1 | P a g e T w o W h e e l e r A u t o - G e a r S c o o t e r M a r k e t & B u y e r

S e n t i m e n t s A s s o c i a t e d

MARKETING RESEARCH PROJECT Prof: Joshy Joseph

AUTOMATIC GEAR VEHICLE MARKET & PERCEPTION - INDIA

Marketing Research - Prof

Joshy Joseph

Saurabh Prasad EPGP-04B-103Kundan Kumar EPGP-04B-043Rajesh Kumar EPGP-04B-071

Indian Institute Of Management

Kozhikode

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Executive Summary

Objective:

Several men ride auto- gear/gearless bikes like the Honda Activa.

What factors make them ride these?

What are some of the differences between men who ride such scooters and those who ride motorbikes? Do women see the men who ride autogear bikes less masculine?

Type of research:

Primary research

Methodology:

A logical approach based on the Market Research Concepts was employed for developing a questionnaire for a survey. A thorough survey was conducted to study the importance and profile of consumers interested in the gearless 2-wheeler segment.

SPSS software was used to analyze the data.

Factor analysis & Anova were carried out.

Demographics:

52% of the respondents were female and 48% male Roughly 54% of the respondents covered were freshly recruited Students

who were at their first Job. ( Automobile Industry specifically ) The average respondent was single, female, a student of less than 26 years

of age and belonging to the upper middle-class

The data which was collected was taken majorly from a Tier 3 city ( Jamshedpur ) which has an Infrastructural Weakness in the form of organized roads and traffic for commuters. The SPSS was utilizedto study the deeper insights into consumer’s psychographic profiles, purchasing pattern & brand recall, important decision-making criteria and preferences. Some conclusions follow-

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Respondents belonging to the lower-middle-class showed a majority of 75% who would consider buying a scooty and 21% not interested

50% of male respondents were interested in scooties while 71% of female respondents showed their support for the segment

Only a minority of 22% relate scooties to the value propositions offered by Hero Honda Pleasure viz. girls, style and fun

The ego-defensive function is satisfied for another 16% of respondents by scooty as a product

Foreword

The two-wheeler market has emerged as the most vibrant and transforming segment of the overall Indian automobile industry, witnessing an unprecedented growth. Rising rural demand and fuel efficiency are among the major factors boosting the growth in the market. Despite the economic slowdown, the Indian automobile industry has been performing consistently well, compared to other major markets of the world. The Indian two-wheeler market possesses a significant potential, and is anticipated to grow at a CAGR of around 11% during FY 2011- 2015 to reach 17.8 Million Units by FY 2015-end.

MARKETING RESEARCH PROJECT Prof: Joshy Joseph

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CONTENTS

Executive Summary……………………………………………...2

Foreword………………………………………………………….3

Contents…………………………………………………………..4

Acknowledgements………………………………………………5

Introduction………………………………………………………5

Research Methodology ………………………………………...11

Observations…………………………………………………….12

Factor Analysis…………………………………………………19

Recommendations………………………………………………27

References……………………………………………………….28

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Acknowledgements

We would like to express our sincere thanks to Assistant professor Dr. BikramJit Rishi for his constant encouragement and guidance during this project. He has been a constant source of inspiration and has helped us at each step of the project. He has been very kind and patient while suggesting us the outlines of this project and correcting our doubts. We are highly grateful for all the time and effort he put in for discussions and reviews. His constructive criticism of approach to the problem and the result obtained during the course of this work has helped us to a great extent in bringing our work to its present shape.

We would also like to show our gratitude to all the people who participated in the survey conducted and, despite their busy schedules took pain to fill the questionnaire. Without them we wouldn’t have been able to do any analysis and are highly indebted to them.

