Buying behaviour of Gold
Content
Project Report On “Buying behaviour of gold with regards to Tanisq ”
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF P.G.D.M. PROGRAM Submitted To: Professor Devang Desai Submitted By: Jay Desai (28) Grishma Tandel (20) Jairaj Tailor (27) Rohan Shahi (49)
2nd Year P.G.D.M. (3rd Semester) G.I.D.C. Rofel Business School, Vapi.
Academic Year: 2009-2010 Submission On: 20th November, 2009
Buying behaviour of Gold
DECLARATION
Marketing Research
GIDC ROFEL Business School Page 2
Buying behaviour of Gold
This project report entitled study of customer’s perception has been submitted to G.I.D.C Rofel Business School, Vapi in partial fulfilment of P.G.D.M. Degree. Here by we, undersign that this project report has been completed by us under the guidance of Professor Devang Desai (Faculty: Marketing Research, G.I.D.C. Rofel Business School, Vapi)
Study of this Project Report is entirely result of our own efforts and research is original in nature. This Project Report is not submitted either in part or whole to any other institute for any other degree.
Place: Vapi Date: 20th November, 2009
Grishma Tandel Jairaj tailor Jay Desai Rohan Shahi
Marketing Research
GIDC ROFEL Business School Page 3
Buying behaviour of Gold
ACKNOWLEDGEMENT
Marketing Research
GIDC ROFEL Business School Page 4
Buying behaviour of Gold
We would like to express our gratitude to:
(i)
Professor Devang Desai, for giving us a chance to learn things in a practical and innovative way, and gain some experience for the same. We would also like to thank her for all her support and to encourage us and motivate us to learn new things and in different ways. The group members for showing their co-ordination for the project.
(ii)
We are greatly thankful to all the advisors who helped us knowingly and for giving information and interest in report.
Thanking You,
Grishma Tandel Jairaj tailor Jay Desai Rohan Shahi
Marketing Research
GIDC ROFEL Business School Page 5
Buying behaviour of Gold
ITENARY
Marketing Research
GIDC ROFEL Business School Page 6
Buying behaviour of Gold
F F F
Executive Summary Introduction
i) Tanishq profile
About The Research
i) ii) iii)
Purpose Of The Research Problem Of The Research Objective Of The Research
iv) Limitations Of The Research v) Significance Of The Research
F
Sample
i) ii) Sampling Frame Sampling Unit
iii) Sample Size iv) Sample Size Selection
F
Research Methodology
i) Research Tools
a) Exploratory Research
Marketing Research
GIDC ROFEL Business School Page 7
Buying behaviour of Gold
• Questionnaire Survey b) Descriptive Research
F F F F
Detailed Findings Conclusion Recommendation & Conclusion Bibliography
EXECUTIVE SUMMARY
Marketing Research
GIDC ROFEL Business School Page 8
Buying behaviour of Gold
INTRODUCTION
Marketing Research GIDC ROFEL Business School Page 9
Buying behaviour of Gold
TANISHQ PROFILE
Evolution of Tanishq Titan came into existence in July 1984, when the Tata Group joined hands with the Tamil Nadu Industrial Development Corporation (TIDCO) to make a foray into the watch industry. Titan started manufacturing jewellery watches and jewellery in 1994. It set up its fully integrated Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture four tonnes of gold in a year. Titan launched these products under the brand name of Tanishq, in 1995. The name Tanishq, a blend of two words, 'tan' (body) and 'ishq' (love), was coined by Xerxes Desai, the Vice-Chairman and Managing Director of Titan. To change its image from a watch manufacturer to a fashion accessories manufacturer, Titan was renamed Titan Industries Ltd. in 1995. Titan scaled the capacity of its Hosur plant to 4.18
Marketing Research GIDC ROFEL Business School Page 10
Buying behaviour of Gold
million units in 1996 to meet the domestic and international demand. From the late 1990s, Titan's commitment to the jewellery business increased. When Titan launched Tanishq in 1995, the jewellery industry in India valued at Rs 40,000 crore was mostly unorganized, with around 3.5 lakh players. Before 1992, only the Metal and Mineral Trading Corporation and the State Bank of India were allowed to import gold. In 1992, as part of economic liberalization, the government abolished the Gold Control Act of 1962, allowing free import of gold. In 1993, private companies were allowed to enter the hitherto restricted gold and diamond mining industry. Foreign investors were allowed to hold up to 50% equity in mining ventures.
Marketing Research
GIDC ROFEL Business School Page 11
Buying behaviour of Gold
Growth of Tanishq
Revenue in million Rupees
Marketing Research
GIDC ROFEL Business School Page 12
Buying behaviour of Gold
STRENGTH • Purity (karat meter) • Distribution retailing store • Award winning designs • Diversity in jewellery network and
OPPORTUNITIES • Global markets • • • • Low cost jewellery Customized designs Concentrate on Gen-X by having trendy jewellery Expand retail stores jewellery
gold/diamond/platinum • Competitive prices WEAKNESS • Capture Rs 70,000-crore • Escalated gold costs lower margins
THREATS • Competition • Lack of Skilled workers • Gold not seen as s source of investment. (Luxury is needed).
SWOT ANALYSIS
Marketing Research
GIDC ROFEL Business School Page 13
Buying behaviour of Gold
Purity of jwellrey through karat meter is still the sign of total purity. Distribution network and retailing store are in place for the company with 130 stores countrywide. Mind boggling/award winning designs have come for the company. Diversity in jewellery gold/diamond/platinum enhances the product range of the company. We also have competitive prices for the entire product ranges as compared to the competitors. Weaknesses Capture Rs 70,000-crore Indian jewellery market. Tanishq comprises a small share of the overall Rs 70,000-crore Indian jewellery market and hence it needs to increase its market share in this huge industry. Escalated gold costs has caused lower margins is to push sales as much as possible. Opportunities Global markets like USA needs to be looked at. Low cost and easy to wear jewellery should jewellery designs be further promoted. Customized
should provided to the customers. Concentrate on Gen-X by having trendy jewellery. Expand retail stores in India to further increase reach.
Marketing Research GIDC ROFEL Business School Page 14
Buying behaviour of Gold
Threats Competition from local jewellers all over India. Lack of Skilled workers in jewellery industry. Gold is no longer seen as source of investment. People are more concerned about design and luxury.
Marketing Research
GIDC ROFEL Business School Page 15
Buying behaviour of Gold
Three Major Products Of Tanishq In GOLD
Zoya
Secrets of the Egyptian pharaohs masked with the mystery of the comos; Oriental art embellished with occidental architecture
Fashion Earrings
The Fashion earring collection; has a ranged of over 300 exclusive designs
Wedding Collection
The bride blushes
Marketing Research
GIDC ROFEL Business School Page 16
Buying behaviour of Gold
ABOUT THE RESEARCH
Marketing Research
GIDC ROFEL Business School Page 17
Buying behaviour of Gold
THE PURPOSE OF THE RESEARCH
The basic purpose of this research is to find the buying behaviour of people of vapi toward gold.
Marketing Research
GIDC ROFEL Business School Page 18
Buying behaviour of Gold
PROBLEM
To find out problem is the first stage of the research process. It represents translating the management problem into research problem. It is right said, “A problem well defined is half – solved.”
Tanishq is one of the store who provides branded gold & have brand name. Inspite of product quality , services tanishq provides why do still prefer buying gold from local retailers.
.
