In today’s scenario the degree of competition is very immense. Every company tries to rival with its other competitors to sustain in the market. So, it is very important for the company to know what are the needs and wants of customers. What do customers generally prefer? What is the name of the brand that first pops up when they think of a respective consumer durable? What is the customer’s first reaction when they hear about a specific brand? And why do customers prefer a brand over its other competitors? Hence, it is very important for a company to know which products are preferred by the customers and in what basis.
These questions were pretty much answered during my two month stint at Videocon Industries Limited, Kolkata.
The major objectives that we carried out were :
1. To do a market survey of consumer electronics especially in Videocon Industries limited and see how the company works and operates in the market.
2. To study and identify what perceptions the general people have about Videocon vis-à-vis its other competitors.
3. To analyse the customer purchase criteria for consumer durables.
4. To study and analyse the findings done through a mystery shopping audit.
5. To identify and suggest factors which enable Videocon improve its sales in terms of segmentation, targeting and positioning with respect to Videocon’s marketing mix
Our study is all about this, i.e. to study the preference of customers in selected brands of consumer durables on the basis of price, brand name, quality, after sale service etc. and also find out the steps the company can adopt to fight the current competition in the market in terms of proper segmentation, targeting and positioning.
Data obtained for the above purpose was carried out in two ways. The secondary data, which comprises the first part of the literature survey was obtained mainly through the internet, journals and catalogues while the second part of the project, the primary data was obtained by means of a questionnaire circulated to a number of 100 respondents to various parts in Kolkata and also through the social networking site , Facebook.
The data obtained from the primary methods, i.e. through questionnaire is obtained and the results are analysed to find out where Videocon stands in the market vis-à-vis its competitors. And lastly we have tried to give our suggestions for the company’s betterment in terms of proper segmentation, targetting and positioning keeping in mind the company’s marketing mix.
Right from the first day we were assigned to study the Consumer durable industry with special reference to Videocon and the factors influencing and impacting its growth. The secondary research carried out and published herewith attests our study.
In terms of understanding the consumer behavior and preference, we found out the most important and least important parameters that a buyer considers before making the purchase decision. We also analyzed the behaviour of consumer durable buyers in
particular in terms of brand consideration, time taken to decide, external influencers, etc. We also tapped into the aspirations of the consumer durable buyers by knowing their what they wish to see in the consumer durable market in the future.
This research has met its objectives and provided us with a deeper understanding of the
consumer behaviour towards consumer durables in Kolkata.
We faced a number of constraints with respect to time and the humid summer months in Kolkata during our internship programme. The time required to fill up the survey was a constraint and hence the length of the questionnaire had to be kept within four pages. Due to this, the question for marking the most and least important parameters had to be modified to its current format. Inspite of this the respondents complained about the questionnaire being too lengthy and some questions were also very time consuming .The sample size is also not much large enough to establish exact trend for most important and least important parameters for any particular brand. Moreover, during the mystery shopping activity due to lack of knowledge from ISDs (in shop demonstrators) we could not understand the differentiation among different brand initially.
But inspite of all these difficulties it added a lot to our learning as we got a firsthand experience of how a reputed brand like Videocon works in the consumer durable industry and fights out competition. Even though it is a name fading away from the scenario, but still its doing its best to regain the maximum market share. It was a wonderful experience. Thank you UWSB!!
Compiled by Aegidius Savio Mondol