A

PROJECT REPORT

ON

“Market Research and Concept Testing”

Submitted In Partial Fulfillment of Requirement for the Award of the Degree

„Masters of Business Administration‟

SAVITRIBAI PHULE PUNE UNIVERSITY

Submitted by Ashish RajendraShitole

Under the Guidance of Mr. Chaitanya Gosawi

MBA- 2013-15

Anandwali, Nandanwan hills, Chandsi

NASIK

DECLARATION

I hereby declare that the project work entitled “Market Research and Concept

Testing ” to “Universal College of Management” is a record of an original work done

by me under the guidance of “Mr.ChaitanyaGosavi” and this project work is submitted

in partial fulfillment of the requirement for the award of the degree of “Masters of

Business Administration” (MBA). The information submitted is true and original to the

best of my knowledge.

Date : Ashish RajendraShitole

Place:

ACKNOWLEDGEMENT

Every Project is always incomplete without proper assistance and guidance.

Hence, I would like to thank and express my gratitude to all those people who have

helped me in completion of project directly or indirectly.

With great pleasure and privilege, I present this report on “Market Research and

Concept Testing‟‟ which I underwent at “UNIVERSAL COLLEGE OF

MANAGEMENT.”

Firstly, I would like to thank and express my gratitude to my project guide Mr.

C.A. Gosavi , for guiding me throughout my entire project.

Also, my special thanks to:-

Mrs. Vishakha Waiker

For their kind cooperation, providing me useful information and guidance, without which

I would have not been able to complete the project work successfully.

TABLE OF CONTENTS

SR NO TOPIC PAGE NO

CHAPTER 1 INTRODUCTION

1.1 What is Research

1.2 Object of the Project

1.3 scope of the Project

1.4 Limitation of the Project

1.5 Limitation of the Project

CHAPTER 2 COMPANY PROFILE

2.1 History of Organization

2.2 Organization Chart

CHAPTER 3 RELATED THEORY

3.1 What is market segmentation

CHAPTER 4 DATA ANALYSES AND INTERPRETATION

Chapter 5 FINDING ,RECOMMENDATION, CONCLUSION

CHAPTER 6 QUESTIONNAIRE

CHAPTER .1

INTRODUCTION

CHAPTER 1: INTRODUCTION

1.1 INTRODUCTION

1) Power saver

In todays day to day life the electricity that comes to our homes, Shop & company is not

stable in nature. There are many fluctuations, ups and downs, and surges in this current.

This unstable current cannot be used by any of the household appliances. Moreover, the

fluctuating current wastes the electric current from the circuit by converting electrical

energy into heat energy. This heat energy not only gets wasted to the atmosphere, but

also harms the appliances and wiring circuit.

A House hold power saving device is generally used in residential homes to save energy

and to reduce electricity bills. Electricity fluctuation is a common phenomenon in every

household, and the power savers work on reducing this current fluctuation and increasing

the energy efficiency.

There are several types of power saving devices available in the market today. These

household power saving devices have recently received a lot of attention from both

consumers and manufacturers. The power saver is a small device which is to be plugged

in any of the AC sockets in the house. Moreover, some of the companies claim that their

power savers save up to 40% of the energy. So how true are these claims? Let’s learn

more about household power saving devices by understanding how they work.

How does the power saver works

Power savers work on the principle of surge protection technology. Power savers work on

straightening this unstable electric current to provide a smooth and constant output. The

fluctuation in voltage is unpredictable and cannot be controlled. However, the power

savers utilize current fluctuation to provide a usable power by acting like a filter and

allowing only smooth current to pass through the circuit. Power savers use capacitors for

this purpose. When there is a surge of current in the circuit, the capacitor of the power

saver stores the excess current and releases it when there is a sudden drop. Thus only

smooth output current comes out of the device.

Moreover, a power saver also removes any type of carbon in the system, which facilitates

further smoother flow. The main advantage of power savers is not that they provide a

backup system in times of low current, but that it protects the household appliances. It is

known that a sudden rise in the power can destroy the electrical appliance. Thus, the

power saver not only protects the appliance but also increases its life. Moreover, they also

reduce the energy consumption and thus the electricity bills.

The amount of power saved by a power saver depends on the number of appliances on

the circuit. Also, the system takes at least a week to adapt itself fully to the circuit, before

it starts showing its peak performance. The maximum amount of voltage savings will be

seen in areas wherein the current fluctuation is the highest.

IS IT WORTH BUYING A POWER SAVER?