Introduction

The Macro View:

The two-wheeler market has emerged as the most vibrant and transforming segment of the overall Indian automobile industry, witnessing an unprecedented growth. Rising rural demand and fuel efficiency are among the major factors boosting the growth in the market. Despite the economic slowdown, the Indian automobile industry has been performing consistently well, compared to other major markets of the world. The Indian two-wheeler market possesses a significant potential, and is anticipated to grow at a CAGR of around 11% during FY 2011- 2015 to reach 17.8 Million Units by FY2015-end.Our report has studied the Indian two-wheeler market from various perspectives. It entails a detailed analysis of the market in terms of segments. Each section sufficiently explains the current and future market trends, and the ongoing developments in the Indian two-wheeler market. Our research also foresees immense opportunities for various international and

MARKETING RESEARCH PROJECT Prof: Joshy Joseph

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domestic players.

The report has also considered the preferences by gender, and income levels as part of macro-economic indicators to understand this market of India, which is one of the world’s leading two-wheeler exporters.

As per M Allirajan ( Source Times Of India )

Growing acceptability of gearless scooters, particularly among women, rising urbanization and increasing proportion of working women, comparatively lower base and new launches resulted in higher sales, analysts at Prabhudas Lilladher said. "We expect 14-15%   CAGR   (compounded annual growth rate) in scooter volumes for the next three years," they said.Led by new launches from   Honda   (Dio), Hero (Maestro), TVS (Pep+) and   Suzuki   (Swish), the scooter segment grew at a faster clip of 32.4% y-o-y in October compared to 6.7% y-o-y growth achieved by the motorcycle segment.There have been quite a few launches in the bikes segment as well in the past couple of months. There were three new bike launches- Suzuki's 110cc 'Hayate', Honda's 110cc 'Dream Yuga' and the most recent Hero's 125cc 'Ignitor'. While 'Hayate' marks Suzuki's maiden entry into the mass segment, with 'Dream Yuga' Honda now has a second offering in the segment.Honda Motorcycle and Scooter India (   HMSI )   reported a 69.4% y-o-y growth to 111,235 units in the motorcycle segment in October. As a result, it gained market share to the tune of 4.4% to 11.9%. HMSI's market share has improved 4.5% to 11.5% so far in the current financial year .

MARKETING RESEARCH PROJECT Prof: Joshy Joseph

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Key Players:

In a nutshell the followings factors can be distinguished for the growth of 2-wheeler industry in India:

1) Easy accessibility to cheap consumer loans2) The increase in the average income of the family.3) The reduction in duties and taxes.4) Convenience with regards to commuting as compared to the public

transport system.5) Continuous innovations in technology making the bikes economic and fuel-

efficient.6) The first choice among youths and teenagers.

Market Share:

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Source:

“Indian Auto Industry – Two-wheeler Segment in India” by india-reports.in on February 20, 2012.

www.Motorbeam.com

www.moneycontrol.com

http://www.siamindia.com/scripts/market-share.aspx

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MARKETING RESEARCH PROJECT Prof: Joshy Joseph

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Research Methodology

Type of Research:

1) Primary – Survey to gain insight into the buying behaviorand perception in the gearless two-wheeler segment

2) Secondary – A study of current marketing practices with focus on Hero Honda Pleasure to relate to insights gained from survey

Questionnaire Design:

No of distinct questions = 14 Reverse flowerpot approach used for structure(Closed-ended to Open-

ended questions) Demographic profiling done (5 questions) Attitude towards the segment (4 questions) Attitude towards and perception of the brands (2 questions) Cognitive needs and perceptions of respondents (2 questions with series of

attributes on the Likert scale)

Sampling:

Type of Sampling: Convenience sampling (online)

No of respondents: 80

Statistical Tools Used: SPSS for Factor Analysis

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Observations

Demographic Profile

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Summary:

21 female and 16 male respondents A decent mix of professions dominated by students at around 46% Sample is skewed towards youngsters with 26 respondents at 25 years or

below. However, this is relevant for this particular study as Hero Honda

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Pleasure focuses on the youth segment, in particular, the young girls. Effectiveness/ineffectiveness of current communications of the brand may be roughly estimated

78% unmarried respondents. However, this study does not attempt to study the marital status demographic as it seems less relevant for the category.

