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  • 1. APROJECT ON “A STUDY ON RETAILADVERTISINGAND ITS IMPACT ON CONSUMER CHOICE” by MILON MALLICK 2491000044For partial fulfillment of the requirements of final year MBA curriculum of Two years Full time MBA (Industry Integrated) Programme. Submitted to: Through 1
  • 2. STUDENT‟S DECLARATIONI hereby solemnly affirm, declare and state that report on “A Studyonretail advertising and its impact on consumer choice” was done byme with due diligence and sincerity and this report based on that study isa bonafied work by me and submitted to ANNAMALAI UNIVERSITYthrough RAMAIAH INSTITUTE OF MANAGEMENT SCIENCESunder the guidance and supervision of Prof Julie Sunil, Faculty RIMS ismy original work and not submitted for the award of any other degree,diploma, fellowship or other similar title or prizes.PLACE: BANGALORE Signature:DATE: 2
  • 3. CERTIFICATE FROM THE GUIDEThis is to certify that the project report titled ―A Study onretailadvertising and its impact on consumer choice‖byMilonMallick,Enrolment No.2491000044 carried out in partialfulfillment for the award of degree of MBA (Industry Integrated)programme of Annamalai University at RIMS, Bangalore under myguidance and direction. This study report is an original work and notsubmitted earlier to any University/Institute.PLACE: BANGALORE Signature:DATE: Guide Name 3
  • 4. TABLE OF CONTENTS Contents Page no.Title 1Student declaration 2Certificate from the guide 3Acknowledgement 5List of tables and diagrams 6Executive summary 7Introduction 8-24Survey of literature 25-30Research methodology 31-32Testing of hypothesis 33-36Analysis of research result 37-43Findings 44-45Conclusion 46Limitation of studies 47-48Bibliography 49Appendix-1 50-54Appendix-2 55-59 4
  • 5. ACKNOWLEDGEMENTI am grateful to our beloved Director Dr. M R PATTABHIRAMRAM, our dean Dr.Y RAJARAM, Coordinator Prof. SREERENGAN V.Rfor inspiring me to take upthis project. I extend my special gratitude to, my project guide Prof. JULIE SUNILwho has beensupporting and helping me throughout my project which was the best thing that happened to meduring the research. I could understand market research from her. I do not have enough words toexpress my gratitude to her. They gave me confidence to complete my project and made me understand every stepof the project. They guided me constantly during all the phases of the project and corrected mewhenever I was wrong in the project work. They have made the completion of the projectpossible; I do not have words to express my gratitude to them..SincerelySTUDENT NAME: MilonMallick(Reg. No.2491000044) 5
  • 6. List of table and particular Page no. 1. Testing of hypothesis (acceptance of alternative hypothesis) 34 2. Testing of hypothesis (acceptance of alternative hypothesis) 35 3. Testing of hypothesis (acceptance of alternative hypothesis) 36 4. The retail advertisement has increased in which media 38 5. Retail ads in proportion to company ads and 39 Spending on retail 6. Retail ads in newspaper for special offers and 40 compare prices shown in retail ads 7. Shopping decisions due to information gathered from retail ads 41 And membership card of retail 8. Gathering membership cards from new retailers and 42 SMS /email updates about new sales promotions by retailers 9. Always act on the information given in the SMS / email 43 6
  • 7. EXECUTIVE SUMMARY Indian retail sector is witnessing one of the most hectic marketing activities of all times. Thecompanies are fighting to win the hearts of customer who is God said by the business tycoons.There is always a ‗first mover advantage‘ in an upcoming sector. In India, that advantage goes to―BIG BAZAAR‖ followed by ―RELIANCE FRESH‖. It has brought about many changes in thepurchasing habits of people. It has created formats, which provide all items under one roof at lowrates, or so it claims. In this project, we will study its marketing strategies and promotionalactivities.The research titled ―STUDY OF RETAIL ADVERTISING AND ITS IMPACTONCONSUMER CHHOICE ―helps us to understand the factors effecting the buyingdecision.which is responsible for affecting customer towards big bazaar, reliance freshetc.Thisstudy helpful to top level management to improve the customer purchasing decision on retailsector.This research is a study on impact of retail advertising at retail sector. The research was carriedout as per the steps of Marketing Research. The well supportive objectives were set for the study.To meet the objectives primary research was undertaken. The data collection approach adoptedsurvey research. The instrument used for the data collection was questionnaire. The targetrespondents were the visitors of BIG BAZAAR as well as RELIANCE FRESH, with the samplesize of 100 for my research project from the outlets of the company. Tables & charts were usedto translate responses into meaningful information to get the most out of the collected data.Based on those the inferences have been drawn with peer supportive data. 7
  • 8. Introduction 8
  • 9. IntroductionAdvertising is a form of communication used to encourage or persuade an audience (viewers,readers or listeners) to continue or take some new action. Most commonly, the desired result is todrive consumer behavior with respect to a commercial offering, although political andideological advertising is also common. The purpose of advertising may also be to reassureemployees or shareholders that a company is viable or successful. Advertising messages areusually paid for by sponsors and viewed via various traditional media; including mass mediasuchas newspaper, magazines, television commercial, radio advertisement, outdoor advertisement ordirect mail.Commercial advertisers often seek to generate increased consumption of their products orservices through branding, which involves the repetition of an image or product name in an effortto associate certain qualities with the brand in the minds of consumers. Non commercialadvertisers who spend money to advertise items other than a consumer product or service includepolitical parties, interest groups, religious organizations and governmental agencies. Non profitmay rely on free modes of persuasion, such as a public service announcement (PSA).Modern advertising developed with the rise of mass production in the late 19th and early 20thcenturies.In 2010, spending on advertising was estimated at $142.5 billion in the United States and $467billion worldwide.According to YAHOO FINANCE top five advertising holding companies worldwide revenue are1. OMNICOM GROUP2. WPP GROUP3. THE INTERPUBLIC GROUP OF COMPANIES4. PUBLICIS GROUP S.A5. DENTSU INC 9