Though household power saver provides several advantages, many people believe that

the claims made by the power saver manufacturing companies are false. Almost all

people who buy power savers do it to reduce their electricity bills. Many people who

have used these power savers said that they could reduce their electricity bills with the

devices; however the reduction was not as much as they had expected. Moreover, they

couldn’t figure out if the reduction in electricity bills was due to the power savers or

because of their efforts to reduce their electrical usage.

With hundreds of power saver products available in the market today, it gets difficult to

assess which is the best for usage. Many of these manufactures provide a 30 days money

return scheme for the unsatisfied customers. It is recommended that people go for such

schemes as it would not risk the money invested. However, experts believe that many

power savers take more than 30 days to get adaptable to the circuit and to show their peak

performance. Thus, it sometimes becomes difficult to choose the right kind of power

saver for your needs.

But there can be ways to check if the power saver is working for you or not. You can ask

an electrician to check the power in the circuit using a wattmeter, before and after the

device is switched on. However, there is no guarantee that there will be power saving

even if the wattmeter shows positive results. This is because power savers don’t work

well with heavy loads such as air conditioners, geysers, heaters etc. Thus, buying a power

saver involves risking money; however it is at least worth to try out the device with the

30 days money back scheme.

2) Voltage Stabilizer

A voltage stabilizer is an electrical appliance used to feed constant voltage current to

electrical gadgets like ACs and computers, and protects them from damage due to voltage

fluctuations. It works on the principle of a transformer, where the input current is

connected to primary windings and output is received from secondary windings. When

there is a drop in incoming voltage, it activates electromagnetic relays which add to more

number of turns in the secondary winding, thus giving higher voltage which compensates

for loss in output voltage. When there is rise in the incoming voltage, the reverse

happens, and, thus, the voltage at the output side remains almost unchanged.

The Voltage stabilizer provides an output voltage with a specified limit for supplying to

load irrespective of wide fluctuation in the input voltage, independentof load power

factor and without introducing harmonic distortion. The voltagestabilizer adjusts

automatically the voltage variation whether high or low to the proper voltage level

necessary for the safe operation of equipments.Excessive voltage fluctuation are hazard

to costly electronic and electrical equipment’s like T.V. sets, VCRs, refrigerators and

other scientific and medical equipment’s etc. Voltage stabilizers are used along with

these equipment to protect them from damage due to wide line voltage fluctuations.

1.2 MARKET DEMOGRAPHICS

1) Stabilizer

The poor power condition in India has created a huge market for voltage regulators.

Particularly in India, the voltage condition is always dismal. So there is huge market for

voltage regulators.

The voltage regulator market is depends upon the quality of electricity supply,

since the quality of power in India has not improved much; voltage regulator still have a

bright future in India. But the market is affected by voltage- stabilizer free appliances and

low-priced UPS market. Nowadays few appliance companies are introducing appliances

featuring voltage-stabilizer free operations, which have given negative growth in a few

segments of voltage stabilizer. The growth of low-priced UPS market has influenced the

sales of voltage regulators in India. Approximately every part of India is facing the

problem of unstable power problem, which has given rise to a wide market for voltage

regulators.

In last five years the growth rate of voltage regulators has come down due to the

low cost UPS which has inbuilt voltage regulators.

1.3 OBJECTIVE OF THE PROJECT

To find out that Power saver and Voltage Stabilizer beneficial Product or not.

To analyses of scenario about power saver product market

To analyses of market potential & Target Market

To find out that what parameter Customer while purchasing the power saver

product and voltage stabilizer

1.4 SCOPE OF THE STUDY

It provides suggestions to the Company to improve their Product efficiency

& quality.

It gives information about the place where the power saver & voltage

stabilizer product is needed.

It gives information about that what should necessary for companies

marketing department & production department.

It gives information about Customer thinking about Power Saver Product &

Voltage stabilizer.

1.5LIMITATION OF THE PROJECT

The data analysis is based on respondent given by domestic customer & industrial

customer

The survey was conducted in selected area in Nasik city.

Responded may be replied with personal bies.

Awareness findings are limited to current time.

The study is carried out for overview of Customer about power saver product and

voltage stabilizer

CHAPTER 2

ORGANISATION PROFILE

CHAPTER 2 : ORGANISATION PROFILE

2.1 Corporate Profile

About Us

Welcome to Jhaveri Labs Jhaveri Labs was founded with the intent to make each and

every one of us to be socially responsible with electricity. Inquire about our POWEReasy

brand of energy savings products.

Electricity & Us:-

Electricity is a critical resource for us. Every single instrument around us, that

demonstrates our progress as humans is supported by electricity.

However, there can be no argument, that our society is rather wasteful of this appreciable

resource.