Marketing Research
GIDC ROFEL Business School Page 19
Buying behaviour of Gold
OBJECTIVES
The objectives of the study are as follows:
1) The objective of study was to find the actual reason why people are not going to Tanishq 2) To find what they like & dislike about Tanishq. 3) On the basis of in depth interview we got 6 criteria in which we could measure the attitude of people towards Tanishq.
Marketing Research
GIDC ROFEL Business School Page 20
Buying behaviour of Gold
Limitations
The survey was conducted within the limited time
frame; so few shortcoming may be expected.
The respondent’s personal bias may be another
factor, which is uncontrollable.
Marketing Research
GIDC ROFEL Business School Page 21
Buying behaviour of Gold
The finding of the survey is strictly based on the
responses of the respondents. It is difficult to find the euthenics be true, so we are assuming them to be true.
It was very difficult to explain the respondents about
how to fill the questionnaire & it took time for data collection.
Hypothesis
a) Price doesnot affect the buying of gold. b) Quality of gold does not effect the buying of gold c) Service does not effect the buying of gold d) Pattern does not effect buying of gold e) Location of store does not effect buying behavior of gold. f) Ambiance of store effect buying behavior of gold.
Marketing Research
GIDC ROFEL Business School Page 22
Buying behaviour of Gold
Marketing Research
GIDC ROFEL Business School Page 23
Buying behaviour of Gold
VIEW ABOUT THE TOPIC
SAMPLE
Sampling Frame:
A Sampling frame consists of a list of item from which the sample is to be drawn. The sample frame for this research constitutes all the customers who have visited Tanishq store for purchasing gold.
Marketing Research
GIDC ROFEL Business School Page 24
Buying behaviour of Gold
Sampling Unit:
A decision has to be taken concerning a sampling unit before selecting sample sampling unit may be a geographical one, a construction unit, a social unit or it may be an individual. The sample unit for this research constitutes the organization that is Tanishq only dealer in vapi
Sample Size:
The sample size of our research was 150 but only 121 people have visited tanishq store.
Sample Size Selection: sample size was selected on the basis of the 3 factors.
Marketing Research
GIDC ROFEL Business School Page 25
Buying behaviour of Gold
a) It was difficult to locate the customer who have visited to tanishq. b) The respondents were not much educated so it was difficult to make them understand about the questionnaire. c) People were not easily available outside Tanishq.
Marketing Research
GIDC ROFEL Business School Page 26
Buying behaviour of Gold
RESEARCH METHODOLOGY
Research Tools:
The research tool used for this research is PRIMARY DATA In primary data the following research design is being followed:
Marketing Research GIDC ROFEL Business School Page 27
Buying behaviour of Gold i) Exploratory Research: Questionnaire Survey (Sample Size – 150) ii) Descriptive Research: On the basis of the questionnaire survey, the analysis is done in order to find out the reason why people are not visiting Tanishq
We have used 2 types of reaserch design they are a) Exploratory research b) Descriptive research Exploratary research because we were not knowing the actual problem faced by tanishq. So for that we did an Indepth interview of 3 person to find what are the major findings & difficulties are faced by them. We did Interview of
Marketing Research
GIDC ROFEL Business School Page 28
Buying behaviour of Gold
a) Mr Bhaskar who is the senior sales manger of tanishq of south Gujarat region. In the interview we asked him diifrent question regarding the sales & their way of operation & different aspects about tanishq From the answers given by Mr Bhaskar we found that major reason why people are not turning out towards Tanishq is because of Price a bit higher & pattern availability in tanishq . he also told us the major reason why people are coming to tanishq is the quality of gold & services provided by them. He also said that people who loves the ambiance of store may affect the buying decision. Then we interviewed Mr Azad the owner of Payal jwellers of vapi town & we asked him the same questions what we asked Mr. Bhaskar. We found that a) Major people who buy gold from there are their regular customers from long time b) The people have trust on the purity of gold c) He also said that people are having bad experience of going to tanishq as the price of gold is more than what they are paying to normal retailers. d) He also said that people of vapi are more price councius & not quality concius. e) He also said that patterns which are available with them are the same or much more compared to tanishq people. From the detailed interview of these 2 people we thaught that major reasons which can effect the purchase decision of people buying gold are
Marketing Research GIDC ROFEL Business School Page 29
Buying behaviour of Gold
1) Price 2) Quality 3) Service 4) Availability of pattern 5) Proximity to market 6) Ambiance of store
Marketing Research
GIDC ROFEL Business School Page 30
Buying behaviour of Gold
DETAILED FINDINGS
Over All Sample size
Marketing Research GIDC ROFEL Business School Page 31
Buying behaviour of Gold
The sample was 150 but out of which 29 people dint went to Tanishq for buying of gold. So our sample size came to 121.
Segmentation According to Gender
Marketing Research GIDC ROFEL Business School Page 32
Buying behaviour of Gold
Out of 121 there were 65 female that constitute 54% of total sample & rest are male they are 56 which contributes 46% of total sample.
Annual income of Respondents
Marketing Research GIDC ROFEL Business School Page 33
Buying behaviour of Gold
The respondents average income lies from 5000 to 30000 & above so respondents were a) b) c) d) 5000 – 10000 =6
10000 – 20000 = 11 20000 – 30000 = 18 30000 & above = 86
People who said they visit Tanishq & again goes for repurchase
Marketing Research GIDC ROFEL Business School Page 34
Buying behaviour of Gold
The above charts gives us the detail of people who visits Tanishq for repurchase.
Marketing Research
GIDC ROFEL Business School Page 35
Buying behaviour of Gold
Hypothesis Testing
X = ∑ (o-e) / e
2
2
1)Price does not affect the buying of gold.
Price Particular 1 2 3 4 5 Total
Marketing Research
GIDC ROFEL Business School Page 36
Buying behaviour of Gold
1 2 3 4 5 Total
3 8 1 0 0
12
12 15 0 0 0
27
11 31 6 1 0
49
4 12 7 1 1
25
0 0 4 2 2
8
30 66 18 4 3
121
Marketing Research
GIDC ROFEL Business School Page 37
Buying behaviour of Gold
Observed 3 12 11 4 0 8 15 31 12 0 1 0 6 7 4 0 0 1 1 2 0 0 0 1 2 Total
expected 2.97 6.69 12.14 6.19 1.98 6.54 14.72 26.2 13.63 4.36 1.78 4.01 7.28 3.71 1.19 0.39 0.89 1.61 0.82 0.26 0.29 0.66 1.21 0.61 0.19
o-e 0.03 5.31 -1.14 -2.19 -1.98 1.46 0.28 4.8 -1.63 -4.36 -0.78 -4.01 -1.28 3.29 2.81 -0.39 -0.89 -0.61 0.18 1.74 -0.29 -0.66 -1.21 0.39 1.81
2(o-e) 0.0009 28.1961 1.2996 4.7961 3.9204 2.1316 0.0784 23.04 2.6569 19.0096 0.6084 16.0801 1.6384 10.8241 7.8961 0.1521 0.7921 0.3721 0.0324 3.0276 0.0841 0.4356 1.4641 0.1521 3.2761
2(o-e)/e 0.000303 4.214664 0.107051 0.774814 1.98 0.325933 0.005326 0.879389 0.19493 4.36 0.341798 4.01 0.225055 2.917547 6.635378 0.39 0.89 0.231118 0.039512 11.64462 0.29 0.66 1.21 0.249344 17.24263
59.8194
The hypothesis of these question is that the price does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 59.8149
Marketing Research GIDC ROFEL Business School Page 38
Buying behaviour of Gold
So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected.
