintain its top rank by providing quality products at reasonable prices
to the consumers and with a robust marketing strategy. Health benefits are the main
motivating factors for the consumers to buy the rice bran oil. Introduction of the new
packaging products in the markets to satisfy the consumer is also an important reason for
Emami healthy & tasty rice bran oil to hold the top position in the market.
Moreover, from the findings it has been revealed that the respondents were neutral regarding
the perceived value of rice bran oils which in turn implies that the perceived value of rice
bran oils among the consumers in the city of Burdwan has not bolstered yet. Therefore, on
overall basis they are indifferent towards the value of rice bran oils regarding its perceived
value. Furthermore, this study revealed that consumers of the city of Burdwan prefers
Emami rice bran oil the most followed by followed by Fortune rice bran oil, Saffola rice bran
oil, Rice gold rice bran oil, Dhara rice bran oil, King refined rice bran oil, Ricella physically
refined rice bran oil. It suggests that the brand name of Emami rice bran oil is much popular
among the public.
• People think that the rice bran oils are good products for the price which received an
average score of 3.19.

• Next the people thinks that the rice bran oil itself is worthy which received an average
score of 2.94.

• Subsequently the people thinks that the rice bran oil offer value for money product
which received an average score of 2.89.

• Lastly the people thinks that the rice bran oil is reasonably is reasonably priced which
receives an average score of 2.83.

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Recommendation and Suggestions:
After careful investigation and successive findings, the study has listed out the following
suggestions:

1. Rice bran oil producing companies should undertake careful investigation on business
and economic conditions as and when required to design an effective promotional
strategy.
2. It is suggested that the companies should appoint competent sales persons to monitor
changes in market, economy and industry life cycle in order to cope with various
challenges connected with the buying behaviour of the consumer in fast moving
consumer goods.
3. People are not very much aware about the health benefits of rice bran oil so their
purchase behaviour towards it is very irregular. So, the companies should design their
marketing strategy in a way to make the people understand about the benefits of rice
bran oil.
4. Majority of the consumers are attracted by brand name and quality of products. If the
companies concentrate on brand building and quality improvement measures, they
can sustain in the market place as well as capture high market share in the long run.
5. There is irregular supply of rice bran oil in the market. Hence regular supply of the
products should be ensured through effective distribution network.
6. Product improvements should be made frequently to withstand competition and they
may modify packages, colours and designs of the product will help to attract new
consumers.

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 Appendix 1
Name: __________________________________
Gender:
i. Male
ii. Female
iii. Others
Age: ____________________________________
Annual Income (in Lacs):
i. Below 200000
ii. 200001 – 500000
iii. 500001 – 1000000
iv. 1000001 and above
Which one of the rice bran oil you have tried mentioned below?
i. Emami Healthy and Tasty rice bran oil
ii. Fortune rice bran oil
iii. Saffola rice bran oil
iv. King refined rice bran oil
v. Ricella physically refined rice bran oil
vi. Dhara rice bran oil
vii. Rice gold rice bran oil

Perceived value of rice bran oils

Rate the following statements on a scale
SL ranging from 1-5 (5-" Strongly Agree";1-
List of Statements
No. "strongly Disagree")
1 2 3 4 5
The product (refined rice bran oil) itself is
1 worthy
2 The brands are reasonably priced
3 The brands offer value for money product
4 The brands are the good products for the price

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