benchmark ifb mwo with competition
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1 | P a g e
A PROJECT ON
Benchmark IFB MWO with competition price and feature and recommend Action plan for regain of share in market
Prepared by: - Shyam Singh
Roll No. - 111314 SESSION- 2011-13
2 | P a g e
ACKNOWLEDGEMENT
I sincerely thank IFB Industries Pvt. Ltd. for giving me the opportunity to pursue Summer Internship in their organization. It is indeed a great moment of pleasure to express my feelings. This project is an important part of our course and curriculum and it gives me a real and practical exposure of the corporate world. So I am deeply thankful and pleased to acknowledge the opportunity given by IFB Industries Pvt. Ltd. and guidance provided by :-
Mr Deepak Prakash (Branch Manager, IFB Industries Ltd, Patna),
Miss Tripti Jha (Business Manager, Domestic home appliances, IFB Industries Ltd., Patna),
Mr Ashish Mishra (Business Manager, Commercial appliances and Institutional sales, State of Bihar, IFB Industries Ltd, Patna) and
PROF. AK HALDAR(DEAN, INTERNATIONAL SCHOOL OF MANAGEMENT PATNA)
This entire project has been very encouraging and will certainly help me in building a
good carrier.
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CONTENTS
SL NO. PAGE NO.
1 EXECUTIVE SUMMARY 4
2 COMPANY PROFILE 5
3 IFB’S PRODUCTS 5,6
4 SOME MAJOR PLAYERS IN THE HOME APPLIANCES SEGMENT IN INDIA
7
5 RESEARCH METHODOLOGY 8
6 SAMPLING TECHNIQUE 9
7 SOURCE OF DATA COLLECTION 9
8 MARKET SHARE OF DIFFERENT COMPANIES DURING 2011-12 10
9 COMPARITIVE STUDY OF MWO 11-14
10 MARKETING STRATEGY OF DIFFERENT BRANDS 15
11 QUESTIONNAIRES ( EXISTING CUSTOMERS’ RESPONSE) 16-20
12 GRAPH BASED ON SURVEY REPORT 21-30
13 CONSUMER RESPONSE 31-33
14 SCOPE OF BETTER SHARE OF IFB MWO 34-37
15 SCOPE OF BETTER MARKET SHARE IN BIHAR 38-39
16 FROM DEALERS’ 40
17 GRAPH BASED ON DEALERS' RESPONSE 41-45
18 SERVICE 46
19 DEALERS' SATISFACTION 46
20 SWOT ANALYSIS 47
21 INFERENCE, LIMITATIONS 47
22 SUGGESTION 49
23 BIBLIOGRAPHY 50
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EXECUTIVE SUMMARY
Indian white goods markets is increasing day by day with domestic companies Like IFB, KELVINATOR, GODRAJ, VIDEOCON and MNCs like LG, WHIRPOOL, etc. IFB which is a major player in this segment has products like dishwasher, washing machine, dryer, microwave Ovens and other kitchen appliances. IFB is leader in front loader washing machine. Earlier it was holding very fine position in MWO segment. Now a day, challenging innovation is coming in market. This compels to do better .For this I have prepared a questionnaire. I collected data from sample size of 50.
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COMPANY PORFILE IFB Industries Limited is known as Indian Fine Blanks Limited. It started their operations in India during 1974 in collaboration with Hienrich Schmid AG of Switzerland. The product range includes Fine Blanked components, tools and related machine tools like Straighteners, Decoilers, Strip loaders and others. The Engineering divisions are located at Kolkata & Bangalore. The Bangalore unit, apart from Fine Blanked components, manufactures motors for White goods as well as automotive applications.
Vision IFB wants to be the synonymous with Innovation & Technology in its chosen fields of business activities.IFB wants to prove itself as globally incomparable technology.
Mission Continuously maximizing company's wealth by manufacturing and marketing best quality engineering products that go into daily life.
IFB’S PRODUCTS DISPLAY
Why IFB? IFB is the market leader in front loader washing machine in India and we are putting all our efforts and hard work to become the first choice when it comes to being an integral part of your household. We always keep customers’ convenience on top priority. We are innovating in technology to help in your invention in cooking. When you see our products, you can imagine how will it improve the internal beauty of your house? When a guest comes to your house, You think to serve dish in sparkling utensils. Our dishwasher is ready to do that. Also you don’t need to become worry about cleaned dried cloths whether it is winter or rainy season. Our washing machine and cloth dryer is ready to resolve your
problem.
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CLOTH DRYER When you see the drum of our washing machine it can be seen that this is full of holes. On comparing our drums with other it can be easily found that in other brands hole is tiny in size. People generally think drying is because of hot air. Excess use of hot air is not required and cloth is dried in safe
environment.
WASHING MACHINE There are two types of washing machines. These are front loader and top loader. We are leader in front loader with market share of 66%.we produce both commercial and industrial products. Our drum has
made fabric friendly. We have innovated a machine which is able for 100% dryness of cloths.
MICROWAVE OVEN IFB is veteran in the production of solo, grill and convection, all three types of MWO machines. We
are providing sufficient no of auto cook menu. Our machines are fully automatic. But you can also
use it manually. Its cavity is made of stainless steel. Some models have powder coated cavity. We
give sufficient no. of accessories, which help to cook different tasty foods.