Jhaveri Labs was founded with the intent to make each and every one of us to be socially

responsible with electricity.

India's Electricity Crisis

An electricity crisis looms in India. For most Indians its a necessity but for many Indians

its a dream; a promise of a better life.

Yes, the scary truth is that electricity is not always available in India.

When available the quality is questionable. Availability and quality has certainly

improved, it is still not at par with developed countries.

Vision

"To ensure every last Indian gets reliable electricity"

Mission

At Jhaveri Labs it is our mission to indigenously develop products that socially and

economically motivate consumers to achieve energy efficiency and environmentally

friendly practices without a change in lifestyles.

We build our products from the ground up, inspired by our philosophy of 'Creative

Engineering' and we hope that when these products reach our end users it is to 'Enrich

lives through Technology'.

About the Founder

Dr. Tejas K. Jhaveri has been an researcher, innovator, and entrepreneur in the U.S. over

a decade. After moving back to India he has founded Jhaveri Labs with an unique vision

to engineer solutions for critical socio-economic problems in India. His technical

expertise covers the areas of optics, electromagnetics, power electronics and

semiconductors. He was co-founder at FabbrixInc (acquired by PDF Solutions),

executive director at DPMPL and has had held positions with PDF Solutions, Photronics

and Texas Instruments. His academic contributions includes a Special Faculty position at

Carnegie Mellon University, the A. G. Milnes award (for the research work that will have

the biggest impact in the the field of electrical and computer engineering). He appears in

Marquis Who is Who in America, Science and Engineering Edition 2011-2012. He has

numerous publications, 2 US patents granted and several others patents in application.

Dr. Jhaveri has a B.S in Microelectronics from Rochester Institute of Technology and

M.S and Ph.D in Electrical and Computer Engineering from Carnegie Mellon University.

Product Design Philosophy

Our in-house R&D team builds products on three core principals

• Transforming revolutionary concepts to practical products: May it be optics,

electromagnetics, robotics or material science we explore the depths of science in search

of novel concepts and convert them into practical products.

• Easy to use: We believe technology should simplify life; not complicate it. Our

products are built with the motto "install and forget". User are welcome to understand the

technology but should not have to.

• Commercially viable: Our products are designed to demonstrate commercial

benefits immediately. A great product is not a necessity, it eliminates necessity. And such

a product cannot be a luxury.

Product

How Does it works

In India the supply voltage is expected to be between 207 to 253V. The exact voltage

level varies depending on the time of day and load consumption patterns. To avoid

blackouts during sudden power demands, maintenance of incoming supply at a slightly

higher level (237-242V) is required. POWEReasy continuously monitors the incoming

voltage and automatically optimizes the voltage to a lower level (close to 220V) which

ensures stress-free functioning of electrical appliances and also reduces power

consumption. This technology achieves a saving of up to 15% on your electricity bills

making it an intelligent electricity management system for your homes and small offices.

Advantages

The concept of accurately maintaining a lowered voltage level to manage

energy consumption was widely adopted under the name 'Voltage

Optimization'. It was first introduced in Japanese Industries over 20 years ago.

Voltage optimization has recently been applied to homes and small offices in

UK, Israel and Australia with a return of investment ranging from 3-5 years.

Jhaveri Labs is introducing the POWEReasy range of energy savers with its

proprietary design and patent pending technology, to enable, for the first time, a

return of investment in 18 months for an average household. We are proud to

say it is the most viable energy saving equipment in the Indian market today.

CHAPTER 3

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY

Definition

“Research Methodology “-

‘’ The systematic and objective analysis and recording of controlled

observe may that lead to development of generalization, principles, theories,

resulting in predication and possibly ultimate control of events.’’

Meaning:

Methodology is the method adopted by the researcher for the collection of the data.

The research is conducted with the help of various method of data collection which are

depending on the nature and scope of research work.

There are two sources of data collection that is

Primary data collection

Secondary data collection

Primary data collections are also sub-sources they are as follows

Observation

Interview

Questionnaire

Data type

Primary Data:

Primary Data has been gathered by conducting survey through a structured

questionnaire to various different consumer using different electronic appliances at

different location of the city.

The Data has been collected from 200 consumers through questionnaires by using simple

random sampling. Random Sampling is a process in which data from primary source is

collected from direct personal interview and questionnaire, as well as through direct

observation. This data has been collected on the basis of hit and run method.

Survey/sampling Method:-

Convenient sample

Convenient sample refers to non probability by which a gathers data from the population.