  • 10. The Principle of AdvertisementAdvertisement is an encapsulated communication about a product (good/services), a clearlydesigned, concise, aesthetically appealing and content-wise accurate communiqué intended toeffectively persuade the target audience(viewers/listeners/readers) to arrive at a decision asdesired by the advertiser often concerning the product (goods/service). Usually the aim of anadvertisement is to increase the sales of a product introduced into the market. The advertisementwill speak about the salient features of the product on offer and the benefit thecustomer/consumer can derive out of the product. It can also educate the target audience aboutthe various other details such as the products cost, availability, usage modalities, problems thatmay arise whiles using it and the probable solutions to those problems etc.Advertisement also is used to inform a mass of audience about various socially relevant factorssuch as employment, upcoming events, contests or elections or a host of other such events. Nownewer media of advertisements are emerging and growing. Internet based media like socialnetworks, web portals, trade portals etc. are some of those. Marketing managers conceptualisespecial event simply to coercively communicate product related sales communications. Normallythe advertisements are prepared in such a way that they attract the attention of the intendedparties easily. Thoughtfully constructed copy (words/diction of an advertisement), interestingvisual or pictures, attractive colours and designs, a uniquely arrived at theme, the central steamof thought, etc. arouse interest of the customers, and help to retain the interest. Persuasiveelements of the advertisement drive the customers towards a strong desire to possess the product.This finally leads them toward buying or possessing the product. Professional managers don‘tconstrue this as the final point in advertising. They proceed for an extra mile to ensure the initialtrial becomes a success and ensures repeated clientele. 10
  • 11. HISTORY OF ADVERTISINGEgyptians used papyrus to make sales messages and wall posters. Commercial messages andpolitical campaign displays have been found in the ruins of Pompeii and ancient Arabia. Lost andfound advertising on papyrus was common in Ancient Greece and Ancient Rome. Wall or rockpainting for commercial advertising is another manifestation of an ancient advertising form,which is present to this day in many parts of Asia, Africa, and South America. The tradition ofwall painting can be traced back to Indian rock art paintings that date back to 4000 BC. Historytells us that Out-of-home advertising and billboards are the oldest forms of advertising.As the towns and cities of the Middle Ages began to grow, and the general populace was unableto read, signs that today would say cobbler, miller, tailor or blacksmith would use an imageassociated with their trade such as a boot, a suit, a hat, a clock, a diamond, a horse shoe, a candleor even a bag of flour. Fruits and vegetables were sold in the city square from the backs of cartsand wagons and their proprietors used street callers (town criers) to announce their whereaboutsfor the convenience of the customers.As education became an apparent need and reading, as well as printing, developed advertisingexpanded to include handbills. In the 18th century advertisements started to appear in weeklynewspapers in England. These early print advertisements were used mainly to promote booksand newspapers, which became increasingly affordable with advances in the printing press; andmedicines, which were increasingly sought after as disease ravaged Europe. However, falseadvertising and so-called "quack" advertisements became a problem, which ushered in theregulation of advertising content.As the economy expanded during the 19th century, advertising grew alongside. In the UnitedStates, the success of this advertising format eventually led to the growth of mail-orderadvertising.In June 1836, French newspaper La Presse was the first to include paid advertising in its pages,allowing it to lower its price, extend its readership and increase its profitability and the formulawas soon copied by all titles. Around 1840, Volney B. Palmer established the roots of themodern day advertising agency in Philadelphia. In 1842 Palmer bought large amounts of space in 11
  • 12. various newspapers at a discounted rate then resold the space at higher rates to advertisers. Theactual ad - the copy, layout, and artwork - was still prepared by the company wishing toadvertise; in effect, Palmer was a space broker. The situation changed in the late 19th centurywhen the advertising agency of N.W. Ayer & Son was founded. Ayer and Son offered to plan,create, and execute complete advertising campaigns for its customers. By 1900 the advertisingagency had become the focal point of creative planning, and advertising was firmly establishedas a profession. Around the same time, in France, Charles-Louis Havas extended the services ofhis news agency, Havas to include advertisement brokerage, making it the first French group toorganize. At first, agencies were brokers for advertisement space in newspapers. N. W. Ayer &Son was the first full-service agency to assume responsibility for advertising content. N.W. Ayeropened in 1869, and was located in Philadelphia.At the turn of the century, there were few career choices for women in business; however,advertising was one of the few. Since women were responsible for most of the purchasing donein