DISHWASHER
IFB is producing both type of dishwasher, domestic and commercial. This machine is very efficient. It behaves environment friendly. It washes hygienically. It consumes very less amount of aqua and detergent. Twelve plates set can be washed simultaneously. It removes stub born dirt by using smart feature.
7 | P a g e
Some of Major Players in the home appliances segment in India
1) The LG Corp is South Korea's second largest company that produces electronics, chemicals, and
telecommunications products. The Home Appliances division makes products like refrigerators and washing machines. Its 2007 sales totalled KRW 11.8 trillion, accounting for 29% of the company's total revenue. The division's profit was KRW 717.1 billion. About 35% of the company's home appliance revenue comes from the North American market. It also produces Mobile phones, Vacuum cleaners.
2) Samsung Electronics is the world's largest electronics company with 2009 revenue of $117.4
billion, Samsung Town, Seoul, South Korea. Samsung Electronics has achieved significant market share in recent years.
3) Whirlpool is a fortune 500 company and a global manufacturer and marketer of major home
appliances with it’s headquarter in Benton charter township, Michigan, United States, near Benton
harbour. The company has annual sales of approximately $20 billion more than 700000 employees
and more than 70 manufacturing and technology research centre around the world.
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RESEARCH METHODOLOGY
MEANING
Research is an intensive and purposeful search for knowledge and understanding of social and
physical phenomenon. Research is the systematic and objective analysis .It is controlled observation
that may lead to development of generalisation, principles etc. Research is art of scientific
investigation.
OBJECTIVE
To identify the potential of IFB’S MICROWAVE OVEN
To identify buying pattern of MICROWAVE OVEN
To identify the scope of the IFB MICROWAVE OVEN and identification of factors which affect
MWO sales
To identify competitors range /price/features of MWO
SCOPE
My research is confined to Patna and Bihar.
I have considered MWO only.
RESEARCH DESIGN
DEFINITION
Research design is set of advance decision which specifies the methods and procedures for collecting
and analyzing the required information.
NEED AND IMPORTANCE
We collect information from customers, dealers, media etc. It helps in research to identify the need
of customers and competitors strategy. Now we use our effort to provide the best Solution to the
customers. This process is very important because it helps to achieve the objective.
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SAMPLING TECHNIQUE
CONVENIENCE SAMPLING:-
Convenience sampling is used in exploratory research. Where the researcher is interested in
getting an inexpensive approximation of the truth.
For my survey I had sample size of 50 customers.
SOURCE OF DATA COLLETION
(a) PRIMARY DATA
(b) SECONDARY DATA
(a) Primary Data :-
Primary data was collected by preparing questionnaire and contacted the consumers and
dealers’ to get their response and information.
(b) Secondary data:-
Secondary data consist of information collected from the internet, dealers, company
catalogue etc
STATISTICAL TOOL USED
I have used only pie chart.
10 | P a g e
MARKET SHARE OF DIFFERENT COMPANIES DURING 2010-11
SALES UNITS (in Thousands) % MARKET SHARE
LG 400 28.98 SAMSUNG 250 18.12 ONIDA 150 10.87 IFB 148 10.72 GODREJ 120 8.70 WHIRLPOOL 120 8.70 VIDEOCON 79 5.72 KORYO 45 3.26 OTHERS 68 4.93
INFERENCE: - This graph says that customers’ first choice is LG, second is SAMSUNG, ONIDA and IFB is neck-to-neck, WHIRLPOOL IS 5th choice and so on. It seems consumers have more faith in brand LG and SAMSUNG.
LG 29%
SAMSUNG 18% ONIDA
11%
IFB 11%
GODREJ 8%
WHIRLPOOL 9%
VIDEOCON 6%
KORYO 3%
OTHERS 5%
11 | P a g e
MARKET DYNAMICS
MWO market has been growing by 20-25 % constantly over last 4 Yrs since 2006. In 2010-11 it improved by 9.5% .This is equal to 1.38 million approximately. It is of cost Rs 800 crore. Convection model increased by 42-53 %. Grill is constant at 32 %. Solo model lost by 11 %.
COMPARITIVE STUDY OF MWO
Sl.No.