65% belonged to the lower-middle class while 35% belonged to the upper-middle class. It is assumed that the people interested in buying scooties would belong to the middle class in almost all cases. The segregation into the two sub-classes was achieved based on the ownership of products and assets like car, AC, house, etc.

Attitude towards the “scooty” segment

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Summary:

Overall, 62% of the respondents said “they would consider buying a scooty”, while 30% “would not consider buying a scooty” and 8% undecided

Respondents belonging to the lower-middle-class showed a majority of 75% who would consider buying a scooty and 21% not interested

On the other hand, the upper-middle-class shows milder interest at 38% while 46% would not consider buying scooties at all

The disparity of opinion between the two sub-classes may be attributed to prior ownership of substitutes like car and motor-cycles in the upper-middle-class segment

50% of male respondents were interested in scooties while 71% of female respondents showed their support for the segment

The figures for female interest may have been lower due to lower interest in the upper-middle-class or dissatisfaction with past performance. There were also a few respondents worried about road safety.

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Frequency of Use

The frequency of use is based on the experiences of users of scooties and expectations/requirements of potential buyers. As much as 70% of the respondents showed some requirements and could indicate greater market potential.

It must also be considered that some of these requirements are currently fulfilled through competitor products or substitutes like cars, motorcycles, scooters and other scooties

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Factors influencing Motivation

Only a minority of 22% relate scooties to the value propositions offered by Hero Honda Pleasure viz. girls, style and fun

78% of respondents were interested in scooties because of its utilities or just because they need it

This may indicate a flaw in the current marketing strategy of Hero Honda Pleasure, not to mention other brands in the segment, most of which use the indirect approach of communication.

We must not consider the “only-for-girls” strategy a failure outright. It must be noted that Hero Honda Pleasure gauged consumer perception and realized that while motorcycles where targeted at men, no vehicle appealed to women directly. The innovative strategy of Pleasure, launched in 2006 was closely imitated by several competitors. Pleasure gained a respectable market share, offering stiff competition to established brands like TVS Scooty Pep and Honda Activa.

Hero Honda’s biggest innovation was to set up showrooms exclusively for women. Just 4 Her is staffed entirely by young saleswomen and intended to make customers feel comfortable – they can even take a test drive away from a male sales clerk’s condescending eyes.

MARKETING RESEARCH PROJECT Prof: Joshy Joseph

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Pleasure scooters – which cost about Rs43,000 ($970) – account for over 26,000 of the more than 400,000 two-wheelers that Hero Honda sells each month. About 10 per cent of sales are made through the Just 4 Her showrooms.

However, it is perhaps time to look beyond the young girls for a larger customer base

Word-Association Tests

Two open-ended word association questions were put to the respondents to gain a preliminary insight into the attitude of customers towards scooties and their perception of the Pleasure brand.

The stereotype of “scooty for women” seems to become less popular, with only 16% relating scooties to women

The ego-defensive function is satisfied for another 16% of respondents by scooty as a product

46% however view the scooty simply for its utility and requirement in daily life

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A respectable 68% hold a positive to very favorable perception towards Pleasure as a brand

19% of respondents have an indifferent or negative stance, possibly due to non-requirement of the product or past dissatisfaction

14% of the respondents could not be categorized into positive and negative opinionated groups due to vague responses

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Brand Recall

It is found that respondents were more familiar with brands like Honda Activa and TVS Scooty than Hero Honda Pleasure.

Nevertheless, around 65% of respondents recalled Hero Honda Pleasure as a brand compared to over 90% respondents recalling TVS Scooty and Honda Activa

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The hiring of Priyanka Chopra as brand ambassador has been relatively more effective than other competitors using celebrities. Around 66% of respondents remembered the Hero Honda Pleasure advertisement.

