CHAPTER-I

INTRODUCTION

The use of attitudes as predictors of purchase behavior has long been a source of some dispute. And customer satisfaction research demonstrates the need for continuous improvement. Customer satisfaction is moving target. Customer expectations and performance standard are continually changing, because the competition is also working to meet or exceed customers requirement

I am taking the study because The study is helpful to understand corporate customers expectations from a complete range of MINDA products. What modifications required in the current strategies in order to make maximum presence in corporate market.

This project was concerned with a comparative study of customers buying behaviour and satisfaction towards products, service network and sales functioning in MINDA.

I was in direct contact with the organization and corporate customer who gave me valuable information.

The tools used for data collection were questionnaires and personal interviews. Internet was used as a source for secondary data.The study considered customer base questionnaires and sample size 12.

The training helps the management student in converting his theoretical knowledge in practical knowledge because now he is doing practical work.

The present research has been done for the MINDA & its Potential during my summer training.

The study of consumers helps firms and organization to improve their marketing strategy by understanding issue such as how consumer think, feel reason, and select between different alternatives (e.g. brands, products).NEED OF THE STUDY:

When selling a product, what is the most important part of the business model? Who buys the product, uses it, and give money for products whatever your answers are to any of those questions, the bottom line leads back to the power of the consumer. The customers who will be purchasing the product are the most important part of market approach. So for marketers it is important to understand how consumers treat the purchase decisions they face. Possibly the most challenging concept in marketing deals with understanding why buyers do what they do (or dont do). But such knowledge is critical for company as you might guess; factors affecting how customers make decisions are extremely complex. If a company is targeting customers the implication of buying behavior for marketers is that different buying situations require different marketing efforts. On account of this the study is required to get idea about particular corporate customers of Furniture industry.

OBJECTIVES OF STUDY:

The perspective I take is to touch on just the basic concepts that appear to be commonly accepted as influencing customer behavior. In this section I will examine the Buying Behavior of corporate customers and will examine factors that influence buyers decisions in the corporate segment. Here I can describe the objective of my study in following manner:

Understanding how businesses make purchase decisions.

Competitive analysis of future market in corporate segment. To deliver a statistical measurement of opportunity for management decision making.CHAPTER ARRANGEMENT

CHAPTER-1

This chapter of the project report includes the introduction, objective, and sample size,

period of study, methodology, and limitation of the study.

CHAPTER-2

This part of project report states the theoretical background and profile of the company.

CHAPTER-3

This part of project report contains data analysis on the basis of questionnaire and Findings.CHAPTER 4

In this part of the project report I finally conclude the project with some recommendation.PERIOD OF STUDY

The period of the study consists of two months from 15st June 2011 to 31th july. 2011 in Minda Acoustics Limited Rudrapur. Uttarakhand.

SAMPLED SIZE

The survey was conducted among 12 organizations.RESEARCH METHODOLOGY

DATA COLLECTION

Data were collected on the basis of simple random sampling, which was collected with the help of questionnaire method. For this research I used two types of data:

Primary data Secondary data

PRIMARY DATA

The questionnaire was made to collect primary data.

SECONDARY DATA

It includes the:-

Study of newspapers

Research on websites

Company magazine

Primary data was used because until unless you do not reach to the consumers, we will not able to get the feedback is helpful in our study. Primary data gives a clear picture of the current status.

Secondary data was used because it gives the true, past record of the product. And gives the comments of expert from market, which is quite beneficial for further analysis.

OBSERVATION

I am very thank full to the MINDA company that they are provide me a chance for training in their esteemed company near about 6 weeks, This 6 weeks period was quite very interesting I have learn a lot about the marketing effort Of the company Because of limited time period I have done a survey about the company Customer of satisfaction

For the fulfillment of the whole survey purpose the knowledge of Research Methodology (lean in the past semester) helped very much tome. There are five steps in the whole survey process i.e.

Defining objective Clearing hypothesis Data collection Data analysis Result

QUESTIONNAIRE METHOD

It is very simple diagnostic tool &is a fastest method of collection data. In order to get an unbiased data well-defined structure questionnaire was prepared for customer. Then data was collected & analyzed to get the actual information & contain the truly reflected picture.

SCOPE OF THE STUDY

This project will help to understand a strong knowledge of buyer behavior (corporate customer) and also suggest the important influences on customer decision-making. Using this information which is mention in this project report, company can create marketing programs that they believe will be of interest to customers.

The research work was really fruitful as it gave the real picture of customer mind. After survey I came to know the consumer satisfaction level and the process of purchase the product in corporate segment.

LIMITATION OF THE STUDY

Following are the limitations, which we deem in the course of the project: - Inadequate time to complete the project. Information given by some respondents may be wrong. Time has been another major limitation Financial resources were insufficient for the study. The data collected is may not be very extensive to draw an accurate conclusion.THEORETICAL BACKGROUND

A persons feelings of pleasure or disappointment resulting from companies a product perceived performance (or out come) in relation to his or her expectation.

Many companies are aiming for high satisfaction because customers who are just satisfied still find it easy to switch when a better offer comes along. Those who are highly satisfied are much less ready to switch. High satisfaction or delight creates an emotional affinity with the brand, not just a rational preference. The result is high customer loyalty.Organizations are increasingly interested in retaining existing customers while targeting non customers; measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace.Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/ service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate. The level of satisfaction can also vary depending on other options the customer may have and other products against which the customer can compare the organization's products.