Basis of comparison
IFB LG SAMSUNG WHIRLPOOL GODREJ
1 Slogan set yourself free with IFB
Life's Good Live smart with Samsung appliances
happiness begins at home
take for granted and you will never know better
2 MWO Slogan Redefining cooking experience
Make tasty moments healthy
Explore delicious moments
Interesting khaana rozaana
All the flavours of the world
now in your home
3 Solo 2 4 4 2 1
4 Grill 3 11 7 3 6
5 Convection 9 18 17 12 10
6 Total no of models
14 33 28 17 17
7 warranty(in yrs) 1(on complete body),3(on cavity and magnetron)
1(on complete
body)
1(on complete body),5(on magnetron)
2(on complete
body)
3(on magnetron for selected models)
8 Features
12 | P a g e
9 Motorised rotisserie
No Yes Yes No No
10 Fermentation No Yes No No No
11 Intellowave technology
No Yes No No No
12 Next step guide No Yes Yes No No
13 No of auto cook menu(maximum)
150 (in 38 SRC 1) 201(MJ3281BCG,MJ3281BPG)
219( in CE 117 PF –X, PF-B)
118( in 20 C 118)
161(in GMX 23 CAI MKM)
14 Easy to use For auto cook menu, Put menu no, push start button, for manually, select cooking category, power level temperature, time, push start button
Select menu no, push start button, for manually select power level, mode of cooking, temperature, time, push start button
For auto cook menu, Put menu no, push start button, for manually cooking select time, temperature, power level, push start button
For manual cooking Select menu no, select temperature, time, power level and go for start, for auto cook menu ,select menu no and push start button
Select menu no, push start button , for manually go for type of cooking, and required steps and push start button
15 Size of display Single rack digital LCD
Multi rack digital LCD
Multi rack LCD Single rack LCD
Single rack LCD
16 Charcoal lighting heater
No Yes No No No
17 Egg boiling/cooking(in cell)
not possible possible in MC8188HRC
not possible not possible not possible
18 Aesthetics Door is plain Designed door with attractive photo
Door is plain Door is plain designed door in some model
19 Cavity Stainless steel
Stainless steel
Ceramic enamel
stainless steel, magic clean, powder coated
Stainless steel
20 Voice Guiding No No Yes No No
21 Solar Dom No Yes No No No
22 Colour Single color-3(black, silver, mirror
Single color-4(white, silver, black, mirror
Single color-7(black, silver, white etc),mixed
Single color-2(black, white, silver),mixed
Single color-1(black),mixed colour-
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Finish),mixed colour -2
finish),mixed colour-5
colour-2 colour-2 2
23 Trio Technology No No Yes No No
24 Auto Deodoriser No Yes No No Yes
25 Dehumidification No Yes No No No
26 Humidity sensor No Yes Yes No No
27 Auto moving grill No Yes No No No
28 Keep warm No Yes No Yes(in some models)
Yes(in some models)
29 Tandoori delight No Yes No No No
30 Convection + Microwave
Yes Yes Yes Yes Yes
31 DES(Dual emission system)
No No No Yes No
32 Cavity clean Steam clean Steam clean Steam clean Magic clean(same like steam clean)
Steam clean
33 ACCESSORIES Hand gloves,
roaster, cook and serve with lid, grill rack, crisp cook tawa, skewer for rotisserie
Hand gloves,
two spoon, high rack, low rack, four glass bowl, non stick multi cook tawa
Hand gloves,
rectangular glass dish with handle, grill rack, crisp cook tawa, skewer for rotisserie, Idli stand
Hand gloves, grill
rack, skewer for rotisserie, microtawa, crust plate, Idli stand
Hand gloves,
grill rack, skewer for rotisserie, crust plate, vertical rotisserie, steam clean bowl, Idli stand,
34 Recipe book Nita Mehta Nita Mehta Sanjeev Kapoor
Company personal
Tarla Dalal
35 Starter kit papar roaster, Roti crisper, recipe book, rectangle glass dish with handle, lock- it 300 ml round, cook n serve with lid, Round dish
Idli stand, recipe book, steam chef, high rack, Roti crisper, dish with plastic cover
cooking glove, steam bowl, Idli stand, multi cook tawa, recipe book, micro proof bowl(2),roller ring, turn table
Recipe book, 4 lid , 2 plastic cover jar
Recipe book,1 lid,1 rectangular plastic covered box, 1 plastic cup
14 | P a g e
with plastic cover, Idli stand
36 Round rack Yes Yes Yes No No
37 Multi spit No No Yes No No
38 Steam clean Yes Yes Yes Yes Yes
39 Square metal tray No No on selected model
No No
40 Rotisserie on selected model
on selected model
on selected model
No No
41 Steam bowl No No Yes No No
42 High rack No Yes No No No
43 Low rack No Yes No No No
44 Tawa Yes Yes Yes Yes Yes
45 Square tray No Yes No No No
46 Square rack No Yes No No No
47 Steam chef No Yes No No No
48 Metal tray Yes Yes Yes Yes Yes
15 | P a g e
MARKETING STRATEGY OF DIFFERENT BRANDS
IFB LG SAMSUNG WHIRLPOOL
NO. OF DEALERS for MWO
34(includes all dealers)
7 9 14
NO OF EXCLUSIVE SHOWROOM
0 3 4 0
PRODUCT PLACEMENT
Generally 2/3 products placed on display
Generally 8/10 products placed on display
Generally 6/8 products placed on display
Generally 1/2 products placed on display
PRICE RANGE 10500-13290 5800-26500 (showroom has almost ranges)
11500-16990(showroom has almost ranges)
10800-11990
NO. OF RECIPES IN RECIPE BOOK
85 75 80 126
COOKING CLASS 0 3 0 0
IN SHOP BRANDING
It is available in very less no of shops
It is available in almost shops
It is available in almost shops
It is available in very few shops
POP It is present with all products
It is present with all products
It is present with all products
It is present with all products
DANGLERS Nowhere it is present
It is present in showroom only
It is present in showroom and dealers shops
Nowhere it is present
INFERENCE:-
Consumers think to buy from dealers’ point. This is psychology of customers’ buying. If it is nearer to its home so fine so good.
There are some customers who always prefer to buy from exclusive showroom. This gives mental satisfaction.
