CHAPTER – 1

INTRODUCTION

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 INTRODUCTION

CONSUMER BUYING BEHAVIOR

Consumer buying behavior is the study of when, why, how, where and what people do or

do not buy products. It blends elements from psychology, sociology, social psychology,

anthropology and economics. It attempts to understand the buyer decision making process,

both individually and in groups. It studies characteristics of individual consumers such as

demographics and behavioral variables in an attempt to understand people's wants. It also

tries to assess influences on the consumer from groups such as family, friends, reference

groups, and society in general. Customer behaviour study is based on consumer buying

behaviour, with the customer playing the three distinct roles of user, payer and buyer.

Relationship marketing is an influential asset for customer behaviour analysis as it has a keen

interest in the re- discovery of the true meaning of marketing through the re-affirmation of

the importance of the customer or buyer. A greater importance is also placed on consumer

retention, customer relationship management, personalization, customisation and one-to-one

marketing. Social functions can be categorized into social choice and welfare functions.

Some specifications of the social functions are decisiveness, neutrality, anonymity,

monotonocity, unanimity, homogeneity and weak and strong pareto optimality. No social

choice function meets these requirements in an ordinal scale simultaneously. The most

important characteristic of a social function is identification of the interactive effect of

alternatives and creating a logical relation with the ranks. Marketing provides services in

order to satisfy customers. With that in mind, the productive system is considered from its

beginning at the production level, to the end of the cycle, the consumer (Kioumarsi et al.,

2009).

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Belch and Belch define consumer behavior as 'the process and activities people engage in

when searching for, selecting, purchasing, using, evaluating, and disposing of products and

services so as to satisfy their needs and desires'.

Black box model

ENVIRONMENTAL
BUYER'S BLACK BOX
FACTORS
BUYER'S

RESPONSE
Marketing Environmental
Buyer Characteristics Decision Process
Stimuli Stimuli

Product

Problem recognition choice

Attitudes
Product Economic Information search Brand choice
Motivation
Price Technical Alternative evaluation Dealer choice
Behaviour s
Place Political Purchase decision Purchase
Personality
Promotion Cultural Post-purchase timing
Lifestyle
behavior Purchase

amount

The black box model shows the interaction of stimuli, consumer characteristics, decision
process and consumer responses. It can be distinguished between interpersonal stimuli
(between people) or intrapersonal stimuli (within people).[2] The black box model is related to
the black box theory of behaviorism, where the focus is not set on the processes inside a
consumer, but the relation between the stimuli and the response of the consumer. The
marketing stimuli are planned and processed by the companies, whereas the environmental
stimulus are given by social factors, based on the economical, political and cultural
circumstances of a society. The buyers black box contains the buyer characteristics and the
decision process, which determines the buyers’ response.

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The black box model considers the buyers response as a result of a conscious, rational

decision process, in which it is assumed that the buyer has recognized the problem. However,

in reality many decisions are not made in awareness of a determined problem by the

consumer.

Information search

Once the consumer has recognised a problem, they search for information on products and

services that can solve that problem. Belch and Belch (2007) explain that consumers

undertake both an internal (memory) and an external search.

Sources of information include:

● Personal sources

● Commercial sources

● Public sources

● Personal experience

The relevant internal psychological process that is associated with information search is

behaviour. Behaviour is defined as 'the process by which an individual receives, selects,

organises, and interprets information to create a meaningful picture of the world'

The selective behaviour process

Stage Description

 Selective exposure consumers select which promotional messages they will expose

themselves to.

 Selective attention consumers select which promotional messages they will pay

attention to
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  Selective comprehension consumer interpret messages in line with their beliefs,

attitudes, motives and experiences

 Selective retention consumers remember messages that are more meaningful or

important to them

The implications of this process help develop an effective promotional strategy, and select

which sources of information are more effective for the brand.

Types Of Customer Buying Behavior:

Complex buying behavior

Dissonance-reducing buying behavior

Habitual buying behavior

Variety seeking behavior

1. Complex buying behavior

Complex buying behavior is encountered particularly when consumers are buying an

expensive product. In this infrequent transaction, consumers are highly involved in the

purchase decision. Consumers will research thoroughly before committing to invest.

Consumer behaves very differently when buying an expensive product or a product that is

unfamiliar to them. When the risk of buying a product is very high, a consumer consults

friends, family, and experts before making the decision. For example, when a consumer is

buying a car for the first time, it’s a big decision as it involves high economic risk. There is a

lot of thought on how it looks, how his friends and family will react, how will his social

status change after buying the car, and so on. In complex buying behavior, the buyer will

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pass through a learning

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process. He will first develop beliefs about the product, then attitudes, and then make a

thoughtful purchase choice. For complex buying behavior customers, marketers should have

a deep understanding of the products. It is expected that they help the consumer to understand

their product. It is important to create an advertising message in a way that influences the

buyer’s beliefs and attitudes.

2. Dissonance-reducing buying behavior

In dissonance-reducing buying behavior, consumer involvement is very high. This might be

due to high prices and infrequent purchases. In addition, there is low availability of choices

with fewer significant differences among brands. In this type, a consumer buys a product that

is easily available.

Consumers will be forced to buy goods that do not have too many choices and therefore

consumers will be left with limited decision making. Based on the products available, time

limitations, or budget limitations, consumers buy certain products without a lot of research.

For example, a consumer who is looking for a new collapsible table that can be taken for

camping quickly decides on the product based on a few brands available. The main criteria

here will be the use and the feature of the collapsible table and the budget available to him.

Marketers should run after-sale service camps that deliver focused messaging. These

campaigns should aim to support consumers and convince them to continue with the choice

of their brand. These marketing campaigns should focus on building repeat purchases and

referrals by offering discounts and incentives.

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3. Habitual buying behavior

Habitual Buying Behavior is depicted when a consumer has low involvement in a purchase

decision. In this case, the consumer is perceiving only a few significant differences between

brands.

When consumers are buying products that they use for their daily routine, they do not put a

lot of thought. They either buy their favorite brand or the one that they use regularly – or the

one available in the store or the one that costs the least. For example, when a consumer buys

an energy drink, he tends to buy the flavor/taste that he likes without actually putting in a lot

of research and time. Many products fit into this category. Products such as chocolates, cakes,

juices, etc., all fit into this product category. Consumers just go for it and buy it – there is no

brand loyalty. Consumers do not research or need information regarding the purchase of such

products. Habitual buying behavior is influenced by radio, television, and print media.

Moreover, consumers are buying based on brand familiarity. Hence marketers must use

repetitive advertisements to build brand familiarity. Further to initiate product trial, marketers

should use tactics like price drop promotions and sales promotions. Marketers should attract

consumers using visual symbols and imagery in their advertising. Consumers can easily

remember visual advertisements and can associate with a brand.

4. Variety seeking buying behavior

In variety-seeking consumer behavior, consumer involvement is low. There are significant

differences between brands. Here consumers often do a lot of brand switching. The cost of

switching products is low, and hence consumers might want to try out new products just out

of

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curiosity or boredom. Consumers here, generally buy different products not because of

dissatisfaction but mainly with an urge to seek variety.

For example, a consumer likes to buy a cookie and choose a brand without putting much

thought into it. Next time, the same consumer might choose a different brand out of a wish

for a different taste. Brand switching occurs often and without intention. Brands have to

adopt different strategies for such types of consumer behavior. The market leader will

persuade habitual buying behavior by influencing the shelf space. The shelf will display a

large number of related but different product versions. Marketers avoid out-of-stock

conditions, sponsor frequent advertising, offer lower prices, discounts, deals, coupons, and

free samples to attract consumers.

