+ All Categories
Home > Documents > Eureka Forbes

Eureka Forbes

Date post: 19-Nov-2014
Category:
Upload: krtkdev
View: 89 times
Download: 4 times
Share this document with a friend
Popular Tags:
32
Analysis of Consumer Behaviour & measuring customer satisfaction SUBMITTED BY :- PRAVESH GURBANI IICS,PUNE INDIRA INSTITUTE OF CAREER STUDIES , PUNE 1
Transcript
Page 1: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

SUBMITTED BY:-

PRAVESH GURBANI

IICS,PUNE

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 1

Page 2: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

ACKNOWLEDGEMENT

I have had a golden opportunity of being a part of Eureka Forbes Ltd .towards fulfilling the requirement of summer training. The helping hand co-operative and easy by which I was accepted to this family was by itself hearing experience.

I am greatly obliged to Ms.Sama kulkarni Director, II CS, Pune for providing me the right kind of opportunity and facilities to complete this venture.

My heartfelt thanks to my respected Faculty Guide namely Prof. Vijay Rao without his continuous help the project would not have been materialized in the present form. His valuable suggestions helped me at every step.

I take this opportunity to express our graduate towards the HR division as whole.

I am extremely thankful to Mr. Shrijith Regional Head of Eureka Forbes Ltd. for this kind permission to carry out the study for the organization.

A mere thank would be an inadequate world to express my true gratitude towards Mr. Ashish Tondon & Ms. Betsy Varghese. HRD officer; he has been guiding force behind the fulfillment of project. I would be failing in our duty if I don't thank all staff member of BSL Ltd. for sharing their precious time and knowledge with me.

(Pravesh)

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 2

Page 3: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

||****************** CONTENTS ******************||

Sr. No. TOPIC Page No.

1. Introduction of Consumer Durable industry 6-8

2. History of Eureka Forbes Ltd. 9-13

3. Overview of Eureka Forbes Ltd. 14-16

4. Eureka Forbes Ltd. partnerships /company/ Brand 22-28

5. Introduction of Eureka Forbes Ltd. 29-34

6. Current scenario 35-40

7. SWOT analysis 41-42

8. Objective, Findings 58-62

9. Limitation Of Study 63-64

10. Recommendations 65-67

11. Bibliography 70-71

Introduction

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 3

Page 4: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

OfConsumer Durable Industry

Before the liberalization of the Indian economy, only a few companies like Kelvinator,

Godrej, Allwyn, and Voltas were the major players in the consumer durables market,

accounting for no less than 90% of the market. Then, after the liberalization, foreign

players like LG, Sony, Samsung, Whirlpool, Daewoo, Aiwa came into the picture. Today,

these players control the major share of the consumer durables market.

Consumer durables market is expected to grow at 10-15% in 2007-2008. It is growing

very fast because of rise in living standards, easy access to consumer finance, and wide

range of choice, as many foreign players are entering in the market.

On the flip side, the presence of a large number of players in the consumer durables

market sometimes results in excess supply.

The top 10 players in consumer durables sector are:

Nokia India LG Electronics India Ltd. Philips India Titan Industries Samsung India Electronics Whirlpool Appliances Siemens Sony India Videocon Industries Blue star

History

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 4

Page 5: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

OfEureka Forbes

Eureka Forbes, part of the Shapoorji Pallonji Group's Forbes Gokak based in Mumbai is an Indian consumer appliances company. Eureka Forbes was the first to introduce domestic water purifiers - the Aquaguard - model - as well as vacuum cleaners to India in the 1980s The company operates in over 92 cities in India and employs over 6,000 individuals.

To introduce previously unknown products to a society in which nationwide commercial campaigns were impossible, the company pioneered direct selling. The corps of suit-clad Eureka Forbes salesmen were a tremendous success. They are now Asia's largest direct selling organisation with a 5,000 strong direct sales force touching 1.25 million Indian homes and adding 1,500 customers daily.Such was the success of Eureka Forbes that Aquaguard has become a synonym for water purifier in India.

