A

Descriptive Report File

On

“A study on brand awareness and market potential of Hero Maestro”

Submitted as the SEMESTER-1 (Final Project)

of

MASTER OF BUSINESS ADMINISTRATION

(Department of Business Administration)

in

Seminar & Term Paper/ Project

Submitted By :- Submitted To :-

Ayush Jain (Y23282004) Senior Prof. Y.S Thakur

Head Of Department

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 Declaration
I hereby declare that the project titled to the study the Brand Awareness and market
potential of the Hero MotoCorp -“Maestro” under the guidance of Senior Prof. Mr. Y.S
Thakur Head of Department , Department of Business Management. Dr. Hari Singh
Gour Central University, Sagar, Madhya Pradesh is my own work and the same has not
been submitted for the award of any other Degree/Diploma/fellowship or other similar
titles and prizes.

PLACE: SAGAR Ayush Jain (Y23282004)

DATE: ……………. MBA-1st semester

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 Certificate
This is to certify that Ayush Jain has worked for his MBA project entitled to the study the Brand
Awareness and market potential of the Hero MotoCorp -“Maestro” in partial fulfillment of the degree of
Masters of Business Administration. He has completed her project under my supervision. His work is
original, satisfactory and is not submitted anywhere else for the award any degree. I hereby forward this
project and wish him success in future endeavor.

Signature of the Supervisor Signature of the Examiner

Signature of Head of the Department

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 Acknowledgement
First and foremost, let me sincerely thank ALMIGHTY for the great opportunity and blessings that he
has showered up on me for the successful and timely completion of my project work.

It is a great opportunity for me to express my sincere thanks and special gratitude to Senior Prof.
Mr. Y.S Thakur, Head, Department of Business Administration, Dr Hari Singh Gour Central
University, Sagar, (M.P) who supervised my work, and for his valuable guidance and constant
encouragement throughout my project work.

I am very thankful to all respected faculty members of the department, who supported me in the
preparation of my project. I want to thanks my parents, my friends without whom the completion of
my project would not have been possible.

Ayush Jain (Y23282004)

MBA-1st semester

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 Index
COVER PAGE………………………………….………….…….……….………… I
DECLARATION………………………….…….………….………….…………… II
CERTIFICATE……………...…………………….…………….…….……………. III
ACKNOWLEDGEMENT……………………………………….…….…………… IV

CHAPTERS TITLES PAGE NO.

Chapter 1 1.1Introduction 7-8
INTRODUCTION 1.2Operations 9
1.3SWOT Analysis of hero 9-11
MotoCorp
1.4History 11-12
1.5Listing and shareholding 13-14
1.6Hero Maestro :- 15-17
Introduction
1.7Brand Awareness 18
1.8Market Potential 18-19
Chapter 2 REVIEW OF 2.1 About review of 21
LITERATURE literature
2.2 Review of Literature 21-22
Chapter 3 RESEARCH 3.1 Problem Definition 24
METHODOLOGY 3.2 Research Objection 24
3.3 Research Design 24
3.4 Limitation of Research 25
Chapter 4 ANALYSIS 4.1 Data Analysis and 27
AND Interpretation
INTERPRETATION 4.2 Demographic Profile 27-29
4.3 Hero Maestro Analysis 30-35
Chapter 5 FINDINGS 5.1 Findings 37
AND SUGGESTIONS 5.2 Suggestions 37
CONCLUSION 5.3 Conclusion 38

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 Chapter 1
Introduction

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1.1 Introduction:
Hero MotoCorp Limited is an Indian multinational motorcycle and scooter manufacturer headquartered
in Delhi. It is one of the world's largest two-wheeler manufacturers and has a market share of about 46%
in the Indian two-wheeler industry. As of 27 May 2021, the market capitalization of the company was
₹59,600 crore (equivalent to ₹700 billion or US$8.8 billion in 2023).
Hero Honda started its operations in 1984 as a joint venture between Hero Cycles of India and Honda of
Japan. In June 2012, Hero MotoCorp approved a proposal to merge the investment arm of its parent
Hero Investment Pvt. Ltd. with the automaker. This decision came 18
months after its split from Hero Honda.
"Hero" is the brand name used by the Munjal brothers for their
flagship company, Hero Cycles Ltd. A joint venture between the
Hero Group and Honda Motor Company was established in 1984 as
the Hero Honda Motors Limited at Dharuhera, India. Munjal family
and the Honda group both owned a 26% stake in the company.
During the 1980s, the company introduced motorcycles that were
popular in India for their fuel economy and low cost. A popular
advertising campaign based on the slogan 'Fill it – Shut it – Forget it'
that emphasized the motorcycle's fuel efficiency helped the company
grow at a double-digit pace since its inception. In 2001, the company
became the largest two-wheeler manufacturing company in India and
globally. It maintains global industry leaders to date The technology in the bikes of Hero MotoCorp
(earlier Hero Honda) for almost 26 years (1984–2010) has come from the Japanese counterpart Honda.
By December 2010, the board of directors of the Hero Honda Group had decided to terminate the joint
venture between Hero Group of India and Honda of Japan in a phased manner.
The name of the company was changed from Hero Honda Motors Limited to Hero MotoCorp Limited
on 29 July 2011

Hero MotoCorp Limited is engaged development, manufacturing, marketing, sale and distribution of
two-wheelers and its parts and accessories. Its product category includes motorcycles, scooters, and
parts. Its motorcycle products include XTREME 200S, XTREME 160R BS6, XPULSE 200T, XPULSE
200 4V, XPULSE 200 BS6, SUPER SPLENDOR BS6, SPLENDOR ISMART BS6, SPLENDOR+
BS6, PASSION PRO BS6, NEW SUPER SPLENDOR, GLAMOUR BS6, NEW GLAMOUR and
GLAMOUR XTEC. Its scooter products include Destini 125 XTEC, Maestro Edge 110, Maestro Edge
125, Pleasure+ XTEC, XOOM, Vida V1. Its accessories include bungee nets, engine guards, fender,
grip covers, helmets, knee pads, merchandise, rim tapes, seat covers, side grabs, step women, and tank
pads. It has eight manufacturing facilities, including six in India (Dharuhera, Chittoor, Gurugram,
Haridwar, Neemrana, Gujarat) and one each in Colombia and Bangladesh. The Company's subsidiaries
include HMCL Americas Inc. USA, HMCL Netherlands B.V., and HMC MM Auto Limited.

