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project on consumer perception of godrej interio
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A PROJECT REPORT
DEPARTMENT OF IMBA
In partial fulfilment for the award of the degree
Of
GENERAL MANAGER FACULTY MEMBER (IMBA)
A successful project is a fruitful accumulation of efforts of many people. The successful completion of the present research work conduct by me has been
possible under the able and sincere guidance of Amitabh samantaray in Godrej interio, Bhubaneswar. I extend my special thanks to all the employees of Godrej interio, Bhubaneswar for their critical comments, suggestion, support and co-
operation which ultimately helped me in making this project report. I must acknowledge my deep sense of gratitude to Mr Ratidev samal (faculty member B.J.B. College), who gave me moral support and guidance in different matters
regarding the topics. I am thankful to his overall support in completing of this project effectively and more over on time. I express my sincere thanks for
guiding and helping me.
Rakesh kumar parida
2015MBA
The very purpose which the company has laid down has given us enough guidelines to design the scope of the project.
The project would discuss:
· The market share of Godrej interio in different sectors, to find out the competitor and market leader in this category. · Which factor influence the selling, what the institution and consumer looks before they purchase the Godrej interio. · How Godrej can increase the market share.
Company overview
Godrej is a brand touches the lives of millions every day. The company
celebrated its centenary in 1997. Getting started in 1897 by Sir Ardeshir Godrej, who initiated with Godrej locks. Later on it went into making safes and security equipments of extreme quality. From there on Godrej got translated into a
multi-business enterprise.
It is now one of the largest privately held industrial corporations in India. The combined sales of Godrej Industries in F.Y 08’ was over USD 850 millions.
The current employee strength stands at about 8500 employees.
The company has eight business divisions that manufacture a wide range of products. They are:
Industrial products Consumer products services
· Tooling · Material handling equipment · Process equipment · Precision Engg. System · Precision components and systems
· Locks · Furniture and interiors · Storage solutions · Appliances · Prima communication solution · Security equipments
· Construction · Tech services · Property development · Enviro-tech services · Electrical and electronics
The Godrej group is one the largest players of Home Appliances in India and has always delighted the consumer with relevant technology in a wide range of efficient products. Godrej is redefining the technology space in Indian
Appliances context. Godrej interio is a business unit of Godrej group, one the Godrej Group, one of the India’s largest engineering and consumer product groups.
· Trust · Integrity · Respect · Environment · To serve
The company started in 1897 as a locks manufacturing company the Godrej group is today one of the most accomplished and diversified business houses in
India.
In 1930 Godrej became the first company in the world to develop the
technology to manufacture soap with vegetable oil.
The Godrej group stands in a strong position today with Annual sales in excess of $ 1 billion, a work force of approximately 18,000 and a strong diversified
portfolio Godrej has proven its ability to deliver strong financial performance.
On 7 may 1897, Ardesir Godrej gave up a law and took up lock making. Godrej and Boyce MFG.CO.LTD.was established at Lalbaug Mumbai. This was the
holding company of the Godrej group.
The Company is one of the largest privately-held diversifiedindustrial
corporations in India. The combined Sales(including Excise Duty) of the Company, its subsidiaries and affiliates, during the Fiscal Year ended March 31, 2008,were about Rs. 90,000 million (US$ 1,900 million).
This study includes the following topics:
o Consumer buying behavior o Types of purchase decisions o Why consumers buy o What influences purchasing o Internal :perceptual filter o Internal: knowledge and attitude o Internal: personality and lifestyles o Internal: rolls and motivation o External: culture and groups o External: situation o How consumers buy
Types of Consumer Buying Behavior
Types of consumer buying behavior are determined by:
· Level of Involvement in purchase decision. Importance and intensity of interest in a product in a particular situation. · Buyers level of involvement determines why he/she is motivated to seek information about a certain products and brands but virtually ignores others.