1982 - Eureka Forbes, started in 1982, which depended on technology provided by Sweden for making vacuum cleaners and air purifiers, has grown into a Rs.800-crore company employing nearly 8000 people, they pointed out. The company is the largest direct selling organisation and has been considered as one among the most admired consumer durable companies in the country. The company has also drawn up plans for diversification to manufacture products aimed at 'smart homes /safe homes.

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 5

Page 6: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

Overview Of

Eureka Forbes

COMPANY OVERVIEW

Eureka Forbes, Ltd. offers water purification systems, vacuum cleaners, and air purifiers. The company also offers security solutions, including home security systems, intrusion alarm systems, access control systems, fire alarm systems, and surveillance systems. In addition, it offers industrial solutions, such as industrial water purifiers, commercial and industrial vacuum cleaners, hard floor cleaning and maintenance machines, high pressure cleaners, and cleaning and hygiene products. Eureka Forbes offers its products through dealers and institutional sales network. The company was incorporated in 1931 and is based in Mumbai, India. Eureka Forbes, Ltd. operates as a subsidiary of Forbes & Company Ltd.

Eureka Forbes

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 6

Page 7: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

PartnershipsBrand

Eureka Forbes Partnerships

International Partnership Alliance

Lux and its partner companies Eureka Forbes India, AMC Classic South Africa, Aerus Electrolux US, and the Forbes Lux Group Switzerland today employ over 16'000 people in sales, administration, research and development. With a customer base of over 20 Million Lux and its alliance partners promote some of the world's leading brands in direct sales. The Lux Partnership Alliance with its unique spirit and its focus on people and the direct sales of innovative products today runs sales operations in many parts of the world.

Eureka Forbes

Asia Pacific, Middle East

Forbes Lux

Eastern Europe, Africa, Asia

Lux International

Western and Eastern Europe, Africa, South

America

AMC Cookware

South Africa, Mauritius

Aerus

North America

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 7

Page 10: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

Eureka Forbes - Starting From The Scratch

Eureka Forbes followed the globally 'tried and tested' direct selling route for marketing its products in India, thus becoming one of the first direct selling companies in India. Vacuum cleaners and water purifiers were rather new concepts for Indian consumers, who had till then followed only the traditional methods of cleaning and filtering.

Therefore, Eureka Forbes had to first establish the concept of vacuum cleaners and water purifiers in India before it could sell 'Eureka' as a brand. The company believed that its core strength was its people. It employed dynamic, highly motivated individuals, called 'Eurochamps,' who projected the image of 'The friendly man from Eureka Forbes.'

Thus, for the average Indian consumer, Eureka Forbes became synonymous with the smartly dressed salesman who came to their houses and cleaned up things in a jiffy or showed how air/water purifiers were indispensable. Eurochamps initially targeted the metros but soon began visiting smaller cities and towns also.

CURRENT SCENARIO

The consumer durables market in India is valued at US $ 4.5 billions currently. In 2006, microwave ovens and air conditioners registered a growth of about 25%. Frost-free refrigerators have registered significant growth as many urban families are replacing their old refrigerators. Refrigerator sales amounted to 4.2 millions in 2006, whereas the production of the refrigerators went up by 17% as compared to the preceding year. Washing machines, which have always seen poor growth, have seen reasonable growth in 2006. More and more Indians are now buying electrical appliances due to change in electricity scenario. The penetration level of color televisions (CTVs) is expected to increase 3 times by 2007.

Swot Analysis

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 10

Page 11: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

OBJECTIVE

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 11

Page 12: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

Objective

CONSUMER BEHAVIOR: THE PSYCHOLOGY OF MARKETING

The objectives of this project report are:

The study of consumers helps firms and organizations improve their marketing strategies by understanding issues such as how

The psychology of how consumers think, feel, reason, and select between different alternatives (e.g., brands, products);

The psychology of how the consumer is influenced by his or her environment (e.g., culture, family, signs, media);

The behavior of consumers while shopping or making other marketing decisions;

Limitations in consumer knowledge or information processing abilities influence decisions and marketing outcome; 

How consumer motivation and decision strategies differ between products that differ in their level of importance or interest that they entail for the consumer; and

How marketers can adapt and improve their marketing campaigns and marketing strategies to more effectively reach the consumer.