Because satisfaction is basically a psychological state, care should be taken in the effort of quantitative measurement, although a large quantity of research in this area has recently been developed. Work done by Berry, Brodeur between 1990 and 1998defined ten 'Quality Values' which influence satisfaction behavior, further expanded by Berry in 2002 and known as the ten domains of satisfaction. These ten domains of satisfaction include: Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-departmental Teamwork, Front line Service Behaviors, Commitment to the Customer and Innovation. These factors are emphasized for continuous improvement and organizational change measurement and are most often utilized to develop the architecture for satisfaction measurement as an integrated model. Work done by Parasuraman, Zeithaml and Berry between 1985 and 1988 provides the basis for the measurement of customer satisfaction with a service by using the gap between the customer's expectation of performance and their perceived experience of performance. This provides the measurer with a satisfaction "gap" which is objective and quantitative in nature. Work done by Cronin and Taylor propose the "confirmation/disconfirmation" theory of combining the "gap" described by Parasuraman, Zeithaml and Berry as two different measures (perception and expectation of performance) into a single measurement of performance according to expectation. According to Garbrand, customer satisfaction equals perception of performance divided by expectation of performance.The usual measures of customer satisfaction involve a survey with a set of statements using a Likert Technique or scale. The customer is asked to evaluate each statement and in term of their perception and expectation of the performance of the organization being measured.

CONSUMER BUYING BEHAVIOR

Definition of Buying Behavior:

Buying Behavior is the decision processes and acts of people involved in buying and using products.

Need to understand: Why consumers make the purchases that they make?

What factors influence consumer purchases? The changing factors in our society.Consumer Buying Behavior refers to the buying behavior of the ultimate consumer. A firm needs to analyze buying behavior for:

Buyers reactions to a firms marketing strategy has a great impact on the firms success. The marketing concept stresses that a firm should create a Marketing Mix (MM) that satisfies (gives utility to) customers, therefore need to analyze the what, where, when and how consumers buy. Marketers can better predict how consumers will respond to marketing strategies.

STAGES OF THE CONSUMER BUYING PROCESS

Six Stages to the Consumer Buying Decision Process (For complex decisions). Actual purchasing is only one stage of the process. Not all decision processes lead to a purchase. All consumer decisions do not always include all 6 stages, determined by the degree of complexity...discussed next.

The 6 stages are:

1. Problem Recognition (awareness of need)--difference between the desired state and the actual condition. Deficit in assortment of products. Hunger--Food. Hunger stimulates your need to eat. Can be stimulated by the marketer through product information--did not know you were deficient? I.E., see a commercial for a new pair of shoes, stimulates your recognition that you need a new pair of shoes.2. Information search-- Internal search, memory. External search if you need more information. Friends and relatives (word of mouth). Marketer dominated sources; comparison-shopping; public sources etc. A successful information search leaves a buyer with possible alternatives, the evoked set.3. Evaluation of Alternatives--need to establish criteria for evaluation, features the buyer wants or does not want. Rank/weight alternatives or resume search. May decide that you want to eat something spicy, Indian gets highest rank etc. If not satisfied with your choice then returns to the search phase. Can you think of another restaurant? Look in the yellow pages etc. Information from different sources may be treated differently. Marketers try to influence by "framing" alternatives.4. Purchase decision--Choose buying alternative, includes product, package, store, method of purchase etc.5. Purchase--May differ from decision, time lapse between 4 & 5, product availability.6. Post-Purchase Evaluation--outcome: Satisfaction or Dissatisfaction. Cognitive Dissonance, have you made the right decision. This can be reduced by warranties, after sales communication etc. After eating an Indian meal, may think that really you wanted a Chinese meal instead.

TYPES OF CONSUMER BUYING BEHAVIOR

Types of consumer buying behavior are determined by:

Level of Involvement in purchase decision. Importance and intensity of interest in a product in a particular situation. Buyers level of involvement determines why he/she is motivated to seek information about a certain products and brands but virtually ignores others.

High involvement purchases--Honda Motorbike, high priced goods, products visible to others, and the higher the risk the higher the involvement. Types of risk:

Personal risk Social risk Economic risk

The four type of consumer buying behavior are:

Routine Response/Programmed Behavior--buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically. Examples include soft drinks, snack foods, milk etc. Limited Decision Making--buying product occasionally. When you need to obtain information about unfamiliar brand in a familiar product category, perhaps. Requires a moderate amount of time for information gathering. Examples include Clothesknow product class but not the brand.

Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/ psychological risk. Examples include cars, homes, computers, education. Spend alot of time seeking information and deciding.

Information from the companies MM; friends and relatives, store personnel etc. Go through all six stages of the buying process.

Impulse buying, no conscious planning.

The purchase of the same product does not always elicit the same Buying Behavior. Product can shift from one category to the next. For example:

Going out for dinner for one person may be extensive decision making (for someone that does not go out often at all), but limited decision making for someone else. The reason for the dinner, whether it is an anniversary celebration, or a meal with a couple of friends will also determine the extent of the decision making.CATEGORIES THAT EFFECT THE CONSUMER BUYING DECISION PROCESS

A consumer, making a purchase decision will be affected by the following three factors:

1. Personal2. Psychological3. Social

The marketer must be aware of these factors in order to develop an appropriate MM for its target market.

Personal

Unique to a particular person. Demographic Factors. Sex, Race, Age etc. Who in the family is responsible for the decision making. Young people purchase things for different reasons than older people.

Psychological factors

Psychological factors include:

Motives-- A motive is an internal energizing force that orients a person's activities toward satisfying a need or achieving a goal. Actions are effected by a set of motives, not just one. If marketers can identify motives then they can better develop a marketing mix. MASLOW hierarchy of needs!! Physiological Safety Love and Belonging Esteem Self ActualizationNeed to determine what level of the hierarchy the consumers are at to determine what motivates their purchases.

Perception--What do you see?? Perception is the process of selecting, organizing and interpreting information inputs to produce meaning. IE we chose what info we pay attention to, organize it and interpret it. Information inputs are the sensations received through sight, taste, hearing, smell and touch.Selective Exposure-select inputs to be exposed to our awareness. More likely if it is linked to an event, satisfies current needs, intensity of input changes (sharp price drop).