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NEED FOR THE STUDY:

This study helps to have a deep understanding of the consumers buying behavior is needed

since it is vital to understand the tastes of the customers periodically in order to cater to their

needs.

 This study on customer buying behavior helps to gain insights into customer preferences,
expectations, and pain points. This knowledge can be used to enhance the overall
customer experience, leading to increased customer satisfaction and loyalty.
 To understand the current market demands in the real estate sector and to identify the
effective advertising platforms with respect to the real estate sector.

SCOPE OF THE STUDY:

 The study will focus on customers located within a specific geographic area relevant to
Olympia Tech Park Limited, such as the region where its products/services are marketed
or sold.
 The study does not cover other services provided by Olympia Tech Park Limited, such as
leasing and renting of properties.

OBJECTIVE OF THE STUDY:

❖ Primary Objective:
● To study the customer buying behavior with respect to Olympia Tech Park Limited

❖ Secondary Objective:
● To understand the factors influencing customer decision-making like impact of
economic, social, and psychological aspects in real estate transactions.

● To analyze the preferences and priorities of different customer segments in the real
estate market.

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 ● To identify trends and patterns in customer preferences for different types of real estate
properties.

LIMITATIONS OF THE STUDY:

 It is important to acknowledge potential limitations such as sample size constraints, time

and resource limitations, and the inability to control external factors that may influence
customer buying behavior.
 The study focuses specifically on customers who have interacted with Olympia Tech
Park Limited within a certain geographical region(Chennai). Therefore, the study is
limited geographically.

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 CHAPTER 2

BACKGROUND OF THE STUDY

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 INDUSTRY PROFILE

REAL ESTATE INDUSTRY:

Real estate is real property that consists of land and improvements, which include buildings,
fixtures, roads, structures, and utility systems. Property rights give a title of ownership to
the land, improvements, and natural resources such as minerals, plants, animals, water, etc.

Types of Real Estate

There are several types of real estate, each with a unique purpose and utility. The main
categories are:

1. Land

2. Residential

3. Commercial

4. Industrial

For anyone looking to understand how the industry works and what each of the major
categories represents, the explanations below will be a helpful guide.

1. Land

Land is the baseline for all types of real property. Land typically refers to undeveloped
property and vacant land. Developers acquire land and combine it with other properties
(called assembly) and rezone it so they can increase the density and increase the value of the
property.

2. Residential

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Residential real estate consists of housing for individuals, families, or groups of people. This
is the most common type of estate and is the asset class that most people are familiar with.
Within residential, there are single-family homes, apartments, condominiums, townhouses,
and other types of living arrangements.

3. Commercial

Commercial property refers to land and buildings that are used by businesses to carry out
their operations. Examples include shopping malls, individual stores, office buildings,
parking lots, medical centers, and hotels.

4. Industrial

Industrial real estate refers to land and buildings that are used by industrial businesses for
activities such as factories, mechanical productions, research and development, construction,
transportation, logistics, and warehousing.

Real estate has been an important part of Indian society for centuries, with a rich and diverse
history. The evolution of the real estate industry in India can be traced back to the ancient
times when land was considered as one of the most valuable assets, and was owned by the
ruling class and wealthy landowners. During the Mughal period, the construction of grand
palaces, forts, and mausoleums, such as the Taj Mahal, led to a thriving construction industry.
The British colonial period saw the development of urban centers such as Mumbai, Kolkata,
and Chennai, with the construction of railway networks, ports, and administrative buildings.
Understanding the real estate sector in India.

The land and any permanent buildings, such as houses or constructions affixed to the
property, are considered real estate. The market involves the categories of residential, office,
commercial, and retail real estate, depending on the function of the building. In many cases,
real estate and housing are even used interchangeably. One of the most prominent industries
worldwide is real estate. The middle class in India is expanding quickly, with more and more
individuals earning enough money to own real estate. The demand for housing is growing,
especially for low- and moderate-priced properties. Housing is in high demand in India since
the country’s population is relatively young and urbanization is still growing. A robust IT
sector also helps the office sector, and one of India’s top sectors for drawing in foreign direct
investment is the housing sector.

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It was additionally expected that, over time, this industry would see a rise in non-resident
Indian (NRI) investment. In addition to its significance for the Indian market, the real estate
industry is the second largest employer in the country, just after agriculture. The market is
constantly growing, which is one thing that is guaranteed about the industry.

BEGINNING OF REAL ESTATE MARKET IN INDIA

● In ancient India, land was regarded as one of the most precious assets and belonged to
the governing class and affluent landowners. This is when the real estate sector in
India began to develop. The real estate market saw substantial change that helped
form the
industry after India’s independence in 1947.

● Government-sponsored public housing initiatives were introduced in the 1950s and

1960s to provide low-income families access to inexpensive homes. The primary
goals of these programs were to enhance living conditions and lessen the scarcity of
housing in metropolitan areas.

● The government also invested significantly in ports, highways, bridges, and other
infrastructure projects to boost economic growth while improving connectivity. The
real estate market changed from public to private housing in the 1980s and 1990s due
to the entry of private developers. New real estate markets, such as luxury homes and
commercial real estate, were created due to the rise of private developers.

● With the Pradhan Mantri Awas Yojana (PMAY), which offers low-income
households’ incentives to purchase or construct their own houses, the Indian
government has also
started to support affordable housing.

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MARKET TODAY: REAL ESTATE GROWTH IN INDIA:

● In India, during the initial nine months of FY22, approximately 1,700 acres of land
were sold in the country’s top eight cities. Nearly 558,000 houses will be completed
by Indian real estate developers in the nation’s biggest cities by 2023, marking a
significant milestone.

● In 2021, the market size of the real estate industry was US$ 200 billion and it is
estimated to grow to US$ 1 trillion by 2030. In 2023, private equity investments in the
Indian real estate market were valued at US$4.2 billion. By 2047, it is expected to
grow to $54.3 billion.

● Moreover, with the introduction of online real estate sites and property listing
platforms, the Indian real estate market has seen an extensive digital transformation in
recent years. Nowadays, finding and dealing with properties online has been
comparatively simpler for buyers, sellers, and renters, who often end up with better
offers.

COMPANY PROFILE:
Olympia Group is one of South India’s leading developers. Founded in July 2004, the
group has developed over 2000 homes and over 5 million square feet successfully. With
an emphasis on highest quality, detailing, exceptional design and craftsmanship, Olympia
Group has been leading the real estate market in Chennai, Kolkata, and Bangalore.
Olympia Group has delivered prestigious projects enjoying national and international
acclaim. Some of the projects include:

● Olympia Opaline Sequel: The second phase of existing and vibrant Olympia’s
Opaline in Chennai

● The Goodwood Residence: Luxury apartments on Cenotaph road

● Park Residences By Olympia: Ultra-luxury apartments in Kotturpuram

● Olympia Jayanthi: Premium residences in Adyar

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 ● Olympia Mithila: CMDA approved plots located inside Thirumazhisai
● Olympia Technology Park: Among the world’s largest LEED gold-rated green
building, located in Guindy, Chennai

● Olympia Opaline: Chennai’s first ‘green’ residential project

● Opaline Sky Villas: Super-luxury villa type apartments located on the OMR

● Olympia Panache: Ultra luxury villa residences on OMR

● Olympia Grande: Residential Apartments on Pallavaram, Chennai

● Reflection: Sprawling Villas, Luxury Sky Homes & high-end Boutique resort.