This form of selection is done based on the case of gaining the statically data. Rather than

gathering a more accurate array of data from the population, the researcher simply

gathers data from people nearby. A researcher might up to a nearby mall, or street corner

to gather data. This form of data collection works for some areas of the study,

The type of sampling selected is random sampling. Here the researcher selects the easiest

population members from which to obtain the information and persuading them to give

the correct answer of what they think by knowing the awareness and potential of switch

in Nasik city

A questionnaire is a research instrument consisting of a series of questions and other

prompts for the purpose of gathering information from respondents and making analysis

of the same for research purpose.

Usually, a questionnaire consists of a number of questions that the respondent has to

answer in a set format. A distinction is made between open-ended and closed-ended

questions. An open-ended question asks the respondent to formulate his own answer,

whereas a closed-ended question has the respondent pick an answer from a given number

of options. The response options for a closed-ended question should be exhaustive and

mutually exclusive.

QUESTION SEQUENCE

In general, questions should flow logically from one to the next. To achieve the

best response rates, questions should flow from the least sensitive to the most sensitive,

from the factual and behavioral to the attitudinal, and from the more general to the more

specific.

There typically is a flow that should be followed when constructing a questionnaire in

regards to the order that the questions are asked. The order is as follows:

1. Screens

2. Warm-ups

3. Transitions

4. Skips

5. Difficult

Screens :-are used as a screening method to find out early whether or not someone

should complete the questionnaire.

Warm-ups :- are simple to answer, help capture interest in the survey, and may not even

pertain to research objectives.

Transition:- questions are used to make different areas flow well together.

Skips:- include questions similar to "If yes, then answer question 3. If no, then continue

to question 5."

Difficult:- questions are towards the end because the respondent is in "response mode."

Also, when completing an online questionnaire, the progress bars lets the respondent

know that they are almost done so they are more willing to answer more difficult

questions.

Classification, :- or demographic question should be at the end because typically they

can feel like personal questions which will make respondents uncomfortable and not

willing to finish survey.

Sample size

The sample size for a study means the proportions, which is actually being surveyed. The

sample size selected is 200 customers

(Industrial, commercial, door to door).

Methodology

SURVEY METHODOLOGY TOPICS

The most important methodological challenges of a survey methodologist include making

decisions on how to:

Identify and select potential sample members.

Contact sampled individuals and collect data from those who are hard to reach (or

reluctant to respond).

Evaluate and test questions.

Select the mode for posing questions and collecting responses..

MODES OF DATA COLLECTION

There are several ways of administering a survey. The choice between administration

modes is influenced by several factors, including

1. coverage of the target population,

2. respondents' willingness to participate and

3. Response accuracy.

The most common modes of administration can be summarized as

Mobile

Mail

Online surveys (Google form)

Personal in-home surveys

Personal mall or street intercept survey

Respondents

Maintenance manager were main respondent in my project, also purchase manager were

my second preference as a respondent.

Sample frame

The primary requirement of the frame is that it covers the entire target population and is

reasonable accurate. The locations of the prospects were obtained from the data provided

by the company.

Questionnaire method

The questionnaire was designed so as to extract complete information’s required

regarding customer satisfaction level.

Data collection tool

Questionnaires are instruments used for collecting data in survey research. They usually

include a set of standardized questions that explore a specific topic and collect

information about demographics, opinions, attitudes, or behaviors.

CHAPTER 4

DATA ANALYSIS &

INTERPRETATION

Q.1) Do you want to save Electricity?

Chart

Options Remark

Yes 200

No 0

Graph

0

20

40

60

80

100

120

140

160

180

200

Yes No

Series1 200 0

200

0

Q.1) Do you want to save Electricity?

Q.2) Do you want to save Electricity Bill?

Chart

Options Remark

Yes 200

No 0

Graph

0

20

40

60

80

100

120

140

160

180

200

Yes No

Series1 200 0

200

0

Q.2) Do you want to save Electricity Bill?

Q.3) Do you agree that your electricity bill is more than

expectation?

Chart

Options Remark

Yes 200

No 0

Graph

0

20

40

60

80

100

120

140

160

180

Yes No

Series1 174 26

174

26

Q.3) Do you agree that your electricity bill is more than expectation?

Q.4) Do you want to increase life of your electrical equipment?

Chart

Options Remark

Yes 200

No 0

Graph

Series1

0

50

100

150

200

Yes No

200

0

Q.4) Do you want to increase life of your electrical equipment?

Q.5) Have you taken any measure to save electricity?

Chart

Options Remark

Yes 23

No 177

Graph

Series1

Series2

0

50

100

150

200

Yes No

23

177

Q.5) Have you taken any measure to save electricity?