Selective Distortion-Changing/twisting current received information, inconsistent with beliefs. Advertisers that use comparative advertisements (pitching one product against another), have to be very careful that consumers do not distort the facts and perceive that the advertisement was for the competitor.Selective Retention-Remember inputs that support beliefs, forgets those that don't Average supermarket shopper is exposed to 17,000 products in a shopping visit lasting 30 minutes-60% of purchases are unplanned. Exposed to 1,500 advertisements per day. Can't be expected to be aware of all these inputs, and certainly will not retain many. Interpreting information is based on what is already familiar, on knowledge that is stored in the memory. Ability and Knowledge-- Need to understand individuals capacity to learn. Learning, changes in a person's behavior caused by information and experience. Therefore to change consumers' behavior about your product, need to give them new information re: product...free sample etc.When making buying decisions, buyers must process information.

Knowledge is the familiarity with the product and expertise.Inexperience buyers often use prices as an indicator of quality more than those who have knowledge of a product.

Learning is the process through which a relatively permanent change in behavior results from the consequences of past behavior.

Attitudes-- Knowledge and positive and negative feelings about an object or activity maybe tangible or intangible, living or non- living.....Drive perceptions Individual learns attitudes through experience and interaction with other people. Consumer attitudes toward a firm and its products greatly influence the success or failure of the firm's marketing strategy. Attitudes and attitude change are influenced by consumers personality and lifestyle.

Consumers screen information that conflicts with their attitudes. Distort information to make it consistent and selectively retain information that reinforces our attitudes. IE brand loyalty.There is a difference between attitude and intention to buy (ability to buy).

Social Factors

Consumer wants, learning, motives etc. are influenced by opinion leaders, person's family, reference groups, social class and culture.

Opinion leaders

Spokespeople etc. Marketers try to attract opinion leaders...they actually use (pay) spokespeople to market their products. Michael Jordon (Nike, McDonalds, Gatorade etc.) Can be risky...Michael Jackson...OJ Simpson...Chevy Chase Reference Groups

Individual identifies with the group to the extent that he takes on many of the values, attitudes or behaviors of the group members.

Families, friends, sororities, civic and professional organizations. Any group that has a positive or negative influence on a persons attitude and behavior.

Membership groups (belong to) Affinity marketing is focused on the desires of consumers that belong to reference groups. Marketers get the groups to approve the product and communicate that approval to its members. Credit Cards etc.!!

Aspiration groups (want to belong to) Disassociate groups (do not want to belong to) Honda, tries to disassociate from the "biker" group. The degree to which a reference group will affect a purchase decision depends on an individuals susceptibility to reference group influence and the strength of his/ her involvement with the group.

Culture and Sub-cultureCulture refers to the set of values, ideas, and attitudes that are accepted by a homogenous group of people and transmitted to the next generation. Culture also determines what is acceptable with product advertising. Culture determines what people wear, eat, reside and travel. Cultural values in the US are good health, education, individualism and freedom. In american culture time scarcity is a growing problem. IE change in meals. Big impact on international marketing.

Geographic regions

Human characteristics such as age and ethnic background.

Culture effects what people buy, how they buy and when they buy.

Understanding Consumer Buying Behavior offers consumers greater satisfaction (Utility). We must assume that the company has adopted the Marketing Concept and are consumer oriented.

TYPES OF CONSUMER PURCHASE DECISIONS

Consumers are faced with purchase decisions nearly every day. But not all decisions are treated the same. Some decisions are more complex than others and thus require more effort by the consumer. Other decisions are failry routine and require little effort. In general, consumers face four types of purchase decisions:

Minor New Purchases these purchases represent something new to a consumer but in the customers mind is not a very important purchase in terms of need, money or other reason (e.g., status within a group). Minor Re-Purchases these are the most routine of all purchases and often the consumer returns to purchase the same product without giving much thought to other product options (i.e., consumer is brand loyalty). Major New Purchases these purchases are the most difficult of all purchases because these are important to the consumer but the consumer has little or no previous experience making the purchase AND is important. This type of decision often (but not always) requires the consumer to engage in an extensive decision-making process. Major Re-Purchase - these purchase decisions are also important to the customer but the customer feels more confident in making the decision since they have experienced purchasing the product in the past.

For marketers it is important to understand how consumers treat the purchase decisions they face. If a company is targeting customers who feel a purchase decision is difficult (i.e., Major New Purchase), their marketing strategy may vary greatly from a company targeting customers who view the purchase decision as routine. In fact, the same company may face both situations at the same time; for some the product is new, while other customers see the purchase as routine. The implication of buying behavior for marketers is that different buying situations require different marketing efforts.CHAPTER-II

INDUSTRY PROFILE

OVERVIEW OF AUTOMOBILE INDUSTRY

There are plenty of companies manufacturing automobile spares in India. For an automobile owner getting original automobile spares for his/her vehicle is no more a problem. Big names in automobile industry are taking care of after sales service in whichautomobile spares occupy a considerable place.

The automobile business is evolving rapidly on a worldwide basis. Car and parts manufacturers are merging, component design and manufacture are now frequently outsourced instead of being created in-house, brands are changing and the giant automobile companies are expanding deeper into providing financial services to car buyers. Meanwhile, all of the biggest, most successful automobile industry firms have become totally global in nature. Globalization is in evidence throughout the automobile industry.