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 ➢ Currently Bajaj consist of 10 Board of directors
Dr. Pawan Munjal been the Chairman, CEO and MD and Mr. Vikram S.kasbekar executive
director (Operations and chief technology officer)

1.2 Operations:
Hero MotoCorp has five manufacturing facilities based at Dharuhera, Gurugram, Neemrana, Haridwar
and Halol. A new manufacturing facility is in the process of being set up in Chittoor in Andhra Pradesh.
Spread over 600 acres, the company has invested 1600 crores in setting up this greenfield facility.
These plants together have a production capacity of over 76 lakh (7.6 million) 2-wheelers per year. Hero
MotoCorp has a sales and service network with over 6,000 dealerships and service points across India. It
has had a customer loyalty program since 2000, called the Hero Honda Passport Program which is now
known as Hero GoodLife Program. As of 31 March 2020, the company has an annual capacity of 9.1
million units in its eight manufacturing facilities. Apart from these manufacturing facilities the company
also has two R&D facilities, in Germany & Jaipur.

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Vision:
Hero Honda's origins can be traced back to a single idea: the possibility of a more independent and
mobile India made possible by the company's motorcycles. The name change to Hero MotoCorp Ltd.
reflects the firm's commitment to provide first-rate mobility solutions and its reinvigorated
determination to expand its business internationally.

Mission:
Hero MotoCorp's purpose is to create a global organization that satisfies the mobility demands and
aspirations of its customers, thereby converting them into brand ambassadors. The organization will
provide a stimulating environment in which its employees can realize their full potential. It will continue
to priorities the creation of value and long-lasting connections with its partners.

Strategy:
Hero Moto Corp's main initiatives are to discover global growth opportunities, continuously improve its
operational efficiency, aggressively expand its customer reach, continue to invest in brand-building
activities, and guarantee customer and shareholder satisfaction.

1.3 SWOT Analysis of Hero MotoCorp

SWOT Analysis of Hero MotoCorp focuses on Strengths, weaknesses, opportunities, and threats.
Strength and Weakness are the internal factors and Opportunities and Threats are the external factors
that influence the SWOT Analysis of Hero MotoCorp

Strength in the SWOT Analysis of Hero MotoCorp – Hero MotoCorp SWOT Analysis
The aspects of a businessman’s strengths that assist it in expanding further and maintaining its dominant
position above all. Hero MotoCorp’s strengths are as follows:

• Brand Equity: Hero MotoCorp has a lot of brand equity, which is one of its main assets. This
corporation is one of the most important companies in the two-wheeler sector. A company can only
flourish if its brand name is well-known. Hero MotoCorp is one of the firms that can compete on the
popularity front.
• Strong Distribution Network: Hero MotoCorp has more than 3000 dealerships and service
facilities, making it the market leader.
• Wide Range of Products: The more products a firm successfully launches, the more popular it gets.
As a result, Hero MotoCorp is the market’s true hero. Hero Moto Corp has recently launched Hero
Electric two-wheelers. These vehicles are launched due to increasing fuel prices. People are showing
great interest in these electric vehicles.
• Recognitions and Awards: When a brand is recognized with prizes and awards, customers may put
their trust in it. Hero MotoCorp has garnered several awards throughout the years.
• Sponsoring Events: Sports and racing events contribute sponsorships to the firm, which has made it
the most popular of all its rivals.

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• Superb Performance in New Markets: Hero MotoCorp has built expertise in entering new markets
and making a success of them. The expansion has helped the organization to build a new revenue
stream and diversify the economic cycle risk in the markets it operates.
• Mergers and Acquisition: Successful track record of integrating complimentary firms through
mergers & acquisitions. It has successfully integrated a number of companies in the past few years to
streamline its operations and expand its footprint & business.
• Strong Brand Portfolio: Over the years Hero MotoCorp has invested in building a strong brand
portfolio. The SWOT analysis of Hero MotoCorp just underlines this fact. This brand portfolio can
be extremely useful if the organization wants to expand into new product categories.
• Good Returns on Capital Expenditure: Hero MotoCorp is relatively successful at the execution of
new projects and generated good returns on capital expenditure by building new revenue streams.
• Skilled Workforce: Highly skilled workforce through successful training and learning programs.
Hero MotoCorp is investing huge resources in the training and development of its employees
resulting in a workforce that is not only highly skilled but also motivated to achieve more.

Weaknesses in the SWOT Analysis of Hero MotoCorp – Hero MotoCorp SWOT Analysis
Weaknesses are areas where the company has fallen behind competitors. There are opportunities to
overcome these obstacles and get back on track. Hero MotoCorp’s weaknesses are as follows:

• Intense Competition: The market is crowded with national and international firms that compete
fiercely with Hero MotoCorp.
• Lack of Innovation: The majority of Hero MotoCorp’s products have almost identical
characteristics, both in terms of appearance and functionality.
• High attrition rate: Compare to other organizations in the industry Hero MotoCorp has a higher
attrition rate and has to spend a lot more compared to its competitors on the training and development
of its employees.
• New Technology: Need more investment in new technologies. Given the scale of expansion and
different geographies the company is planning to expand into, Hero MotoCorp needs to put more
money into technology to integrate the processes across the board. Right now, the investment in
technologies is not at par with the vision of the company.