2) Quality of gold does not effect the buying of gold Quality Particular
Marketing Research
1
2
3
4
5
total
GIDC ROFEL Business School Page 39
Buying behaviour of Gold
1 2 3 4 5 Total 3 1 2 6 0 12 2 4 10 9 2 27 2 5 20 18 4 49 0 2 11 8 4 25 0 0 3 5 0 8 7 12 46 46 10 121
Observed 3 2 2 0 0 1 4 5 2 0 2 10 20 11 3 6 9 18 8 5 0 2 4 4 0 Total
expected 0.69 1.56 2.83 1.44 0.46 1.19 2.67 4.85 2.47 0.79 4.56 10.26 18.62 9.5 3.04 4.56 10.26 18.62 9.5 3.04 0.99 2.23 4.04 2.06 0.66
o-e 2.31 0.44 -0.83 -1.44 -0.46 -0.19 1.33 0.15 -0.47 -0.79 -2.56 -0.26 1.38 1.5 -0.04 1.44 -1.26 -0.62 -1.5 1.96 -0.99 -0.23 -0.04 1.94 -0.66
2(o-e) 5.3361 0.1936 0.6889 2.0736 0.2116 0.0361 1.7689 0.0225 0.2209 0.6241 6.5536 0.0676 1.9044 2.25 0.0016 2.0736 1.5876 0.3844 2.25 3.8416 0.9801 0.0529 0.0016 3.7636 0.4356
2(o-e)/e 7.733478 0.124103 0.243428 1.44 0.46 0.030336 0.662509 0.004639 0.089433 0.79 1.437193 0.006589 0.102277 0.236842 0.000526 0.454737 0.154737 0.020644 0.236842 1.263684 0.99 0.023722 0.000396 1.82699 0.66 18.99311
The hypothesis of these question is that the Quality does not effect the buying behavior of consumer that is Ho.
Marketing Research GIDC ROFEL Business School Page 40
Buying behaviour of Gold
So from the calculation we got the value of H0 as 18.99311 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted. So Quality does matter in buying gold.
3) Service does not affect buying behavior of consumer.
Marketing Research GIDC ROFEL Business School Page 41
Buying behaviour of Gold
Particula r 1 2 3 4 5 Total 1 2 3 4 5 total 1 1 21 70 28 121
0 1 1 6 4
12
0 0 6 15 6
27
1 0 5 33 10
49
0 0 8 10 7
25
0 0 1 6 1
8
Service Observed 0 0 1 0 0 1 0 0 0 0 1 6 5 8 1 6 15 33 10 6 4 6 10 7 1
expected 0.09 0.22 0.4 0.2 0.06 0.09 0.22 0.4 0.2 0.06 2.08 4.68 8.5 4.33 1.3 6.94 15.62 18.35 14.46 4.63 2.78 6.25 11.34 5.79 1.85
o-e -0.09 -0.22 0.6 -0.2 -0.06 0.91 -0.22 -0.4 -0.2 -0.06 -1.08 1.32 -3.5 3.67 -0.3 -0.94 -0.62 14.65 -4.46 1.37 1.22 -0.25 -1.34 1.21 -0.85
2(o-e) 0.0081 0.0484 0.36 0.04 0.0036 0.8281 0.0484 0.16 0.04 0.0036 1.1664 1.7424 12.25 13.4689 0.09 0.8836 0.3844 214.6225 19.8916 1.8769 1.4884 0.0625 1.7956 1.4641 0.7225
2(o-e)/e 0.09 0.22 0.9 0.2 0.06 9.201111 0.22 0.4 0.2 0.06 0.560769 0.372308 1.441176 3.1106 0.069231 0.12732 0.024609 11.69605 1.375629 0.405378 0.535396 0.01 0.158342 0.252867 0.390541 32.08133
The hypothesis of these question is that the service does not effect the buying behavior of consumer that is Ho.
Marketing Research GIDC ROFEL Business School Page 42
Buying behaviour of Gold
So from the calculation we got the value of H0 as 32.0813 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected. So service does matter in buying gold.
4 ) Pattern does not effect effect buying behavior of consumers.
Particular 1 2 3 4 5 total
Marketing Research
GIDC ROFEL Business School Page 43
Buying behaviour of Gold
1 2 3 4 5 Total
0 5 3 3 1
13
2 7 11 6 1
27
4 16 16 4 9
49
0 8 7 6 4
25
0 3 2 1 1
7
6 39 39 20 17 121
PATTERN Observed 0 2 4 0 0 5 7 16 8 3 3 11 16 7 2 3 6 4 6 1 2 1 9 4 1
expected 0.65 1.34 0.45 1.25 0.35 4.19 8.7 2.9 8.06 2.26 4.19 8.7 2.9 8.06 2.26 2.15 4.46 1.49 4.13 1.16 1.83 3.79 1.26 3.51 0.98
o-e -0.65 0.66 3.55 -1.25 -0.35 0.81 -1.7 13.1 -0.06 0.74 -1.19 2.3 13.1 -1.06 -0.26 0.85 1.54 2.51 1.87 -0.16 0.17 -2.79 7.74 0.49 0.02
2(o-e) 0.4225 0.4356 12.6025 1.5625 0.1225 0.6561 2.89 171.61 0.0036 0.5476 1.4161 5.29 171.61 1.1236 0.0676 0.7225 2.3716 6.3001 3.4969 0.0256 0.0289 7.7841 59.9076 0.2401 0.0004
2(o-e)/e 0.65 0.325075 28.00556 1.25 0.35 0.156587 0.332184 59.17586 0.000447 0.242301 0.337971 0.608046 59.17586 0.139404 0.029912 0.336047 0.531749 4.228255 0.846707 0.022069 0.015792 2.053852 47.54571 0.068405 0.000408 206.4282
4) Pattern does not effect buying behavior of gold.
The hypothesis of these question is that the pattern does not effect the buying behavior of consumer that is Ho.
Marketing Research GIDC ROFEL Business School Page 44
Buying behaviour of Gold
So from the calculation we got the value of H0 206.4282 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected. So it has been analyzed that Tanishq has good variety of pattern.
5) Proximity does not affect buying of gold. Particul ar 1
1 2
2 0
3 6
4 2
5 0
total 10
Marketing Research
GIDC ROFEL Business School Page 45
Buying behaviour of Gold
2 3 4 5 Total 2 4 3 1 12 2 6 7 12 27 3 18 14 8 49 0 8 9 6 25 1 4 1 2 8 8 40 34 29 121
Proximity Observed 2 0 6 2 0 2 2 3 0 1 4 6 18 8 4 3 7 14 9 1 1 12 8 6 2 Total
expected 0.99 2.23 3.88 2.07 0.67 0.79 0.79 3.11 1.65 0.53 3.97 8.93 15.54 8.27 2.64 3.37 7.59 13.21 7.02 2.25 2.88 6.47 11.26 5.99 1.92
o-e 1.01 -2.23 2.12 -0.07 -0.67 1.21 1.21 -0.11 -1.65 0.47 0.03 -2.93 2.46 -0.27 1.36 -0.37 -0.59 0.79 1.98 -1.25 -1.88 5.53 -3.26 0.01 0.08
2(o-e) 1.0201 4.9729 4.4944 0.0049 0.4489 1.4641 1.4641 0.0121 2.7225 0.2209 0.0009 8.5849 6.0516 0.0729 1.8496 0.1369 0.3481 0.6241 3.9204 1.5625 3.5344 30.5809 10.6276 1E-04 0.0064
2(o-e)/e 1.030404 2.23 1.158351 0.002367 0.67 1.853291 1.853291 0.003891 1.65 0.416792 0.000227 0.961355 0.389421 0.008815 0.700606 0.040623 0.045863 0.047245 0.558462 0.694444 1.227222 4.726569 0.943837 1.67E-05 0.003333 21.21642
The hypothesis of these question is that the proximity does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 21.21
Marketing Research GIDC ROFEL Business School Page 46
Buying behaviour of Gold
So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted.