On the car dealership side, giant, nationwide holding companies have acquired the best dealers in major markets. Even the used car business is being taken over by national chains. E-commerce is having profound effects on the car industry. Consumers use the

Internet to become better informed before making an automobile purchase. Online sites like Autobytel steer millions of car buyers toward specific dealers while the same sitesdeliver competing bids for cars, insurance and financing in a manner that lowers costs and improves satisfaction among consumers.Meanwhile, automobile manufacturers are using the latest in e-commerce methods to manage their supply chains and replenish their inventories. This exciting new book (which includes a database on CD-ROM) is a complete reference tool for everything you need to know about the car, truck and specialty vehicles business, including:

1. Automotive industry trends and market research2. Car and truck industry mergers, acquisitions and globalization3. Automobile manufacturers and distributors4. Truck manufacturers5. Manufacturers of specialty vehicles such as RVs, buses and motorcycles6. Automobile loans, insurance and other financial services7. Automobile dealerships and dealership groups such as AutoNation and CarMax8. Automobile components, parts and systems manufacturers9. Retail auto parts stores10. How e-commerce is affecting the automobile business11. Advances in automobile technologies, manufacturing technology, design and telematics12. Fuel efficiency, hybrid vehicles and fuel cells

You'll find a complete overview, industry analysis and automotive market research report in one superb, value-priced package. This book also includes automobile business statistics, an automobile industry glossary, automobile industry contacts and thorough indexes. The corporate profiles section of the book includes our proprietary, in-depth profiles of the 400 leading companies in all facets of the automobile industry. This book is available in printed, eBook and online versions. Purchasers may also receive a free copy of the company profiles database on CD-ROM.This book/CD-ROM resource examines major issues and trends in the automobile industry and offers detailed tables and charts of statistics, along with profiles of 400 of the worlds leading automobile industry firms, from car makers to technology providers. Profiles provide information on brands and divisions, salaries and benefits, locations and contact information.AUTOMOBILE INDIA

The history of the automobile industry in India actually began about 4,000 years ago when the first wheel was used for transportation. In the early 15th century, the Portuguese arrived in China and the interaction of the two cultures led to a variety of new technologies, including the creation of a wheel that turned under its own power. By the 1600s, small steam-powered engine models were developed, but it was another century before a full-sized engine-powered automobile was created.

The dream a carriage that moved on its own was realized only in the 18th century when the first car rolled on the streets. Steam, petroleum gas, electricity and petrol started to be used in these cars.

The automobile, as it progressed, was a product of many hands, of revolutionary concepts, and of simple, almost unnoticed upgrading.

India's transport network is developing at a fast pace and the automobile industry is growing too. The automobile industry also provides employment to a large section of the population. Thus the role of automobile industry cannot be overlooked in Indian Economy. All kinds of vehicles are produced by the automobile industry. It includes the manufacture of trucks, buses, passenger cars, defense vehicles, two-wheelers, etc. The industry can be broadly divided into the car manufacturing, two-wheeler manufacturing and heavy vehicle-manufacturing units.

The major car manufacturers in India are Hindustan Motors, Maruti Udyog, Fiat India Private Ltd., Ford India Ltd., General Motors India Pvt. Ltd., Honda Siel Cars India Ltd., Hyundai Motors India Ltd., Skoda India Private Ltd., Toyota Kirloskar Motor Ltd., to name just a few.The two-wheeler manufacturing is dominated by companies like TVS, Honda Motorcycle & Scooter India (Pvt.) Ltd., Hero Honda, Yamaha, Bajaj, etc. The heavy motors like buses, trucks, defense vehicles, auto rickshaws and other multi-utility vehicles are manufactured by Tata Telco, Ashok Leyland, Eicher Motors, Bajaj, Mahindra and Mahindra, etc.

The Indian automobile industry is now striding inroads into the rural middle class after its inroads into the urban markets and rural rich. It is trying to bring in varying products to suit requirements of different class segments of customers.

In this section we will provide you with an in-depth reading and understanding of the various aspects of the automobile industry - the history of automobiles, information about various automobile companies in India, automobile service stations in India, petrol stations, car finance and insurance, the scope of second hand car market in India, car accessories, automobile component and spares, lubricants and some other useful information which you may like to have.

Automotive component industry

India's automotive components industry is the most lucrative sector for foreign direct investments. Hundreds of collaborations foreign direct investments have been made in recent years and there is tremendous potential for more. Markets are huge and growing both within India and overseas. It presently incorporates a total investment of more than US$1.2 billion, which is expected to rise to US$2.7 billion by the end of the year 2000. The market is worth US$2.3 billion at present and this is expected to touch US$9.4 billion in 2001. Automotive components manufactured in India are of top quality and used as original components for vehicles made by such top international companies as General Motors, Mercedes, IVECO and Daweoo among others. Automotive products made in India have huge overseas markets in addition to the dometsic market. The number of vehicles manufactured in India is expected to rise from 3 million annually to 5 million by 2000. This will increase domestic demand for automotive components. Japanese and British component manufacturers are already operating joint ventures in India. American companies, which have, or are planning to, set up plants in India include Delphi (an automotive components division of General Motors USA), Delco Electronics, Textron and Magna International of Canada.

COMPANY PROFILECORPORATE PROFILE: NK MINDA GROUPNK MINDA Group is one of the leading global manufacturers of automobile components and a leading supplier of proprietary automotive solutions to Original Equipment Manufacturers (OEMs). For nearly five decades, N K Minda Group has been supplying the automotive industry with innovative engineered products that are efficient, safe, responsive and enhance comfort levels.

We are committed to developing customer relationships that last. Over the years we have developed a tradition of listening to our customers, so we could tailor our offerings to their current and future needs, thereby defining our groups excellence benchmarks.

N K Minda Group has 23 manufacturing plants in India, Indonesia and Vietnam, and sales offices in Japan, Europe and China. We are continually looking to increase our global footprint. At the same time, we are building on our core strengths in the existing markets. Over the past fifty years, we have grown consistently and rapidly through a carefully controlled and well managed expansion of our portfolio of products, and have thereby experienced consistent growth.