their household, advertisers and agencies recognized the value of womens insight duringthecreative process. In fact, the first American advertising to use a sexual sell was created by awoman – for a soap product. Although tame by todays standards, the advertisement featured acouple with the message "The skin you love to touch".In the early 1920s, the first radio stations were established by radio equipment manufacturers andretailers who offered programs in order to sell more radios to consumers. As time passed, manynon-profit organizations followed suit in setting up their own radio stations, and included:schools, clubs and civic groups.When the practice of sponsoring programs was popularised, eachindividual radio program was usually sponsored by a single business in exchange for a briefmention of the business name at the beginning and end of the sponsored shows. However, radiostation owners soon realised they could earn more money by selling sponsorship rights in smalltime allocations to multiple businesses throughout their radio stations broadcasts, rather thanselling the sponsorship rights to single businesses per show.This practice was carried over to commercial television in the late 1940s and early 1950s. Afierce battle was fought between those seeking to commercialise the radio and people whoargued that the radio spectrum should be considered a part of the commons – to be used only 12
  • 13. non-commercially and for the public good. The United Kingdom pursued a public funding modelfor the BBC, originally a private company, theBritish Broadcasting Company, but incorporatedas a public body by Royal Charter in 1927. In Canada, advocates like Graham Spry werelikewise able to persuade the federal government to adopt a public funding model, creatingthe Canadian Broadcasting Corporation. However, in the United States, the capitalist modelprevailed with the passage of the Communications Act of 1934 which created the FederalCommunications Commission (FCC). However, the U.S. Congress did require commercialbroadcasting companies to operate in the "public interest, convenience, and necessity". Publicbroadcasting now exists in the United States due to the 1967 Public Broadcasting Act which ledto the Public Broadcasting Service (PBS) and National Public Radio (NPR).In the early 1950s, the DuMont Television Network began the modern practice of sellingadvertisement time to multiple sponsors. Previously, DuMont had trouble finding sponsors formany of their programs and compensated by selling smaller blocks of advertising time to severalbusinesses. This eventually became the standard for the commercial television industry in theUnited States. However, it was still a common practice to have single sponsor shows, suchas The United States Steel Hour. In some instances the sponsors exercised great control over thecontent of the show—up to and including having ones advertising agency actually writing theshow. The single sponsor model is much less prevalent now, a notable exception beingthe Hallmark Hall of Fame.In the 1960s, campaigns featuring heavy spending in different mass media channels becamemore prominent. For example, the Esso gasoline company spent hundreds of millions of dollarson a brand awareness campaign built around the simple and alliterative theme Put a Tiger inYour Tank. Psychologist Ernest Dichter and DDB Worldwide copywriter Sandy Sulcer learnedthat motorists desired both power and play while driving, and chose the tiger as an easy–to–remember symbol to communicate those feelings. The North American andlaterEuropean campaign featured extensive television and radio and magazine ads, includingphotos with tiger tails supposedly emerging from car gas tanks, promotional events featuring realtigers, billboards, and in Europe station pump hoses "wrapped in tiger stripes" as well as popmusic songs. Tiger imagery can still be seen on the pumps of successor firm ExxonMobil. 13
  • 14. The late 1980s and early 1990s saw the introduction of cable television and particularly MTV.Pioneering the concept of the music video, MTV ushered in a new type of advertising: theconsumer tunes in for the advertising message, rather than it being a by-product or afterthought.As cable and satellite television became increasingly prevalent, specialty channels emerged,including channels entirely devoted to advertising, such as QVC, Home Shopping Network,and ShopTV Canada.With the advent of the ad server, marketing through the Internet opened new frontiers foradvertisers and contributed to the "dot-com" boom of the 1990s. Entire corporations operatedsolely on advertising revenue, offering everything from coupons to free Internet access. At theturn of the 21st century, a number of websites including the search engine Google, started achange inonline advertising by emphasizing contextually relevant, unobtrusive ads intended tohelp, rather than inundate, users. This has led to a plethora of similar efforts and an increasingtrend of interactive advertising.The share of advertising spending relative to GDP has changed little across large changesin media. For example, in the US in 1925, the main advertising media were newspapers,magazines, signs on streetcars, and outdoor posters. Advertising spending as a share of GDP wasabout 2.9 percent. By 1998, television and radio had become major advertising media.Nonetheless, advertising spending as a share of GDP was slightly lower—about 2.4 percent.A recent advertising innovation is "guerrilla marketing", which involve unusual approaches suchas staged encounters in public places, giveaways of products such as cars that are covered withbrand messages, and interactive advertising where the viewer can respond to become part of theadvertising message.Guerrilla advertising is becoming increasing more popular with a lot ofcompanies. This type of advertising is unpredictable and innovative, which causes consumers tobuy the product or idea. This reflects an increasing trend of interactive and "embedded" ads, suchas via product placement, having consumers vote through text messages, and various innovationsutilizing social network services such as Facebook. 14