The Olympia Group was born out of the alliance of three strong business houses – The
Khivraj Group, The Space Group & The MK Group. The Chennai-based renowned Khivraj
Group, has over five decades of successful business history spanning various industries such
as Real Estate, Automobile, Retail and Wind Power Generation. The Space Group, The MK
Group and The Dhoot Group from Kolkata have an impressive track record of large-scale
property development in several sectors of Real Estate – MSB Residential Apartments,
Clubhouses and Shopping Malls among others.

The Space Group, led by its Director Mr. Piyush Kumar Bhagat, is one of Kolkata’s largest
real estate developers with rich experience of over two decades in the construction industry.
The MK Group, led by its Director Mr. Chandrakant Kankaria, is a highly reputed 75-year-
old business group engaged in commercial/residential property development, chemical
manufacture, international trading of paints & chemicals in addition to owning multiple
cinema houses across Kolkata. The Dhoot Group, led by its Director Mr. Pawan Dhoot, has
grown into a large business conglomerate with a pan-India presence. Through his hard work,
determination and dedication nurtured over the years, they have achieved ground-breaking
industry standards in the real estate industry.

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 PRODUCT PROFILE

❖ RESIDENTIAL:
1) “OPALINE 1BHK Apartment, Navalur, OMR” The 1BHK Homes at Opaline
stand tall in 2 towering blocks, Crystal and Diamond. It is here 288 1BHK homes
open the doors for you to enjoy fine living in style. Zero space wastage in design,
aesthetic in style and functional in utility, the 1 BHK apartments are ideal for
today's contemporary lifestyle.

2) “REFLECTION” We consider Reflection to be one of the most desirable places to

live a full life! With beautiful lagoons behind us, clear skies above us, sea and
whispering waves in front of us, sandy beaches below us, mango orchard next to
us, with birds and flowers all around us; Reflection has it all!

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3) “PARK RESIDENCE BY OLYMPIA, Kotturpuram” The Kotturpuram in
Chennai is where the rich and famous live and so in our ‘Park Residence - By
Olympia’. The most premium residences situated in one acre-plus property. This
project is a perfect blend of contemporary architecture, location, luxury &
customer profile. One of the finest residential properties in Chennai.

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 4) “SKY VILLA, Navalur, OMR” Ultra-Luxury Sky Apartments in Navalur,
OMR World-class features including Hitachi internal elevators, plunge pool and
home automation in each villa 18 luxurious duplexes with one exclusive
entrance per floor 6000 sq.ft. living space in each villa’s Ready for Occupation.

❖ COMMERCIAL PROPERTIES:
1) “OYMPIA TECH PARK, Guindy” Sprawling 1.45 million sq.ft of leasable space.
‘First largest LEED Certified Gold rated Green Building in the city’. Houses over
14,000 employees across leading corporate companies such as Hewlett Packard,
Verizon & many more. Fully leased out and in operation for the past 12 years.
USGBC LEED Gold Certified. Host of amenities such as a food court, gym,
ATM, Retail spaces & Creche, bank etc.

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2) “OLYMPIA PLATINA, Guindy” 0.1 million sq.ft. of completed commercial
space. Structure of B+S+9 Floors. Typical Floor plate (.//sq. ft) 12200. Power
Backup available. Air Conditioning available. Fully Occupied. IGBC Certified.
Adjacent to the renowned Olympia Technology Park.

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3) OLYMPIA TEKNOS, Guindy. 0.13 million sq.ft. of completed commercial space.
Structure of 2B+S+10 Floors. Typical floor Plate (sq.ft) 13,000.Power Backup
available. Air Conditioning available. Fully Occupied. IGBC Certified. 500 mts
from the renowned Olympia Technology Park

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4) “OLYMPIA INSPIRE, Guindy” 0.19 million sq.ft. of completed commercial
space. Structure of B+S+9 Floor. Typical floor Plate (sq.ft) 24500. Power Backup
available. Air Conditioning available. IGBC Pre-Certified.

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 THEORIES RELATED TO STUDY

Maslow's Hierarchy of Needs: This theory proposes that individuals are motivated to fulfill
basic needs (physiological, safety) before progressing to higher-order needs (social, esteem,
self-actualization). Marketers often use this framework to understand which needs drive
consumer behavior and tailor their marketing strategies accordingly.

Theory of Planned Behavior (TPB): TPB suggests that a person's intention to perform a
behavior is influenced by their attitude toward the behavior, subjective norms (perceived
social pressure to perform or not perform the behavior), and perceived behavioral control
(perceived ease or difficulty of performing the behavior). It's widely used in understanding
and predicting consumer behavior.

Howard-Sheth Model: This model proposes that consumer behavior is influenced by

various factors including stimulus, perceptual and learning processes, attitudes, motivations,
and situational factors. It emphasizes the dynamic nature of consumer decision-making and
the interplay between internal and external influences.

Information Processing Theory: This theory suggests that consumers engage in systematic
information processing when making purchase decisions. It involves several stages including
exposure to information, attention, comprehension, acceptance, and retention. Marketers use
this theory to understand how consumers process information and design their
communication strategies accordingly.

Cognitive Dissonance Theory: This theory posits that individuals experience discomfort or
dissonance when their beliefs or attitudes conflict with their actions. In the context of
consumer behavior, it explains post-purchase behavior such as buyer's remorse and how
consumers may rationalize their decisions to reduce dissonance.

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Social Learning Theory: This theory, developed by Albert Bandura, emphasizes the role of
observation and modeling in shaping behavior. Consumers learn from observing the behavior
of others (such as friends, family, or influencers) and may imitate their actions or adopt
similar attitudes and preferences.

Hedonic Consumption Theory: This theory focuses on the emotional and experiential
aspects of consumer behavior. It suggests that consumers derive pleasure and satisfaction
from consumption experiences beyond the functional benefits of products or services.
Marketers leverage this theory by creating emotionally engaging and enjoyable shopping
experiences.

Search Theory: This theory focuses on the process consumers go through when searching
for real estate properties. It involves stages such as problem recognition (identifying the need
for a property), information search (gathering information about available properties),
evaluation of alternatives (comparing different properties based on criteria such as location,
price, amenities), and purchase decision (selecting a property to buy). Real estate agents and
online platforms often play a crucial role in facilitating this search process for buyers.

Information Processing in Real Estate: This theory applies the information processing
model to the real estate context, emphasizing how buyers process information at various
stages of the property purchase decision-making process. Real estate marketers leverage this
theory by providing comprehensive and easily accessible information about properties,
neighborhoods, financing options, and legal considerations to facilitate informed decision-
making by buyers.

Social Influence in Real Estate: Social influence theory explains how individuals' real estate
purchasing decisions may be influenced by social factors such as family, friends, colleagues,
and online communities. Real estate marketers recognize the importance of social proof and
testimonials in building trust and credibility with potential buyers. Additionally, social
networks and referrals play a significant role in generating leads and driving sales in the real
estate industry.

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 REVIEW OF LITERATURE:

The features of the apartment structure itself will be an important determinant of a household
choice of residence (Quigley, 1976). Neighbourhood quality, local public services and
quantity of housing services also affect the choice of residence (Friedman, 1980; Gabriel and
Rosenthal, 1989).

Louviere and Timmermans (1990) found that another important influences is property location.

According to Sidin, et al (2004) features of the apartment will be a significant determinant of

a household choice of residence. This study makes a closer look into the attributes in respect
of the three vital factors (viz. Price, Location and Quality)

Buying an apartment is one of the most significant economic decisions, and it requires
gathering a lot of information regarding its features, noted Batra, S. K and Kazmi(2008) in
their book on consumer behaviour.

Price, availability of easier loans has revolted the preferences and choices of consumer
related to home buying decisions pertaining to buy a flat or residential villa(Jomon Lonappan,
2011).