Opportunities in the SWOT Analysis of Hero MotoCorp – Hero MotoCorp SWOT Analysis
Opportunities are the elements that are critical in generating money. This company’s possibilities are as
follows:

• Growing Industry: As the demand for two-wheelers grows, so does the possibility for the firm to
expand.
• Electric Vehicles: Electric Vehicle market is projected to increase year by year. A company must
target this segment.
• Hybrid Vehicles: Demand for Hybrid vehicles is increasing year by year. The company can also
target this segment.

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Threats in the SWOT Analysis of Hero MotoCorp – Hero MotoCorp SWOT Analysis
Threats are the areas in which the firm lags behind its rivals. The following are the areas:

• Intense Competition: There are several other firms that are fast rising and pose a significant threat to
the company.
• Alternative Transportation: As alternative forms of transportation have grown in popularity; the
usage of two-wheelers has declined.
• Government Regulations: Government regulations can also affect the production and sales of the
company.
• New Entrants: New Entrants can also be a major threat.

1.4 History:
The history of Hero is the story of a family that together braved the ravages of Partition. Leaving
everything behind, the Munjal family settled in Ludhiana, overcoming several odds to first begin
trading, after which they established a small bicycle component manufacturing unit. By the early 1960s,
led by co-founder Brijmohan Lall Munjal, Hero started manufacturing its own bicycles on a large scale.
By 1986 the company went on to become the world’s largest bicycle manufacturer, with several
ancillary units supporting production. Hero also began diversifying across other verticals over this span
of time.
In 1984, Hero joined hands with Japanese manufacturer Honda to set up Hero Honda Motor Ltd (now
Hero MotoCorp Ltd), India’s first equity joint venture to manufacture motorcycles. The first plant came
up in Dharuhera, Haryana; thereafter, Hero worked with several vendors to locate ancillary units near
the factory, so that the supply of parts could be optimized. By the mid-1990s, through forays into
Forging, Casting, Plastic Injection Molding and Steel making, Hero possessed a strong and reliable
supply chain.
By 1995, Hero Corporate Service was set up as a distinctive entity to act as Hero’s Corporate Office,
and to ideate and anchor Hero’s future diversifications. Through the noughties, Hero Corporate Service
built and consolidated diverse ventures.

“Hero”, is the brand name used by the Munjal brothers in the year 1956 with the flagship company Hero
Cycles. The two-wheeler manufacturing business of bicycle components had originally started in the
1940’s and turned into the world’s largest bicycle manufacturer today. Hero is a name synonymous with
two-wheelers in India today. The Munjal’s roll their own steel, make free wheel bicycle critical
components and have diversified into different ventures like product design. The basic aim of Hero
Group is: “To provide excellent transportation to the common man at easily affordable prices and to
provide total satisfaction in all its spheres of activity”. The Hero group’s vision is to build long lasting
relationships with everyone including customers, workers, dealers and vendors also. The Hero Group
has a passion for setting higher standards and “Engineering Satisfaction” is the prime motivation, way of
life and work culture of the Group. In the year 1984, Mr. Brijmohan Lal Munjal, the Chairman and
Managing Director of Hero Honda Motors headed an alliance between the Munjal family and Honda
Motor Company Ltd. Hero Honda Motorcycles Limited is an Indian manufacturer of motorcycles and

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scooters. Hero Honda is a joint venture that began in 1984 between the Hero group of India and Honda
from Japan. The manufacturing plant which was established in Dharuhera in state of Haryana started
manufacturing the CD-100 model motorcycle in 1985. the CD-100 was powered by India’s first four
stoke engine, the unique selling point that put Hero-Honda in the driver’s seat in the marketplace. Soon,
the CD-100 set the standards for fuel efficiency, pollution control and quality. Hero-Honda was among
the first manufacturers to understand the impact of product differentiation and market segmentation on
sales revenues. Hero-Honda devised three models catering to different segments. The CD-100 bike was
excellent pick up for the rural and semiurban customer for whom cost was critical consideration. The
cD-100 was a basic model for urban market. Splendor catered to the middleclass, office-going segment.
India has finally got a world’s leader in manufacturing with “no problem” Hero-Honda motors
Ltd.(HHM). HHM has attained the distinction of being the largest two-wheeler company in the world in
volume terms, with a new factory on the anvil, it is gearing itself for operation one billion, targeting $ 1
million revenues in 2002-03. next year, we will enter the billionaire’s club . the distinction of being the
largest two-wheeler company in the world came in calendar 2001, with sales rocking past the one
million marks in the first nine months of the current fiscal year. this performance was in conjunction
with splender, launched in 1995, becoming the world’s largest selling bike. after they introduce one by
one new models. The company believes that the synergy between technology, systems, and human
resources to provide products and services that meet the quality, performance, and price aspirations of
our customers. by doing so, the company is maintaining the highest standards of ethics and societal
responsibilities, The Hero Honda Motors is constantly innovating their products and processes, and
develop teams that keep the momentum going to take the company to excellence in the new millennium.
This alliance became one of the most successful joint ventures in India

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1.5 Listings and shareholding

The equity shares of Hero MotoCorp are listed on the Bombay Stock Exchange, and the
National Stock Exchange of India, where it is a constituent of the NIFTY 50.
As on 31 December 2013, the promoters Munjal Family held around 40% equity shares
in Hero MotoCorp. Over 601,000 individual shareholders hold approx. 7.44% of its
shares. Foreign Institutional Investors hold approx. 30% shares in the company.