Some customers took decision on the basis of no of recipes available in recipe book. Now a day people need more convenient cooking which is also supported by way of cooking. They feel cool if it is available in regional languages.
Sometimes it is seen that customers change their decision after observing different models available in display.
When customers inter in shop, they try to collect all the information. In shop branding and pop provides very fast and easy information about the brand and product.
Danglers bring attention of customers. It has also impact on buying decision.
16 | P a g e
SUGGESTION:- Dealer should be made in different parts of the city where potential customers live. Dealers must be encouraged to keep more products on display. Exclusive showroom should be opened. There must be 2/3 cooking classes in one month. Shopkeeper must be asked to use in shop branding. Recipe book must be available in regional languages. Brochure should have all the simplest and essential guidelines in all regional languages.
QUESTIONNAIRE (CONSUMERS’ RESPONSE) Sl No.
Model no
What is the reason to buy MWO?
What is the reason to buy IFB?
What is the reason to buy that particular model?
HOW often is MWO used?
For what purpose is the MWO used?
Which feature do you like to use?
Which feature don't you like?
Which feature are you lacking in your machine?
Would you like IFB to come with more colours? If yes please specify.
What problems do you face while using MWO?
1 30SC2
time saving
brand name
suitable to family size
daily heating, baking
fast heating
None can't say
No no problem
2 17PG1S
healthy cooking
brand name
suitable to family size
daily Cooking
easy to use
Nothing
Nothing
No no problem
3 20PG3S
healthy cooking, time
brand name
price, feature of the model
almost daily
Heating
fast heating
no one
no problem
no no problem
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saving
4 25PG1S3
time saving
Aesthetics
suitable to family size
almost daily
heating ,cooking, baking
easy to use
None Nothing
No no problem
5 30SC2
convenience
brand name
feature of the model
daily Heating
fast heating
None Nothing
No no problem
6 30SC2
healthy cooking
brand name
suitable to family size
daily heating, baking
easy to use
Nothing
can't say
No feature not easy to understand
7 30SC2
convenience
brand name
feature of the model
almost daily
Heating
fast heating
Nothing
can't say
No no problem
8 20SC2
healthy cooking
brand name
suitable to family size
almost daily
heating, baking
easy to use
No better baking
No no problem
9 20SC2
time saving
brand name
suitable to family size
daily Heating
fast heating
No no problem
No no problem
10
25SC2
healthy cooking
referred to somebody
suitable to family size
rarely Heating
easy to use
No can't say
No more comfortable with conventional mode of cooking
11
20SC2
time saving
brand name
feature of the model
daily heating,cooking,baking
fast heating
No can't say
No no problem
12
30SC2
healthy cooking
brand name
suitable to family size
almost daily
Heating
easy to use
No Nothing
No no problem
13
20SC2
convenience
Aesthetics
suitable to family size
almost daily
heating, baking
fast heating
No can't say
No no problem
14
20PG3S
healthy cooking
brand name
suitable to family size
daily Cooking
easy to use
No Nothing
No no problem
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15
30SC2
healthy cooking
brand name
suitable to family size
almost daily
heating, baking
easy to use
No None No no problem
16
30SC2
time saving
brand name
suitable to family size
daily Heating
fast heating
No can't say
No no problem
17
30SC2
healthy cooking
brand name
feature of the model
daily Heating
fast heating
No Nothing
No no problem
18
30SC2
convenience
Aesthetics
feature of the model
almost daily
Cooking
fast heating
No bread making
No no problem
19
17PG2S
healthy cooking
brand name
suitable to family size
daily Cooking
less oil consumption
No better baking
yes, maroon
Nothing
20
30SC2
time saving
brand name
suitable to family size
daily Cooking
less oil consumption
Nothing
bread making
No no problem
21
25SC2
time saving
Aesthetics
feature of the model
almost daily
baking fast heating
None making sattu pratha
No Nothing
22
20PG1S
healthy cooking
brand name
suitable to family size
almost daily
heating, baking
fast heating
None better toast roasting
No Nothing
23
30SC2
healthy cooking
brand name
suitable to family size
almost daily
Heating
less oil consumption
No bread making like tawa
yes, sky blue
no problem
24
25SC2
time saving
referred to somebody
feature of the model
almost daily
Cooking
fast heating
No egg boiling
No No
25
30SC2
healthy cooking
brand name
suitable to family size
daily heating, baking
less oil consumption
No tawa bread making
yes, white
No
26
17PG2S
time saving
brand name
suitable to family size
almost daily
Heating
less oil consumption
No egg boiling
No No
27
30SC2
healthy cooking
referred to somebody
suitable to family size
Daily Heating
fast heating
No can't say
No no problem
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28
30SC2
time saving
referred to somebody
feature of the model
rarely Cooking
less oil consumption
No Nothing
No no problem
29
30SC2
healthy cooking
brand name
suitable to family size
almost daily
baking fast heating
No Nothing
No No
30
25SC2
healthy cooking
referred to somebody
feature of the model
Daily Cooking
less oil consumption
No tawa bread making
No no problem
31
25SC2
healthy cooking
brand name
suitable to family size
Daily heating, baking
less oil consumption
No Nothing
yes, maroon
no problem
32
25SC2
time saving
brand name
suitable to family size
almost daily
Cooking
fast heating