The group employs nearly 6000 people and is headquartered in Manesar, Haryana, India. We have engineering, research and development centers in Bangalore, Manesar, Pantnagar, Pune & Sonepat.

We have joint ventures and technical agreements with world renowned manufacturers such as Tokai Rika- Japan, Soft Italia- Italy, Kyoraku -Indonesia & Emer-Spa, Italy. We aim to provide ground-breaking products which help our clients integrate high quality with cost efficiency.

KEY FACTORCorporate Office:

Minda Industries Limited

Registered Office:Vill. Nawada Fatehpur,

B-64/1, Wazirpur Industrial AreaP.O. Sikanderpur Badda, Manesar

Delhi 110052

Distt. Gurgaon

Haryana - 122004

Chief Executive:

Mr. N K Minda - Chairman and Managing Director

NK Minda Group Companies Minda Industries Limited Minda Industries Limited (Battery Division) Mindarika Pvt. Limited Minda Acoustic Limited Minda Autogas Limited Minda Emer Technologies Limited Tokairika Minda India Private Limited Minda International Limited Minda Auto Components Limited Minda Autocare Limited PT Minda Automotive Asean Minda Vietnam Company LimitedPRODUCT RANGE

As a Tier-1 supplier, we manufacture:

Switch 2W/HBA Sensors Actuators Controllers Switch 4W / HVAC Mirrors Lighting HLL Motors Horns CNG / LPG Kits Batteries Blow Molding Comp Wheel Covers Seat Belts Seating & Systems Cigar Lighter

Number of Employees:6000 +

Performance:

The Group has been growing at a CAGR of 26% since 2005

LINEAGENK MINDA Group, after being founded in 1958, has grown into a multinational corporation known for diversified automobile component products with US$ 297 million in net sales in FY 2009-2010. We are rapidly expanding our ability to deliver technically superior auto components to a broad spectrum of customers including Indian & Global OEMs. Our products are reliable, safe, pioneering, efficient, and environmentally sustainable.

We have a tradition of being an innovative group. We concentrate heavily on product research and development as a basis for inventive ideas. We work hard at anticipating and meeting our customers changing requirements through continuous market research and technology partnerships.

We aim to provide products which help our clients integrate high quality with cost efficiency

VISION & MISSIONThe Three Arrows

The three arrows, running throughout all communication is like a leit motif. A dynamic design, it is characterized by three arrows that are a culmination of a circle. The circular form represents a continuity of thought, performance and action. The three arrows also have a legacy behind them. The arrow at the extreme left is representative of past achievements. The second arrow stands for innovating for today while the outermost arrow at the right represents strategizing for the future.

Group Vision:

Group to make Global Benchmark in QPCDSM and become a pioneer in technology by 2014-15

Mission:

To continually enhance stakeholder's value through global competitiveness while contributing

Our Core Values:NK Minda Group has identified 5 core values and works towards inculcating these in its day-to day working.

Customer Is Supreme

We understand and anticipate customer needs and exceed their expectations. We aggressively pursue new business, determined to add value for our customers with Ingenuity, determination and a positive approach to every task, a `can-do` spirit, and We always ask "How can we serve our customers best?"

Live Quality

We demonstrate leadership by advancing new technologies, innovative manufacturing techniques, enhanced customer service, inspired management, and the application of best practices throughout our organization. We aggressively pursue new business, determined to add value for our customers with ingenuity, determination and a positive approach to every task, a `can-do` spirit, and a restless determination to continually improve and excel We utilize our ability to combine strength with speed in responding enthusiastically to every new opportunity and every new challenge. We encourage and inspire learning amongst our people.

Respect For Individual

We have a strong belief that our employees are the most valued assets of our company They are essential participants with a shared responsibility in fulfilling our mission. We inspire, empower and enable people to achieve high expectations, standards and opportunity and every new challenge We support mutually beneficial and enduring relationships with our stakeholders. We treat all people with dignity and courtesy

Respect For Work-Place Ethics

Work smartly with passion, integrity, conviction and commitment. We work in team with a shared purpose and value individual ability and diversity as essential We as a team achieve success. We respect and adhere to company policies, systems and procedures. We will be well informed and respect the regulations, rules, and compliance issues that apply to our businesses around the world. We respect the values and cultures of the communities in which we operate.

GOVERNING BODY

The Minda Industries Board of Directors comprises of distinguished specialists from diverse fields with one similarity - each has been an achiever in his own right and is as committed to his own workplace as he is to society at large.

The board acts with complete sovereignty and provides tactical direction, looks at key business priorities and provides leadership in significant business decisions. The Board also discharges its fiduciary responsibilities, and ensures that the organization observes the highest standards of ethics, transparency and disclosure. The Board reviews all statutory and regulatory matters and has full access to all information related to the company.

The Minda Industries Board Comprises of:

Mr Nirmal K Minda

Mr. Nirmal K. Minda is an industrialist with rich business experience of Auto Components Sector for more than 25 years. He is one of the Promoter & Chairman & Managing Director of the company. He is responsible for overall management of the company including the group marketing, finance and commercial activities. A strong team of professionals specialized in the above area is assisting him. He is dynamic energetic and adventurous. His dynamic ideas in the area of marketing are apparent from the growth of the company. He has global vision and has plans to go global. Under his flagship Minda Industries has done various joint ventures including joint venture agreement with Tokai Rica Co. Ltd., Japan for manufacturing of Automotive Switches for four wheelers and Joint venture Agreement with TYC Brothers, Taiwan for manufacturing of Automotive Lightings and relating Components.