High involvement purchases--Honda Motorbike, high priced goods, products visible to others, and the higher the risk the higher the involvement. Types of risk:
· Personal risk · Social risk · Economic risk
The four type of consumer buying behavior are:
· Routine Response/Programmed Behavior--buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically. Examples include soft drinks, snack foods, milk etc. · Limited Decision Making--buying product occasionally. When you need to obtain information about unfamiliar brand in a familiar product category, perhaps. Requires a moderate amount of time for information
gathering. Examples include Clothes--know product class but not the brand. · Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk. Examples include cars, homes, computers, education. Spend alot of time seeking information and deciding. Information from the companies MM; friends and relatives, store personnel etc. Go through all six stages of the buying process. · Impulse buying, no conscious planning.
The purchase of the same product does not always elicit the same Buying Behavior. Product can shift from one category to the next.
For example: Going out for dinner for one person may be extensive decision making (for someone that does not go out often at all), but limited decision making for
someone else. The reason for the dinner, whether it is an anniversary celebration, or a meal with a couple of friends will also determine the extent of the decision making.
A consumer, making a purchase decision will be affected by the following three factors:
The marketer must be aware of these factors in order to develop an appropriate MM for its target market.
· Personal- Unique to a particular person. Demographic Factors. Sex, Race, Age etc. Who in the family is responsible for the decision making. Young people purchase things for different reasons than older people.
Psychological factors
Psychological factors include:
Selective Exposure-select inputs to be exposed to our awareness. More likely if it is linked to an event, satisfies current needs, intensity of input changes (sharp price drop).
Selective Distortion-Changing/twisting current received information, inconsistent with beliefs.
Advertisers that use comparative advertisements (pitching one product against another), have to be very careful that consumers do not distort the facts and perceive that the advertisement was for the competitor. A current example...MCI and AT&T...do you ever get confused?
Selective Retention-Remember inputs that support beliefs, forgets those that don't. Average supermarket shopper is exposed to 17,000 products in a shopping visit lasting 30 minutes-60% of purchases are unplanned. Exposed to 1,500 advertisement per day. Can't be expected to be aware of all these inputs, and certainly will not retain many.
Interpreting information is based on what is already familiar, on knowledge that is stored in the memory.
Problems marketing wine from South Africa. Consumers have strong perceptions of the country, and hence its products.
· Ability and Knowledge-
Need to understand individuals capacity to learn. Learning, changes in a person's behavior caused by information and experience. Therefore to change consumers' behavior about your product, need to give them new information re: product...free sample etc.
South Africa...open bottle of wine and pour it!! Also educate american consumers about changes in SA. Need to sell a whole new country.
When making buying decisions, buyers must process information. Knowledge is the familiarity with the product and expertise.
Inexperience buyers often use prices as an indicator of quality more than those who have knowledge of a product. Non-alcoholic Beer example: consumers chose the most expensive six- pack, because they assume that the greater price indicates greater quality.
Learning is the process through which a relatively permanent change in behavior results from the consequences of past behavior.
· Attitudes-
Knowledge and positive and negative feelings about an object or activity- maybe tangible or intangible, living or non- living.....Drive perceptions
Individual learns attitudes through experience and interaction with other people. Consumer attitudes toward a firm and its products greatly influence the success or failure of the firm's marketing strategy.
Honda "You meet the nicest people on a Honda", dispel the unsavory image of a motorbike rider, late 1950s. Changing market of the 1990s, baby boomers aging, Hondas market returning to hard core. To change this they have a new slogan "Come ride with us".
Attitudes and attitude change are influenced by consumers personality and lifestyle.
Consumers screen information that conflicts with their attitudes. Distort information to make it consistent and selectively retain information that reinforces our attitudes. IE brand loyalty.
There is a difference between attitude and intention to buy (ability to buy).
· Personality-
All the internal traits and behaviors that make a person unique, uniqueness arrives from a person's heredity and personal experience. Examples include:
o Workaholism o Compulsiveness o Self confidence o Friendliness o Adaptability o Ambitiousness o Dogmatism o Authoritarianism o Introversion o Extroversion
