A survey on videocon
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06-04-2010, 11:51 PM



.   A survey on videocon (Size: 534.5 KB / Downloads: 164)

HISTORY OF VIDEOCON:
Venugopal N Dhoot
Shri Nandlal Madhavlal Dhoot, the Founder of the VIDEOCON Group, completed his education in Ahmednagar and Pune. He was a successful sugarcane and cotton cultivator. As a next logical step to vertical integration, he boldly took upon an entrepreneurial venture by importing machinery from Europe to set up the Hanaper Sakhar Karkhana (Sugar Mill) in 1955. Those were the times when the village did not even have electricity. Thus was unleashed an Industrial Revolution.
The die was cast. Over the years, Nandlalji's path-breaking attitude found expression in a myriad ways, earning him the well-deserved reputation of the pioneer of industrial activity in Marathwada India.
In early 80's Nandlalji initiated his three sons - Venugopal, Rajkumar and Pradeep into business. Through a technical tie up with Toshiba Corporation of Japan, he launched India's first world-class color Television: Videocon. Today, Videocon is household name across the nation- India's No. 1 brand of Consumer Electronics & Home Appliances, trusted by over 50 million people to improve their quality of life.
Chairman
Videocon is an Indian multinational with interests in Consumer Electronics, Home Appliances, Colour Picture Tube Glass, and Oil & Gas. Videocon was founded in 1987 by Nandlal Madhavlal Dhoot. At that time it used to manufacture TV and Washing Machine. In 1989-90, Videocon started manufacturing Home Entertainment Systems, Electric Motors & AC. Videocon entered Refrigerators and coolers segment in 1991. In 1995, Videocon started manufacturing Glass shells for CRT and in 1996 it ventured into Kitchen appliances and crude oil segment. In 1998, Videocon started manufacturing Compressors & Compressor Motors. In the year 2000, Videocon took over Philips Color Television Plant. In 2005, Videocon took over 3 plants of Electrolux India and acquired Thomson CPT. today; it has evolved into a giant conglomerate with annual revenues of over U$4.1 billion.
BUSINESS INTEREST OF VIDEOCON:
Consumer Electronics & Home Appliances:
Videocon enjoys leadership position in consumer products like Colour Televisions, Washing Machines, Air Conditioners, Refrigerators, Microwave ovens and numerous other home appliances. Videocon's refrigerator manufacturing enjoys synergy with its inhouse compressor manufacturing technology in Bangalore.
Display industry and its components:
After the acquisition of Thomson in 2005, Videocon has emerged as one of the largest Colour Picture tube manufacturers in the world. It has plants in Mexico, Italy, Poland and China and manufactures a range of high-tech products such as slim CPT, extra slim CPT and High Definition 16:9 format CPT.
Colour Picture Tube Glass:
Videocon is one of the largest CPT Glass manufacturers in the world. It has plants in Poland and India. Videocon's CPT Glass manufacturing complements ite color picture tube manufacturing business.
Oil and Gas:
Videocon Group has interests in oil & gas exploration, prospecting and intends to get into gas distribution. It produces 7% of all oil in the private sector in India. Videocon's Ravva oil field has one of the lowest operating costs in the world and it produces 50,000 barrels of oil per day. Videocon is also actively looking for exploration and production opportunities in countries like Oman, Australia and the Timor Sea near Indonesia.
MAJOR ACHIEVEMENTS OF VIDEOCON INDUSTRIES LTD:
¢ The largest panel production facility in the world under one roof providing very high economies of scale
¢ One of the world's largest and most respected CRT glass manufacturers
¢ Firing the largest furnace of its kind in the world with a tank size of 3300 sq ft
¢ One of the few companies in the world to convert sand to TV
¢ One of the largest and most acknowledged CPT manufacturer in the world
¢ Manufactured India's first rust-free Washing Machine
OUR NETWORKS:
MILESTONES OF VIDEOCON:
1987 Color & B/W TV
Washing Machines
1989-1990 Home Entertainment Systems
Electric Motors
AC
1991 Refrigerators
Coolers
1995 Glass Shells for CRT
1996 Kitchen Appliances
Crude Oil
1998 Compressors
Compressor Motors
2000 Philips Color TV Plant Takeover
2005 Electrolux India 3 Plants Takeover
Thompson CPT acquisition
2008 Sansui & Akai Takeover
TIE-UPS WITH GLOBAL LEADERS:
Partner Product Nature Of Tie-Up
Samsung Electronics Fly Back
Transformers, Tuners Technical Support
Matsushita Electric Washing Machine Technical * Collaboration
Matsushita Electric Air Conditioner Design & Drawing
Matsushita Electric Refrigerator Design & Drawing
Sansui Electric Co. Ltd Audio Products
and Colour TV ODM for Indian Market
Techneglas Glass Shell Technical Collaboration
Akai Audio Products
and Colour TV ODM for Indian Market
Hyundai Colour TV ODM for Indian Market
Electrolux AB Sweden Refrigerator,
Air Conditioner and
Washing Machine 1.ODM & Indian Market
2.Sourcing of components for Global Market
3.ODM for Global market

VIDEOCONâ„¢S PRODUCTS
VISION, MISSION & OBJECTIVE:
Our Vision:
1. To become the No.1 Service Provider in India.
2. To build a brand around substance.
3. To communicate simple truths that customers understand.
4. To become a leader in our chosen field and become a globally recognized, prestigious company through synergistic business investment, differentiation through innovation, passion through empowerment, cost through economies of scale and world class systems.
Our Mission:
5. To ensure Total Customer Delight by offering prompt and quality services
6. Contribute to product quality improvements
7. Train service force continuously on field requirements
8. To build the image of customer service and to ensure bench marking of all functional areas with the best in the trade
Our Objectives:
1. To restructure the service network in terms of automation, infrastructure and manpower to meet the best of service requirements and to minimize service response time as per market trends.
2. To establish the service organization as a value addition to the brand and to provide total customer convenience and satisfaction at par with or better than the best in the trade.
Our Primary Objectives
FUTURE PLANS:
To strengthen and maintain & its leadership status, the Videocon group has clearly charted out its course for the future. Aggressive development is in full swing at the R & D Centres to bring out state-of-the-art technologies including True Flat, Slim, Extra Slim, Plasma & LCDs, at the earliest.
Cost rationalization processes - are in various stages - including rationalizing factories in Europe, increasing automation and improvement of efficiency in China, accessing flass shells from India for international CPT facilities and a lot more- are in various stages of implementation.
Internationally all existing client relationships are being strengthened. The cost competitiveness and increase in capacity in Mexico and Polland has opened up big opportunities in the OEM business.
Last but not the least, in the domestic market consolidation with multiple brands paves the way for an unassailable lead in the market.
In the Oil & Gas business, having all the basic operator capabilities of a prospecting entity, the group is looking to add more explorations and production depth as also oil bearing assets. The group will also get into gas distribution in India significantly.
Research methodology
Research signifies careful investigation or inquires specially through search for new facts in branch of knowledge. So in general research is the process searching again until reach at the solution of a problem. Research conducted for getting root of a problem through the application of scientific procedures.
Research methodology is a way to systematically solve the research problem. In other way it may be the science of conducting research in scientifically methods. Research methodology not only indicates the research methods but also it signifies the logic behind it the methods. We use in context of our research study & explain why we are using the particular method or technique & why not others. So that research result can evaluate by the researcher himself.
METHODS OF DATA COLLECTION
There is several ways of collecting data. But two methods are used in this project and implimentation.
1. Primary data
2. Secondary data
Primary Data
Primary data is otherwise known as first hand data/direct data. Primary data collection is directly collected data from the field. Primary data can be collected through various ways such as:
1. By observation
2. Through personal interview
3. Telephonic method
4. Questionnaires
Among all these method, true & exact data can be get through the questionnaires & personal interview.
Secondary data
Secondary data is otherwise known as second hand data which is already available.
In my project and implimentation I got the primary data from market survey with the use of questionnaires method.
Also I got some secondary data from various dealer points by personal interview method
Area of survey
The survey was conducted in Bhubaneswar market.
Objective & scope of study
Objectives
1. To know the market share and heart share of Videocon T.V. in Bhubaneswar market.
2. To know the satisfaction level of existing customer of T.V.
3. To know the factors that attracts the customer to purchase the Videocon T.V.
4. To find out the potential customer of Videocon as well as Videocon T.V. in Bhubaneswar market.
Scopes
1. Geographical scope of the study is only main part of Bhubaneswar market.
2. Also this study will help to know the T.V. of various brands.
3. Also it will help to know the brand awareness level of existing & non-existing customer of Videocon T.V. and their preference.
