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Project Report On "Buying Behaviour: of Gold With Regards To
Project Report On "Buying Behaviour: of Gold With Regards To
Tanisq
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF P.G.D.M. PROGRAM Submitted To: Professor Devang Desai Submitted By: Jay Desai (28) Grishma Tandel (20) Jairaj Tailor (27) Rohan Shahi (49)
2nd Year P.G.D.M. (3rd Semester) G.I.D.C. Rofel Business School, Vapi.
DECLARAT ION
This project report entitled study of customers perception has been submitted to G.I.D.C Rofel Business School, Vapi in partial fulfilment of P.G.D.M. Degree. Here by we, undersign that this project report has been completed by us under the guidance of Professor Devang Desai (Faculty: Marketing Research, G.I.D.C. Rofel Business School, Vapi)
Study of this Project Report is entirely result of our own efforts and research is original in nature. This Project Report is not submitted either in part or whole to any other institute for any other degree.
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ACKNOWLEDGEMENT
We would like to express our gratitude to: i) Professor Devang Desai, for giving us a chance to learn things in a practical and innovative way, and gain some experience for the same. We would also like to thank her for all her support and to encourage us and motivate us to learn new things and in different ways. ii) The group members for showing their co-ordination for the project.
We are greatly thankful to all the advisors who helped us knowingly and for giving information and interest in report.
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ITENARY
Of The Research iii) Objective Of The Research iv)Limitations Of The Research v)Significance Of The Research
FSample
i) Sampling Frame ii) Sampling Unit iii)Sample Size iv)Sample Size Selection
F Research Methodology
i) Research Tools
a) Exploratory Research Questio nnaire Survey a) Descriptive Research
EXECUTIVE SUMMARY
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INTRODUCTI ON
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TANISHQ PROFILE
Evolution of Tanishq Titan came into existence in July 1984, when the Tata Group joined hands with the Tamil Nadu Industrial Development Corporation (TIDCO) to make a foray into the watch industry. Titan started manufacturing jewellery watches and jewellery in 1994. It set up its fully integrated Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture four tonnes of gold in a year. Titan launched these products under the brand name of Tanishq, in 1995. The name Tanishq, a blend of two words, 'tan' (body) and 'ishq' (love), was coined by Xerxes Desai, the Vice-Chairman and Managing Director of Titan. To change its image from a watch manufacturer to a fashion accessories manufacturer, Titan was renamed Titan Industries Ltd. in 1995. Titan scaled the capacity of its Hosur plant to 4.18 million units in 1996 to meet the domestic and international demand. From the late 1990s, Titan's commitment to the jewellery business increased. When Titan launched Tanishq in 1995, the jewellery industry in India valued at Rs 40,000 crore was mostly unorganized, with around 3.5 lakh players. Before 1992, only the Metal and Mineral Trading Corporation and the State Bank of India were allowed to import gold. In 1992, as part of economic liberalization, the government abolished the Gold Control Act
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Growth of Tanishq
GIDC Page 13
SWOT ANALYSIS
OPPORTUNITIES Global markets Low cost jewellery Customized designs Concentrate on Gen-X by having trendy jewellery Expand retail stores THREATS Competition Lack of Skilled workers Gold not seen as s source of investment. (Luxury is needed). jewellery
Award winning designs i Diversity n jewellery gold/diamond/platinum Competitive prices WEAKNESS Capture Rs 70,000-crore Escalated gold margins costs lower
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Purity of jwellrey through karat meter is still the sign of total purity. Distribution network and retailing store are in place for the company with 130 stores countrywide. Mind boggling/award winning designs have come for the company. Diversity in jewellery gold/diamond/platinum enhances the product range of the company. We also have competitive prices for the entire product ranges as compared to the competitors. Weaknesses Capture Rs 70,000-crore Indian jewellery market. Tanishq comprises a small share of the overall Rs 70,000-crore Indian jewellery market and hence it needs to increase its market share in this huge industry. Escalated gold costs has caused lower margins is to push sales as much as possible.
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Fashion Earrings
The Fashion earring collection; has a ranged of over 300 exclusive designs
Wedding Collection
The bride blushes
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The basic purpose of this research is to find the buying behaviour of people of vapi toward gold.
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PROBLEM
GIDC Page 20
Tanishq is one of the store who provides branded gold & have brand name. Inspite of product quality , services tanishq provides why do still prefer buying gold from local retailers.
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OBJECTIVES
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Limitations
The survey was conducted within the limited time frame; so few shortcoming may be expected.
The finding of the survey is strictly based on the responses of the respondents. It is difficult to find the euthenics be true, so we are assuming them to be true.
It was very difficult to explain the respondents about how to fill the questionnaire & it took time for data collection.
Hypothesis
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SAMPLE
Sampling Frame:
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Buying behaviour of Gold A Sampling frame consists of a list of item from which the sample is to be drawn. The sample frame for this research constitutes all the customers who have visited Tanishq store for purchasing gold.
Sampling Unit:
A decision has to be taken concerning a sampling unit before selecting sample sampling unit may be a geographical one, a construction unit, a social unit or it may be an individual. The sample unit for this research constitutes the organization that is Tanishq only dealer in vapi
Sample Size:
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Buying behaviour of Gold The sample size of our research was 150 but only 121 people have visited tanishq store.
Sample Size Selection: sample size was selected on the basis of the 3 factors. a) It was difficult to locate the customer who have visited to tanishq.
b)
The
respondents
were
not
much
educated so it was difficult to make them understand about the questionnaire. c)People were not easily available outside Tanishq.