There are four main applications of consumer behavior:

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 12

Page 13: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

The most obvious is for marketing strategy—i.e., for making better marketing campaigns. For example, by understanding that consumers are more receptive to food advertising when they are hungry, we learn to schedule snack advertisements late in the afternoon. By understanding that new products are usually initially adopted by a few consumers and only spread later, and then only gradually, to the rest of the population, we learn that (1) companies that introduce new products must be well financed so that they can stay afloat until their products become a commercial success and (2) it is important to please initial customers, since they will in turn influence many subsequent customers’ brand choices.

A second application is public policy. In the 1980s, Accutane, a near miracle cure for acne, was introduced. Unfortunately, Accutane resulted in severe birth defects if taken by pregnant women. Although physicians were instructed to warn their female patients of this, a number still became pregnant while taking the drug. To get consumers’ attention, the Federal Drug Administration (FDA) took the step of requiring that very graphic pictures of deformed babies be shown on the medicine containers.

Social marketing involves getting ideas across to consumers rather than selling something. Marty Fishbein, a marketing professor, went on sabbatical to work for the Centers for Disease Control trying to reduce the incidence of transmission of diseases through illegal drug use. The best solution, obviously, would be if we could get illegal drug users to stop. This, however, was deemed to be infeasible. It was also determined that the practice of sharing needles was too ingrained in the drug culture to be stopped. As a result, using knowledge

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 13

Page 14: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

of consumer attitudes, Dr. Fishbein created a campaign that encouraged the cleaning of needles in bleach before sharing them, a goal that was believed to be more realistic.

As a final benefit, studying consumer behavior should make us better consumers. Common sense suggests, for example, that if you buy a 64 liquid ounce bottle of laundry detergent, you should pay less per ounce than if you bought two 32 ounce bottles. In practice, however, you often pay a size premium by buying the larger quantity. In other words, in this case, knowing this fact will sensitize you to the need to check the unit cost labels to determine if you are really getting a bargain.

There are several units in the market that can be analyzed. Our main thrust in this course is the consumer. However, we will also need to analyze our own firm’s strengths and weaknesses and those of competing firms. Suppose, for example, that we make a product aimed at older consumers, a growing segment. A competing firm that targets babies, a shrinking market, is likely to consider repositioning toward our market. To assess a competing firm’s potential threat, we need to examine its assets (e.g., technology, patents, market knowledge, awareness of its brands) against pressures it faces from the market. Finally, we need to assess conditions (the marketing environment). For example, although we may have developed a product that offers great appeal for consumers, a recession may cut demand dramatically.

Information Search and Decision Making

Problem Recognition.? One model of consumer decision making involves several steps. The first one is problem recognition??ou realize that something is not as it should be.? Perhaps, for example, your car is getting more difficult to start and is not accelerating well.??? The second step is information search??hat are some alternative ways of solving the problem?? You might buy a new car, buy a used car, take your car in for repair, ride the bus, ride a taxi, or ride a skateboard to work.? The third step involves evaluation of alternatives.? A skateboard is inexpensive, but may be ill-suited for long distances and for rainy days.?? Finally, we have the purchase stage, and sometimes a post-purchase stage (e.g., you return a product to the store because you did not find it satisfactory).? In reality, people may go back and forth between the stages.? For example, a person may resume alternative identification during while evaluating already known alternatives.