  • 15. HISTORY OF ADVERTISING IN INDIAThere has been a long tradition of advertising in India since the first newspapers published inIndia in the 19th Century carried advertising. The first advertising agency was established in1905, B. Datram and Company, followed by The India-Advertising Company in 1907, theCalcutta Advertising agency in 1909, S.H.Bensen in 1928, J. Walter Thompson Associatesthrough its Indian associate, Hindustan Thompson Associates in 1929, Lintas (Leverinternational Advertising Services) in 1939 and McCann Erikson in 1956. Advertisingexpenditure in the 1950s was estimated at $US 300,000. Under the more socialist politicalenvironment of the 1960s and 1970s there was little incentive for companies to advertise becauseadvertising was not tax deductible. In the 1970s there was a 58% growth in the number ofregistered agencies from 106 in 1969 to 168 in 1979, and this included a growth in Indianagencies. The first advertising appeared on state television in 1976.With the opening of the economy in the 1980s there was a growth in the number of allianceswith multinational agencies and an expansion in advertising though foreign network participationin agency ownership was limited. In 1987 Hindustan Thompson was affiliated to J. WalterThompson. Lintas, the 2nd ranking agency, held only 4% of its subsidiary, as did Ogilvie andMather. Saatchi and Saatchi/Compton had minority interests in Compton as did Lintas. A studydone in 1984 of the largest companies in India found that the ratio of advertising expenditure tosales had risen from .64 in 1976, to .71 in 1980 to .74 in 1984. Foreign controlled corporationshad the dominant share of total advertising expenditure, and 80% of these were in the consumergoods sectors. Advertising was very concentrated with the top 50 advertisers accounting for 80%of the advertising spending and the top 10 advertisers made up 40% of that figure, 32% of thetotal. The largest advertiser throughout the period was Hindustan Lever which was nearly 10%of the advertising budget of the corporate sector companies.Pharmaceutical companies were alsosignificant advertisers at this time. 15
  • 16. Credit:Ciochetto, L. (2004) Advertising and globalization in India, Media Asia, 31(2):158.-Indian Advertising starts with the hawkers calling out their wares right from the days whencities and markets first began-Shop front signages-From street side sellers to press ads-The first trademarks-Handbills distributed separately from the products18th Century# Concrete advertising history begins with classified advertising# Ads appear for the first time in print in Hickeys Bengal Gazette. Indias first newspaper(weekly).# Studios mark the beginning of advertising created in India (as opposed to imported fromEngland) Studios set up for bold type, ornate fonts, more fancy, larger ads# Newspaper studios train the first generation of visualisers & illustrators# Major advertisers: Retailers like Spencers, Army & Navy and Whiteaway & Laidlaw# Marketing promotions: Retailers catalogues provided early example# Ads appear in newspapers in the form of lists of the latest merchandise from England# Patent medicines: The first brand as we know them today were a category of advertisers# Horlicks becomes the first malted milk to be patented on 5th June 1883 (No. 278967).# 1931- National Advertising Service Pr. Ltd. Bombay set up# 1936- Indian Broadcasting Company becomes All India Radio (AIR)# 1978 -First television commercial seen 16
  • 17. # 1990-Marks the beginning of new medium Internet# 1991- First India-targetted satellite channel, Zee TV starts broadcast Overview of Retail Industry:Retail comes from the Old French word tailer (compare modern French retailer), which means"to cut off, clip, pare, divide" in terms of tailoring (1365). It was first recorded as a noun with themeaning of a "sale in small quantities" in 1433 (from the Middle French retail, "piece cut off,shred, scrap, paring").Like the French, the word retail in both Dutch and German(detailhandel and Einzelhandel, respectively) also refers to the sale of small quantities of items.Retail consists of the sale of physical goods or merchandise from a fixed location, such as adepartmental store, boutique or by mall, in small or individual lots for direct consumption by thepurchaser. Retailing may include subordinated services, such as delivery. Purchasers may beindividuals or businesses. In commerce, a "retailer" buys goods or products in large quantitiesfrom manufacturer or directly or through a wholesaler, and then sells smaller quantities tothe end-user. Retail establishments are often called shops or stores. Retailers are at the end ofthe supply chain. Manufacturing marketers see the process of retailing as a necessary part of theiroverall distribution strategy. The term "retailer" is also applied where a service provider servicesthe needs of a large number of individuals, such as a public utility, like electric power.Shops may be on residential streets, shopping streets with few or no houses or in a shoppingmall. Shopping streets may be for pedestrians only. Sometimes a shopping street has a partial orfull roof to protect customers from precipitation. Online retailing, a type of electronic 17