Factor Analysis

The data obtained through the questionnaire administration was subject to various analyses to understand its validity and infer some meaning out of them.

Data Analysis using SPSS:

KMO’s adequacy test and Bartlett’s Test of Sphericity:

The Kaiser-Meyer-Olkin measure of sampling adequacy tests whether the partial correlations among variables are small. Bartlett's test of sphericity tests whether the correlation matrix is an identity matrix, which would indicate that the factor model is inappropriate.

The KMO measures the sampling adequacy which should be greater than 0.5 for a satisfactory factor analysis to proceed.

Another indicator of the strength of the relationship among variables is Bartlett's test of sphericity. Bartlett's test of sphericity is used to test the null hypothesis that the variables in the population correlation matrix are uncorrelated.

Case Processing Summary

N %

Cases Valid 37 100.0

Excludeda 0 .0

Total 37 100.0

a. Listwise deletion based on all variables in the procedure.

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Reliability Statistics

Cronbach's Alpha N of Items

.848 10

KMO and Bartlett's Test

Kaiser-Meyer-Olkin Measure of Sampling Adequacy.

.617

Bartlett's Test of Sphericity

Approx. Chi-Square

164.967

df 45

Sig. .000

Interpretation: KMO’s test: Value of KMO is above 0.5 hence we can accept the sample taken as adequate ( as per Kaiser (1974))

Bartlett’s test: The observed significance level is .0000. It is small enough to reject the hypothesis. It is concluded that the strength of the relationship among variables is strong. It is a good idea to proceed a factor analysis for the data.

Total Variance Explained

Component

Initial Eigen valuesExtraction Sums of Squared Loadings

Rotation Sums of Squared Loadings

Total

% of Variance

Cumulative %

Total

% of Variance

Cumulative %

Total

% of Variance

Cumulative %

1 4.321

43.208

43.208 4.321

43.208

43.208 2.726

27.256

27.256

2 1.356

13.556

56.764 1.356

13.556

56.764 2.346

23.464

50.720

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3 1.252

12.519

69.283 1.252

12.519

69.283 1.856

18.563

69.283

4 .833

8.333 77.616

5 .643

6.428 84.044

6 .515

5.154 89.198

7 .437

4.374 93.573

8 .385

3.848 97.421

9 .141

1.413 98.834

10 .117

1.166 100.000

Extraction Method: Principal Component Analysis.

Interpretations: This shows that there are 3 factors which have now been formed (‘1.00’ being the threshold value to include a factor).

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Rotated Component Matrixa

Component

1 2 3

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Which of these following features should your Scooty have? [Should be a reputable brand]

.817 .136 .291

Which of these following features should your Scooty have? [Should be comfortable]

.730 .397

Which of these following features should your Scooty have? [Should be affordable]

.686 .560

Which of these following features should your Scooty have? [Should have good mileage]

.677 .449

Which of these following features should your Scooty have? [Should be stylish]

.605 .200

Which of these following features should your Scooty have? [Vehicle financing options should be available]

.252 .827

Which of these following features should your Scooty have? [Special promotional offers should be available]

.249 .774 .235

Which of these following features should your Scooty have? [More storage space]

.632 .606

Which of these following features should your Scooty have? [Higher top speed]

.164 .825

Which of these following features should your Scooty have? [Range of colors]

.260 .289 .707

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Extraction Method: Principal Component Analysis.

Rotation Method: Varimax with Kaiser Normalization.

a. Rotation converged in 10 iterations.

Interpretations: Shows which question of the questionnaire are part of which variable. For eg first five question forms one factor which is later named ‘value for money’.

Total Variance Explained

Component

Extraction Sums of Squared Loadings

Rotation Sums of Squared Loadings

Cumulative % Total

1 43.208 2.726

2 56.764 2.346

3 69.283 1.856

Extraction Method: Principal Component Analysis.

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Component Transformation Matrix

Component 1 2 3

1 .691 .594 .411

2 -.272 -.313 .910

3 -.670 .741 .055

Extraction Method: Principal Component Analysis.