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 14

Page 15: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 15

Page 16: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

FINDINGS ABOUT Eureka

Forbes Ltd. Questionarre:

Name: Address: Type of house: Flat / Bunglow

1. What is your source of drinking water ?

a) Borewell b) Corporation Water c) Can Water

2. Are you satisfied with the water which you drink daily ?

a) Yes b) no

3. What are the precautions do you take to purify the water ?

a) Boiling b) Purifier c) No method

4. Have your any family member been suffering / suffered from any disease?

a) Yes b) no

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 16

Page 17: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

5. Do you know that unpurified water causes 80% diseases?

a) Yes b) no

6. What is your monthly medical expenses {in Rs.} ?

a) 250 to 500 b) 500 to 750 c) 750 to 1000 d) >1000

7. Do you have a water purifier ?

a) Yes b) no

8. If no , what are the reasons of not having water purifier ?

9. What are the criteria you will look for while buying a water purifier?

a) Features b) Price c) Benefits d) Brand

10.What are the different brands of Water Purifier you are aware of ?

a) Pure it b) Aquaguard c) Zero / B d) Kent

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 17

Page 18: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

Finding: People don’t understand the level of satisfaction, that’s why they replied as such apart from this Satellite is the most educated area so here I found most satisfaction.

Finding: Most of the people of Naroda area don’t use purifiers as lack of knowledge of water related problems as we can see the people of satellite have this knowledge.

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 18

Page 19: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

Finding: That is the reason why we found maximum people suffering in Naroda

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 19

Page 20: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

Finding: This is the most interesting question where we saw people do not know that 80% diseases are caused by unpurified water.

6. What is your monthly medical expenses {in Rs.} ?

a) 250 to 500 b) 500 to 750 c) 750 to 1000 d) >1000

0

5

10

15

20

25

30

35

40

45

Mningr Nroda Sbrmti Satllite

250-500

500-750

750-1000

Finding: We can tell people that you can save your general medical expenses by using water purifier (Creating need)

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 20

Page 21: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

8. If no , what are the reasons of not having water purifier ?

Reasons like

• No need

• No requirement

• Can’t Afford

• Haven’t thought

• Haven’t realized

Finding: People who know about the water related problems they using water purifier certainly. Others are giving their own dramatic answer

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 21

Page 22: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

9. What are the criteria you will look for while buying a water purifier?a) Features b) Price c) Benefits d) Brand

• Benefits Price { Maninagar }

• Price Benefits { Naroda }

• Benefits = Price { Sabarmati }

• Benefits Brand = Features{Satellite}

Finding : No matter be it any area, all other criteria are following benefits. In advanced area I saw people are opting for Brand as well.

10.What are the different brands of Water Purifier you are aware of ?

a) Pure it b) Aquaguard c) Zero / B d) Kent

Finding : Aquaguard is nearly have become synonyms for water purifier but in advertising,(Television Commercials)people Re also observing brands like KENT, WHIRLPOOL,PURE IT etc..

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 22

Page 23: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

LIMITATION OF STUDY

LIMITATIONS

The present study is subjected to following LIMITATIONS.

1. Method of data collection was through personal interview and therefore bias becomes a major limitation.

2. Due to the time constraints all the customers were not covered.

3. The sample was restricted to 50 customers, which may restrict the scope and completion of study.

4. Owing to their pre occupation some customers were unable to answer the complete questionnaire.

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 23

Page 24: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

RECOMMENDATION Recommendations:

In this section I would be giving some recommendations on the basis of the survey

work and it’s findings plus on the basis of some general knowledge about the area

where the survey work was done:

Overall Eureka Forbes as a brand is tremendous and the customer are satisfied by the quality, style, design, color and all other features provided by Eureka Forbes. But still there are minor areas where Eureka Forbes is still lacking…

Recommendations are:

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 24

Page 25: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

]

BIBLIOGRAPHY

Bibliography

This section throws light upon those internet sites and books from where help has

been taken from to make this project report (not in entirely). These have been

listed below:

Internet sites:

www.eurekaforbes.co.in www.google.co.in www.wikipedia.com

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 25

Page 26: Eureka Forbes

Analysis of Consumer Behaviour & measuring customer satisfaction

INDIRA INSTITUTE OF CAREER STUDIES , PUNE 26


Recommended