  • 18. commerce used for business-to-consumer (B2C) transactions and mail order, are forms of non-shop retailing.Shopping generally refers to the act of buying products. Sometimes this is done to obtainnecessities such as food and clothing; sometimes it is done as a recreational activity.Recreational shopping often involves window shopping (just looking, not buying) and browsingand does not always result in a purchase. Introduction to Indian Retail Industry:The Indian retail Industry is divided into organised and unorganised sectors. Organised retailingrefers to trading activities undertaken by licensed retailers, that is, those who are registered forsales tax, income tax, etc. These included the corporate-backed hypermarket and retail chains,and also the privately owned large retail businesses. Unorganised retailing, on the other hand,refers to the traditional formats of low cost retailing, for example, the local kirana shop, ownedmanaged general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors,etc.India‘s retail sector is wearing new clothes and with a three-year compounded annually growthrate of 46.64%, retail is the fastest growing sector in the Indian economy. Traditional markets aremaking way for new formats such as departmental stores, hypermarkets, supermarkets andspeciality stores. Western-style malls have begun appearing in metros and second-rung citiesalike, introducing the Indian consumer to an unparalleled shopping experience.The Indian retail sector is highly fragmented with 97% of its business begin run by theunorganized retailers like the traditional family run stores and corner stores. The organised retail 18
  • 19. however is at a very nascent stage though attempts are being made to increase its proportion to 9-10% by the year 2012 bringing a huge opportunity for prospective new players. The sector is thelargest source of employment after agriculture, and has deep penetration into rural Indiagenerating more than 10% of India‘s GDP. History of Retail industry:Retailing is a distribution channel function, where one organisation buys products fromsupplying firms or manufactures products themselves, and then sells these directly toconsumers. In majority of retail situations, the organisation, from whom a consumer buys, is areseller of products obtained from others, and not the product manufacturer. However, somemanufacturers do operate their own retail outlets in a corporate channel arrangement.Retailers offer many benefits to suppliers and customers as resellers. Consumers, for instance,are able to purchase small quantities of an assortment of products at a reasonably affordableprice. Similarly, suppliers get an opportunity to reach their target market, build product demandthrough retail promotions, and provide consumer feedback to the product marketer.During the last few years, the Indian retail market has seen considerable growth in the organisedsegment. Major domestic players have entered the retail arena and have ambitious plans toexpand in the future years across verticals, formats, and cities. For example, companies likeReliance, Tata, Bharti, Adani Enterprise, have been investing considerably in the boomingIndian retail sector. Besides, a number of transnational corporations have also set up retailchains in collaboration with big Indian companies. 19
  • 20. The Indian retail sector is highly fragmented and the unorganised sector has around 13 millionretail outlets that account for around 95-96% of the total Indian retail industry. However, goingforward, the organised sector‘s growth potential will increase due to globalisation, higheconomic growth, and changing lifestyle. Moreover, high consumer spending over the years bythe young population (more than 31% of the country is below 14 years) and sharp rise indisposable income are driving the Indian organised retail sector‘s growth. Even small towns andcities are witnessing a major shift in consumer lifestyle and preferences, and have thus emergedas attractive markets for retailers to expand their presence. Although the growth potential in thesector is immense, it is not without challenges that could slow the pace of growth for newentrants. Rigid regulations, real estate costs, high personnel costs, lack of basic infrastructure,shrinkage, and highly competitive domestic retailer groups are some such challenges.Additionally, resource constraints at shopping mall projects are also delaying completion anddisrupting many retailers‘ entry strategies. Role of Retail industry:Retailing includes all the activities involved in selling goods or services directly to finalconsumers for their personal, non-business use. Retailers are of various types such asconvenience stores, specialty stores, department stores, supermarkets, discount stores, catalogueshowroom, non-store retailing, chain stores, shopping mall/centres, superstores.The role of retail industry is to perform retailing functions efficiently than can wholesalers.Retail outlets exist in every nook and corner of the country. They make shopping convenient to 20
  • 21. customers. It promotes product to ultimate consumers through promotion schemes, store displaysand point-of-purchase display. It provides long term relationship with the consumers. They alsoprovide information about competitor‘s activities relating to product, price and promotion. Theyfurther assist in market surveys. Customers can match products with needs and purchasingpower. They can get choice in terms of features, advantages and benefits of products. It alsooffers varieties of services such as delivery, installation, repair, maintenance, and supply of spareparts.The retail industry in Malaysia currently is characterised by several retail formats; each formathas its own problems and developmental needs. The very large format retail stores comprisehypermarkets and large supermarkets. Foreign retail operators basically own these large formatstores. Examples are Carrefour, Giant, Tesco and Jusco. Currently, this format of retail store isthe fastest growing in terms of sales, not only in Malaysia but also in this region. The secondformat is the medium sized supermarkets and/or departmental stores basically owned by localoperators. These types of stores are badly hit by the foreign pressure. The third format is thesmaller stores including pharmacies, garments, electrical goods, accessories and multitude ofdifferent merchandise offered for sale. Finally, the smaller provision stores, including minimarkets and sundry shops, mostly located in housing areas and smaller towns and villages. Objectives of Retail industry:Retail is clearly the sector that is poised to show the highest growth in the next five years. Thesector is set for a revolution, as both the present players and new entrants are gearing up toexplore the market. This sector contributes 17% of India‘s GDP and the current growth rate is 21