4. The main scope of this study is to indicate the market share of Videocon T.V. in Bhubaneswar market.
5. This study will show the lacunae of company as compared to competitors, so that adequate strategies can be implemented & to indicates its market share & maintain its brand existence in market.
Questionnaire & Analysis
(An Analysis for the sample size of 100)
Q.1 WHICH BRAND OF T.V. DO YOU HAVE
a) VIDEOCON
b) SAMSUNG
c) L.G.
d) OTHERS
Response: (Name of the Brand & No. of respondent)
a) VIDEOCON : 23
b) SAMSUNG : 35
c) L.G. : 15
d) OTHERS : 27
Analysis:
From the survey it has been found that Videocon has market share of 17%. SAMSUNG has been found to be the market leader in television sector.
Q.2 HOW LONG YOU ARE USING THIS WASHING MACHINE
a) SINCE 1 YR.
b) SINCE 2 YR.
c) SINCE 5 YR.
d) SINCE 10 YR.
e) SINCE MORE THAN 10 YR.
Response: (Name of the Brand & No. of respondent)
a) Since 1 yr. : 12
b) Since 2 yr. : 18
c) Since 5 yr. : 20
d) Since 10 yr. : 22
e) Since more than 10 yr. : 28
Analysis:

From the survey it has been found that day by day the selling of Videocon washing machine. has been decreased. Now it has been reached to its decline stage. It needs so many changes so as to be get rid of decline stage.
Q.3 FROM WHERE YOU CAME TO KNOW ABOUT THE PRODUCT
a) TV ADVERTISEMENT
b) NEWS PAPER
c) FRIENDS
d) OUTDOOR ADVERTISEMENT
e) INTERNET
Response: (source of knowledge of the Brand & No. of respondent)
a) TV ADVERTISEMENT : 43
b) NEWS PAPER : 16
c) FRIENDS : 20
d) OUTDOOR ADVERTISEMENT : 14
e) INTERNET : 7
Analysis:
The survey says washing machine is the best media to reach to people. From T.V. advertisement most of people are getting knowledge about the product. Hence company should give more emphasis of T.V. advertisement so that it can raise its market share by reaching to the peopleâ„¢s mind and heart.
Q.4 WHICH ATTRIBUTE OF THE PRODUCT DID ATTRACT YOU TOWARDS THE PRODUCT BEFORE PURCHASE
a) PRODUCT FEATURES
b) PRICE
c) BRAND
d) DEALER NETWORK
e) REFERENCE
Response: (Attributes that attract the product & No. of respondent)
a) PRODUCT FEATURES : 25
b) PRICE : 28
c) BRAND : 25
d) DEALER NETWORK : 8
e) REFERENCE : 14
Analysis:
It has been found that peoples are getting attracted towards Videoconâ„¢s washing machine before purchase due to product features and price. Brand name has also a greater impact in the peopleâ„¢s mind. Dealer network is not so worthy for people to choice Videocon washing machine Also people are buying this product with any reference like assurance from friend or neighbour etc.
Q.5 WHILE PURCHASING THE PRODUCT WHICH ATTRIBUTES YOU DID COMPARE WITH OTHERâ„¢S PRODUCT
a) PRODUCT FEATURES
b) PRICE
c) AFTER SALE SERVICE
d) AVAILABILITY OF THE PRODUCT
e) GOODWILL
Response: (Attribute that a person compare with others brand &
No. of respondent)
a) PRODUCT FEATURES : 41
b) PRICE : 36
c) AFTER SALE SERVICE : 9
d) AVAILABILITY OF THE PRODUCT : 12
e) GOODWILL : 2
Analysis:
From the survey it has been found that while a person is buying a Videocon washing machine he/she is comparing the productâ„¢s features with other brand and then he/she is coming to the price part. This says people are more cautious about the product features and price rather than goodwill of company or availability of the product. Also some people are comparing most after sale service of the product.
Q.6 WHICH FEATURES OF THE PRODUCT YOU LIKE MOST
Analysis:
From the survey, various features are coming into account which has been appreciated by the people. For example some people are saying its picture quality is excellent, some are in favor of sound quality, some like itâ„¢s convenience of the product and some are in satisfied with price and many more.