6) Ambiance does not affect buying behavior of gold.
Particular 1 1 2 3 4 5 total 7
1
1
0
4
1
Marketing Research
GIDC ROFEL Business School Page 47
Buying behaviour of Gold
2 3 4 5 Total
0 5 3 4
13
2 6 9 9
27
6 11 17 14
48
2 6 8 5
25
0 2 11 4
8
10 30 38 36 121
Observed 1 1 0 4 1 0 2 6 2 0 5 6 11 6 2 3 9 17 8 1 4 9 14 5 4 Total
Expected 0.75 1.56 2.78 1.45 0.46 1.07 2.23 3.97 2.07 0.66 3.22 6.69 11.9 6.2 1.98 4.08 8.48 15.07 7.85 2.51 3.87 8.03 14.28 7.44 2.38
o-e 0.25 -0.56 -2.78 2.55 0.54 -1.07 -0.23 2.03 -0.07 -0.66 1.78 -0.69 -0.9 -0.2 0.02 -1.08 0.52 1.93 0.15 -1.51 0.13 0.97 -0.28 -2.44 1.62
2(o-e) 0.0625 0.3136 7.7284 6.5025 0.2916 1.1449 0.0529 4.1209 0.0049 0.4356 3.1684 0.4761 0.81 0.04 0.0004 1.1664 0.2704 3.7249 0.0225 2.2801 0.0169 0.9409 0.0784 5.9536 2.6244
2(o-e)/e 0.083333 0.201026 2.78 4.484483 0.633913 1.07 0.023722 1.03801 0.002367 0.66 0.983975 0.071166 0.068067 0.006452 0.000202 0.285882 0.031887 0.247173 0.002866 0.908406 0.004367 0.117173 0.00549 0.800215 1.102689 15.61287
The hypothesis of these question is that the proximity does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 15.61
Marketing Research GIDC ROFEL Business School Page 48
Buying behaviour of Gold
So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted.
Questionnaire
Marketing Research GIDC ROFEL Business School Page 49
Buying behaviour of Gold
GIDC ROFEL BUSINESS SCHOOL Dear Sir/Madam We are the students of 2nd Year PGDM Course of GIDC ROFEL BUSINESS SCHOOL (VAPI). As a part of our research study we are conducting a survey regarding the perception of people regarding the purchase of gold from different organized & Un organized Retailers. Guidelines for filling the form:1) Please check the box wherever required. 2) Only 1 check per question.
Q 1 ) Name:-________________________________________________________
Q 2) Gender -
male
female
Q 3) Age :- _________________
Q 4) Occupation: - Service Others:-__________________________
Business
Others
Q 5) Monthly average INCOME? 5000-10000 30000 & above 10000-20000 20000-30000
Q 6) how often you visit jewellery store? Marketing Research GIDC ROFEL Business School Page 50
Buying behaviour of Gold
Once a month On Occasion once a year
Q 7) You Buy jewellery from Place Vapi Valsad Surat Bombay Others Store Name ___________________ ___________________ ___________________ ___________________ ___________________
Q 8) do you buy jewellery from same store every time ? Yes No Why?
If Yes/No ___________________________________________________________
Q 9 ) Rate your jewellery store from 1 to 5 where 1 is the WORST & 5 is the BEST
a) Product are worth price you pay ?
b) Purity & quality of gold ?
c) The service you get in the store ? Marketing Research GIDC ROFEL Business School Page 51
Buying behaviour of Gold
d) The Number of patterns available ?
e) Proximity to market ?
f) Ambiance of Store ?
Q 10) Are You aware about tanishq showroom opened in vapi? Yes No
Q 11) How did you come to know about Tanishq? TV Pamphlets News Paper Friends/relatives Hoardings Others
Q 12) Have you visited Tanishq Store? Yes No
Q 13) Rate Tanishq On flowing Criteria Given below Particular a) b) c) d) e) f) Price Purity & Quality of Gold Service Offered Patterns Available Location of Store Ambiance of store V.Go od Good Avera ge Ba d V.ba d
Q 14) During Re-Purchase you often go to Tanishq? Yes Marketing Research No GIDC ROFEL Business School Page 52
Buying behaviour of Gold
Q 15) Would you recommend others for Buying Tanishq Products? Yes Q 16) Rate tanishq on over all basis? Particular Tanishq As a Store V.Go od Good Avera ge Ba d V.ba d No
Thank You
Marketing Research
GIDC ROFEL Business School Page 53
Buying behaviour of Gold
FINDINGS
Marketing Research
GIDC ROFEL Business School Page 54
Buying behaviour of Gold
On the basis of chi-square test the relation between the variables are significant & few are not significant. Variables which were significant in the research & which affects the buying behavior of gold are a) Because of price people are not visiting Tanishq.
b) People are happy with the quality of Tanishq & they go
to Tanishq only because the purity & quality of gold. c) The people also visit Tanishq because they provide better services then the other retailers. d) The pattern are also major factor because of which people does not prefer Tanishq. e) The people says that the location of store is not affecting them to visit Tanishq.
f) People are not affected by the ambiance of store
From these we can conclude that people are more sencisitve towards price , Quality & availability of pattern. If they find these 3 things ok & they fill that this is what they wanted they will buy from there only. For people of vapi ambiance , proximity to market & service are less important.
Marketing Research
GIDC ROFEL Business School Page 55
Buying behaviour of Gold
Recommendation & Conclusion
Marketing Research
GIDC ROFEL Business School Page 56
Buying behaviour of Gold
Conclusion
People are more price conscious & they feel that the price in Tanishq are more than what the normal retailers have. They also feel that the quality they get is much higher than the quality what the normal retailers give. They also found that the patterns available are lesser than what they get in the normal retail store. They also are service oriented so they are more attracted because of service they get. People are not affected with the ambiance of the shop.
Recommendation We would recommend Tanishq following things
a) The making charge is affecting their sales so they
should cut down their prices.
b) The
patterns are comparative less so they should
provide more number of patterns & also should increase their market share by bringing more innovative scheme & loyalty programs.
Marketing Research
GIDC ROFEL Business School Page 57
Buying behaviour of Gold
c) People are more service conscious so they can target
young business man & young professional as they are now more in investing money in gold. d) Gold price are increasing day by day so they should increase their sales by selling biscuits of gold rather than selling more of ornaments.
Bibliography
Tanishq Website Tanishq Outlet Marketing Research TextBook
Marketing Research
GIDC ROFEL Business School Page 58
Buying behaviour of Gold
THANK YOU
Marketing Research
GIDC ROFEL Business School Page 59
Buying behaviour of Gold
Marketing Research
GIDC ROFEL Business School Page 60
SUBMITTED IN PARTIAL FULFILMENT OF THE REQUIREMENT OF P.G.D.M. PROGRAM Submitted To: Professor Devang Desai Submitted By: Jay Desai (28) Grishma Tandel (20) Jairaj Tailor (27) Rohan Shahi (49)
2nd Year P.G.D.M. (3rd Semester) G.I.D.C. Rofel Business School, Vapi.