A recent study by the present authors, Nasar K. K & Manoj P K (2013) has analyzed the
behavior of real estate investors in making investment decisions, like the various personal and
behavioral factors influencing their purchase decisions.

Kathrvel, N., Vimalagracy, P. (2014)Factors like high demand, low supply and limited
income especially for salary class consumers affects the buying in real estate. Therefore it is
important for real estate marketer to understand the behavior of prospect and to identify the
factors influencing the customer choices beginning of new development.

A study by Jain and Singh (2020) titled "Exploring Factors Affecting Customer Buying
Behavior in Real Estate: An Indian Perspective" examined the factors influencing customer
buying behavior in the real estate sector. The research identified factors such as brand
reputation, quality of construction, proximity to essential amenities, and financial
26
considerations as significant determinants of customer decision-making. The study
emphasized the need for developers to understand these factors and tailor their offerings
accordingly.

In a study by Bhattacharya et al. (2019) titled "Customer Buying Behavior in the Indian Real
Estate Market: An Empirical Analysis," the researchers explored the factors that influence
customer behavior and preferences in the Indian real estate market. The study found that
factors such as project location, property price, reputation of the developer, and availability of
financing options significantly influenced customer buying decisions. The research
highlighted the role of marketing strategies and effective communication in influencing
customer perceptions.

A study conducted by Arora and Gupta (2018) titled "Understanding Customer Buying
Behavior in Real Estate: A Study of Delhi-NCR" focused on understanding the factors
influencing customer buying behavior in the DelhiNCR region. The research identified
factors such as property price, location, amenities, reputation of the developer, and legal
aspects as key drivers of customer decisions. The study emphasized the importance of
customer-centric marketing strategies and effective after-sales services to enhance customer
satisfaction and loyalty.

A recent study conducted by Sharma and Gupta (2022) titled "Factors Influencing Customer
Buying Behavior in the Indian Residential Real Estate Market" examined the key factors that
influence customers' purchasing decisions. The study found that factors such as location,
price, quality, amenities, and reputation of the developer were significant determinants of
customer behavior. The research also highlighted the growing importance of sustainable and
eco-friendly features in influencing customer preferences

Another study by Verma and Saxena (2021) titled "Customer Perception and Buying
Behavior in the Indian Real Estate Sector: An Empirical Analysis" explored the impact of
customer perception on buying behavior. The study revealed that customer perception of
property value, location convenience, trustworthiness of developers, and legal compliances
significantly

27
 CHAPTER 3

RESEARCH METHODOLOGY

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Research methodology is the path through which researchers need to conduct their research.
It shows the path through which these researchers formulate their problem and objective and
present their result from the data obtained during the study period. This research design and
methodology chapter also shows how the research outcome at the end will be obtained in line
with meeting the objective of the study.

RESEARCH DESIGNS:

The research design refers to the overall strategy that you choose to integrate the different
components of the study in a coherent and logical way, thereby, ensuring you will effectively
address the research problem; it constitutes the blueprint for the collection, measurement, and
analysis of data.

DESCRIPTIVE RESEARCH:

Descriptive research can be explained as a statement of affairs as they are at present with the
researcher having no control over variable. Moreover, “descriptive studies may be
characterized as simply the attempt to determine, describe or identify what is, while
analytical research attempts to establish why it is that way or how it came to be”. Descriptive
research is defined as a research method that describes the characteristics of the population or
phenomenon that is being studied. This methodology focuses more on the “what” of the
research subject rather than the “why” of the research subject.

DATA COLLECTION PROCESS:

Data collection is a process of collecting information from all the relevant sources to find
answers to the research problem, test the hypothesis and evaluate the outcomes. Data
collection methods can be divided into two categories: secondary methods of data collection
and primary methods of data collection.

PRIMARY DATA:

Primary data is information collected through original or first-hand research. For example,
surveys and focus group discussions. New information collected specifically for your purposes,

29
directly from people in the know. Methods of primary data collection vary based upon the
goals of the research, as well as the type and depth of information being sought.

SECONDARY DATA:

Secondary data is research data that has previously been gathered and can be accessed by
researchers. The term contrasts with primary data, which is data collected directly from its
source. Secondary data analysis, on the other hand, is the use of data that was collected by
someone else for some other purpose. In this case, the researcher poses questions that are
addressed through the analysis of a data set that they were not involved in collecting. The
data was not collected to answer the researcher’s specific research questions and was instead
collected for another purpose. This means that the same data set can actually be a primary
data set to one researcher and a secondary data set to a different one. Sampling is a method of
selecting experimental units from a population so that we can make decision about the
population. Sampling Design is design or a working plan that specifies the population frame,
sample size, sample selection, and estimation method in detail. Objective of the sampling
design is to know the characteristic of the population.

POPULATION:

The population visiting madras coffee house is approximately larger in number, researcher
was unable to collect information from all consumers due to the limitation of time. So part of
the population is taken for analyzing and generating the findings, which is applicable for total
production.

SAMPLING TECHNIQUE:

Non-Probabilistic Convenient sampling method is used to collect the data.

SAMPLE SIZE:

A sample size of 106 has been taken into consideration.

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SAMPLE UNIT:

The respondents of the study are part of the population. Each individual is considered to be the
sampling unit.

TOOLS FOR DATA ANALYSIS:

The data has been mainly analyzed by using the following rudimentary methods and tests.

1. Percentage Analysis

2. Independent T test

3. Chi-square test

4. Correlation

1. PECENTAGE ANALYSIS:

Percentage analysis can be calculated as follows First the frequency (i.e.) number of
responses is noted in tabular form, and then the percentage is calculated by dividing the
frequency by total number of respondents multiplied by 100. Then the values are noted in
column as valid percent. Graphical Analysis is done after the percentage analysis. Bar charts
and pie charts are used to represent the percentage obtained.

Percentage = (Number of respondents (frequency) /Total number of respondents) X 100

2. INDEPENDENT T TEST:

A t-test is a type of inferential statistic used to determine if there is a significant difference

between the means of two groups, which may be related in certain features. It is mostly used
when the data sets, like the data set recorded as the outcome from flipping a coin 100 times,
would follow a normal distribution and may have unknown Variances. A t-test is used as a
hypothesis testing tool, which allows testing of an assumption applicable to a population. A t-
test looks at the t-statistic, the t-distribution values, and the degrees of freedom to determine

31
the statistical significance. To conduct a test with three or more means, one must use an
analysis of variance. Essentially, a t-test allows us to compare the average values of the two
data sets and determine if they came from the same population. In the above examples, if we
were to take a sample of students from class A and another sample of students from class B,
we would not expect them to have exactly the same mean and standard deviation. Similarly,
samples taken from the placebo-fed control group and those taken from the drug prescribed
group should have a slightly different mean and standard deviation.

3. CHI-SQUARE TEST:

A chi-square test is a statistical test that is used to compare observed and expected results.
The goal of this test is to identify whether a disparity between actual and predicted data is
due to chance or to a link between the variables under consideration. As a result, the chi-
square test is an ideal choice for aiding in our understanding and interpretation of the
connection between our two categorical variables.

A chi-square test or comparable non parametric test is required to test a hypothesis regarding
the distribution of a categorical variable. Categorical variables, which indicate categories
such as animals or countries, can be nominal or ordinal. They cannot have a normal
distribution since they can only have a few particular values.

For example, a meal delivery firm in India wants to investigate the link between gender,
geography, and people's food preferences.