FROM QUESTION NO.7-9 (GIVE A TICK MARK)
Answering options-
A- HIGHLY SATISFIED
B- SATISFIED
C- MODERATELY SATISFIED
D- DISSATISFIED
Q.7 ARE YOU SATISFIED WITH THE PRODUCT

A) B) C) D)
Response: (major of satisfaction & No. of respondent)
A- HIGHLY SATISFIED : 23
B- SATISFIED : 39
C- MODERATELY SATISFIED : 21
D- DISSATISFIED : 17
Analysis:
Survey says about 39% of people using Videocon washing machine. are satisfied with the product. Also there are some people who are dissatisfied with the product up to some extent. But overall survey regarding satisfaction says people are comfortable with the product.
Q.8 ARE YOU SATISFIED WITH CONVENIENCE OF USE OF THE PRODUCT
A) B) C) D)
Response: (major of convenience with use & No. of respondent)
A- HIGHLY SATISFIED : 36
B- SATISFIED : 28
C- MODERATELY SATISFIED : 20
D- DISSATISFIED : 16
Analysis:
Most of the people are highly satisfied with the use of product. They feel more convenient with the use of product comparing to other brand. Also some people about 16% are dissatisfied on convenience with use of product.
Q.9 ARE YOU SATISFIED WITH THE OVERALL PERFORMANCE
A) B) C) D)
Response: (major of per & No. of respondent)
A- HIGHLY SATISFIED : 30
B- SATISFIED : 37
C- MODERATELY SATISFIED : 20
D- DISSATISFIED : 13
Analysis:
The survey says people are mostly satisfied with the performance of the Videocon washing machine. Also about 30% of the people are highly satisfied with the product. There are also some people who are dissatisfied with the product
FROM QUESTION NO.10-15 (GIVE A TICK MARK)
Answering options
A- YES
B- NO
C- CANâ„¢T SAY
Q.10 DOES THIS PRODUCT GIVES VALUE FOR MONEY
A) B) C)
Response: (View & No. of respondent)
A- YES : 62
B- NO : 28
C- CANâ„¢T SAY : 10
Analysis:
According to survey about 62% of Videocon washing machine. users are enjoying the value for the money from the product while about 28% people says No. That means most of the people are getting equal return on expense for buying the product .
Q.11 THIS PRODUCT IS BETTER THAN OTHERS
A) B) C)
Response: (View & No. of respondent)
A- YES : 52
B- NO : 41
C- CANâ„¢T SAY : 7
Analysis:
With the comparison of the Videocon washing machine. with other brands most of the people using Videocon washing machine are saying that this product is better than the other brands. Also about 41% of the people are saying that this product is not better than other brand.

Q.12 DOES THIS PRODUCT REQUIRES FREQUENT MAINTENANCE
A) B) C)
Response: (View & No. of respondent)
A- YES : 27
B- NO : 61
C- CANâ„¢T SAY : 12
Analysis:
According to the survey, Videocon washing machine requires more maintenance as compare to other brands. About 27% of users says yes while 61% of users say no that this product require frequent maintenance. This means there is certain problem with the product as it is requiring frequent maintenance.
Q.13 WILL YOU PREFER TO BUY ANOTHER PRODUCT OF THIS BRAND
A) B) C)
Response: (View & No. of respondent)
A- YES : 35
B- NO : 51
C- CANâ„¢T SAY : 14
Analysis:
According to the survey about 51% of Videocon washing machine users are not interested with the other consumer durable electronics product of the similar brand. There may be some reason for this response like more maintenance etc. there are also 35% of users who are interested to use another product of same brand.
Q.14 IS THE PERFORMANCE OF PRODUCT MATCHING AS PROMISED BY THE COMPANY
A) B) C)
Response: (View & No. of respondent)
A- YES : 53
B- NO : 39
C- CANâ„¢T SAY : 8
Analysis:
According to the survey, about 53% of users of this product are saying Yes that the productâ„¢s performance is matching as promised by the company. This says company is reliable about features. Still there are 39% of the users are saying No about the performance matching.
Q.15 DO YOU REFER THIS PRODUCT TO OTHERS
A) B) C)
Response: (View & No. of respondent)
A- YES : 44
B- NO : 40
C- CANâ„¢T SAY : 16
Analysis:
From the survey it has been found that about 44% of the Videocon washing machine users are referring other people to buy the same product of product of same brand while about 40% of the user not referring to others. They are denying others to buy the product of same brand. Also 16% of the users are not giving any comment towards this matter.