Q.6) If yes For Q.5) then what?

Q.7) Do you use any power saver product?

Chart

Options Remark

Yes 4

No 196

Graph

Series1

0

50

100

150

200

Yes No

4

196

Q.7) Do you use any power saver product?

Q.8) If yes For Q.7) Please specify?

Q.9) What you think before purchasing any electrical product?

Give ranking ( 1 is best)

Chart

Brand Name Better quality Low price Features of

Product

Durability

91 87 19 2 1

Graph

0

20

40

60

80

100

Brand Name Better Quality Low Price Features ofProduct

Durability

91 87

19 2 1

Q.9) What you think before purchasing any electrical product? Give ranking ( 1 is best)

Q.10) Which factor do you consider before investing in

electrical equipment?

Chart

` High

Returns

Safety Maturity

period

Maintenance

Cost

Life of

Product

Other

50 62 176 30 84 149 0

Graph

020406080

100120140160180

50 62

176

30

84

149

0

Q.10) Which factor do you consider before investing in electrical equipment?

Q.11) Do you agree that any electrical equipment have life less

than 5 years?

Chart

Yes 35 No 165

Graph

0

50

100

150

200

Yes No

35

165

Q.11) Do you agree that any electrical equipment have life less than 5 years?

Q.12) What is your expectation for life of electric equipment?

Chart

1 year 5 years 10 years Above 10 years

3 19 84 94

Graph

0

20

40

60

80

100

1 year 5 years 10 years Above 10years

3 19

84 94

Q.12) What is your expectation for life of electric equipment?

Q.13) Have you face any problems regarding Electricity

Supply which cause bad impact on your electrical equipment?

Chart

Yes 10% No 90%

Graph

Yes 10%

No 90%

Q.13) Have you face any problems regarding Electricity Supply which cause bad impact on your electrical

equipment?

Q.14) If yes for Q.13) Please specify.

Q.15) Do you agree with 'maintainance is important' for any

electrical equipment?

Chart

Yes 197 No 3

Graph

0

50

100

150

200

Yes No

197

3

Q.15) Do you agree with 'maintainance is important' for any electrical equipment?

Q.16) Do agree with 'electrical service center' fulfills &

provides good service over your own local electricians?

Chart

Yes 105 No 95

Graph

Yes 105

No 95

Q.16) Do agree with 'electrical service center' fulfills & provides good service over your own local

electricians?

Q.17) Expectation in % how much electricity should be saved

in your bill?

Chart

0-5% 5-10% 10-15% 15-Above

4 18 64 114

Graph

0

20

40

60

80

100

120

0-5 % 5-10 % 10-15 % 15- above

4 18

64

114

Q.17) Expectation in % how much electricity should be saved in your bill?

Q.18) How much you will pay for an electricity saving

product?

Chart

Rs 5000-10000 Rs 11000-15000 Rs 16000-20000 More than Rs

20000

159 10 1 0

Graph

0

20

40

60

80

100

120

140

160

Rs. 5000- 10000 Rs. 11000- 15000 Rs. 16000- 20000 More than Rs.20000

159

10 1 0

Q.18) How much you will pay for an electricity saving product?

Q.19) What is your expectation on Return on investment on

power saver product?

Chart

1-10 months 10-18 months 19-25 months 25-30 months

121 42 6 1

Graph

0

20

40

60

80

100

120

140

1-10 Months 10-18 Months 19-25 Months 25-30 Months

121

42

6 1

Q.19) What is your expectation on Return on investment on power saver product?

Q.20) Which is comfortable Purchase point for electrical

equipment's?

Chart

Mall Dealer Online Buyer Others

69 161 33 52 0

Graph

0

20

40

60

80

100

120

140

160

180

Mall Dealer/Retailer

Online EletriciansBuys for You

Others

69

161

33 52

0

Q.20) Which is comfortable Purchase point for electrical equipment's?

Q.21) How would you prefer Installation Charges ?

Charts

Included in the product price Charged separately

163 68

Graph

0

20

40

60

80

100

120

140

160

180

Included in the product price Charged separately (by localelectricians)

163

68

Q.21) How would you prefer Installation Charges.

Q.22) Which type of advertisement media attracts you for an

electrical product?

Charts

Television Newspaper Radio Local

Electricians

Relatives online Other

30% 24% 9% 15% 8% 14% 0

Graph

30%

24% 9%

15%

8%

14%

0%

Q.22) Which type of advertisement media attracts you for an electrical product?

Television

Newspaper

Radio

Local electricians

Relatives

Online (facebook, twitter)

Other