No Nothing
No no problem
33
30SC2
convenience
referred to somebody
feature of the model
Daily Cooking
less oil consumption
No egg boiling
No Nothing
34
25SC2
convenience
referred to somebody
suitable to family size
Daily Cooking
less oil consumption
No Nothing
No Nothing
35
25SC2
convenience
brand name
suitable to family size
Daily Heating
fast heating
No Nothing
No no problem
36
30SC2
time saving
brand name
feature of the model
Daily Cooking
less oil consumption
No Nothing
No no problem
37
20SC2
time saving
brand name
feature of the model
almost daily
Cooking
fast heating
No tawa bread making
No None
38
17PG2S
convenience
referred to somebody
feature of the model
almost daily
heating,cooking,baking
fast heating
No No No no problem
39
20PG3S
time saving
brand name
suitable to family size
almost daily
Cooking
fast heating
No No No no problem
40
30SC2
convenience
referred to somebody
feature of the model
Daily Cooking
less oil consumption
No No No no problem
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41
20sc2
convenience
referr
ed to
someb
ody
suitable
to
family
size
Daily Cooking
less oil consumption
No No No no problem
42
30SC2
time saving
brand name
suitable to
family size
daily Heating
less oil consumption
No can't say
No Nothing
43
25SC2
time saving
brand name
suitable to
family size
daily Heating
fast heating
No No No Nothing
44
30SC2
convenience
referred to
somebody
suitable to
family size
daily Cooking
less oil consumption
No No No Nothing
45
17L. convenience
brand name
feature of the model
almost daily
Cooking
fast heating
No No No no problem
46
20PG2S
time saving
referred to
somebody
suitable to
family size
almost daily
Cooking
less oil consumption
No No No no problem
47
20PG3S
convenience
brand name
suitable to
family size
daily Heating
less oil consumption
No No No no problem
48
20SC2
convenience
referred to
somebody
suitable to
family size
rarely Cooking
less oil consumption
No No No Nothing
49
30SC2
convenience
brand name
suitable to
family size
almost daily
Cooking
fast heating
No No No no problem
50
30SC1
convenience
brand name
suitable to
family size
daily Cooking
less oil consumption
No No No no problem
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GRAPH BASED ON SURVEY REPORT
1. What is the reason to buy MWO?
Out 50 customers 15 said time saving, none said about energy saving, 17 said convenient and 18 said healthy cooking. INFERENCE: - People are becoming more health aware and have found the option to cook in less time. Also second major percentage of consumers feel MWO is convenient because it saves their time and extra effort. People are becoming more professional and they find this machine is helpful to save their time.
Time saving 30%
energy saving 0%
Convenience 34%
Healthy cooking 36%
What is the reason to buy MWO?
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2. What is the reason to buy IFB?
Out of 50 customers, 32 said brand name, 10 said referred by somebody, 8 said aesthetics INFERENCE: - 64% trust on brand, 20% believes in others advice and 16% buy because of look. Word of mouth plays great role to affect the consumers’ buying decision. People’s perception is greatly affected by brand name. They interpretate, expose, pay attention and integrate before buying decision.
Husband choice 0%
Brand name 64%
Referred to some body
20%
Aesthetics 16%
What is the reason to buy IFB?
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3. What is the reason to buy that particular model?
Out of 50 customers 31 said suitable to family size, 12 said feature of the model and 7 said gifted by somebody. INFERENCE: - Customers identify their need exactly then go for buying. Some customers select some model on the basis of feature. Some consumers get in gift.
suitable to family size
62%
suggested by shopkeeper
0%
feature of the model 24%
Gifted by some body 14%
what is the reason to buy that particular model?
24 | P a g e
4. How often is MWO used?
Out of 50 customers 25 said daily, 19 said almost daily, 3 said rarely and 3 said not using. INFERENCE: - Consumers want to do anything conveniently. They are recognising the use of machine fastly.
Daily 50%
almost daily 38%
rarely 6%
not using 6%
How often is MWO used?
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5. For what purpose is the MWO used?
Out of 50 customers 21 said heating, 21 said cooking, 2 said baking and 6 said all of the Above. INFERENCE: - Heating and cooking are most frequent work of kitchen. So 42% customers use MWO for heating and 42% customers use for cooking. 12% consumers use it in cooking, baking and heating. 4% customers use it in baking only.
Heating 42%
Cooking 42%
Baking 4%
All the above 12%
For what purpose is the MWO used?
26 | P a g e
6. Which feature do you like to use?
Out of 50 customers 23 said fast heating,17 said less oil consumption,6 said easy to use and 4 said other things. INFERENCE: - Fast heating is common and frequent need for daily life. Fast heating is liked by maximum persons. Now a day due to hectic life schedule consumers want to take less oily foods. MWO is able to cook in such condition. Some persons like MWO because it is convenient in use.
fast heating 46%
less oil consumption
34%
easy to use 12%
others 8%
which feature do you like to use?
27 | P a g e
7. Which feature don’t you like?
Out of 50 customers all features have been liked by all. INFERENCE: - Customers want to know what they don’t know. They don’t bother from non using feature.
0%
100%
which feature don't you like?
yes
no
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8. Which features are you lacking in your machine?