Mr Surendra Kumar Arya

More than 20 years experience in the field of automobile and engineering Industry. He was appointed as Director of the company in 2003. He is a member of Shareholder Committee of M/s. Jay Bharat Maruti Ltd. and Chairman and member of Shareholder Committee of M/s. JBM Auto Ltd. He is also a member of Remuneration Committee of M/s. JBM Auto Ltd. In addition to above, he is also a member of CII- Northern Regional Council, Chairman of SME Sub- Committee of CII- Northern Region, Member of Executive Committee of ACMA and Chairman of CII-Haryana State Council (2004- 05). Apart from the above, he also held different positions in apex industry chambers in the past also. He has been awarded various awards for his immense contribution to Automotive and Engineering Industry viz.

UDYOG RATAN Award in 2005; Haryana Ratan Award in 2005; FIE Foundation Award in 2001; Best Entrepreneur for the Year Award in 1994; Udyog Ratan Award in 1993; Gem of India Award in 1992

Mr. Alok Dutta

Mr. Alok Dutta with more than 35 years of experience, out of which 25 years with Eicher Group of Companies and retired as Managing Director of one of their Companies. Actively engaged in Talent Management of the Company by way of assessment, training coaching, retention and providing motivational leadership. He has in-depth experience of Projects Setup, Financial Control and Reviews and Joint Venture negotiations.

Mr. Vivek Jindal

Mr. Vivek Jindal is the Executive Director of the Minda Industries Limited. An IIT Delhi graduate and an MBA , he holds rich experience in the auto component industry. He is also a Director on Board of Sarvpriya Industries Ltd., Jindal Paddings Ltd., Jindal Builtec Pvt. Ltd. And Jindal Mectec Pvt. Ltd.

Mr. Subhash LakhotiaMr. Subhash Lakhotia is a noted income-tax advisor for over 38 years. He regularly writes columns over the subject in various famous national dailies of the country. He also conducts a very popular show "Tax Guru" on "CNBC Awaaz, a popular TV channel from the house of CNBC News. He also replies tax queries on moneycontrol.com and magicbricks.com

Mr. Ashok Minda

Mr. Ashok Minda is an Industrialist with rich business experience in auto components sector for more than 25 years. Mr. Ashok Minda is the chairman o Minda Corp. Ltd. And Managing director of Minda Management Services Ltd.

Mr. Satish SekhriMr. Satish Sekhri aged 60 years is B.E. (Mech.), Delhi College of Engg. 1971 (First Class with Distinction) & MBA, Chandigarh 1973 (First Class First in University, Gold Medalist). He has vast experience of 37 years in the field of Automotive Industry. He held the position of Managing Director in Bosch Chassis Systems India Limited from 1995 to March, 2010. He held the position of Chairman in Precision Seals Mgd. Ltd., Pune up to March, 2010. He is also holding the position of Executive Committee Member of Professional Bodies namely

Automotive Component Manufacturers Association Mahratta Chamber of Com. Ind. & Agriculture CII - Pune Zonal Council. A Chartered Accountant with over a decade's experience in Financial Services.

Mr. Rakesh Sony

A Chartered Accountant with over a decade's experience in Financial Services. Mr. Rakesh Sony has expertise in enabling closely-held family businesses gradually evolve into public listed companies, creating and formulating liquidity events.

MANAGEMENT GROUP

N K MINDA GROUP N K Minda Chairman & Managing Director, N K Minda Group Corporate Functional Heads Anand Minda Head - Group Finance Vivek Jindal Head - Group Marketing & Materials P K Srivastava Head - Group Human Resource Sudhir Jain Head - Group Strategy Planning V J Rao Head Group Manufacturing & Engineering Arun Nagpal Head - Group Non Automotive Business N S Warrier Head - New Projects Business Heads Ravi Mehra Executive Director ( Minda Industries Limited - 2 Wheeler Switch & Battery Division ) Vineet Sahni Executive Director ( Lighting Division ) Ram D Sharma Executive Director ( Minda Autogas Limited ) Pradeep Tiwary Executive Director ( Minda Acoustic Limited ) A K Goel Executive Director ( Mindarika Private Limited & Minda Industries Limited - Blowmoulding Division )

CORPORATE MILESTONES

ABOUT MINDA ACOUSTICS LIMITD

Minda Acoustics Limited is a group Company of NK Minda Group to produce the automotive horns for 2/3 Wheeler, 4 Wheeler & Off-road and producing 12 Millions horns annually. Minda Acoustics Limited has manufacturing facilities in Gurgaon & PantNagar and employees over 700 Today, Minda Acoustic Limited is the leading player in the Indian automotive horn industry. It offers customized products and solutions for a range of automotive acoustic problems.

Minda Acoustic Limited utilizes the long experience & skill to offer R&D expertise and capabilities to our esteem customers. This experience combined with the mathematical and technical aptitude of Indian workforce makes Minda Acoustic Limited a company manufacturing globally competitive products in the automotive horn industry.MAL Capabilities TS 16949:2002 and ISO 14001 certified. State of art manufacturing work stations to ensure high productivity and reproducibility. Design engineering capability to provide end solution to all its customers. Logistic capability to serve the customers spanning across continents of North America, Europe, Japan and Australia. Highly motivated and committed team to ensure fast ramp up and response to the customer.Products Range

The company was incorporated in 2004 and is based in Gurgaon and Pantnagar, India. Minda Acoustic Limited operates as a subsidiary of NK Minda Group. Minda Acoustic Limited manufactures automotive horns for 2/3 wheeler, 4 wheeler including trumpet horns, electronic beeper, air horns, and disc horns. The range of Minda Horns products are as follow:- Trumpet Horns Passenger Cars. Air Horns LCVs /HCVs. Disc Horns Passenger Cars/ Off-roaders / 2&3 Whhelers. Buzzers High Temerature sensors for engines. Electornic Beeper

2/3 Wheelers HornMinda Acoustics Limited prides itself on its development skills and capabilities. It has

developed horns right from fundamental horn design stage.