FROM QUESTION NO.16-18 (GIVE A TICK MARK)
Answering option-
A- EXELLENT
B- VERY GOOD
C- GOOD
D- FAIR
E- BAD
Q.16 HOW IS THE AFTER SALE SERVICE
A) B) C) D) E)
Response: (After sale service type & No. of respondent)
A- EXELLENT : 2
B- VERY GOOD : 10
C- GOOD : 37
D- FAIR : 28
E- BAD : 23
Analysis:
According to the survey, about 37% of the respondents are saying good about the after sale service of the company. Only 2% of the respondents are saying excellent for after sale service. Also 23% of the people are not satisfy with the after sale service.
Q.17 HOW IS THE DISTRIBUTION CHANNEL
A) B) C) D) E)
Response: (Distribution channel type & No. of respondent)
A- EXELLENT : 6
B- VERY GOOD : 24
C- GOOD : 23
D- FAIR : 28
E- BAD : 19
Analysis:
From survey most of the people (28%) are saying fair about the distribution channel of the company. There are also some people (19%) are not satisfied with the distribution channel of the company.
Q18. HOW THE PROMOTIONAL ACTIVITY IS
A) B) C) D) E)
Response: (Promotional activity type & No. of respondent)
A- EXELLENT : 16
B- VERY GOOD : 28
C- GOOD : 32
D- FAIR : 20
E- BAD : 4
Analysis:
About 28% of the respondents are saying good about the promotional activity of the company where there are very few people that is about 4% of the respondents are not satisfied with the promotional activity of the company. Around 16% of the respondents are feeling excellent about the promotional activity.
Q19. WHAT CHANGES YOU WOULD LIKE TO BE IN THE PRODUCT
Analysis:
From the analysis there are varieties of the views have been came into account regarding the changes in the product such as price, more picture quality, better sound system, more attractive advertisement, improvement in after sale service, more spread of the distribution channel etc.
Q.20 THE BEST WAY FOR INFLUENCING CUSTOMER TO USE PURCHASE THE COMPANYâ„¢S PRODUCT WILL BE
a) SEND POST PURCHASE THANKS LETTER
b) TO OFFER GUARANTEE
c) DISPLAY ITS PRODUCT SUPERIORITY ADVERTISEMENTS
d) REASSURE CUSTOMER WITH BETTER COMPETITION
e) CREATE A WIDE RANGE A TARGET MARKET
Response: (Way of influencing customer & No. of respondent)
a) A : 21
b) B : 32
c) C : 23
d) D : 14
e) E : 10
Analysis:
From the survey it has been found that most of the respondents (32%) are in favor of getting guarantee where as few of the respondents are saying that company should increase its target market. About 21% of the people are interested for post purchase thanks letter from letter.
LITERATURE Study
Customer Satisfaction:
Satisfaction is the customerâ„¢s feelings of pleasure or disappointment resulting from the product or services after comparing between perceived performances to its expectations.
Performance and, where the buyer satisfied after purchase depends upon offer performances in relation to buyer exception. If the performance falls below the expectations then the buyer unhappy or dissatisfied, and when the performance match with the expectation then customer feel became delight or highly satisfied with the product. This satisfaction leads to emotional bond with brand and become brand persistence those are much less ready to switch over to another brand of product. This brings the result in highly customer loyalty. In case of dissatisfaction with a product, then it is easy to switch over to another product, when a better offer comes.
Consumer Behavior:
The aim of marketing is to meet and satisfying the target customerâ„¢s needs and want. Customers Behavior is the study of the processes involved when individuals or groups select purchase, use or dispose of product service ideas or experiences to satisfy needs or desires. Needs or desires are not specific. It ranges from hunger and thirst to love, status or even spiritual fulfillment. Consumers are actors on the market palace stage. They take lead role in the market. Whole market or business transaction is based on the consumer before this whole market situations change presently, it is the Buyerâ„¢s market. The selling and buying process confined on the consumer. Marketerâ„¢s given importance on the taste and performance of consumerâ„¢s. They try to fulfill the needs and satisfy them by delivering goods and providing better services.
Consumer behavior is the ongoing process, it has never ends. It reflects the interaction between the consumer and producer at the time of purchase. It is continuous process that not only remains at the time of transaction or buying or selling period before this and after that also. The attitude towards the products before buying is known as pre-purchase behavior and response found from consumer after using the product is known as post-purchase behavior of customers. In other words we can define it as the process of decision making of activities that the customer doses at the time of evaluating, acquiring or using goods and services.