Shareholder Percent ownership

Promoter Group 34.6%

Foreign Institutional Investors (FII) 34.3%

Non-Resident Indians (NRIs) 0.4%

Indian Public 8.3%

Insurance companies 8.3%

Mutual Funds / UTI 8.2%

Bodies Corporate 1.40%

Financial Institutions / Banks 2.0%

Others 2.5%

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Formerly Hero Honda

Company type Public

Traded as BSE: 500182

NSE: HEROMOTOCO

NSE NIFTY 50 Constituent

ISIN INE158A01026

Industry Automotive

Founded 19 January 1984; 40 years ago,

Founder Brijmohan Lall Munjal

Headquarters New Delhi, India

Key people Pawan Munjal , Executive Chairman & Whole-time Director [1]

Products Motorcycles

Scooters

Production output 7,587,130 units (2018)

Revenue ₹34,727.39 crore (US$4.3 billion) (2023)[2]

Operating income ₹3,863.62 crore (US$480 million) (2023)[2]

Net income ₹2,799.90 crore (US$350 million) (2023)[2]

Total assets ₹23,917.03 crore (US$3.0 billion) (2023)[2]

Total equity ₹16,780.63 crore (US$2.1 billion) (2023)[2]

Number of employees 8,599 (2020)[2]

Parent Hero Motors Company

Subsidiaries Vida Electric Scooter

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1.6 Hero Maestro:- Introduction
The Hero Maestro is a scooter from Hero MotoCorp. It comes as the second scooter from what was
traditionally a motorcycle company. The scooter was unveiled at The O2 Arena in London along with
Hero's new corporate identity in 2011, and was launched in the market in 2012.
In terms of positioning, the Maestro is pitted against the Hero Pleasure, Hero's first offering in the
scooter segment. Describing itself as a boy's scooter, it is marketed as a vehicle for young riders that
captures all the little quirks that define boys. Aptly
bearing the tagline of "It's a boy thing", the
Maestro caters to the male section of a gender
polarized scooter market. Later, Hero MotoCorp
started to upgrade the vehicle and started releasing
it as Hero Maestro Edge and Hero Maestro Edge
125.
The Maestro Edge 125 is Hero MotoCorp’s
attempt to capture the growing 125cc scooter
segment. Yes, the Destini 125 has already been in
the market since the last few months, but this one is a bit more premium and is targeted at Indians who
are style conscious and want something premium. Hero claims that a lot of focus has gone into making
the Maestro Edge 125 an easy going, comfortable and performance scooter. We spent a few hours with it
in the grueling New Delhi traffic to uncover some of its traits.

The Visuals:
At first glance, it will remind you of the Maestro – A 110cc scooter from Hero MotoCorp. Hero has
retained the Maestro styling but in a smart way. While you can still see the sharp and angular body
panels, Hero has neatly packed the Maestro Edge 125
to reduce its visual bulk. So, the front and side panels
have been compactly integrated onto the frame. The
rear, however, continues to offer a big and bulky look.
Then there’s the dual tone paint touch. The external
panels get one color and the seat along with the
floorboard and the plastics around the instrument
cluster gets another. This has been done to give this
Hero a better road presence and a more premium
feel. Sadly, the instrument cluster is the exact one as seen on the 110cc variant. The exhaust design also
looks a bit dated. The Maestro Edge 125 misses out on LED headlamp and turn indicators , however, it
does get an LED setup at the tail section.

The Package:

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Performance and features– these are two aspects upon which Hero MotoCorp focused much for this
scooter. The same focus has made the Maestro Edge 125 one of the powerful scooters in the segment. It
is also the first scooter in the segment to get fuel-injection.

In terms of features, the Maestro Edge 125 isn’t offering anything new or revolutionary. It continues to
offer a decent under-seat storage space, external fuel-filling ability and two luggage hooks. There’s a
boot light and an USB charging point under the seat as well. The fuel-filler cap, ignition and boot – all
can be operated using the key switch.

The Ride:

A city commuter’s needs are different and the new Maestro Edge 125 works well in most situations that
come up while driving through urban traffic. The 125cc motor is peppy, and the CVT tuning has helped
the overall experience. Unlike the Destini 125, this one feel quick, especially during off the line starts .
The refinement and the NVH is quite good. However, minute vibrations can be felt between 30kmph
and 40kmph. Also, thanks to the fuel-injection and the extra power, the Maestro Edge 125 feels like a
perfect companion for every-day city commute.
The scooter feels light and that has resulted in some great city maneuvering capabilities. The
combination of upright riding position and the large floorboard results in a contented ride throughout.
The overall ride quality too was decent as it ate up most of the bumps and bad roads easily. The large
seat was fantastic as it offered great comfort for even someone who weighs close to 100kgs. Hero
MotoCorp has fine-tuned the brakes pretty well, especially the front disc setup. The IBS system reduces
the speed quite efficiently. Hero has claimed a WMTC fuel efficiency figure of 51kmpl, but we’ll tell
you the real-world figure once get the scooter for a detailed test.

Hero Maestro Edge 125 Summary

Price: Hero Maestro Edge 125 price for its variant - Maestro Edge 125 Alloy Drum starts at Rs.
1,01,900. The price for the other variants - Maestro Edge 125 Alloy Disc and Maestro Edge 125 Alloy
Disc Prismatic Connected are Rs. 1,07,174 and Rs. 1,12,229. The mentioned Maestro Edge 125 prices
are the on-road price of Sagar.

Hero Maestro Edge 125 is a scooter available in 3 variants and 6 colors. The Hero Maestro Edge 125 is
powered by 124.6cc BS6 engine which develops a power of 9 bhp and a torque of 10.4 Nm. With both
front and rear drum brakes, Hero Maestro Edge 125 comes up with combined braking system of both
wheels. This Maestro Edge 125 scooter weighs 111 kg and has a fuel tank capacity of 5 liters.

The Maestro Edge 125 is the flagship scooter from Hero’s stable that sits above the Destini 125.
Unveiled during the 2018 Auto Expo, the scooter shares its underpinnings with its 110cc version, the
Maestro Edge.

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The Maestro Edge 125 is the first scooter in India to feature fuel-injection technology. On the features-
front, retaining the existing features of the Maestro Edge, the 125cc variant gets additional equipment
like semi-digital instrument console, textured seat and a signature LED lamp on the front apron. It is
also offered in a new variant that features a Bluetooth-equipped fully-digital instrument cluster, full-
LED headlamp and a few revisions to its styling to make it look more aggressive.