Out of 50 customer 7 said we can’t say,7 said tawa bread and sattu pratha,3 said egg boiling and 33 said nothing. INFERENCE: - Customers feel the features provided are sufficient. Some need to have feature for more common dish tawa bread/sattu pratha.
Nothing 66%
tawa bread/sattu
pratha 14%
can't say 14%
egg boiling 6%
Which feature are you lacking in your machine?
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9. Would you like IFB to come with more colours? If yes please specify.
Out of 50 customers 47 said no and 3 said yes among of which 2 persons required maroon and 1 sky blue. INFERENCE: - Customers needed machines of good quality and essential features, don’t need more colours. Customers were satisfied from aesthetics.
No 94%
Yes 6%
would you like IFB to come with more colours?If yes please specify.
30 | P a g e
10. What problem do you face while using a MWO?
Out of 50 customers 48 told no problem and 2 said about proper demo. INFERENCE: - Customers take interest in learning new thing themselves after being guided once or twice.
Proper demo given
4%
No problem 96%
What problem do you face while using a MWO?
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CONSUMERS’ RESPONSE
SL No.
Do you know about MWO?
Do you feel the need of this machine?
What is the barrier in buying of MWO?
Which brand MWO would you prefer?
Which factor influence you to buy MWO?
Which type of MWO would you like to purchase?
1 Yes Yes Awareness LG Brand name Convection
2 Yes Yes Absent of proper demo
LG Brand name Convection
3 Yes Yes Absent of proper demo
Samsung Brand name Convection
4 Yes Yes Price Samsung Brand name Convection
5 Yes Yes Price Samsung Brand name Convection
6 Yes Yes Price Samsung Brand name Grill
7 Yes Yes Price LG Brand name Grill
8 Yes Yes Price LG Brand name Convection
9 Yes Yes Price LG Price Convection
10 Yes Yes Price LG Price Convection
11 Yes Yes Price IFB Brand name Convection
12 Yes Yes Price IFB Quality Grill
13 Yes Yes Price LG Quality Grill
14 Yes Yes Price LG Quality Grill
15 Yes Yes Price LG Price Solo
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16 Yes Yes Awareness LG Price Convection
17 Yes Yes Awareness IFB Quality Convection
18 Yes Yes Awareness IFB Price Convection
19 Yes Yes Awareness LG Brand name Solo
20 Yes Yes Convenience IFB Brand name Solo
21 Yes Yes Convenience IFB Brand name Solo
22 Yes Yes Convenience LG Performance Solo
23 Yes Yes Convenience IFB Brand name Grill
24 Yes Yes Absent of proper demo
Others Quality Grill
25 Yes Yes Price LG Aesthetics Convection
26 Yes Yes Price Others Aesthetics Convection
27 Yes Yes Price Others Performance Grill
28 Yes Yes Price Samsung Performance Grill
29 Yes Yes Absent of proper demo
IFB Brand name Grill
30 Yes Yes Awareness Others Brand name Grill
31 Yes Yes Awareness Others Performance Grill
32 Yes Yes Awareness IFB Performance Convection
33 No No Price Others Aesthetics Solo
34 Yes Can't say Price Others Aesthetics Solo
35 Yes Yes Price Samsung Performance Solo
36 Yes Yes Price Samsung Aesthetics Solo
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37 No Can't say Awareness Samsung Brand name Grill
38 Yes Can't say Price Samsung Aesthetics Grill
39 No No Electricity Samsung Performance Convection
40 No Can't say Electricity Samsung Performance Convection
41 Yes No Electricity LG Performance Grill
42 No No Awareness LG Brand name Grill
43 No Yes Absent of proper demo
LG Brand name Convection
44 Yes Can't say Electricity LG Brand name Convection
45 No No Electricity Others Brand name Convection
46 No Can't say Awareness Others Brand name Convection
47 Yes Can't say Awareness Others Brand name Grill
48 No Can't say Convenience Others Brand name Grill
49 No Can't say Convenience Others Brand name Solo
50 Yes Can't say Convenience Others Brand name Solo
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Scope of better market share of IFB MWO
Sample size = 50
Awareness about the product MWO
Out of 50 people only 40 were aware about the product MWO and the rest 10 not aware about it. The person who were aware had an average salary of Rs 35000/- and above per month .They were much busy person. INFERENCE: - Huge percentages of persons were aware about MWO. Some were not aware.
Yes 80%
No 20%
Awareness
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NEED
Out of 50 customers 35 gave positive response that MWO saves time, energy, cooks healthy in hygienic environment so this is need. 10 people said can’t say. Rest 5 wanted to finish their job traditionally. INFERENCE: - Large number of people feels the need of this machine. They need hygienic food in less time conveniently.
Yes 70%
No 10%
Can't say 20%
NEED
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BARRIER
INFERENCE: - There was huge percentage of population who wanted to have MWO but higher price and mode of payment prevent them to do so. Some feel the need of machine like MWO but they were not aware about it. Some think electricity, some think absence of proper demo and some think convenience is the reason.
Price 46%
Awareness 20%
Convenience 14%
Electricity 10%
Absence of proper demo
10%
BARRIER
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Customer preference of brand
Out of 50 people 22 liked LG,8 liked IFB,10 liked Samsung and 10 liked others. INFERENCE: - LG is leader in MWO segment. Some preferred Samsung and some IFB. Some liked others.