Academic Year: 2009-2010 Submission On: 20th November, 2009
Buying behaviour of Gold
DECLARATION
Marketing Research
GIDC ROFEL Business School Page 2
Buying behaviour of Gold
This project report entitled study of customer’s perception has been submitted to G.I.D.C Rofel Business School, Vapi in partial fulfilment of P.G.D.M. Degree. Here by we, undersign that this project report has been completed by us under the guidance of Professor Devang Desai (Faculty: Marketing Research, G.I.D.C. Rofel Business School, Vapi)
Study of this Project Report is entirely result of our own efforts and research is original in nature. This Project Report is not submitted either in part or whole to any other institute for any other degree.
Place: Vapi Date: 20th November, 2009
Grishma Tandel Jairaj tailor Jay Desai Rohan Shahi
Marketing Research
GIDC ROFEL Business School Page 3
Buying behaviour of Gold
ACKNOWLEDGEMENT
Marketing Research
GIDC ROFEL Business School Page 4
Buying behaviour of Gold
We would like to express our gratitude to:
(i)
Professor Devang Desai, for giving us a chance to learn things in a practical and innovative way, and gain some experience for the same. We would also like to thank her for all her support and to encourage us and motivate us to learn new things and in different ways. The group members for showing their co-ordination for the project.
(ii)
We are greatly thankful to all the advisors who helped us knowingly and for giving information and interest in report.
Thanking You,
Grishma Tandel Jairaj tailor Jay Desai Rohan Shahi
Marketing Research
GIDC ROFEL Business School Page 5
Buying behaviour of Gold
ITENARY
Marketing Research
GIDC ROFEL Business School Page 6
Buying behaviour of Gold
F F F
Executive Summary Introduction
i) Tanishq profile
About The Research
i) ii) iii)
Purpose Of The Research Problem Of The Research Objective Of The Research
iv) Limitations Of The Research v) Significance Of The Research
F
Sample
i) ii) Sampling Frame Sampling Unit
iii) Sample Size iv) Sample Size Selection
F
Research Methodology
i) Research Tools
a) Exploratory Research
Marketing Research
GIDC ROFEL Business School Page 7
Buying behaviour of Gold
• Questionnaire Survey b) Descriptive Research
F F F F
Detailed Findings Conclusion Recommendation & Conclusion Bibliography
EXECUTIVE SUMMARY
Marketing Research
GIDC ROFEL Business School Page 8
Buying behaviour of Gold
INTRODUCTION
Marketing Research GIDC ROFEL Business School Page 9
Buying behaviour of Gold
TANISHQ PROFILE
Evolution of Tanishq Titan came into existence in July 1984, when the Tata Group joined hands with the Tamil Nadu Industrial Development Corporation (TIDCO) to make a foray into the watch industry. Titan started manufacturing jewellery watches and jewellery in 1994. It set up its fully integrated Rs. 400 million-jewellery plant in Hosur. The plant had the capacity to manufacture four tonnes of gold in a year. Titan launched these products under the brand name of Tanishq, in 1995. The name Tanishq, a blend of two words, 'tan' (body) and 'ishq' (love), was coined by Xerxes Desai, the Vice-Chairman and Managing Director of Titan. To change its image from a watch manufacturer to a fashion accessories manufacturer, Titan was renamed Titan Industries Ltd. in 1995. Titan scaled the capacity of its Hosur plant to 4.18
Marketing Research GIDC ROFEL Business School Page 10
Buying behaviour of Gold
million units in 1996 to meet the domestic and international demand. From the late 1990s, Titan's commitment to the jewellery business increased. When Titan launched Tanishq in 1995, the jewellery industry in India valued at Rs 40,000 crore was mostly unorganized, with around 3.5 lakh players. Before 1992, only the Metal and Mineral Trading Corporation and the State Bank of India were allowed to import gold. In 1992, as part of economic liberalization, the government abolished the Gold Control Act of 1962, allowing free import of gold. In 1993, private companies were allowed to enter the hitherto restricted gold and diamond mining industry. Foreign investors were allowed to hold up to 50% equity in mining ventures.
Marketing Research
GIDC ROFEL Business School Page 11
Buying behaviour of Gold
Growth of Tanishq
Revenue in million Rupees
Marketing Research
GIDC ROFEL Business School Page 12
Buying behaviour of Gold
STRENGTH • Purity (karat meter) • Distribution retailing store • Award winning designs • Diversity in jewellery network and
OPPORTUNITIES • Global markets • • • • Low cost jewellery Customized designs Concentrate on Gen-X by having trendy jewellery Expand retail stores jewellery
gold/diamond/platinum • Competitive prices WEAKNESS • Capture Rs 70,000-crore • Escalated gold costs lower margins
THREATS • Competition • Lack of Skilled workers • Gold not seen as s source of investment. (Luxury is needed).
SWOT ANALYSIS
Marketing Research
GIDC ROFEL Business School Page 13
Buying behaviour of Gold
Purity of jwellrey through karat meter is still the sign of total purity. Distribution network and retailing store are in place for the company with 130 stores countrywide. Mind boggling/award winning designs have come for the company. Diversity in jewellery gold/diamond/platinum enhances the product range of the company. We also have competitive prices for the entire product ranges as compared to the competitors. Weaknesses Capture Rs 70,000-crore Indian jewellery market. Tanishq comprises a small share of the overall Rs 70,000-crore Indian jewellery market and hence it needs to increase its market share in this huge industry. Escalated gold costs has caused lower margins is to push sales as much as possible. Opportunities Global markets like USA needs to be looked at. Low cost and easy to wear jewellery should jewellery designs be further promoted. Customized
should provided to the customers. Concentrate on Gen-X by having trendy jewellery. Expand retail stores in India to further increase reach.
Marketing Research GIDC ROFEL Business School Page 14
Buying behaviour of Gold
Threats Competition from local jewellers all over India. Lack of Skilled workers in jewellery industry. Gold is no longer seen as source of investment. People are more concerned about design and luxury.
Marketing Research
GIDC ROFEL Business School Page 15
Buying behaviour of Gold
Three Major Products Of Tanishq In GOLD
Zoya
Secrets of the Egyptian pharaohs masked with the mystery of the comos; Oriental art embellished with occidental architecture
Fashion Earrings
The Fashion earring collection; has a ranged of over 300 exclusive designs
Wedding Collection
The bride blushes
Marketing Research
GIDC ROFEL Business School Page 16
Buying behaviour of Gold
ABOUT THE RESEARCH
Marketing Research
GIDC ROFEL Business School Page 17
Buying behaviour of Gold
THE PURPOSE OF THE RESEARCH
The basic purpose of this research is to find the buying behaviour of people of vapi toward gold.
Marketing Research
GIDC ROFEL Business School Page 18
Buying behaviour of Gold
PROBLEM
To find out problem is the first stage of the research process. It represents translating the management problem into research problem. It is right said, “A problem well defined is half – solved.”
Tanishq is one of the store who provides branded gold & have brand name. Inspite of product quality , services tanishq provides why do still prefer buying gold from local retailers.
.
