k lounge patna report of market research on opening

Report of Live Project ( Market Research )at K-lounge Store , Frazer

Road , Patna

• Live Project handled by :-

1. Ajeet Kumar

2. Divya Singh

3. Bandana Shekhar

4. Abhishek Anand

5. Arvind Kumar

In guidance of Mr.Toni Sharma Assistant Professor , NIFT Patna .

.

• Sample Size :- 50

• Place of survey :- Inside K-lounge Store

• Sampling Technique :- Judgmental

• Timing of Survey :- 4:00 PM – 7:30 PM

• Questionnaire were being filled by 5 NIFT MFM -2nd semester students (3boys and 2 girls).

• Every Question was asked to respondent by students once they have completed shopping .

• Statistical Tools used :- Frequency Distribution , Cross-tab analysis , Chi-square analysis .

74%

26%

Sex of Respondent

Male

female

20%

28%

30%

12%

Age Basket of Respondent

15-20

21-25

26-35

35-45

Though the pie chart reveal approximately equi-distribution of Age basket but it still skewed toward age basket 21-35

As sample is being taken from the customer visited the store ; equi-distributed customer-occupation pie-chart is an indication that store has attracted customers from different section of society but at the same time it also indicates tough time in coming future with absence of a niche for itself

Customer belonging to 15-25 year age group do purchase any day they feel comfortable with little specification while customer of age 25 and above preferred to buy during festivals

Occasion of purchase of fashion product

4%

45%

25%

26%0%

Customer Satisfaction

Very Satisfied

Satisfied

Neither satisfied nor dissatisfied

Dissatisfied

Very Dissatisfied

As store is new and brand has not yet achieved expected recognition among customer brand has less satisfied customer so brand needs to take strategic decision such as “promise and deliver consistently “ so as to retain customer by offering total customer satisfaction ..

18%

32%30%

16%4%

Very Good

Good

Neither Good Nor Bad

Bad

Very Bad

Rate Quality

Quality (colors/fabric/ stitch etc.) is being reported competitive enough as 30% respondent rated it good and 18% rated it very good while 32% non-positive /non-negative response confirmed about POP being attained by brand offerings .

2%

30%

58%

10%

Rate Fit of K-lounge products

Bad


Good

Very Good

58% respondent rated Fit of K-lounge good which can be further used as POD(Point of difference) most importantly 10% rated it very good

8%

44%40%

8%

Rate Price Of K-lounge Products

Bad


Good

Very good

As 40% respondent rated price comparatively good while other 44% do not find it POD (point of difference ) for K-LOUNGE but it signifies that brand/store attains POP (point of parity ) in terms of price.

2%

44%44%

8%

Rate Style offered by K-lounge

Very Bad


Good

Very Good

As 44% respondent rated style comparatively good while other 44% do not find it POD (point of difference ) for K-LOUNGE but it signifies that brand/store attains POP (point of parity ) in terms of style while 8 % rated it very good ..so product development and careful merchandise selection can result in better style collection which can be used by store as POD. .

6%

56%

34%

4%

Rate Variety offered by K-lounge

Bad

Neither good nor bad

good

Very good

As only 34% respondent rated variety comparatively good while other 56% do not find it POD (point of difference ) for K-LOUNGE but indicates narrow merchandise assortment so store need to decipher reasons and rational behind offering narrow collection . And should look to introduce few more variety

70%

30%

Rate Brand Image


Good

As only 30% respondent rated the brand good while 70% were undecided . So brand building requires more focus and attention . During survey it was observed that people /respondents were knowing brand ambassador for LAWMAN only (that too only 20%) . So it is recommended to hire well known Indian faces with which consumer can associate themselves easily .

6%

36%

40%

18%

Rate Availability of K-lounge Product

Very bad

bad

Neither good nor bad

good

Respondent were not satisfied in-fact dissatisfied with the availability of brand (limited no. of stores) as stats also support this fact as only 18% respondent rated it as good …

very few respondent were skeptical about recommending the brand to their friends. This is a big +ive sign for the brand & store

Above series of Crosstab study of Satisfied / very satisfied / dissatisfied customer with different KPI (Key performance indicator) reveals following 3 important qualitative information :-

• Company has offered satisfaction to its customer with better Fit & style and affordable price but customer loyalty index measurement will augment this generalized hypothesis .

• But Company seems to loss the ground in the other key aspects Like Availability / Brand Image , Variety { narrow assortment} (it can be due to either poor/improper Merchandise planning or poor/improper merchandise display ).

• Company needs to come up with new promotional strategy so as to reinforce its brand image in consumer`s mind and should put efforts to establish good customer connect with appropriate celebrity endorsement .

Satisfaction level is higher in respondent belonging in age Group 21-35 years

54%

26%

16%4%

Brand Recoginition Of KILLER

1st

2nd

3rd

4th

12%

46%

30%

12%

Brand Recognition of Lawman

1st

2nd

3rd

4th

22%

18%48%

12%

Brand recognition of Integrity

1st

2nd

3rd

4th

4%16%

8%

72%

Brand Recognition of Easies

1st

2nd

3rd

4th

Brand Recognition Pyramid

Killer(54%)

Lawman(46%)

Integrity(48%)

Easies(72%)

Highest Recognition

Lowest Recognition

Brand Recognition pyramid of respondent belonging from 15-20 year age group

Killer

Lawman

Integrity

Easies

Highest Recognition

Lowest Recognition

Integrity

Lawman

Killer

Easies

Highest Recognition

Lowest Recognition


Killer

Lawman

Integrity

Easies

Highest Recognition

Lowest Recognition


Killer

Integrity

Lawman

Easies

Highest Recognition

Lowest Recognition


• It has been observed that brand recognition for all the 4 brands of k-lounge is consistent across all age-basket considered with a little deviation in age basket 21-25 & 36-40.

• Most of the Respondent of Age – Basket 21-25 named Integrity 1st showing its being top of mind while strangely Killer appeared at 3rd time .

• Similarly Lawman was named 3rd by most of the respondent of age group 36-40 while for other age-grouped it appeared as 2nd consistently .

Questionnaire used