FINDINGS
After survey I found some facts from respondents:- Brand awareness is very necessary. Some said tawa bread can’t be made which is the prime part of meal. Customers wanted more feature in machine. Consumers liked to have more option before the selection of model. Eighty percent customer was aware about this machine. Most of the customers felt the need of MWO. Price and lack of awareness were main barriers in buying MWO.
LG 44%
SAMSUNG 20%
IFB 16%
OTHERS 20%
Preference of brand
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SCOPE OF BETTER MARKET SHARE IN BIHAR
Graph and analysis Sample size=50 Desired attributes
From this graph I can clearly interpret that customer first consider brand name, before buying MWO followed by performance, aesthetics, price and quality. INFERENCE: - At first People trust on brand and then think about performance, quality and aesthetics.
Brand name 50%
perfomance 16%
Aesthetics 14%
Price 10%
quality 10%
Desired attributes
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MOST PREFERRED TYPE OF MWO
From this graph it can be said that Convection model is more in demand. Solo type has less selling. INFERENCE: - Convection is advance technology to resolve kitchen requirement. Convection models have all three functions solo, grill and convection. Grill has fewer features. Solo has least functions. So customers like convection more.
FINDINGS:- From survey I came to know that most of the customers prefer LG and SAMSUNG for buying MWO as they have created a good brand image in the minds of customers through sales promotion, offers, advertisements ,services etc. Most part of customers wants to have convection
model. CUNSUMERS RESPONSE ABOUT THE
FOLLOWINGS: -
SL NO. EXITING CUSTOMERS NEW CUSTOMERS
1 PRODUCT 80% customers are satisfied.34% consumers said it is convenient. 30% said it helps in time saving.
20% customers are satisfied.40% customers said it helps in healthy cooking.
2 FEATURE 42% consumers’ uses in heating. 42% customers said it is well in cooking. 10% said there should be egg boiling feature.
60% customers liked. 6% said there should be tawa Roti feature.
3 BRAND 64% customers trust on brand. 10% knows it from net.40% customers knew from their relatives/friends.
16% customers trust on brand. 15% customers got IFB on internet. 15% was convinced by shopkeepers.
4 PRICE 80% customers are satisfied. 50% customers said price is more than
60% customers are satisfied. 40% consumers said price is
Convection 42%
Grill 36%
Solo 22%
Type of MWO
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budget. very high. Some consumers said MWO should be available in instalment.
5 AFTER SELL SERVICE
96% customers are satisfied. 70% said service boy comes on time. 40% needs cookery classes.
90% customers are satisfied. 60% said IFB’s machine is very good in quality.
From Dealers’ SL NO. Location Which
brand’s MWO is in demand?
Which brand gives good margin?
Which company's after sale service is good?
Which company gives more promotional offer?
Are you satisfied with pricing strategy of IFB MWO?
1 Patna LG LG LG Whirlpool No
2 Patna Samsung LG LG LG No
3 Patna LG Samsung Samsung Whirlpool Yes
4 Patna IFB IFB IFB IFB Yes
5 Patna Whirlpool Godrej Godrej Godrej Yes
6 Patna LG LG LG Whirlpool No
7 Patna Samsung Samsung Samsung Samsung No
8 Patna Samsung Samsung Samsung Samsung No
9 Patna LG LG LG Samsung No
10 Patna LG Samsung Samsung Whirlpool Yes
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GRAPH BASED ON DEALERS’ RESPONSE
Demand of brand of MWO
From this I may say that in a shop 50% customer demands LG and 30% SAMSUNG. INFERENCE: - LG is leader in MWO segment. Thirty percent customers demand Samsung and 10 percent demand IFB and Whirlpool each.
LG 50%
Samsung 30%
IFB 10%
Whirlpool 10%
Demand
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MAXIMUM MARGIN IN BRANDS
INFERENCE: - LG and SAMSUNG are giving almost equal profit margin .Out of 10 dealers two liked profit margin of IFB and Godrej one for each.
LG 40%
Samsung 40%
IFB 10%
Godrej 10%
Margin
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AFTER SALE SERVICE
LG and Samsung are providing very good service. IFB and Godrej’s service is also good. INFERENCE: - LG and SAMSUNG are very good in after sale service. Out of 10 dealers two liked the service of IFB and Godrej ,one for each.
LG 40%
Samsung 40%
IFB 10%
Godrej 10%
After sale service
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PROMOTIONAL OFFERS
Whirlpool gives the best offer. Samsung also gives very attractive offers. LG, IFB and Godrej are also well in promotional offers. During last Diwali –LG was giving three years warranty on complete body. Samsung was giving cash discount, DVD, weekly draw etc offer through scratch card. Whirlpool was giving travelling coupon, gift coupon etc through scratch card. IFB was giving 4 years warranty on cavity and magnetron, more accessories etc through scratch card. Godrej was giving pair wrist watch. INFERENCE: - Whirlpool and Samsung are paying more attention on promotion. IFB, LG and Godrej are also promoting their products in good way.