K-95 (95mm dia Disc horn) - 12V ( High Tone & Low Tone) K-90 (90mm dia Disc horn) - 12V ( High Tone & Low Tone) D 82 (82mm dia Disc horn) - 12V ( High / Mid / Low Tone) SD7 (70mm dia Disc horn) - 12V ( High /Mid / Low Tone) D65 (65mm dia Disc horn) - 12V ( High /Mid / Low Tone) This product suits all 2 wheeler requirement as it is cost effective, consumes less current and is very durable, since it has been specially developed for Indian Conditions Electronic Beeper4 Wheelers Horn

Minda Acoustics Limited prides itself on its development skills and capabilities. It has developed horns right from fundamental horn design stage

HN9 ( 90mm dia Disc horn) - 12V / 24V ( High Tone & Low Tone) Trumpet Horn - 12V / 24 V (High Tone & Low Tone) K-95 (95mm dia Disc horn) - 12V / 24V ( High Tone & Low Tone) K-90 (90mm dia Disc horn) - 12V / 24V ( High Tone & Low Tone) D 82 (82mm dia Disc horn) - 12V ( High /Mid / Low Tone) SD7 (70mm dia Disc horn) - 12V ( High /Mid / Low Tone) Electronic Beeper

QUALITY CERTIFICATION: ISO 9001:2000 CERTIFICATION BY TUV RHEINLAND BERLIN FROM GERMANY ON 12TH OCTOBER 2002. (Certificate No: 01 100 028831) Received ISO/TS 16949: 2002 Certification.

ENVIRONMENT & SAFETY

The Minda Group has always been committed to developing products and manufacturing processes that combine technological innovation with respect for the environment. All Group companies are concerned about environmental impacts of its activities and products and are therefore committed to: Ensuring continual improvement in its environmental performanceEnsuring continual improvement in its environmental performance Ensuring compliance with all applicable environmental legislation and regulations Reducing air, water and soil pollution, waste generation and natural resources consumptionGenerate environmental awareness among all employees.

A series of ENERGY CONSERVATION, water conservation and pollution control

ACTIVITIES UNDER ISO 14001 have been implemented.

ENERGY CONSERVATION

In a step towards Energy Conservation, energy efficient tube lights (E+) have been introduced in Assembly area. This has resulted in the saving of 22 w per existing tube lights (4feet) and 32 w per 2 existing tube lights (2 feet).

These tube lights are guaranteed for a period of 2 years free replacement.

WATER CONSERVATION

Under Water Conservation program, the company has saved 600 KL of ground water from Jan03 to June03. This much of the treated water was used from ETP output, which is as par with the norms of Environmental Protection Rules 1986/schedule VI.

POLLUTION CONTROL

In a step towards abating various type of pollutions, some specific plantation were done in the company.

CHAPTER-III

DATA ANALYSIS & INTERPRETATION

Q1. At the time of purchase of auto parts you consider:a) Recommended by head office only650%

b) Brand Image18%

c) Price325%

d) a & b both217%

INTERPRETATION

Almost half (50%) of the total respondents say that they purchase auto parts only from those companies which are recommended by their head office and (25%) respondents purchase product for regionable price and (8%) belive in brand image and (17%) belive in both recommended and brand image.Q.2 Do you agree that quality of outsource auto part is vital part for your products?Strongly agree759%

Occasionally433%

Disagree18%

INTERPRETATION

More than half (59%) of total respondents strongly agree that quality of outsource auto part is vital for their products and (33%) prefer occasionally and only (8%) respondents disagree with the quality as vital part for the product.Q3) what is the approx budget or expenses per year for purchasing auto spare accessories in your company?Up To 1 Cr.440%

1 Cr. To 5Cr.330%

5 Cr. To 10Cr.218%

More than 10 Cr.112%

INTERPRETATION

Majority (40%) of the total respondents have up to 1 Cr. budget to purchase auto spare parts for their production and (30%) have 1 Cr. To 5 Cr. purchase budget and (18%) have 5 Cr.to 10 Cr. And (12%) have more than 10 Cr.Q4) what is your preferable payment process for your vendor?Advance216%

Cash217%

Credit867%

INTERPRETATION

More than half (67%) of the total respondents use to prefer credit system for their vendors payment and (17%) prefer by cash and (16%) prefer to payment by in advance.Q.5 what is your frequency or time interval to purchase Auto products?On Monthly bases433%

Once in a Year325%

As per requirement542%

INTERPRETATION

Majority (42%) of the total respondents use to purchase auto parts for their production either as per requirement and (33%) on monthly bases and (25%) respondent purchase once in year.Q.6 How did you get to know about the product quality of Minda Product ?Thru Representative 7 58%

Got Catalogues 2 17%

By internet or magazines 3 25%

INTERPRETATION

More than half (58%) of the total respondents get the product knowledge through representative and (25%) respondent by internet or magazines and (17%) by catalogues.Q.7 Cause behind to purchase Minda productsLower price 18%

Quality of products 759%

Good service 433%

INTERPRETATION

Maximum respondents (59%) say that cause behind to purchase Minda products is quality only and (33%) respondent believe in good service and (8%) have lower price reason to purchase the product.Q8. What has been the reason for Non purchase of particular products of Minda?No Requirement 8 67%

No Awareness 0 0%

Service problem 4 33%

INTERPRETATION

Maximum respondents (67%) say the reason for Non purchase of particular products of Minda is only no need for them and (33%) feels service problem with product.Q.9. Do you feel that claims made by company during sale process regarding quality of their products and service is generally true?Yes 6 50%

No 1 8%

In specific situation 5 42%

INTERPRETATION

Maximum respondents (50%) say that claims made by company during sale process regarding quality of their products and service are either true or about to true and (42%) feels that it depend on a specific situation and (8%) say claims are not true.Q10. To what extent are you satisfied with quality and service of the Minda Product?Completely Satisfied 7 50%