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Research Tools:
Buying behaviour of Gold The research tool used for this research is PRIMARY DATA In primary data the following research design is being followed: i) Exploratory Research: Questionnaire Survey (Sample Size 150) ii) Descriptive Research: On the basis of the questionnaire survey, the analysis is done in order to find out the reason why people are not visiting Tanishq
We have used 2 types of reaserch design they are a) Exploratory research b) Descriptive research
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DETAILED FINDINGS
GIDC Page 32
The sample was 150 but out of which 29 people dint went to Tanishq for buying of gold. So our sample size came to 121.
Out of 121 there were 65 female that constitute 54% of total sample & rest are male they are 56 which contributes 46% of total sample.
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The respondents average income lies from 5000 to 30000 & above so respondents were a)5000 10000 = 6 b)10000 20000 = 11 c) 20000 30000 = 18 d)30000 & above = 86
People who said they visit Tanishq & again goes for repurchase
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The above charts gives us the detail of people who visits Tanishq for repurchase.
Hypothesis Testing
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X2 = (o-e)2/ e
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59.8194
The hypothesis of these question is that the price does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 59.8149 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom.
2) Quality of gold does not effect the buying of gold Quality 1 Particular 1 2 3 4 5 Total 3 1 2 6 0 12 2 2 4 10 9 2 27 3 2 5 20 18 4 49 4 0 2 11 8 4 25 5 tota l 0 7 0 12 3 46 5 46 0 10 8 121
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The hypothesis of these question is that the Quality does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 18.99311 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3
0 1 1 6 4
12
0 0 6 15 6
27
1 0 5 33 10
49
0 0 8 10 7
25
0 0 1 6 1
8
Service Observed expected o-e 2(o-e) 2(o-e)/e Marketing Research GIDC ROFEL Business School
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The hypothesis of these question is that the service does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 32.0813 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3
0 5 3 3 1
13
2 7 11 6 1
27
4 16 16 4 9
49
0 8 7 6 4
25
0 3 2 1 1
7
PATTERN Observed 0 2
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The hypothesis of these question is that the pattern does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 206.4282 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected.
5) Proximity does not affect buying of gold. Particul 1 ar 1 2 3 4 5 Total 2 2 4 3 1 12 2 0 2 6 7 12 27 3 6 3 18 14 8 49 4 2 0 8 9 6 25 5 0 1 4 1 2 8 tota l 10 8 40 34 29 121
Proximity Observed 2 0 6 2 0 2
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The hypothesis of these question is that the proximity does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 21.21 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted.
1 0 5 3 4
13
1 2 6 9 9
27
0 6 11 17 14
48
4 2 6 8 5
25
1 0 2 11 4
8
total 7 10 30 38 36 121
Observed 1 1 0 4 1 0 2 6 2
Expected 0.75 1.56 2.78 1.45 0.46 1.07 2.23 3.97 2.07
o-e 0.25 -0.56 -2.78 2.55 0.54 -1.07 -0.23 2.03 -0.07
2(o-e) 0.0625 0.3136 7.7284 6.5025 0.2916 1.1449 0.0529 4.1209 0.0049
2(o-e)/e 0.083333 0.201026 2.78 4.484483 0.633913 1.07 0.023722 1.03801 0.002367
The hypothesis of these question is that the proximity does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 15.61 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted.
Questionnaire
GIDC ROFEL BUSINESS SCHOOL Dear Sir/Madam We are the students of 2nd Year PGDM Course of GIDC ROFEL BUSINESS SCHOOL (VAPI). As a part of our research study we are conducting a survey regarding the perception of people regarding the purchase of gold from different organized & Un organized Retailers. Guidelines for filling the form:1) Please check the box wherever required. 2) Only 1 check per question.
Q 3) Age :- _________________
Q 4) Occupation: - Service
Business
Others
Others:-__________________________
10000 20000
-30000
Q 6) how often you visit jewellery store? Once a month On Occasion once a year
Q 7) You Buy jewellery from Place Vapi Store Name ___________________ ___________________ Valsad Surat ___________________ ___________________
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Q 8) do you buy jewellery from same store every time ? Yes No Why?
If Yes/No ___________________________________________________________
Q 9 ) Rate your jewellery store from 1 to 5 where 1 is the WORST & 5 is the BEST
d) The
e) Proximity to market ? f) Ambiance of Store ? Q 10) Are You aware about tanishq showroom opened in vapi? Yes N o
Q 11) How did you come to know about Tanishq? Marketing Research GIDC ROFEL Business School Page 50
Friends/relatives
No
Q 13) Rate Tanishq On flowing Criteria Given below Particular a) Price b) Purity & Quality of Gold c) Service Offered d) Patterns Available e) Location of Store f) Ambiance of store V.Go Good od Avera ge Ba d V.ba d
Q 15) Would you recommend others GIDC ROFEL Business School Page 51
for Buying Tanishq Products? Yes Q 16) Rate tanishq on over all basis? Marketing Research
No
Thank You
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FINDINGS
On the basis of chi-square test the relation between the variables are significant & few are not significant. Variables which were significant in the research & which affects the buying behavior of gold are a) Because of price people are not visiting Tanishq. b) People are happy with the quality of Tanishq & they go to Tanishq only because the purity & quality of gold.
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Conclusion
People are more price conscious & they feel that the price in Tanishq are more than what the normal retailers have. They also feel that the quality they get is much higher than the quality what the normal retailers give. They also found that the patterns available are lesser than what they get in the normal retail store. They also are service oriented so they are more
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innovative scheme & loyalty programs. c) People are more service conscious so they can target young business man & young professional as they are now more in investing money in gold. d) Gold price are increasing day by day so they should increase their sales by selling biscuits of gold rather than selling more of ornaments.
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Bibliography
Tanishq Website Tanishq Outlet Marketing Research TextBook
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THANK YOU