The scooter draws its power from a BS6-compliant, 124cc single-cylinder air-cooled motor that is
capable of producing 9bhp at 7,000rpm and peak torque of 10.4Nm at 5,500rpm. For cycle parts, the
scooter comes with telescopic forks up front and a mono shock at the rear, while braking is done by
drum brakes at both ends with an option for a disc for the front. The system is equipped with Hero’s
Integrated Braking System.

The Maestro Edge 125 is available in as many 14 different color options. In terms of competition, it goes
up against the Suzuki Access 125 and the Honda Activa 125 in India.

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1.7 Brand Awareness:
Brand awareness is a marketing term that measures how familiar a target audience is with a brand and
how well they recognize it. Brands with high brand awareness are often described as "trending,"
"buzzworthy," or "popular"

Brand awareness is made up of two components: brand recall and brand recognition. Brand recall, also
known as unaided recall or spontaneous recall, is when consumers can remember a brand without any
prompting. Brand recognition, also known as aided brand recall, is when consumers can identify a
product or service based on its name, logo, or other distinguishing features

Brand awareness is important because it helps build trust and equity with consumers. According to a
2022 global survey, 5 out of 10 consumers said they would be willing to spend extra for a brand with an
image that appealed to them.

Hero MotoCorp is a two-wheeler manufacturer that has a strong brand identity. The company has a
consistent brand identity across all platforms, and uses a variety of visual elements to create a cohesive
look. Hero MotoCorp is the world's largest two-wheeler manufacturer, with a 35.8% domestic market
share and a 52.4% market share in India's motorcycle market. The company has a market capitalization
of ₹59,600 crore, which is equivalent to ₹700 billion or US$8.8 billion in 2023. Hero MotoCorp has also
been a global partner of the International Cricket Council (ICC) and a sponsor of the Indian Premier
League (IPL).

1.8 Market Potential:

Market potential is the valuation of the sales revenue from
all the supplying channels in a market. Market potential is
the population that is interested in the product/ service that
is being made or offered by an organization. In other words,
market potential is the potential money-making capability of
a firm if it capitalizes all advantages and everything goes its
way. It is usually measured in sales units/sales volume or
the potential revenue.

It is very important for a new business to know and

determine the market potential of the product of service
being offered. If the market potential is very low then there
is no point spending a lot of money on the product. One of
the most important aspects of market potential is the amount
of business a product can generate in future as compared to

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today. Companies can also evaluate the market share of companies in the market.

The most relevant question is the target market growing for the offering. Market potential helps business plan
better and launch their products and services with better preparation. Depending upon the overall market
potential, companies can identify the sales potential, or the number of sales they would be doing in that identified
market.

Hero MotoCorp is one of the world's largest two-wheeler manufacturers, with a 46% market share in India. Some
analysts expect the company's average selling price to reach Rs 66,200 and Rs 67,800 in the current and next
fiscal years, with a volume growth of 7-9%. This is likely to result in 15-16% earnings growth annually over the
medium term. According to dailybulls.in, the price target for Hero MotoCorp Ltd is expected to potentially reach
₹5226.81 by the end of 2025, considering bullish market trends.

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 Chapter 2
Review of
Literature

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2.1-ABOUT REVIEW OF LITERATURE
A literature review is a text of a scholarly paper, which includes the current knowledge including
substantive findings, as well as theoretical and methodological contributions to a particular topic.
Literature reviews are secondary sources, and do not report new or original experimental work. The aim
of a literature review is to show your reader (your tutor) that you have read, and have a good grasp of,
the main published work concerning a particular topic or question in your field. This work may be in
any format, including online sources. It may be a separate assignment, or one of the introductory
sections of a report, dissertation or thesis. In the latter cases in particular, the review will be guided by
your research objective or by the issue or thesis you are arguing and will provide the framework for your
further work. It is very important to note that your review should not be simply a description of what
others have published in the form of a set of summaries, but should take the form of a critical discussion,
showing insight and an awareness of differing arguments, theories and approaches. It should be a
synthesis and analysis of the relevant published work, linked at all times to your own purpose and
rationale.

The purposes of the review are:

• to define and limit the problem you are working on
• to place your study in an historical perspective
• to avoid unnecessary duplication
• to evaluate promising research methods
• to relate your findings to previous knowledge and suggest further research A good literature
review, therefore, is critical of what has been written, identifies areas of controversy, raises
questions and identifies areas which need further research

2.1 Review of Literature

1. (Dr.V Uma) A study on financial analysis of hero MotoCorp limited, the study took the
data of 5 years 2012-13 to 2016-17 and with the help of various ratios the analysis is been
conducted and finded that gross profit ratio increased from “13.81” to “16.27” from
2012-13 to 2016-17, Profit ratio increased from “8.91” to 11.85 there were fluctuation in
the growth but overall company performance has increased.

2. (Parul University, 2014) This study focused on the customer satisfaction that hero moto
crop delivers and finded that hero’s reliable engine is a major selling point , around 45%
of respondents said they use hero , word of mouth and media coverage bring in the vast
majority of clients and hero spender is top seller among hero motor’s motorcycle , and
several issues and level of satisfaction of consumers , advertising and sale promotions of
hero were identified through this survey .

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3. (Dr. R.Mayilsamy, 2023) Following paper examined the impact of sustainable growth
rate of hero MotoCorp ltd , and position of hero MotoCorp ltd in India and founded that
rate has been fluctuating and founded to be low overgrowth and undergrowth should we
avoided, work on profit maximization , should maintain stable assets as proportion of
assets is more than equity. So, SGR “sustainable growth rate can be achieved but
company should work to attain the sustainability.