Buying Roles:
Consumer team refers to any one who involved in the activities of evaluating, acquiring, using or disposing of the goods and services. We can distinguish five role people might play in the buying decision. They are as follows:
Initiator: A person who first suggest buying the product or services.
Influencer: A person whose view or advice influence the buying decisions
Decider: A person who decide buying decision like where to buy, how to buy, what to buy etc.
Buyer: The persons who actually purchase the products, he may be use or not.
User: The persons who really consumes or uses the products or services.
Buying Behavior:
Consumer decision making process varies with the type of buying decisions. Complex and expensive purchases are likely to involve more buyer deliberation and more participative. Complex buying behavior is one of them. It is a three steps process:
¢ The buyer developed belief about the products.
¢ He or she made attitude about the products.
¢ Make a thoughtful choice.
Consumer engages in the complex buying behavior when they are involved in a purchase and aware of significant different among the brands. This case place usually when products is highly expensive and infrequently, risky.
The marketer of high involvement product must understand consumerâ„¢s information and evaluation behavior. The marketer should develop such strategies so that it will help the consumers about the products and its brands features and relatives importance. The marketer needs to differentiate the brands features by using print media to brands benefits and motivates sale personnel to influence customer for final brand choice.
Buying Decision Process:
The consumer passes through five different stages of a typical buying process.
¢ Problem recognition: The buying process starts when the buyer recognizes a problem or need. The can be felt by internal and external stimuli.
¢ Information Search: Before purchasing any products when he/she recognize need he/she go for information about the goods. The main sources are personal sources, commercial sources, commercial sources, public sources and experimental sources.
¢ Evaluation of alternatives.
¢ Purchase decision.
¢ Post purchase Behavior: After purchasing the product the consumer will experience some level of satisfaction or dissatisfaction. It can be classified into post purchase satisfaction post purchase action post purchase use and disposal.
Information and Buying Role:
Before consumers buy anything he/she requires information about the products. Consumers find out what product and brands available in the market. Their features and benefits selling price, dealer place where the product is available etc. Information regarding products competitorâ„¢s price and features. Without taking decision regarding new purchase is difficult.
Major factors influencing buying behaviors:
Buying behavior of consumer is influence by cultural, social, personal and psychological factors. Cultural factors exert the deepest influence.
Cultural Factors:
Social and group forces determine the way we think, belief and add great extent, individuals buying decisions are also affected by the Special Forces thatâ„¢s surrounds him/her. Here culture most direct impact on the buying behavior.
Culture:
Culture is the most fundamental of a personâ„¢s wants and behavior. His/her perception preference and behavior changes through his/her family and other key institution. He/she wants progress material comfort individualism freedom external comfort ness and youth ness.
Sub-culture:
Each sub-culture consist f smaller sub-culture that provides more specific identification and socialization for each member. Sub-culture includes nationalities, religion, racial groups and geographical regions many sub-cultures make up important market segment and marketer often design of product and marketing program tailored to their needs.
Social Class:
These are relatively homogeneous and enduring divisions in society which is hierarchically ordered and whose members share similar values, interest behavior.
Social Factors:
It is also play important role in Buyerâ„¢s behavior. It includes references group, family and social role and status.
Reference Group:
It consists of all the groups that have a direct and indirect influence on the personâ„¢s attitude and behavior. The groups having a direct influence on a person are called membership group. It may influence either the purchase of products or selects of a particular brand or both of them also.
Family:
Family member is the most influencing primary reference groups its influence buyerâ„¢s behavior. Family has direct impact on the purchase behavior of individuals.
Social Role and Status:
A person position is defined by his role and status. A role consists of the activities that a person is expected to perform and also carries a status. People chose product that communicate role and status in the society.
Personal Factors:
A buyer™s decision also influenced by personal character like buyer™s age and stage in life “ cycle, occupation, economic circumstances lifestyle and personality and self concept.
Age and stage in life cycle:
People change the goods and services they buy over a life time period. Taste in clothes and furniture and recreation also age related. Consumption is shaped by family life cycle. Marketers often define their target markets in terms of life cycle stage and develop appropriate product and marketing plans for each stage.