Marketing Research
GIDC ROFEL Business School Page 19
Buying behaviour of Gold
OBJECTIVES
The objectives of the study are as follows:
1) The objective of study was to find the actual reason why people are not going to Tanishq 2) To find what they like & dislike about Tanishq. 3) On the basis of in depth interview we got 6 criteria in which we could measure the attitude of people towards Tanishq.
Marketing Research
GIDC ROFEL Business School Page 20
Buying behaviour of Gold
Limitations
The survey was conducted within the limited time
frame; so few shortcoming may be expected.
The respondent’s personal bias may be another
factor, which is uncontrollable.
Marketing Research
GIDC ROFEL Business School Page 21
Buying behaviour of Gold
The finding of the survey is strictly based on the
responses of the respondents. It is difficult to find the euthenics be true, so we are assuming them to be true.
It was very difficult to explain the respondents about
how to fill the questionnaire & it took time for data collection.
Hypothesis
a) Price doesnot affect the buying of gold. b) Quality of gold does not effect the buying of gold c) Service does not effect the buying of gold d) Pattern does not effect buying of gold e) Location of store does not effect buying behavior of gold. f) Ambiance of store effect buying behavior of gold.
Marketing Research
GIDC ROFEL Business School Page 22
Buying behaviour of Gold
Marketing Research
GIDC ROFEL Business School Page 23
Buying behaviour of Gold
VIEW ABOUT THE TOPIC
SAMPLE
Sampling Frame:
A Sampling frame consists of a list of item from which the sample is to be drawn. The sample frame for this research constitutes all the customers who have visited Tanishq store for purchasing gold.
Marketing Research
GIDC ROFEL Business School Page 24
Buying behaviour of Gold
Sampling Unit:
A decision has to be taken concerning a sampling unit before selecting sample sampling unit may be a geographical one, a construction unit, a social unit or it may be an individual. The sample unit for this research constitutes the organization that is Tanishq only dealer in vapi
Sample Size:
The sample size of our research was 150 but only 121 people have visited tanishq store.
Sample Size Selection: sample size was selected on the basis of the 3 factors.
Marketing Research
GIDC ROFEL Business School Page 25
Buying behaviour of Gold
a) It was difficult to locate the customer who have visited to tanishq. b) The respondents were not much educated so it was difficult to make them understand about the questionnaire. c) People were not easily available outside Tanishq.
Marketing Research
GIDC ROFEL Business School Page 26
Buying behaviour of Gold
RESEARCH METHODOLOGY
Research Tools:
The research tool used for this research is PRIMARY DATA In primary data the following research design is being followed:
Marketing Research GIDC ROFEL Business School Page 27
Buying behaviour of Gold i) Exploratory Research: Questionnaire Survey (Sample Size – 150) ii) Descriptive Research: On the basis of the questionnaire survey, the analysis is done in order to find out the reason why people are not visiting Tanishq
We have used 2 types of reaserch design they are a) Exploratory research b) Descriptive research Exploratary research because we were not knowing the actual problem faced by tanishq. So for that we did an Indepth interview of 3 person to find what are the major findings & difficulties are faced by them. We did Interview of
Marketing Research
GIDC ROFEL Business School Page 28
Buying behaviour of Gold
a) Mr Bhaskar who is the senior sales manger of tanishq of south Gujarat region. In the interview we asked him diifrent question regarding the sales & their way of operation & different aspects about tanishq From the answers given by Mr Bhaskar we found that major reason why people are not turning out towards Tanishq is because of Price a bit higher & pattern availability in tanishq . he also told us the major reason why people are coming to tanishq is the quality of gold & services provided by them. He also said that people who loves the ambiance of store may affect the buying decision. Then we interviewed Mr Azad the owner of Payal jwellers of vapi town & we asked him the same questions what we asked Mr. Bhaskar. We found that a) Major people who buy gold from there are their regular customers from long time b) The people have trust on the purity of gold c) He also said that people are having bad experience of going to tanishq as the price of gold is more than what they are paying to normal retailers. d) He also said that people of vapi are more price councius & not quality concius. e) He also said that patterns which are available with them are the same or much more compared to tanishq people. From the detailed interview of these 2 people we thaught that major reasons which can effect the purchase decision of people buying gold are
Marketing Research GIDC ROFEL Business School Page 29
Buying behaviour of Gold
1) Price 2) Quality 3) Service 4) Availability of pattern 5) Proximity to market 6) Ambiance of store
Marketing Research
GIDC ROFEL Business School Page 30
Buying behaviour of Gold
DETAILED FINDINGS
Over All Sample size
Marketing Research GIDC ROFEL Business School Page 31
Buying behaviour of Gold
The sample was 150 but out of which 29 people dint went to Tanishq for buying of gold. So our sample size came to 121.
Segmentation According to Gender
Marketing Research GIDC ROFEL Business School Page 32
Buying behaviour of Gold
Out of 121 there were 65 female that constitute 54% of total sample & rest are male they are 56 which contributes 46% of total sample.
Annual income of Respondents
Marketing Research GIDC ROFEL Business School Page 33
Buying behaviour of Gold
The respondents average income lies from 5000 to 30000 & above so respondents were a) b) c) d) 5000 – 10000 =6
10000 – 20000 = 11 20000 – 30000 = 18 30000 & above = 86
People who said they visit Tanishq & again goes for repurchase
Marketing Research GIDC ROFEL Business School Page 34
Buying behaviour of Gold
The above charts gives us the detail of people who visits Tanishq for repurchase.
Marketing Research
GIDC ROFEL Business School Page 35
Buying behaviour of Gold
Hypothesis Testing
X = ∑ (o-e) / e
2
2
1)Price does not affect the buying of gold.
Price Particular 1 2 3 4 5 Total
Marketing Research
GIDC ROFEL Business School Page 36
Buying behaviour of Gold
1 2 3 4 5 Total
3 8 1 0 0
12
12 15 0 0 0
27
11 31 6 1 0
49
4 12 7 1 1
25
0 0 4 2 2
8
30 66 18 4 3
121
Marketing Research
GIDC ROFEL Business School Page 37
Buying behaviour of Gold
Observed 3 12 11 4 0 8 15 31 12 0 1 0 6 7 4 0 0 1 1 2 0 0 0 1 2 Total
expected 2.97 6.69 12.14 6.19 1.98 6.54 14.72 26.2 13.63 4.36 1.78 4.01 7.28 3.71 1.19 0.39 0.89 1.61 0.82 0.26 0.29 0.66 1.21 0.61 0.19
o-e 0.03 5.31 -1.14 -2.19 -1.98 1.46 0.28 4.8 -1.63 -4.36 -0.78 -4.01 -1.28 3.29 2.81 -0.39 -0.89 -0.61 0.18 1.74 -0.29 -0.66 -1.21 0.39 1.81
2(o-e) 0.0009 28.1961 1.2996 4.7961 3.9204 2.1316 0.0784 23.04 2.6569 19.0096 0.6084 16.0801 1.6384 10.8241 7.8961 0.1521 0.7921 0.3721 0.0324 3.0276 0.0841 0.4356 1.4641 0.1521 3.2761
2(o-e)/e 0.000303 4.214664 0.107051 0.774814 1.98 0.325933 0.005326 0.879389 0.19493 4.36 0.341798 4.01 0.225055 2.917547 6.635378 0.39 0.89 0.231118 0.039512 11.64462 0.29 0.66 1.21 0.249344 17.24263
59.8194
The hypothesis of these question is that the price does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 59.8149
Marketing Research GIDC ROFEL Business School Page 38
Buying behaviour of Gold
So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected.