  • 22. 8.5%. The present size of the organized retailing sector is approximately 3% and is expected togrow to 25-30% by the year 2012. There are about 400 new malls, 1600 supermarkets and 350departmental stores currently under construction. Many players are coming up with hugeinvestments, due to which the present 12 million mom-and-pop shops and kiranas stores fearlosing their business. Most prediction says that the sector might reach to US$ 400-600 billion bythe year 2012. Opportunities and Challenges in Retail industry:Opportunities:The retail industry in india, according to experts, will be a major employment generator in thefuture. Currently, the market share of organised modern retail is just over 4% of the total retailindustry, thereby leaving a huge untapped opportunity.The sector is expected to see an investment of over $30 billion within the next 4-5 years,catapulting modern retail in the country to $175-200 billion by 2016, according to Technopakestimates.On the total organized retail market of Rs 550 billion, the business of fashion accounts for Rs300.80 billion, which translates into nearly 55% of the organised retail segment in the country.Challenges:The country is facing a severe shortage of talented professionals, especially at the middle-management level. 22
  • 23. Most Indian retail player are under serious pressure to make their supply chains more efficient inorder to deliver the level of quality and service that consumers are demanding. Longintermediation chains would increase the cost by 15%.Lack of adequate infrastructure with respect to roads, electricity, cold chains and ports hasfurther led to the impediment of a pan-India network of suppliers. Due to these constrains, retailchain have to resort to multiple vendors for their requirements, thereby, raising cost and price.The retail sector does not have ‗industry‘ status yet making it difficult for retailer to raise financefrom banks to fund their expansion plans.Government restrictions on the FDI are leading to an absence of foreign players resulting intolimited exposure to best practices. Types of Retailers:In some parts of the world, the retail business is still dominated by small family-run stores, butthis market is increasingly being taken over by large retail chain. Departmental store - very large stores offering a huge assortment of "soft" and "hard goods; often bear a resemblance to a collection of specialty stores. A retailer of such store carries variety of categories and has broad assortment at average price. They offer considerable customer service. Discount stores - tend to offer a wide array of products and services, but they compete mainly on price offers extensive assortment of merchandise at affordable and cut-rate prices. Normally retailers sell less fashion-oriented brands. 23
  • 24.  Warehouse stores – warehouses that offer low-cost, often high-quantity goods piled on pallets or steel shelves; warehouse clubs charge a membership fee; Variety stores - these offer extremely low-cost goods, with limited selection; Demographic - retailers that aim at one particular segment (e.g., high-end retailers focusing on wealthy individuals). Mom-And-Pop - is a retail outlet that is owned and operated by individuals. The range of products are very selective and few in numbers. These stores are seen in local community often are family-run businesses. The square feet area of the store depends on the store holder. Speciality stores - A typical speciality store gives attention to a particular category and provides high level of service to the customers. A pet store that specializes in selling dog food would be regarded as a specialty store. However, branded stores also come under this format. For example if a customer visits a Reebok or Gap store then they find just Reebok and Gap products in the respective stores. General stores - a rural store that supplies the main needs for the local community; Convenience stores - is essentially found in residential areas. They provide limited amount of merchandise at more than average prices with a speedy checkout. This store is ideal for emergency and immediate purchases. Hypermarkets - provides variety and huge volumes of exclusive merchandise at low margins. The operating cost is comparatively less than other retail formats. Supermarkets - is a self service store consisting mainly of grocery and limited products on non food items. They may adopt a Hi-Lo or an EDLP strategy for pricing. The supermarkets can be anywhere between 20,000 and 40,000 square feet (3,700 m2). Example: SPAR supermarket. 24
  • 25.  Malls - has a range of retail shops at a single outlet. They endow with products, food and entertainment under a roof. Survey of literature 25
  • 26. Survey of literatureIt has been observed that there is increasing number of customer goods and servicesoffered in recent years suggest that product-line extensions have become a favored strategyof product managers. A larger assortment, it is often argued, keeps customers loyal andallows firms to charge higher prices. There also exists a disagreement about the extent to which alonger productline translates into higher profits keeping the customer value higher. The academics,consultants and business people speculated that marketing in the new century would bevery different from the time when much of the pioneering work on customer loyalty wasundertaken (Churchill 1942; Brown 1953; Cunningham 1956, 1961; Tucker 1964; Frank 1967).Yet there exists the scope for improving the applied concepts as there have been many changesover conventional ideologies. A study using market-level data for the yogurt categorydeveloped an econometric model derived from a game-theoretic perspective explicitlyconsiders firms use of product-line length as a competitive tool (Dragnska and Jain,2005). On the demand side, the study analytically establishes the link between customerchoice and the length of the product line and includes a measure of line length in the utilityfunction to investigate customer preference for variety using a brand-level discrete-choice model.The study reveals that the supply side is characterized by price and line length competitionbetween oligopolistic firms.Another study explores qualitatively the understanding of the importance of intangibles asperformance drivers in reference to Swedish organizations using a combination ofevolutionary theory, knowledge-based theory and organizational learning. The study revealsthat the customer values are created towards the new products thro ugh individual 26