Rotation Method: Varimax with Kaiser Normalization.

From the above factor analysis, it can be found that 3 relevant factors could be extracted from the research data. These factors are formed by a unique combination of variables. The list of factors and the variables that are a part of the factors are as follows:

Sno Relevant factors Original questions1 Value for money

1. Which of these following features should your Scooty have? [Should be a reputable brand]

2. Which of these following features should your Scooty have? [Should be comfortable]

3. Which of these following features should your Scooty have? [Should be affordable]

4. Which of these following features should your Scooty have? [Should have good mileage]

5. Which of these following features

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should your Scooty have? [Should be stylish]

2 Value Added Features 1. Which of these following features should your Scooty have? [Vehicle financing options should be available]

2. Which of these following features should your Scooty have? [Special promotional offers should be available]

3. Which of these following features should your Scooty have? [More storage space]

3 Ego-Defensive Features 1. Which of these following features should your Scooty have? [Higher top speed]

2. Which of these following features should your Scooty have? [Range of colors]

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Recommendations

We may make some reasonable assumptions about Hero Honda Pleasure’s reach to customers at different stages in the technology adoption lifecycle

Pleasure’s customer base consists of at least the innovators and the early adopters

It is also reasonable to presume that some measure of the early majority has also been captured for the segment based on Pleasure’s performance till date

However, the early majority for the category most probably encompasses all women fit to ride a vehicle

It would make sense to open up the target segment to involve more than “the young woman”

Attitude towards the category suggests that the most overwhelming motivation for buying a product like Hero Honda Pleasure is its utility.

Some direct communication, even if interspersed with the indirect communication used by Pleasure presently, may be effective

Hero Honda Pleasure may also look at reestablishing itself as a unisex brand, or launch a “for-males” counterpart to Pleasure, targeting men with a view to increasing customer base.

For this particular strategy, launching a male-counterpart model would be better so as to not eat into Pleasure’s current market share. However, this might be difficult in the absence of availability of capital.

Although the brand may look at either of the two strategies discussed above and choose one course of action

However, the preliminary evidence suggests a bias towards motivation by cognitive features and it may be a good idea to follow the technology adoption lifecycle and first enlist the support of older women.

References

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SIAM WEBSITE Hero Honda Official Website www.consumerpsychologist.com/ Investopedia Wikipedia Bajaj Website TVS Website The Bengal Post Honda 2 Wheeler website Auto Gear newsletters Edition April, 12 – Oct, 12.

Automobile India, ‘Two Wheelers in India’,http://automobiles.indiabizclub.com/info/automobile_types/two_wheelers. Last accessed on December 07, 2008.

International Business Times, ‘India to witness highest average salary hike in Asia-Pacific: Hewitt survey’,http://in.ibtimes.com/articles/20080220/india-salary-hewitt-associates-human-resources_all.htm. Last accessed on March 20, 2008.

Economic Times, 'Two Wheeler Industry- Facing a crisis?', http://economictimes.indiatimes.com/articleshow/msid-2461907,prtpage-1.cms. Last accessed on March 20, 2008.

International Business Times, ‘Bajaj Auto Renault - Nissan team up to rival Tata’s small car Nano’,http://in.ibtimes.com/articles/20080512/bajaj-auto-renault-nissan-tata-small-car-nano_all.htm. Last accessed on March 20, 2008.

Automobile India, ‘Overview of Two Wheelers’, 2007, http://www.automobileindia.com/two-wheelers/overview.html. Last accessed on March 20, 2008.

http://tejas-iimb.org/articles/21.php http://www.dnaindia.com/money/report_gearless-scooters-in-top-gear-

vroom-back_1270557 http://www.thehindubusinessline.com/companies/article3592009.ece http://www.thehindubusinessline.com/opinion/article3432852.ece

MARKETING RESEARCH PROJECT Prof: Joshy Joseph