2) Quality of gold does not effect the buying of gold Quality Particular
Marketing Research
1
2
3
4
5
total
GIDC ROFEL Business School Page 39
Buying behaviour of Gold
1 2 3 4 5 Total 3 1 2 6 0 12 2 4 10 9 2 27 2 5 20 18 4 49 0 2 11 8 4 25 0 0 3 5 0 8 7 12 46 46 10 121
Observed 3 2 2 0 0 1 4 5 2 0 2 10 20 11 3 6 9 18 8 5 0 2 4 4 0 Total
expected 0.69 1.56 2.83 1.44 0.46 1.19 2.67 4.85 2.47 0.79 4.56 10.26 18.62 9.5 3.04 4.56 10.26 18.62 9.5 3.04 0.99 2.23 4.04 2.06 0.66
o-e 2.31 0.44 -0.83 -1.44 -0.46 -0.19 1.33 0.15 -0.47 -0.79 -2.56 -0.26 1.38 1.5 -0.04 1.44 -1.26 -0.62 -1.5 1.96 -0.99 -0.23 -0.04 1.94 -0.66
2(o-e) 5.3361 0.1936 0.6889 2.0736 0.2116 0.0361 1.7689 0.0225 0.2209 0.6241 6.5536 0.0676 1.9044 2.25 0.0016 2.0736 1.5876 0.3844 2.25 3.8416 0.9801 0.0529 0.0016 3.7636 0.4356
2(o-e)/e 7.733478 0.124103 0.243428 1.44 0.46 0.030336 0.662509 0.004639 0.089433 0.79 1.437193 0.006589 0.102277 0.236842 0.000526 0.454737 0.154737 0.020644 0.236842 1.263684 0.99 0.023722 0.000396 1.82699 0.66 18.99311
The hypothesis of these question is that the Quality does not effect the buying behavior of consumer that is Ho.
Marketing Research GIDC ROFEL Business School Page 40
Buying behaviour of Gold
So from the calculation we got the value of H0 as 18.99311 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted. So Quality does matter in buying gold.
3) Service does not affect buying behavior of consumer.
Marketing Research GIDC ROFEL Business School Page 41
Buying behaviour of Gold
Particula r 1 2 3 4 5 Total 1 2 3 4 5 total 1 1 21 70 28 121
0 1 1 6 4
12
0 0 6 15 6
27
1 0 5 33 10
49
0 0 8 10 7
25
0 0 1 6 1
8
Service Observed 0 0 1 0 0 1 0 0 0 0 1 6 5 8 1 6 15 33 10 6 4 6 10 7 1
expected 0.09 0.22 0.4 0.2 0.06 0.09 0.22 0.4 0.2 0.06 2.08 4.68 8.5 4.33 1.3 6.94 15.62 18.35 14.46 4.63 2.78 6.25 11.34 5.79 1.85
o-e -0.09 -0.22 0.6 -0.2 -0.06 0.91 -0.22 -0.4 -0.2 -0.06 -1.08 1.32 -3.5 3.67 -0.3 -0.94 -0.62 14.65 -4.46 1.37 1.22 -0.25 -1.34 1.21 -0.85
2(o-e) 0.0081 0.0484 0.36 0.04 0.0036 0.8281 0.0484 0.16 0.04 0.0036 1.1664 1.7424 12.25 13.4689 0.09 0.8836 0.3844 214.6225 19.8916 1.8769 1.4884 0.0625 1.7956 1.4641 0.7225
2(o-e)/e 0.09 0.22 0.9 0.2 0.06 9.201111 0.22 0.4 0.2 0.06 0.560769 0.372308 1.441176 3.1106 0.069231 0.12732 0.024609 11.69605 1.375629 0.405378 0.535396 0.01 0.158342 0.252867 0.390541 32.08133
The hypothesis of these question is that the service does not effect the buying behavior of consumer that is Ho.
Marketing Research GIDC ROFEL Business School Page 42
Buying behaviour of Gold
So from the calculation we got the value of H0 as 32.0813 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected. So service does matter in buying gold.
4 ) Pattern does not effect effect buying behavior of consumers.
Particular 1 2 3 4 5 total
Marketing Research
GIDC ROFEL Business School Page 43
Buying behaviour of Gold
1 2 3 4 5 Total
0 5 3 3 1
13
2 7 11 6 1
27
4 16 16 4 9
49
0 8 7 6 4
25
0 3 2 1 1
7
6 39 39 20 17 121
PATTERN Observed 0 2 4 0 0 5 7 16 8 3 3 11 16 7 2 3 6 4 6 1 2 1 9 4 1
expected 0.65 1.34 0.45 1.25 0.35 4.19 8.7 2.9 8.06 2.26 4.19 8.7 2.9 8.06 2.26 2.15 4.46 1.49 4.13 1.16 1.83 3.79 1.26 3.51 0.98
o-e -0.65 0.66 3.55 -1.25 -0.35 0.81 -1.7 13.1 -0.06 0.74 -1.19 2.3 13.1 -1.06 -0.26 0.85 1.54 2.51 1.87 -0.16 0.17 -2.79 7.74 0.49 0.02
2(o-e) 0.4225 0.4356 12.6025 1.5625 0.1225 0.6561 2.89 171.61 0.0036 0.5476 1.4161 5.29 171.61 1.1236 0.0676 0.7225 2.3716 6.3001 3.4969 0.0256 0.0289 7.7841 59.9076 0.2401 0.0004
2(o-e)/e 0.65 0.325075 28.00556 1.25 0.35 0.156587 0.332184 59.17586 0.000447 0.242301 0.337971 0.608046 59.17586 0.139404 0.029912 0.336047 0.531749 4.228255 0.846707 0.022069 0.015792 2.053852 47.54571 0.068405 0.000408 206.4282
4) Pattern does not effect buying behavior of gold.
The hypothesis of these question is that the pattern does not effect the buying behavior of consumer that is Ho.
Marketing Research GIDC ROFEL Business School Page 44
Buying behaviour of Gold
So from the calculation we got the value of H0 206.4282 So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected. So it has been analyzed that Tanishq has good variety of pattern.
5) Proximity does not affect buying of gold. Particul ar 1
1 2
2 0
3 6
4 2
5 0
total 10
Marketing Research
GIDC ROFEL Business School Page 45
Buying behaviour of Gold
2 3 4 5 Total 2 4 3 1 12 2 6 7 12 27 3 18 14 8 49 0 8 9 6 25 1 4 1 2 8 8 40 34 29 121
Proximity Observed 2 0 6 2 0 2 2 3 0 1 4 6 18 8 4 3 7 14 9 1 1 12 8 6 2 Total
expected 0.99 2.23 3.88 2.07 0.67 0.79 0.79 3.11 1.65 0.53 3.97 8.93 15.54 8.27 2.64 3.37 7.59 13.21 7.02 2.25 2.88 6.47 11.26 5.99 1.92
o-e 1.01 -2.23 2.12 -0.07 -0.67 1.21 1.21 -0.11 -1.65 0.47 0.03 -2.93 2.46 -0.27 1.36 -0.37 -0.59 0.79 1.98 -1.25 -1.88 5.53 -3.26 0.01 0.08
2(o-e) 1.0201 4.9729 4.4944 0.0049 0.4489 1.4641 1.4641 0.0121 2.7225 0.2209 0.0009 8.5849 6.0516 0.0729 1.8496 0.1369 0.3481 0.6241 3.9204 1.5625 3.5344 30.5809 10.6276 1E-04 0.0064
2(o-e)/e 1.030404 2.23 1.158351 0.002367 0.67 1.853291 1.853291 0.003891 1.65 0.416792 0.000227 0.961355 0.389421 0.008815 0.700606 0.040623 0.045863 0.047245 0.558462 0.694444 1.227222 4.726569 0.943837 1.67E-05 0.003333 21.21642
The hypothesis of these question is that the proximity does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 21.21
Marketing Research GIDC ROFEL Business School Page 46
Buying behaviour of Gold
So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted.