  • 27. perceptions, and organizationaland relation competition. The firm needs to ascertain acontinuous organizational learning process with respect to the valuecreation chain and measureperformance of the new products introduced in the market. In the growing competitive marketsthe large and reputed firms are developing strategies to move into the provision of innovativecombinations of products and services as high-value integrated solutions tailored to eachcustomers needs than simply moving downstream into services. Such firms are developinginnovative combinations of service capabilities such as operations, business consultancy andfinance required to provide complete solutions to each customers needs in order to augment thecustomer value towards the innovative or new products. It has been argued that theprovision of integrated solutions is attracting firms traditionally based in manufacturing andservices to occupy a new base in the value stream centered on systems integration usinginternal or external sources of productdesigning, supply and customer focused promotion(Davies,2004 ). Besides the organizational perspectives of enhancing the customer value, thefunctional variables like pricing play a significant role in developing the customer percep tionstowards the new products.A study examines the success of new product pricing practices and the conditions uponwhich success is contingent discussing three different pricing practices that refer to the useof information on customer value, competition, and costs respectively. The study arguesthat the success of these practices is contingent on relative product advantage andcompetitive intensity. The study reveals that there are no general "best" or "bad" practices,but that a contingency approach is appropriate. Value and pricing models have been developedfor many different products, services and assets. Some of them are extensions and refinementsof convention models value driven pricing theories (Gamrowski & Rachev, 1999; Pedersen,2000). Also there have been some models that are developed and calibrated addressingspecific issues such as model for household assets demand (Perraudin & Sorensen, 200 0).The key marketing variables such as price brand name, and product attributes affectcustomers judgment process and derive inference on its quality dimensions leading to customersatisfaction. The experimental study conducted indicates thatcustomers use price and brand name differently to judge the quality dimensions and measure thedegree of satisfaction (Brucks , 2000). The value of corporate brand endorsement across 27
  • 28. different products and product lines, and at lower levels of the brand hierarchy also needsto be assessed as a customer value driver. Use of corporate brand endorsement either as aname identifier or lo go identifies the product with the company, and provides reassurancefor the customer (Rajagopal and Sanchez, 2004). A perspective from resource-advantagetheory (Hunt and Morgan, 1995) is used to formulate expectations on the degree to whichthe use of information on customer value, competition, and costs contribute to the successof a price decision. It is argued that the success of these practices is contingent on the relativecustomer value the firm has created an d the degree to which this position of relativevalue is sustainable in the competitive market place. These expectations are empirically testedon pricing decisions with respect to the introduction of new industrial capital goods.Research on consumer reaction to price has been largely confined to examining consumers‘price information search, evaluation of price alternatives, and individual purchase behaviorswithout regard to situational influences. At the same time, consumption has often beendichotomized in terms of its functional-hedonic nature and closely associated with the level ofsatisfaction leading to determine the customer value influence (Wakefield and Inman, 2003). Asthe new products are introduced, a firm may routinely pass these costs on to consumersresulting into high prices. However a less obvious strategy in a competitive situation maybe to maintain price, in order to drive the new product in the market with more emphasison quality, brand name, post-sales services and customer relations management as non-price factors. In many ways, such strategies of a firm with the new products may drive theconsumer behavior towards being sensitive to the price increase when it comes to makinga buying decision. Some of the marketplace and experimental studies show that consumersare more sensitive to changes in price than to innovation and new products introduced bythe firm (Gourville and Koehler, 2004). There are some critical issues associated to theprice sensitive consumer behavior, whether customers are equally price-sensitive whilepurchasing products for functional (e.g. purchasing frozen vegetables, toiletries or papertowels) versus hedonic (e.g. purchasing a high technology computer or a video camera)consumption situations and whether perceived value derived during consuming the productinfluences price sensitivity. It may also be stated that higher price volatility makesconsumers mor e sensitive to gains and less sensitive to losses, while intense price 28