4. (Mr. Tushar Mane, 2021)The study is on the marketing strategies of hero MotoCorp ltd
, marketing is essential factors for organizations today and been one of world largest 2
wheeler manufacturer is affects the organization in long run and study find that Hero
MotoCorp advertise in a manner to attract the population with emotional and cultural
attachment which also help them to become one of the leading automobiles in India in
provides low cost vehicles and they target middle class family , it has target the right
segment but competition is huge so it should regularly look to develop new products and
new features among the existing products

5. (Sathyabama institute of science and (technology)The study is on customer satisfaction

towards hero bikes with respect to Chennai under this study survey has been conducted
with 100 sample size and founded that the hero’s customer bases is mainly the young
group of people i.e. the age group between 18-30 and from lower or middle class family,
85% are satisfied with the hero MotoCorp ltd due to its good mileage reliable engine and
its good pricing

6. (Dr. Aparna J. Varma, 2018) The study focuses on the brand equity and derives that
goodwill and name recognition that it earned over time which helps in getting higher
sales volume and higher profit margins and finded that brand association and brand
loyalty has a significant relationship with to brand equity and most significant factor that
contributing to brand equity of hero MotoCorp is brand loyalty.

7. (Dr. M. Pitchaimani) The study focuses on promotional strategy with special reference to
hero two-wheeler , and founded that promotional strategy is something that always
advances , adjusting to changing economic situations and factors like after sale services
and availability plays a vital role in the promotional strategy of the company and its
empowers enterprises to appreciate proceeded with development for more years.

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 Chapter-3
RESEARCH
METHODOLOGY

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CHAPTER 3: RESEARCH METHODOLOGY
3.1 Problem Definition:

“To know the preference of the consumer about Hero-Honda two-wheeler in Sagar region”

3.2 Research Objectives:

• To Assess current brand awareness of Hero MotoCorp two-wheeler in Sagar region.

• To find out Market potential of Hero MotoCorp two-wheeler.

• To conduct a competitor analysis of Hero MotoCorp in reference to Hero Maestro Scooter.

• To do Geographical Analysis of Sagar region .

• To understand the Future Growth Strategies of hero in Sagar region.

3.3 Research Design:

Here, I have selected the Descriptive research design because here we want to study the behavior of
customers about two-wheeler.

Sampling Design:

Here non-probability convenience sampling has been used.

Sample Size:

The sample size is 50 respondents. Through the means of QUESTIONNAIRE

Sampling Unit:

The sampling unit has been considering them who can come for inquiry

Choice of Survey Method:

Here, we have selected the personal interview method for the research.

Research instrument:

Questionnaire was used for the purpose of the data collection as the research instrument. Questionnaire
consisted of both closed ended questions including rating sculls.

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Pre-testing:

It is necessary to check the questionnaire before actual research is done. Therefore, pre-testing is done.
In this case, pre-testing was done for 15 respondents, after some modification questionnaire was
finalized.

Date Collection Method:

The data collection method used is personal interview method. Here the primary data are collected by
questionnaire and secondary data are collected from the websites and magazines.

3.4 Limitations of Research:

• The survey work was conducted in Sagar only so, it cannot cover the preference of other area’s
consumer.

• The sample size taken for the survey work was 50 because of the limited time period.

• There is a chance of mistake in the answer because of the limited knowledge of the respondent.

• This project work is prepared as per my limited understanding of subject.

• Probability sampling was not used due to time and cost constraints and therefore the results
cannot be generalized to the population.

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 Chapter 4
Data Analysis &
Interpretation

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4.1 Data Analysis and Interpretation
Data analysis and interpretation is the process of assigning meaning to the collected information and
determining the conclusions, significance, and implications of the findings. The steps involved in data
analysis are a function of the type of information collected, however, returning to the purpose of the
assessment and the assessment questions will provide a structure for the organization of the data and a
focus for the analysis

The following study consists of 50 sample size

4.2 Demographic Profile:-

Age: Of 50 Responders which came to inquire about hero MotoCorp’s Maestro , 50% responders are in
age group of 18-25, 20% are in age group of 26-35, and rest 30% are in age group of 36 and above.

Occupation: Of 50 respondents which are came to inquired about Hero Maestro, 52% respondents are
student, 16% are employed, 20% are self-employed, 8% are retired, and remaining 4% Unemployed

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Income: Of 50 respondents which are came to inquired about Hero Maestro, 46% respondents are in
10000-25000 monthly income group, 20% are in 25000-45000 monthly income group, and rest 30 are in
45000 and above income group.

Location: Of 50 respondents which are came to inquired about Hero Maestro, 48% Respondents come
from urban part of Sagar, 34% respondent comes from semi-urban part of Sagar and remaining 16% are
from rural part of Sagar.

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Gender: Of 50 respondents which are came to inquired about Hero Maestro, 60% are male and 40% are
female.

Marital Status: Of 50 respondents which are came to inquired about Hero Maestro, 67.3% are single
and 32.7 are married.

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4.3 Hero Maestro Analysis:-
Q1. Do you Know a Hero maestro?

Purpose : To know the consumer, have hero maestro or planning to buy

Of 50 respondents which are came to inquired about Hero Maestro, 50% Respondent owns a hero
maestro and 50% are planning to buy Hero Maestro.

Q2. How did you first become aware of Hero Maestro?

Purpose: To know the how consumers get aware of hero maestro

Of 50 respondents which are came to inquired about Hero Maestro, 24% came to know about hero
maestro from Word of mouth, 22% came to know from Print Media (Newspaper , Holdings ,
Magazines, etc.) , 16% from In-Showroom display, 18% from television and rest from other forms of
advertising.

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Q3. What Factors you consider before purchasing a two-wheeler?

Purpose: To know the factors which affects consumer before buying a two-wheeler in general.

Of 50 respondents which are came to inquired about Hero Maestro, 82% Respondent consider
Performance and brand reputation as the main factor before buying a two-wheeler compare to other
factors like Fuel efficiency , style and design , Features provided and recommendation from others.

Q4 What Factors influenced you to buy Hero Maestro?

Purpose: To know the main factor which effected the consumer to consider hero maestro.

Of 50 respondents which are came to inquired about Hero Maestro, 74% considered hero maestro due
to its affordability and performance over other factors like fuel efficiency reliable engine , design and
look , Hero’s brand image .