It is used to calculate the difference between two categorical variables, which are:

 As a result of chance or

 Because of the relationship

32
Formula For Chi-Square Test

Where,

c = Degrees of freedom

O = Observed Value

E = Expected Value

The degrees of freedom in a statistical calculation represent the number of variables that can
vary in a calculation. The degrees of freedom can be calculated to ensure that chi-square tests
are statistically valid. These tests are frequently used to compare observed data with data that
would be expected to be obtained if a particular hypothesis were true.

The Observed values are those you gather yourselves. The expected values are the
frequencies expected, based on the null hypothesis.

4. CORRELATION:

Correlation, in the finance and investment industries, is a statistic that measures the degree to
which two securities move in relation to each other. Correlations are used in advanced
portfolio management, computed as the correlation coefficient, which has a value that must
fall between
-1.0 and +1.0. A perfect positive correlation means that the correlation coefficient is exactly
1. This implies that as one security moves, either up or down, the other security moves in
lockstep, in the same direction. A perfect negative correlation means that two assets move in
opposite directions, while a zero correlation implies no relationship at all.

33
34
 CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

35
 PERCENTAGE ANALYSIS:

Frequency Table and Bar Chart:

TABLE: 4.1.1 TABLE AND CHART SHOWING GENDER WISE CLASSIFICATION
OF THE RESPONDENTS

Gender
Particulars Frequency Percent Valid Percent Cumulative Percent
Male 70 63.1 63.1 63.1
Valid Female 41 36.9 36.9 100.0
Total 111 100.0 100.0

INTREPRETATION:

From the above table and chart, it is understood that 63.1% of respondents were male and
36.9% respondents were female.

36
TABLE: 4.1.2 TABLE AND CHART SHOWING AGE WISE CLASSIFICATION OF
THE RESPONDENTS
Age

Particulars Frequency Percent Valid Percent Cumulative

Percent

20 to 30 50 45.0 45.5 45.5

30 to 40 42 37.8 38.2 83.6
Valid
>40 18 16.2 16.4 100.0
Total 110 99.1 100.0
Missing System 1 .9
Total 111 100.0

INTREPRETATION:

From the above table and chart, it is understood that 45.5% of the respondents belong the age
group 20 to 30, 38.2% of the respondents belong to the age group 30 to 40 and the 16.4% of
the respondents belong to the age group >40.

37
TABLE: 4.1.3 TABLE AND CHART SHOWING INCOME RANGE OF THE
RESPONDENTS

Income level
Particulars Frequency Percent Valid Percent Cumulative Percent
Below 3 LPA 43 38.7 38.7 38.7
3 to 5 LPA 30 27.0 27.0 65.8
Valid 5 to 10 LPA 24 21.6 21.6 87.4
>10 LPA 14 12.6 12.6 100.0
Total 111 100.0 100.0

INTREPRETATION:

From the above table and chart, it is clear that 38.7% of the respondents are at income level
below 3 LPA, 27% of the respondents fall under the income group 3 to 5 LPA, 21.6% of the
respondents income lie between 5 to 10 LPA and 12.6% of the respondents earn more than 10
LPA.

38
TABLE: 4.1.4 TABLE AND CHART SHOWING OCCUPATION OF THE
RESPONDENTS

Occupation?
Particulars Frequency Percent Valid Percent Cumulative Percent
salaried 34 30.6 30.6 30.6
Self Employed 38 34.2 34.2 64.9
Valid Business 27 24.3 24.3 89.2
Retired 12 10.8 10.8 100.0
Total 111 100.0 100.0

INTREPRETATION:

From the above table and graph, it is clear that 30.6% of the respondents are salaried, 34.2%
of the respondents are self-employed, 24.3% of the respondents are business people and
retired individuals constitute 10.8% of the total respondents.

39
 4.2. CORRELATION

TABLE: 4.2.1 TABLE AND CHART SHOWING BUDGET RANGE OF THE

RESPONDENTS AND THE MOST CONVENIENT STRUCTURE PREFERRED BY
THE RESPONDENTS.

Null Hypothesis H0: There is no significant relationship between budget range of the
respondents and the most convenient structure they are opting for.

Alternate Hypothesis H1: There is significant relationship between budget range of the
respondents and the most convenient structure they are opting for.

Descriptive Statistics
Particulars Mean Std. Deviation N

9. What is your budget range

2.46 .951 111
for this purchase?
8. Most convenient structure 2.45 .988 111

Correlations

9. What is your 8. Most

budget range convenient
for this structure
purchase?
Pearson Correlation 1 .561**
9. What is your budget
Sig. (2-tailed) .000
range for this purchase?
N 111 111
Pearson Correlation ** 1
.561
8. Most convenient structure Sig. (2-tailed) .000
N 111 111

**. Correlation is significant at the 0.01 level (2-tailed).

INTREPRETATION:

From the above table, it is understood that there exists a moderate significant (0.561) degree
of correlation between budget range for the purchase and the most convenient structure. Since
it is evident that it is only moderately significant, budget range of the respondents is not the
only factor to influence the customer in choosing the appropriate structure.

40
4.3: CHI SQUARE
TABLE 4.3.1. THE TEST IS BETWEEN FLOOR PREFERENCE OF APARTMENT
*AGE.

Null Hypothesis H0: There is no significant association between floor preference of the
apartment and age.

Alternative Hypothesis H1: There is a significant association between floor preference of the
apartment and age.

20. Floor preference of the apartment * Age Crosstabulation

Particulars Age Total

20 to 30 30 to 40 >40
Count 11 15 5 31
% within 20. Floor
Ground Floor 35.5% 48.4% 16.1% 100.0%
preference of the apartment
% within Age 22.0% 35.7% 31.2% 28.7%
% of Total 10.2% 13.9% 4.6% 28.7%
Count 25 6 4 35
% within 20. Floor
71.4% 17.1% 11.4% 100.0%
<5th floor preference of the apartment
% within Age 50.0% 14.3% 25.0% 32.4%
20. Floor preference of the % of Total 23.1% 5.6% 3.7% 32.4%
apartment Count 6 14 5 25
% within 20. Floor
24.0% 56.0% 20.0% 100.0%
>5th floor preference of the apartment
% within Age 12.0% 33.3% 31.2% 23.1%
% of Total 5.6% 13.0% 4.6% 23.1%
Count 8 7 2 17
% within 20. Floor
47.1% 41.2% 11.8% 100.0%
Penthouse preference of the apartment
% within Age 16.0% 16.7% 12.5% 15.7%
% of Total 7.4% 6.5% 1.9% 15.7%
Count 50 42 16 108
% within 20. Floor
Total 46.3% 38.9% 14.8% 100.0%
preference of the apartment
% within Age 100.0% 100.0% 100.0% 100.0%
% of Total 46.3% 38.9% 14.8% 100.0%

Chi-Square Tests
Particulars Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 15.992a 6 .014
Likelihood Ratio 16.797 6 .010
Linear-by-Linear Association .055 1 .815
N of Valid Cases 108

41
a. 3 cells (25.0%) have expected count less than 5. The minimum expected
count is 2.52.

INTREPRETATION:

From the Chi-Square test table, it is evident that the value is accepted at 5% level of
significance. So, the null hypothesis is rejected and the alternate hypothesis is accepted.
Therefore, there exist a significant association floor preference of the respondents and their
age. Respondents of the age group 20 to 30 are more likely to choose apartments below 5 th
floor. Ground floor and floors above 5 are more likely for respondents of the age group 30 to
40.

42
TABLE 4.3.2. THE TEST IS BETWEEN BUDGET RANGE FOR PURCHASE *
INCOME LEVEL.

Null Hypothesis H0: There is no significant association between budget range of purchase
and income level.

Alternative Hypothesis H1: There is a significant association between budget range of

purchase and income level.