Whirlpool 40%
LG 10%
SAMSUNG 30%
IFB 10%
Godrej 10%
Promotional offer
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PRICING STRATEGY OF IFB MWO
OUT of 10 dealers, five were satisfied and five were not satisfied. INFERENCE: - Fifty percent dealers were satisfied.
Yes 50%
No 50%
Price strategy
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SERVICE
LG is providing the fastest service. Its MIS (management information system) is very good. When a product is sold, a message reaches service boy’s no. about the address of installation and demo of sold product. Service boy arrives there simultaneously with products. If we talk about Patna it has been divided into five parts. One part is under one service person. So service is very fast.
SAMSUNG is also giving good service. But this is not like LG. It has also divided Patna in four segments. Each part is cared by separate person. This management is used for customer satisfaction. Also customer gets satisfied from the service. Godrej and whirlpool are not providing so much satisfied service. IFB’s service persons move to the required location from single address. It takes much time to reach the destination. Demo is given till customers’ satisfaction/requirement. IFB’s service persons are veteran. Its customers are satisfied from the service. Service is well.
DEALERS’ SATISFACTION
LG It has different DP and MRP. It allows CSR to bargain on price. Again if customer is not satisfied, second discount is given by shopkeeper. In spite of such discounts dealers get good profit margin. This is actually psychological. But customer gets satisfaction.
SAMSUNG Same thing is provided by Samsung.
GODREJ It also gives the same facility for dealer.
WHIRLPOOL It also provides good profit margin.
IFB It has same DP and MRP. It does not allow seller for multi stage discount. There is very less profit margin for seller compared to LG and SAMSUNG.
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SWOT ANALYSIS OF IFB MWO
STRENGTH
Good product quality Durability/Performance Good after sale service Brand equity Competitive price Customers satisfaction Good research and development team
WEAKNESS
Very less brand awareness Dealers’ less interest to sell IFB MWO Products are not available at all dealers’ counter. Total no number of different models are very less than competitors. Products range is fewer than competitors. Number of auto cook menu is less than competitors. Number of features is less than competitors. Less sales promotion Less advertisement
OPPORTUNITY
Trust on valued and exiting customer Talk to exiting customer to solve their relevant problem (by calling/sms). New area of Bihar is being electrified. Per capita income of Bihar is increasing. People are becoming more health aware. People want to cook conveniently in less time. MWO is being gifted in marriage in remote area. People belonging to rural parts of Bihar are changing their standard of living. Consumers want to cook hygienically. Customers want to take natural taste.
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THREATS
Competitors low price strategy in the same segment Aggressive and effective promotional marketing initiatives used by competitors like TVP ads,
hoardings etc Preference of customers and dealers of their brands like LG, SAMSUNG etc over IFB Competitors are providing more models and design. Competitors brand awareness is more. Competitors have more capital strength.
INFERENCE
From research study and responses following are the concluding points:-
The after sale service of IFB is good and customers are satisfied. IFB is perceived as premium brand by customers and Dealers. In Patna (Bihar) LG is most preferred brand by customers and dealers. IFB has not created good brand awareness in the mind of customers. Dealers of IFB products are satisfied with the pricing strategy of MWO of IFB. There are some Dealers in Patna who are not selling IFB MWO. Dealers who are selling IFB
MWO are not having so much number of different models as of LG and SAMSUNG in display.
Exiting customers are satisfied from feature, quality and service. So they do the job of advertiser/adviser for new consumers through word of mouth. New consumers trust on brand/quality/word of mouth/feature etc. Dealers are intermediary between company and customers who fulfil the demand of customers and also convince to the consumers about products. Dealers are rational persons.
LIMITATIONS There were limitations that I had to face while doing this project. They are as follows:-
My survey was confined within Patna so the conclusions are not applicable to entire state. My sample size was limited to 50 customers so sampling error might occur. I had limited time for doing the survey, preparing report and completing my projects.
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SUGGESTION The various suggestions that I would like to give are as follows:-
The brand promotional technique like canopies ,activities, free service camps, stage shows etc should be done more regularly to improve brand awareness.
Create new Dealers to increase availability of IFB products at various places in Patna and rest Bihar.
Brand promotional relation like personal relation, direct contact with customers using distribution channel should be done.
Stores should be improved in such a way that customers mind can be captured and sales can be promoted.
All existing customers should be wished by sending card on the eve of special day. Customers should be sent sms /mail on different festival. There must be free cookery classes. Marriage bureau might be used as sales promotional person. At the time of marriage, people
give MWO in gift.
Big city should be divided into small parts; each part’s responsibility might be given to individual person. This should be done to ease the work.
When We conduct an activity under apartment, a quiz contest should be organized for Children or free gift should be given to them. This may encourage parents to participate in activity. This may help to achieve the objective.
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BIBLIOGRAPHY
www.ifbindustries.com/
www.ifbindustries.com/company.php
www.ifbappliances.com/
http://en.wikipedia.org/wiki/LGcorp
http://en.wikipedia.org/wiki/samsung-electronics
www.samsung.com/
www.samsung.com/in/info/contactus.html
www.godrejappliances.com
www.godrej.com
www.godrej.com/godrej/godrej/ourproducts
www.whirlpool.com/
www.whirlpoolindia.com/
www.lg.com/
www.lgworld.com/
www.google.co.in
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