Not Satisfied 1 8%

Partially Satisfied 4 42%

INTERPRETATION

Maximum respondents (50%) completely satisfied quality and service of the Minda Product and (42%) respondent feels partially satisfied with product and service and (8%) respondent feels not satisfied with service and product.CHAPTER-IV

SUMMARY OF FINDINGS

It was observed that most of manufacturer use to purchase assembling parts only from those vendors which are recommended by their head office. In fact the process of purchasing is like that; in starting of financial year they signed a MOU with vendors for 1 or 3 year after words venders are entitle to supply particular products for the specific time. As per quality concern of purchase material mostly buyer follow a standard but some of them feel its hardly matter for them as per quality concern. As per amount concern majority buyers have no fix criteria to purchase assembling parts they use to purchase parts as per their production volume. Only few have a fix limit and their purchasing power is below 1 Cr. At the time of purchasing mostly buyer look for quality and service of vendor and they also appoint a quality manager to check the quality of vendors products. Normally buyers paid the payment on credit bases it is because checking of vendors quality and quantity take some time. The time interval of paying the money is almost three month. And buyers prefer monthly transition of the invoice. As per Minda most of buyer got the knowledge of its products through company representative and buyers sell it because of its quality, services and claims made by company during sale process regarding quality of their products and service is generally true. Minda has lots of market competitors so company can conduct a market research to know their involvement for customer and it will help to differentiate it from its competitors.

Customer gets more satisfaction with the service and product of the minda because it gives good service and good quality of product. Minda also add some offer and scheme with product which attract the customer.like; (discount and warranty )

With help of competitive analysis company can easily work on the mode that what exactly youth generation wants who actually are the potential buyer to purchase the product. The major contrast of this report focused on that before taking any decision consumer does the comparison analysis of various firms to look at the best possible product Credit facility provided by the company will increase the need of the product of the organization so that company can focus on quality of the product.

RECOMMENDATIONS/SUGGESTIONFollowing are the recommendations/suggestion, which we are giving to companies as follows:1. Company should look according to the global world. Now the Indian market is coming with the new and modern technology, by which the better service can be provided to the customer because the customer is the king.2. The company should emphasis on the policies, to attract their customer and can increase their sales.3. The companies should emphasis on the product line with good quality and economic price to serve to the majority of the segments.4. Educate about their product to technical personnel and the person who deal with those products where minda products are compulsory.5. To give the knowledge for uses and handling to the ultimate customers, as this will significantly increasing satisfaction.6. The company should launch the attractive offers to influence the corporate customers effectively to increase the sales.

7. The company should decide their selling prices according to the effectiveness of their products and competitors prices of substitute products.8. The companies should conduct market research to know the current position and analysis the problem.

9. Offers like discount and warranty will also helpful to attract the new customer and and they would like to use it once.

CONCLUSION

Different studies depending upon customers characteristics may be used to emphasis different aspect of customer satisfaction. Customer expectations and performance standards are continuously changing, because the competition is also working to meet or exceed the customer requirement.Competing for the consumer is a never-ending challenge that MINDA continually faces. This is due principally to the uniqueness and competitiveness of each individual market, for they are all different and all require different approaches because of different consumer behaviors and factors which affect this behavior.

From the study of filled questionnaire and discussion with the corporate regarding there need, buying behavior and budgeting for particular products it was found that ultimate consumers are demanding but not well informed about the products detail. Besides that the recommendations by corporate, who has experienced the product, also have impact on their buying preferences. So, company needs to focus on what is the unique, compelling benefit of the product. Because the truth is that people buy products, not technologies, look for benefit, not a feature. So, Instead of saying, "If I build it, they will come," the company should ask, "If I build it, will they come?" and "why?"BIBLIOGRAPHYBOOKS: Kothari, CR(1995) Research Methodology : methods and techniques wishwaprakashan(wiley eatern Ltd),New Delhi Tapan Kumar Panda, Sunil Sahadev - Business & Economics - Sales and Distribution Management- 2005WEBSITE: www.mindagroup.com/mindaacoustic.htm

www.mindagroup.com

wikimapia.org

www.udel.edu

www.knowthis.com

ANEXURE

QUESTIONNAIRE

Q1. At the time of purchase of auto parts you consider:

a) Recommended by head office only

( )b) Brand Image

( )c) Price

( )d) a & b

( )

Q.2 Do you agree that quality of outsource auto part is vital part for your products

a) Strongly agree

( )b) Occasionally

( )c) Disagree

( )Q3) what is the approx budget or expenses per year for purchasing auto spare accessories

in your company?a) Up to 1 Cr.

( )

b) 1 Cr. To 5 Cr.

( )

c) 5 Cr. To 10 Cr.

( )d) More than 10 Cr. ( )

Q4) what is your preferable payment process for your vendor?

a) Advance

( )b) Cash

( )c) Credit

( )

Q.5 what is your frequency or time interval to purchase Auto products?

a) On Monthly bases

( )b) As per requirement

( )c) Once in a Year

( )

Q6. How did you get to know about the product quality of Minda Product?

a) Through Representative

( )b) Got Catalogues

( )c) By internet or magazines

( )Q7. Cause behind to purchase Minda productsa) Lower price

( )b) Quality of products

( )c) Good service

( )

Q8. What has been the reason for Non purchase of particular products of Minda?

a) No Requirement

( )b) No Awareness

( )c) Service problem

( )Q9. Do you feel that claims made by company during sale process regarding quality of their products and service is generally true?

a) Yes

( )b) No

( )c) In specific situation

( )Q10. To what extent are you satisfied with quality and service of the Minda Product?

a) Completely Satisfied

( )b) No Satisfied

( )c) Partially Satisfied

( )1