9. What is your budget range for this purchase? * 2. Income level Crosstabulation

2. Income level Total

Particulars Below 3 3 to 5 5 to 10 >10 LPA
LPA LPA LPA
Count 12 4 2 1 19
% within 9. What is your
<30Lakhs budget range for this 63.2% 21.1% 10.5% 5.3% 100.0%
purchase?
% within 2. Income level 27.9% 13.3% 8.3% 7.1% 17.1%
% of Total 10.8% 3.6% 1.8% 0.9% 17.1%
Count 14 15 6 4 39
% within 9. What is your
budget range for this 35.9% 38.5% 15.4% 10.3% 100.0%
30 to 40 Lakhs purchase?
% within 2. Income level 32.6% 50.0% 25.0% 28.6% 35.1%
9. What is your budget % of Total 12.6% 13.5% 5.4% 3.6% 35.1%
range for this purchase?
Count 13 7 13 3 36
% within 9. What is your
budget range for this 36.1% 19.4% 36.1% 8.3% 100.0%
40 to 60 Lakhs purchase?
% within 2. Income level 30.2% 23.3% 54.2% 21.4% 32.4%
% of Total 11.7% 6.3% 11.7% 2.7% 32.4%
Count 4 4 3 6 17
% within 9. What is your
budget range for this 23.5% 23.5% 17.6% 35.3% 100.0%
>60 Lakhs purchase?
% within 2. Income level 9.3% 13.3% 12.5% 42.9% 15.3%
% of Total 3.6% 3.6% 2.7% 5.4% 15.3%
Count 43 30 24 14 111
% within 9. What is your
Total budget range for this 38.7% 27.0% 21.6% 12.6% 100.0%
purchase?
% within 2. Income level 100.0% 100.0% 100.0% 100.0% 100.0%
% of Total 38.7% 27.0% 21.6% 12.6% 100.0%

43
 Chi-Square Tests
Particulars Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 20.911a 9 .013
Likelihood Ratio 18.264 9 .032
Linear-by-Linear Association 9.174 1 .002
N of Valid Cases 111
a. 7 cells (43.8%) have expected count less than 5. The minimum expected
count is 2.14.

INTREPRETATION:

From the Chi Square test table, it is evident that the value is accepted at 5% level of
significance. So, the null hypothesis is rejected and the alternate hypothesis is accepted.
Therefore, there exists a significant association between income level of the respondents and
the budget range for the purchase. It is clear from the above graph that most respondents opt
to buy properties priced between 30 and 40 lakhs. Therefore, the company must concentrate
on advertising properties of that range and also can target the lower income group with
properties ranging below 30 lakhs.

44
TABLE 4.3.3. THE TEST IS BETWEEN MOST CONVENIENT STRUCTURE *
OCCUPATION.

Null Hypothesis H0: There is no significant association between most convenient structure
and occupation.

Alternative Hypothesis H1: There is a significant association between most convenient

structure and occupation.

8. Most convenient structure * 1. Occupation? Crosstabulation

1. Occupation? Total
Particulars salaried Self Employed Business Retired
Count 8 8 5 0 21
% within 8. Most
1 BHK 38.1% 38.1% 23.8% 0.0% 100.0%
convenient
structure
% within 1. Occupation? 23.5% 21.1% 18.5% 0.0% 18.9%
% of Total 7.2% 7.2% 4.5% 0.0% 18.9%
Count 13 12 6 7 38
% within 8. Most
34.2% 31.6% 15.8% 18.4% 100.0%
2 BHK convenient
structure
% within 1. Occupation? 38.2% 31.6% 22.2% 58.3% 34.2%
8. Most convenient % of Total 11.7% 10.8% 5.4% 6.3% 34.2%
structure Count 11 14 7 1 33
% within 8. Most
33.3% 42.4% 21.2% 3.0% 100.0%
3 BHK convenient
structure
% within 1. Occupation? 32.4% 36.8% 25.9% 8.3% 29.7%
% of Total 9.9% 12.6% 6.3% 0.9% 29.7%
Count 2 4 9 4 19
% within 8. Most
10.5% 21.1% 47.4% 21.1% 100.0%
4 BHK convenient
structure
% within 1. Occupation? 5.9% 10.5% 33.3% 33.3% 17.1%
% of Total 1.8% 3.6% 8.1% 3.6% 17.1%
Count 34 38 27 12 111
% within 8. Most
Total 30.6% 34.2% 24.3% 10.8% 100.0%
convenient
structure
% within 1. Occupation? 100.0% 100.0% 100.0% 100.0% 100.0%
% of Total 30.6% 34.2% 24.3% 10.8% 100.0%

45
 Chi-Square Tests
Particulars Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 18.324a 9 .032
Likelihood Ratio 20.769 9 .014
Linear-by-Linear Association 5.241 1 .022
N of Valid Cases 111
a. 5 cells (31.2%) have expected count less than 5. The minimum expected
count is 2.05.

INTRPRETATION:

From the Chi Square test table, it is evident that the value is accepted at 5% level of
significance. So, the null hypothesis is rejected and the alternate hypothesis is accepted.
Therefore, there exists a significant association between occupation of the respondents and
the most convenient structure the respondents would opt for. Therefore, it is clear that most
respondents opt for 2 and 3BHK apartments and thus the company can market 2 and 3 BHK
apartments to the fullest concentrating on salaried and self-employed. Also, the graph
suggests that most retired people go for 2 BHK apartments.

46
TABLE 4.3.4. THE TEST IS BETWEEN LEVEL OF COMPLETION IN CASE OF
APARTMENT * AGE.

Null Hypothesis H0: There is no significant association between level of completion of

apartment and age.

Alternative Hypothesis H1: There is a significant association between level of completion of

apartment and age.

7. Level of completion in case of apartments or villas * Age Crosstabulation

Age Total
Particulars 20 to 30 30 to 40 >40
Count 5 5 6 16
% within 7. Level of
Not Furnished completion in case of 31.2% 31.2% 37.5% 100.0%
apartments or villas
% within Age 10.0% 11.9% 33.3% 14.5%
% of Total 4.5% 4.5% 5.5% 14.5%
Count 13 27 3 43
% within 7. Level of
7. Level of completion in completion in case of 30.2% 62.8% 7.0% 100.0%
case of apartments or villas Semi-furnished
apartments or villas
% within Age 26.0% 64.3% 16.7% 39.1%
% of Total 11.8% 24.5% 2.7% 39.1%
Count 32 10 9 51
% within 7. Level of
completion in case of 62.7% 19.6% 17.6% 100.0%
Not furnished apartments or villas
% within Age 64.0% 23.8% 50.0% 46.4%
% of Total 29.1% 9.1% 8.2% 46.4%
Count 50 42 18 110
% within 7. Level of
Total completion in case of 45.5% 38.2% 16.4% 100.0%
apartments or villas
% within Age 100.0% 100.0% 100.0% 100.0%
% of Total 45.5% 38.2% 16.4% 100.0%

Chi-Square Tests
Particulars Value df Asymp. Sig. (2-
sided)
Pearson Chi-Square 24.621a 4 .000
Likelihood Ratio 24.008 4 .000
Linear-by-Linear Association 6.348 1 .012
N of Valid Cases 110
a.1 cells (11.1%) have expected count less than 5. The minimum
expected count is 2.62.

47
INTREPRETATION:

From the Chi Square test table, it is evident that the value is accepted at 5% level of
significance. So, the null hypothesis is rejected and the alternate hypothesis is accepted.
Therefore, there exists a significant association between the level of completion of the
apartments or villas and the age group of the respondents. Also, it is clear from the above
graph that, respondents of age group 30 to 40 go for semi-furnished apartments whereas
respondents of age group 20 to 30 go for fully furnished apartments. Therefore, the company
can advertise fully furnished through trending platforms for the younger age group people
and can target the 30 to 40 age group by other means of advertising.