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Q5 What are your opinions on Hero Maestro?
Of 50 respondents which are came to inquired about Hero Maestro Most of the respondent agrees with
statement that hero maestro is budget friendly and value for money

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Q6 How satisfy are you with Hero maestro?
Purpose: To know how satisfied are consumer from their hero maestro

Of 50 respondents which are came to inquired about Hero Maestro, 40% Are satisfied with their hero
maestro, 30% are neutral with the statemen

Q7 What do you think about customer service provide by Hero for Hero Maestro?
Purpose: To know how satisfied are consumer with the hero’s customer service provide in regard to
Hero Maestro
Of 50 respondents which are came to inquired about Hero Maestro 40% are satisfied with the service
and 36 % are neutral with the statement.

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Q8 Based on your experience how likely or unlikely you willing to buy Hero
Maestro In future?
Purpose: To know the customer loyalty toward hero
Of 50 respondents which are came to inquired about Hero Maestro, 40% are neutral on this statement,
34 are willing to buy hero maestro in future

Q9 Based on your experience how willingly are you to recommend Hero Maestro
to others?
Purpose: To know how willing are customer to recommend hero maestro to others
Of 50 respondents which are came to inquired about Hero Maestro, 40% are likely to recommend hero
maestro to others and 24% are neutral

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Q10 How would you rate the overall market appeal of Hero Maestro compared to
its competitors?
Purpose: To know the market appeal of hero maestro compared to others
Of 50 respondents which are came to inquired about Hero Maestro, 44% Respondent thinks hero
maestro has good appeal in market and 22% thinks fair appeal in market

Q11 If not Hero Maestro which scooter will you choose in place of maestro?
Purpose: To know the customer’s Preference other than hero maestro in the market
Of 50 respondents which are came to inquired about Hero Maestro, 30 % Consider Suzuki Access ,
other 30% Consider Honda active and 16% consider hero maestro only and rest consider other TVS
jupitor and hero pleasure

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 Chapter 5
Finding, Suggestions,
and Conclusion

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Findings:-
• Out of 50 respondents 50 % are student under the 10000-25000 income group mostly from
urban part of Sagar.
• Out of 50 respondents 38% are satisfied by the hero maestro and 40 % are satisfied by the hero
MotoCorp service provided.
• Out of 50 respondent 46% agrees with the statement that hero maestro has good market appeal.
• Out of 50 respondent 40% are likely to recommend hero maestro to others.
• Out of 50 respondent most of them considers performance , brand image and fuel efficiency
over other factors before buying a two-wheeler.
• Out of 50 respondent those who have hero maestro consider hero maestro due to its affordability
and overall performance
• Most of respondent are dissatisfied with the fuel efficiency and mileage provided by the hero
maestro.
• Most of respondents perceived that Hero maestro gives comfort and is practical, have good
performance , provides good service and is affordable.
• More than 60% considers Honda Activa and Suzuki Access If not Hero Maestro
• There is significant association between age & model, income & model, occupation & model,
and also education & model.
So, over all hero maestro is consider by respondent due to its affordability and
performance , comfort it provides but it lacks fuel efficiency.

Suggestion:-
• Hero MotoCorp should work more on fuel efficiency and work towards providing more
mileage.
• Hero MotoCorp Should work on increasing their market presence as compare to others there is
lack of awareness about Hero Maestro.
• Hero should also work more on targeting other occupational sector than students.
• Hero should work more on customer loyalty as only 36% respondent considering to buy hero
Maestro in future.
• Hero should also focus more on styling and design.
• Hero should also conduct promotional events to increase the hero Maestro’s awareness in
customer.
• Dealer communicates with customer and gives awareness about unique features of Hero-Honda
and also solves their confusion & misunderstanding because most of people have not aware
about their unique features.

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Conclusion:
In conclusion, the insights gathered from the survey conducted in the Sagar region shed light on the
current brand awareness and market potential of Hero Maestro. The findings suggest a notable level of
familiarity with the Hero Maestro brand, with a substantial portion of respondents expressing awareness
through diverse channels, including word of mouth, online platforms, television advertisements and
print media.
The survey has unveiled encouraging signs of brand recognition, indicating that Hero Maestro has
successfully permeated the consciousness of the Sagar community. This heightened brand awareness
lays a robust foundation for market potential, offering an optimistic outlook for the future.
Moreover, the factors influencing their choices range from the affordability, performance and Hero’s
brand's reputation to design and style. This positive inclination signifies a significant market potential
within the region.
As the data indicates, there is an opportunity for Hero Maestro to further enhance its market presence by
capitalizing on the identified strengths and addressing potential areas for improvement. The positive
sentiments expressed by respondents suggest that the brand has the potential to resonate further with the
preferences and expectations of the Sagar community.
In moving forward, strategic marketing initiatives focusing on the identified strengths, coupled with
responsive adjustments to address specific concerns, can contribute to the sustained growth and success
of Hero Maestro in the Sagar region. Continued efforts to strengthen brand-customer relationships,
improve features, and emphasize the unique selling points will likely yield positive outcomes.
The survey results not only provide a snapshot of the current brand landscape but also offer valuable
guidance for refining marketing strategies and tailoring product offerings to meet the evolving needs of
the local market. With a proactive approach to building on these insights, Hero Maestro has the potential
to solidify its position and capture a significant market share in the vibrant and dynamic Sagar region.
So overall Maestro Edge 125 checks all the right boxes. It is good looking, sports a peppy 125cc motor
and is also equipped with features that are practical and usable. Plus, it also gets fuel-injection, making it
a unique scooter to own. Had Hero equipped the Maestro Edge 125 with a more modern instrument
cluster and LED headlight, this scooter might have earned the value-for-money tag.
Understanding brand awareness and market potential of a brand is essential , During the fierce
competition, it is extremely important for a company to solidly assess determinants that are not only
significant in building powerful brand equity but also support them for reaching consumer loyalty and
satisfaction.