Occupation and economic circumstances:
Occupation is also influences personâ„¢s consumption pattern. Marketers always try to identify the occupational group that has average interest in their product and services. Product choice is also affected by economic circumstances spend able income, savings and assets, debts, borrowing power, attitude to wads spending versus savings. If economic indicators point to a recession marketers can take a step to redesign, reposition, reprise their products so they continue to offer value to target customer.
Life Style:
A life style is the person pattern of living the world as expressed in activities, interest and opinion. Marketers search relationship between their products and life style groups marketers target the brand more clearly are the achiever life style.
Personality and self concept:
Personality is distinguishing psychological characteristics. Personality is individuals pattern of traders that influence behavior responses related to personality is persons self concept. Marketers tries to develop brand images that match the target markets self images i.e. self concept
Psychological factors:
A personâ„¢s buying choices are further influenced by four major psychological factors. These are motivation, perception, and learning and belief attitude. These are playing vital role in buying behavior of the consumer.
Motivation:
A motive is the need that is sufficiently pressing to drive the person to act. Needs arises from psychology states of tension such as hunger, thirst, discomfort. They arise from psychology state of tension such as the need for recognition, esteem or belong. So motivation is one of the major factors which push the persons towards going for a product.
Perception:
It is the process by which an individual selects, organizes and interprets information to form a meaningful picture of the world. A motivated person is ready to act. The personâ„¢s act is influenced according to the perception of the situation. Perception depends on the physical and environmental stimuli and the condition within the individuals. People tend to perceive objects in terms of their exceptions. So here decision regarding purchase is effective by perceptions
Learning:
It is a continuous process, its changes individuals behavior arise from experience. A person from the interplay of drives stimuli, cues responses and reinforcement, consumer learn to discriminator between very similar uses of stimuli.
Attitude and beliefs:
Through learning people acquire attitude and beliefs. These influence buying behavior. An attitude is emotional feeling about an objects or idea. While beliefs is descriptive thought about something. So company hires well known celebrity to endorse their product.
Impulse buying behavior:
Purchasing with a little or no advance playing is called impulse buying. It is from involvement decision making.
From the above fact it is clear that a personâ„¢s purchase choice is the outcomes of cultural factors, social factors, personal factors and psychological factors. Besides this other factors also take important role in buying decision like marketer influence by developing Marketing mix such as product, price, place and promotion to attract strong consumer response.
Types of Buying Decision Behavior:
Buying behavior differs greatly for a tube of toothpaste, a tennis racket, financial services and a new car. More complex decisions usually involve more buying participants and more buyer deliberation.
Complex Buying Behavior:
Consumers undertake complex buying behavior when they are highly involved in a purchase and perceive significant differences among brands. Consumers may be highly involved when the product is expensive, risky, purchased infrequently, and highly self-expressive. Typically the consumer has much to learn about the product category.
Dissonance-Reducing Buying Behavior:
Dissonance-reducing buying behavior occurs when consumers are highly involved with an expensive, infrequently or risky purchases but see little difference among brands.
After the purchase, consumers might experience post purchase dissonance when they notice certain disadvantages of the purchased carpet brand or hear favorable things about brands not purchased. To counter such dissonance, the marketerâ„¢s after-sale communications should provide evidence and support to help consumers feel good about their brand choices.
Habitual Buying Behavior:
Habitual Buying Behavior occurs under conditions of low consumer involvement and little significant brand difference.
In such cases, consumer behavior does not pass through that usual belief attitude behavior sequence. Consumers do not search extensively for information about the brands, evaluate brand characteristics and make weighty decisions about which brands to buy. Instead, they passively receive information as they watch television or read magazines. Ad repetition creates brand familiarity rather than brand conviction.
Variety Seeking Buying Behavior:
Consumer undertakes variety seeking buying behavior in situations characterized by low consumer involvement but significant perceived brand differences. In such cases, consumers often do a lot of brand switching.
The Buyer Decision Process:
Now that we have looked at the influences that affect buyers, we are ready to look at how consumers make buying decisions. The buyer decision process consists of five stages: need recognition, information search, evaluation of alternatives, purchase decision, and post purchase behavior. Clearly, the buying process starts long before actual purchase and continues long after. Marketers need to focus on the entire buying process rather that on just the purchase decision
Need Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post Purchase Decision
Bibliography
Author name book name
Philips Kotler Marketing Management
V.S. Ramaswamy & S. Namakumari Marketing Management-
-Planning & implementation
WEbliography
videoconindia.com
google.com
answers.com
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