48
 TABLE 4.3.5. THE TEST IS BETWEEN LEVEL OF COMPLETION IN CASE OF
APARTMENT * OCCUPATION.

Null Hypothesis H0: There is no significant association between level of completion of

apartment and occupation.

Alternative Hypothesis H1: There is a significant association between level of completion of

apartment and occupation.

7. Level of completion in case of apartments or villas * 1. Occupation? Crosstabulation

1. Occupation? Total
Particulars salarie Self Busines Retired
d Employed s
Count 1 4 8 4 17
% within 7. Level
of completion in 100.0
Not case of apartments 5.9% 23.5% 47.1% 23.5% %
Furnished or villas
% within 1.
2.9% 10.5% 29.6% 33.3% 15.3%
Occupation?
% of Total 0.9% 3.6% 7.2% 3.6% 15.3%
Count 16 13 11 3 43
% within 7. Level
7. Level of of completion in 100.0
completion in case Semi- case of apartments 37.2% 30.2% 25.6% 7.0% %
of apartments or furnished or villas
villas % within 1.
47.1% 34.2% 40.7% 25.0% 38.7%
Occupation?
% of Total 14.4% 11.7% 9.9% 2.7% 38.7%
Count 17 21 8 5 51
% within 7. Level
of completion in 100.0
Not case of apartments 33.3% 41.2% 15.7% 9.8% %
furnished or villas
% within 1.
50.0% 55.3% 29.6% 41.7% 45.9%
Occupation?
% of Total 15.3% 18.9% 7.2% 4.5% 45.9%
Count 34 38 27 12 111
% within 7. Level
Total of completion in 100.0
case of apartments 30.6% 34.2% 24.3% 10.8% %
or villas

49
 % within 1. 100.0 100.0 100.0
100.0% 100.0%
Occupation? % % %
100.0
% of Total 30.6% 34.2% 24.3% 10.8%
%

Chi-Square Tests
Particulars Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 13.997a 6 .030
Likelihood Ratio 14.588 6 .024
Linear-by-Linear
6.623 1 .010
Association
N of Valid Cases 111
3 cells (25.0%) have expected count less than 5. The
minimum expected count is 1.84.

50
INTREPRETATION:

From the Chi Square test table, it is evident that the value is accepted at 5% level of
significance. So, the null hypothesis is rejected and the alternate hypothesis is accepted.
Therefore, there exists a significant association between the level of completion of the
apartments or villas and the occupation of the respondents. From the above graph, it is clear
that most salaried and self-employed respondents go for semi furnished and fully furnished
apartments. Therefore, the company can position it in the segment of fully furnished
apartments.

TABLE 4.3.6. THE TEST IS BETWEEN PURPOSE OF PURCHASING THE

PROPERTY * OCCUPATION.

Null Hypothesis H0: There is no significant association between purpose of purchasing the
property and occupation.

Alternative Hypothesis H1: There is a significant association between purpose of purchasing

the property and occupation.

4. Purpose of purchasing the property * 1. Occupation? Crosstabulation

1. Occupation? Total
Particulars salarie Self Busines Retired
d Employed s
Count 23 19 8 4 54
% within 4.
Purpose of 100.0
42.6% 35.2% 14.8% 7.4%
Residenti purchasing %
al the property
% within 1.
67.6% 50.0% 29.6% 33.3% 48.6%
Occupation?
4. Purpose of % of Total 20.7% 17.1% 7.2% 3.6% 48.6%
purchasing Count 6 12 9 6 33
the property % within 4.
Purpose of 100.0
18.2% 36.4% 27.3% 18.2%
Commer purchasing %
c ial the property
% within 1.
17.6% 31.6% 33.3% 50.0% 29.7%
Occupation?
% of Total 5.4% 10.8% 8.1% 5.4% 29.7%
Count 5 7 10 2 24

51
 % within 4.
Purpose of 100.0
20.8% 29.2% 41.7% 8.3%
purchasing the %
Investm property
e nt
% within 1.
14.7% 18.4% 37.0% 16.7% 21.6%
Occupation?
% of Total 4.5% 6.3% 9.0% 1.8% 21.6%
Count 34 38 27 12 111
% within 4.
Purpose of 100.0
30.6% 34.2% 24.3% 10.8%
purchasing the %
Total property
% within 1. 100.0 100.0 100.0
100.0% 100.0%
Occupation? % % %
100.0
% of Total 30.6% 34.2% 24.3% 10.8%
%

Chi-Square Tests
Particulars Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 12.649a 6 .049
Likelihood Ratio 12.362 6 .054
Linear-by-Linear
6.274 1 .012
Association
N of Valid Cases 111
2 cells (16.7%) have expected count less than 5. The
minimum expected count is 2.59.

52
INTREPRETATION:

From the Chi Square test table, it is evident that the value is accepted at 5% level of
significance. So, the null hypothesis is rejected and the alternate hypothesis is accepted.
Therefore, there exists a significant association between the purpose of purchase of the
property and the occupation of the respondents. Therefore, most salaried and self-employed
respondents go for residential apartments and most retired people go for commercial
properties. Therefore, the company can target the salaried and self-employed people with
residential properties.

53
 4.4 INDEPENDENR SAMPLE T – TEST

TABLE 4.4.1. THE TEST IS BETWEEN AMENITIES OFFERED IN VILLAS AND

APARTMENTS ARE SUBJECT TO MAINTENANCE COST AND THE GENDER
OF THE RESPONDENTS.

Null Hypothesis H0: There is no significant association between maintenance cost and gender
of the respondents.

Alternative Hypothesis H1: There is a significant association between maintenance and the
gender of the respondents.

Independent Samples Test

Levene’s Test for t-test for Equality of Means

Equality of
Variances
Particulars
F Sig. t df Sig. (2- Mean Std. 95% Confidence
tailed) Differe Error Interval of the
n ce Differe Difference
n ce Lower Upper
Equal
.254 .615 .238 109 .812 .027 .114 -.199 .253
Ge variances
n assumed 34.40
.238 .813 .027 .114 -.204 .259
der Equal 4
variances not
assumed
Group Statistics

18. Amenities offered in villas N Mean Std. Deviation Std. Error Mean
and apartments are subject to
maintenance. Do you think the
3 are worth the maintenance
cost(typically around 5
rupees/sq feet for a quarter
year)?
Yes 88 1.38 .487 .052
Gender
No 23 1.35 .487 .102

54
INTREPRETATION:

From the t-test analysis table (.238) it is evident that t value is not accepted at 5% level of
significance. Hence the alternate hypothesis is rejected and the null hypothesis is accepted.
There is no significant difference in opinion of the respondents on maintenance cost of the
property and gender of the respondents.

55
 CHAPTER 5

SUMMARY AND CONCLUSION

56
 FINDINGS:

 There's a notable link between floor preference and age groups, indicating that
respondents aged 20 to 30 generally prefer apartments below the 5th floor, while
those aged 30 to 40 tend to prefer ground floor or floors above the 5th.

 The majority of respondents show a preference for properties priced between 30 and
40 lakhs, indicating a clear budget range that attracts potential buyers.

 The study reveals that 2 and 3 BHK apartments are the most prefered among
respondents, particularly among salaried and self-employed individuals, with retired
individuals showing a preference for 2 BHK apartments.

 Preferences regarding the level of completion of properties vary among age groups,
with respondents aged 30 to 40 showing a preference for semi-furnished apartments,
while those aged 20 to 30 lean towards fully furnished ones.