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Bibliography

Dr. Aparna J. Varma, D. A. (2018). Determinants of brand equity in two wheeler industry: A study with special
reference to hero motocorp in mysuru market. International Journal of trend in Scientific research and
development, 02(06), 1346-1351.

Dr. M. Pitchaimani, K. (n.d.). A STUDY ON PROMOTIONAL STRATEGY WITH SPECIAL REFERENCE

TO HERO TWO WHEELER IN TRICHIRUPPALLI TOWN. Suraj Punj Journal For Multidisciplinary
Research, 09(04), 374-378.

Dr. R.Mayilsamy, M. A. (2023). A STUDY ON SUSTAINABLE GROWTH RATE OF HERO MOTOCORP

LTD- AN ANALYTICAL STUDY. International Research Journal of Modernization in Engineering
Technology and Science, 05(07), 534-536.

Dr.V Uma, D. D. (n.d.).

Mr. Tushar Mane, M. R. (2021). A STUDY ON MARKETING STRATEGIES OF HEROMOTOCORP

LIMITED. International Journal of creative research thoughts, 09(02), 1774-1792.

Parul University, L. (2014). A STUDY ON CUSTOMER SATISFACTION ON HERO MOTOCORP. journal of

emerging technologies and innovative research, 10(3), a548-a558.

technology, S. i. (n.d.). A STUDY ON CUSTOMER SATISFACTION TOWARDS HERO BIKES WITH

RESPECT TO CHENNAI.

Websites
https://en.wikipedia.org/wiki/Hero_Maestro#:~:text=The%20Hero%20Maestro%20is%20a,in%20the%20market
%20in%202012.

https://www.bikedekho.com/hero/maestro-edge

. https://www.investopedia.com/

. https://www.masterclass.com/articles/market-potential

https://scholar.google.com/

https://www.researchgate.net/

https://www.mordorintelligence.com/industry-reports/india-two-wheeler-market

https://indianautoindustry-info.blogspot.com/2012/07/hero-maestro-scooter.html

https://vocal.media/gamers/history-of-maestro-scooty-p6iarr0x5w

https://projects4mba.com/swot-analysis-of-hero-motocorp/5477/

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Annexure

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QUESTIONNAIRE
Dear respondent, my name is Ayush Jain , a student of MBA (Business Management) from
DHSGSU, Sagar. This survey is being produced as a part of my research project on the topic "A
Study on Market Potential and Brand Awareness of Hero Maestro in Sagar" ".
I kindly ask for your honest responses and opinion as it will enable me to get reliable data for
the study and reach the proper conclusion.
Please answer the following questions honestly and to the best of your knowledge. Rest assured
that your answers will only be used for academic reasons and won't be disclosed to
anybody. Thank you for participating in this study, I really appreciate every second
invested by you.

SECTION (A):-PERSONAL INFORMATION

Q1 Name:_______________

Q2 Age*
18-25
26-35
36-45
45-55
55 and above

Q3 Gender*
Male
Female

Q4 Occupation*
Student
Employed
Self-employed
Unemployed
Retired

Q5 Monthly Income*

10000-25000
25000-45000
45000-65000
65000 and above

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Q6 Marital Status*

Single
Married

Q7 Location*

Urban part of Sagar

Semi-Urban part of Sagar
Rural part of Sagar

SECTION (B):- CONSUMER BUYING BEHAVIOUR TOWARDS “Hero

Maestro”

Q8, do you Own a Hero Maestro *

Yes
Planning To Buy

Q9 How did you first become aware of Hero Maestro?*

Television
Online Advertisement
Word of mouth
In-Showroom Display
Print Media (Newspaper , Holdings , magazines etc.)
Other:

Q10 What Factors you consider before purchasing a Two-wheeler *

Performance
Fuel Efficiency
Style and Design
Brand Reputation
Features provided
Recommendations from others

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Q11 What Factors influenced you to buy Hero Maestro*
Reliable Engine
Fuel Efficient
Affordable
Design and Looks
Performance (Overall)
Hero's Brand Image
Other:

Q12 What are your opinions on Hero Maestro*

(On scale of 1-5 1 being strongly agree and 5 being strongly disagree)
1)Strongly Agree 2) Agree 3) Neutral 4) Disagree 5) Strongly Disagrees
Comfortable and practical
Provides good performance
Budget Friendly and Value for money
Great Service
Low Maintenance
Fuel efficient and gives good mileage
Styling and Visual appealing
Comfortable and practical
Provides good performance
Budget Friendly and Value for money
Great Service
Low Maintenance
Fuel efficient and gives good mileage
Styling and Visual appealing

Q13 How satisfy are you with Hero maestro*

On scale of 1-5 " 1 being extremely dissatisfy 5 being extremely satisfy

1 Extremely Dissatisfied
2 Dissatisfied
3 Neutral
4 Satisfied
5 Extremely Satisfied

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Q14 What do you think about customer service provide by Hero for Hero Maestro *
On scale of 1-5 "1" Being Extremely Dissatisfied and 5 being Extremely Satisfied

1 Extremely Dissatisfied
2 Dissatisfied
3 Neutral
4 Satisfied
5 Extremely Satisfied

Q15 Based on our experience how likely or unlikely are you willing to buy Hero Maestro In
future*
Very Likely
Likely
Neutral
Unlikely
Very Unlikely

Q16 Based on your experience how willingly are you to recommend Hero Maestro to others*
Very Likely
Likely
Neutral
Unlikely
Very Unlikely

Q17 How would you rate the overall market appeal of Hero Maestro compared to its competitors*
Poor
Fair
Good
Very Good
Excellent

Q18 If not Hero Maestro which scooter will you choose in place of maestro*
TVS Jupitor
Honda Activa
Suzuki Access
Hero Pleasure
Hero Maestro Only

Q19 Please share any additional comments or suggestions you may have regarding Hero Maestro

___________________________________________________________________________

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