6) Ambiance does not affect buying behavior of gold.
Particular 1 1 2 3 4 5 total 7
1
1
0
4
1
Marketing Research
GIDC ROFEL Business School Page 47
Buying behaviour of Gold
2 3 4 5 Total
0 5 3 4
13
2 6 9 9
27
6 11 17 14
48
2 6 8 5
25
0 2 11 4
8
10 30 38 36 121
Observed 1 1 0 4 1 0 2 6 2 0 5 6 11 6 2 3 9 17 8 1 4 9 14 5 4 Total
Expected 0.75 1.56 2.78 1.45 0.46 1.07 2.23 3.97 2.07 0.66 3.22 6.69 11.9 6.2 1.98 4.08 8.48 15.07 7.85 2.51 3.87 8.03 14.28 7.44 2.38
o-e 0.25 -0.56 -2.78 2.55 0.54 -1.07 -0.23 2.03 -0.07 -0.66 1.78 -0.69 -0.9 -0.2 0.02 -1.08 0.52 1.93 0.15 -1.51 0.13 0.97 -0.28 -2.44 1.62
2(o-e) 0.0625 0.3136 7.7284 6.5025 0.2916 1.1449 0.0529 4.1209 0.0049 0.4356 3.1684 0.4761 0.81 0.04 0.0004 1.1664 0.2704 3.7249 0.0225 2.2801 0.0169 0.9409 0.0784 5.9536 2.6244
2(o-e)/e 0.083333 0.201026 2.78 4.484483 0.633913 1.07 0.023722 1.03801 0.002367 0.66 0.983975 0.071166 0.068067 0.006452 0.000202 0.285882 0.031887 0.247173 0.002866 0.908406 0.004367 0.117173 0.00549 0.800215 1.102689 15.61287
The hypothesis of these question is that the proximity does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 15.61
Marketing Research GIDC ROFEL Business School Page 48
Buying behaviour of Gold
So when compared to tabulated value of the number that is (r1)*(c-1) gives us the tabulated value so for my question (51)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted.
Questionnaire
Marketing Research GIDC ROFEL Business School Page 49
Buying behaviour of Gold
GIDC ROFEL BUSINESS SCHOOL Dear Sir/Madam We are the students of 2nd Year PGDM Course of GIDC ROFEL BUSINESS SCHOOL (VAPI). As a part of our research study we are conducting a survey regarding the perception of people regarding the purchase of gold from different organized & Un organized Retailers. Guidelines for filling the form:1) Please check the box wherever required. 2) Only 1 check per question.
Q 1 ) Name:-________________________________________________________
Q 2) Gender -
male
female
Q 3) Age :- _________________
Q 4) Occupation: - Service Others:-__________________________
Business
Others
Q 5) Monthly average INCOME? 5000-10000 30000 & above 10000-20000 20000-30000
Q 6) how often you visit jewellery store? Marketing Research GIDC ROFEL Business School Page 50
Buying behaviour of Gold
Once a month On Occasion once a year
Q 7) You Buy jewellery from Place Vapi Valsad Surat Bombay Others Store Name ___________________ ___________________ ___________________ ___________________ ___________________
Q 8) do you buy jewellery from same store every time ? Yes No Why?
If Yes/No ___________________________________________________________
Q 9 ) Rate your jewellery store from 1 to 5 where 1 is the WORST & 5 is the BEST
a) Product are worth price you pay ?
b) Purity & quality of gold ?
c) The service you get in the store ? Marketing Research GIDC ROFEL Business School Page 51
Buying behaviour of Gold
d) The Number of patterns available ?
e) Proximity to market ?
f) Ambiance of Store ?
Q 10) Are You aware about tanishq showroom opened in vapi? Yes No
Q 11) How did you come to know about Tanishq? TV Pamphlets News Paper Friends/relatives Hoardings Others
Q 12) Have you visited Tanishq Store? Yes No
Q 13) Rate Tanishq On flowing Criteria Given below Particular a) b) c) d) e) f) Price Purity & Quality of Gold Service Offered Patterns Available Location of Store Ambiance of store V.Go od Good Avera ge Ba d V.ba d
Q 14) During Re-Purchase you often go to Tanishq? Yes Marketing Research No GIDC ROFEL Business School Page 52
Buying behaviour of Gold
Q 15) Would you recommend others for Buying Tanishq Products? Yes Q 16) Rate tanishq on over all basis? Particular Tanishq As a Store V.Go od Good Avera ge Ba d V.ba d No
Thank You
Marketing Research
GIDC ROFEL Business School Page 53
Buying behaviour of Gold
FINDINGS
Marketing Research
GIDC ROFEL Business School Page 54
Buying behaviour of Gold
On the basis of chi-square test the relation between the variables are significant & few are not significant. Variables which were significant in the research & which affects the buying behavior of gold are a) Because of price people are not visiting Tanishq.
b) People are happy with the quality of Tanishq & they go
to Tanishq only because the purity & quality of gold. c) The people also visit Tanishq because they provide better services then the other retailers. d) The pattern are also major factor because of which people does not prefer Tanishq. e) The people says that the location of store is not affecting them to visit Tanishq.
f) People are not affected by the ambiance of store
From these we can conclude that people are more sencisitve towards price , Quality & availability of pattern. If they find these 3 things ok & they fill that this is what they wanted they will buy from there only. For people of vapi ambiance , proximity to market & service are less important.
Marketing Research
GIDC ROFEL Business School Page 55
Buying behaviour of Gold
Recommendation & Conclusion
Marketing Research
GIDC ROFEL Business School Page 56
Buying behaviour of Gold
Conclusion
People are more price conscious & they feel that the price in Tanishq are more than what the normal retailers have. They also feel that the quality they get is much higher than the quality what the normal retailers give. They also found that the patterns available are lesser than what they get in the normal retail store. They also are service oriented so they are more attracted because of service they get. People are not affected with the ambiance of the shop.
Recommendation We would recommend Tanishq following things
a) The making charge is affecting their sales so they
should cut down their prices.
b) The
patterns are comparative less so they should
provide more number of patterns & also should increase their market share by bringing more innovative scheme & loyalty programs.
Marketing Research
GIDC ROFEL Business School Page 57
Buying behaviour of Gold
c) People are more service conscious so they can target
young business man & young professional as they are now more in investing money in gold. d) Gold price are increasing day by day so they should increase their sales by selling biscuits of gold rather than selling more of ornaments.
Bibliography
Tanishq Website Tanishq Outlet Marketing Research TextBook
Marketing Research
GIDC ROFEL Business School Page 58
Buying behaviour of Gold
THANK YOU
Marketing Research
GIDC ROFEL Business School Page 59
Buying behaviour of Gold
Marketing Research
GIDC ROFEL Business School Page 60