 The study suggests that most salaried and self-employed individuals prefer semi-
furnished and fully furnished apartments, indicating a correlation between occupation
and housing preferences.

 Residential properties are the preferred choice among salaried and self-employed
individuals, while retired individuals tend to prefer commercial properties for
investment or personal use.

 A significant proportion of respondents are willing to bear maintenance costs for the
amenities offered, suggesting that amenities play a crucial role in property selection
and that customers prioritize convenience and quality of life.

57
 SUGGESTIONS:

 The company should consider tailoring marketing strategies targeting different age
groups. For instance, they can emphasize the convenience of lower floors for younger
demographics and highlight the benefits of higher floors for older age groups.

 The company should focus its advertising efforts on properties within the most
preferred budget range. Additionally, they can explore opportunities to offer
properties below the 30 lakhs range to target lower-income groups effectively.

 Marketing efforts should be geared towards promoting 2 and 3 BHK apartments,

particularly to salaried and self-employed individuals. Considering the preference of
retired people for 2 BHK apartments, the company can create specific marketing
campaigns tailored to this demographic.

 Understanding the preference for fully furnished apartments among younger

respondents and semi-furnished apartments among older age groups, the company can
tailor its advertising channels and messaging accordingly.

 The company should focus its marketing efforts on residential properties for salaried
and self-employed individuals, while considering offering commercial properties for
retired individuals who might have different investment goals.

 Since most respondents are willing to afford maintenance costs for amenities, the
company should prioritize providing attractive amenities to enhance the perceived
value of the properties. They can also consider introducing maintenance plans that
highlight the benefits of these amenities while ensuring affordability for customers.

 Positioning apartments as fully furnished may appeal to both salaried and self-
employed individuals, given their preference for semi-furnished and fully furnished
options.

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 CONCLUSION:

In summary, this study sheds light on the complex dynamics of customer buying behavior
within Olympia Tech Park Limited. By analyzing demographic, psychographic, and
situational factors, as well as the impact of marketing strategies and customer satisfaction,
key insights have emerged. Overall, this study emphasizes the importance of understanding
customer buying behavior for strategic decision-making within Olympia Tech Park Limited
and similar environments, enabling businesses to optimize their marketing efforts and
enhance customer engagement for long-term growth.

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BIBLIOGRAPHY AND APPENDIX:

REFERENCE:

1. "Influence: The Psychology of Persuasion" by Robert B. Cialdini

2. "Predictably Irrational: The Hidden Forces That Shape Our Decisions" by Dan Ariely

3. "Buyology: Truth and Lies About Why We Buy" by Martin Lindstrom

4. "Nudge: Improving Decisions About Health, Wealth, and Happiness" by Richard H. Thaler
and Cass R. Sunstein

5. "The Power of Habit: Why We Do What We Do in Life and Business" by Charles Duhigg

6. "Contagious: How to Build Word of Mouth in the Digital Age" by Jonah Berger

7. "Hooked: How to Build Habit-Forming Products" by Nir Eyal

8. "Consumer Behavior: Building Marketing Strategy" by Del I. Hawkins and David L.

Mothersbaugh

9. "Why We Buy: The Science of Shopping" by Paco Underhill

10. "The Tipping Point: How Little Things Can Make a Big Difference" by Malcolm Gladwell

11. "Consumer Behavior: Buying, Having, and Being" by Michael R. Solomon

12. The Customer Satisfaction Index: Measuring Service Quality" by Claes Fornell

13. "Customer Satisfaction is Worthless, Customer Loyalty is Priceless" by Jeffrey Gitomer

14. Almanza and Jaffe, W. (1994), Use of the service attribute matrixto measure
consumer satisfaction

15. Ali. K., Babak J. N., & Seied, R. H. (2014). The influence of personality traits of
customerson their loyalty.

16. Ali M., Tirmizi K. M..and Saif I. (2006). An empirical study of consumer impulse buying
behavior in local markets.

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WEBSITES:

 http://www.ijmp.jor.br/index.php/ijmp/article/view/1262/1695

 https://www.clootrack.com/knowledge_base/types-of-consumer-behavior

 https://www.academia.edu/39971594/CONSUMER_BEHAVIOR_APPLICATIONS_T

O_REAL_ESTATE

 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3481597

 https://ignited.in/jasrae/article/view/12127/24058

 https://www.zeebiz.com/india/real-estate/news-is-home-buying-behavior-evolving-in-

indian-real-estate-sector-expert-decodes-183750

 https://eres.architexturez.net/doc/oai-eres-id-eres2014-64

 http://pushingsocial.com/your-12-point-content-marketing-strategy-part-1-of-4/

 http://onlinepruk.com/2013/05/13/5-key-points-for-your-marketing-strategy/

 https://www.coursehero.com/file/6300144/Consumer-Behavior-1/

 https://www.google.com/amp/s/www.clootrack.com/knowledge_base/types-of-

consumer-behavior%3fhs_amp=true

 http://www.yourarticlelibrary.com/consumer-behaviour/consumer-buying-

behaviourmeaning-process-and-types/87244

 https://www.analyticssteps.com/blogs/5-factors-influencing-consumer-behavior

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 ANNEXURE

QUESTIONNIARE

Section 1: Demographic Information:

1. Gender:
a. Male
b. Female

2. Name:

3. Age:

a. 20 to 30
b. 30 to 40
c. >40

4. Occupation?

a. Salaried
b. Self employed
c. Business
d. Retired

5. Income level?

a. Below 3 LPA
b. 3 to 5 LPA
c. 5 to 10 LPA
d. Above 10 LPA

Section 2: Questions related to topic:

1. Type of property willing to purchase?

a. Individual villas
b. Apartments
c. Plot

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2. Purpose of purchasing the property?

a. Residential
b. Commercial
c. Investment

3. Likely locality of the property?

a. Urban
b. Rural
c. Semi urban

4. Amenities required?

a. Gated Community, Compound Wall,24/7 CCTV surveillance

b. Children Play Area, Walking & Jogging Track.
c. Avenue Plantation, Black Top Road
d. Water and sewage treatment plants, Power back for Common Area

5. Level of completion in case of apartments or villas?

a. Fully furnished
b. Semi furnished
c. Not furnished

6. Most convenient structure?

a. 1 BHK
b. 2 BHK
c. 3 BHK
d. 4 BHK

7. What is your budget range for this purchase?

a. <30 Lakhs
b. 30 to 40 Lakhs
c. 40 to 60 Lakhs
d. >60 Lakhs

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 8. What are your financing options?

a. Home loan
b. Own funds

9. What is the most important factor influencing your decision?

a. Price
b. Location
c. Amenities
d. School district

10. Likely location of car parking?

a. Under stilt
b. Open space

11. What is your preferred timeline for puchasing a property?

a. Within a month
b. Within the next 6 months
c. About a year
d. More than a year

12. Reasons to choose Olympia Group?

a. Past performance
b. Brokers
c. Friends and family
d. Websites

13. How can we improve your experience with the company?

a. Employee engagement
b. Pricing
c. Site visits

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14. How do you typically gather information about properties?

a. Online listings
b. Real Estate agents
c. Newspapers
d. Hoardings

15. How long have you been considering buying real estate?

a. 6 months
b. 1 year
c. More than a year
d. Less than a month

16. Amenities offered in villas and apartments are subject to maintenance. Do you
think the amenities are worth the maintenance cost (typically around 5
rupees/sq feet for a quarter year)?

a. Yes
b. No

17. How can our employees better support you?

18. Floor preference of the apartment?

a. Ground floor
b. <5th floor
c. >5th floor
d. Penthouse

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