  • 29. promotion b y competing brands makes consumers more sensitive to losses but does notinfluence consumers‘ sensitivity to gains (Hanet, 2001).The studies that advocate the models of building customer value through traditional relationshipmarketing discuss the long term value concepts to loyal customers. Most importantly, theseare expected to raise their spending and association with the products and services of thecompany with increasing levels of satisfactions that attribute to values of customers (Reichheldand Sasser, 1990). In the most optimistic settings, such value creation is observed to generatenew customers for new products in view of the customer relationship and valuemanagement strategies of the firm (Ganesh, 2000). In the high customer value framework,the firm ensures diminished costs to serve (Knox, 1998) and exhibits reduced customerprice sensitivities. A database-drivenapproach, customer tenure in reference to the length of a customers relationship andvalues retention with a company has often been used to approximate the loyalty construct(Ganesh 2000; Reinartz and Kumar, 2000; 2002). Hence the relationship marketing with acustomer value orientation thrives on the concept that raises the length of the customer-company relationship which contributes in optimizing the profit for the firm (Reichheldand Sasser, 1990). However, the contributions of long-life customers were generally decliningand in a non-contractual setting short-life but high-revenue customers accounted for asizeable amount of profits (Reinartz and Kumar, 2000).The analysis of the perceived values of customers towards new products is a complexissue. Despite considerable research in the field of measuring customer values in the recentpast, it is still not clear how value interacts with marketing related constructs. Howeverthere exists the need for evolving a comprehensive application models determining theinterrelationship betweencustomer satisfaction and customer value, which may help in reducing the ambiguitiessurrounding both concepts. One of the studies in this regard discusses the two alternativemodels yielding empirically tested results in a cross-sectional survey with purchasingmanagers in German y. The first model suggests a direct impact of perceived value on thepurchasing managers intentions. In the second model, perceived value is mediated by 29
  • 30. satisfaction. This research suggests that value and satisfaction can be conceptualized andmeasured as two distinct, yet complementary constructs (Eggert and Ulaga, 2002).Improvingcustomer value through faster response times for new products is a significant way togain competitive advantage. In the globalization process many approaches to new productdevelopment emerge, which exhibit an internal focus and view the new productdevelopment process as terminating with product launch. However, it is process output that reallycounts, such as customer availability. A stud y proposes that with shortening product lifecycles it should pay to get the product into the market as quickly as possible, and indicatesthat these markets should be defined on an international basis. The results of the studyreveals that greater new product commercial success is significantly associated with a moreambitious and speedier launch intooverseas markets as the process of innovation is only complete when potential customerson a world scale are introduced effectively to the new product (Oakley, 1996). The retailsales performance and the customer value approach are conceptually and methodicallyanalogous. 30
  • 31. Research methodology 31
  • 32. Research methodology:Title of the problem:A study on, ―Retail advertising and its impact on consumer choice‖.Statement of the problem:Due to the changing trend in the field of advertising as per the launch of lot of me too product.The advertising is facing a cluttered situation , where many brand try to promote themselves bysimilar kind of advertisement. In such case the effectiveness of advertising is critical to impactthe customer purchasing behavior. The pattern, content and frequency of retail adds can have adirect impact on sales. (a) Type of data sources: i. Tools of collecting primary data:  Questionnaire ii. Sample size: 100 consumers iii. Sampling data: simple random sampling iv. Tools of collecting secondary data:  Books  Internet  Magazines  Journal (b) Hypothesis : Null hypothesis (Ho) : Retail advertising has no impact on consumer purchase decision. Alternative hypothesis (Ha): There is a significant impact of retail advertising on consumer purchase decision. 32
  • 33. (c) Statistical tools for hypothesis testing:Chi-square test. TESTING OF HYPOTHESIS 33
  • 34. TESTING OF HYPOTHESISTABLE 1:Gender Male Female Total (%)Newspaper 20 10 30Radio 8 12 20T.V 3 7 10Magazine 20 10 30Outdoor hoarding 4 6 10 55 45 100Chi- square calculated value = 8.52Chi- square table value = 8.488So,Chi- square calculated value> Chi- square table valueHence alternative hypothesis is accepted. 34
  • 35. Table 2:Gender Male Female Total (%)Agree 25 15 40Somewhat agree 20 10 30Neither agree/ disagree 3 7 10Somewhat disagree 4 6 10Disagree 3 7 10 55 45 100Chi- square calculated value = 12.02Chi- square table value = 8.488So, Chi- square calculated value > Chi- square table valueHence alternative hypothesis is accepted. 35
  • 36. Table 3:Gender Male Female Total (%)Agree 17 3 20Somewhat agree 25 15 40Neither agree/ disagree 3 7 10Somewhat disagree 8 12 20Disagree 2 8 10 55 45 100Chi- square calculated value = 11.51Chi- square table value = 8.488So, Chi- square calculated value > Chi- square table valueHence alternative hypothesis is accepted. 36
  • 37. Data analysis and interpretation 37
  • 38. Data analysis and interpretationTable 1: The retail advertisement has increased in which media? Outdoor Media hoarding 10% Newspaper 30% Magazine 30% radio T.V 20% 10%From the above chart we can see that retail advertisement has been increased in newspaperand magazine with 30% each. The result shows that newspaper and magazine are mostlyused media for retail ads.Whereas radio, T.V and outdoor hoarding contributing 20% ,10% and 10% respectively. 38
  • 39. Table 2: Retail ads have increased in proportion to company ads proportion somewhat disagree disagree 10% 10% agree Neither 40% agree / disagree 10% somewhat agree 30% 40% of the respondent are agreed that retail ad have increased in proportion to company‟s ad and 30% are somewhat agree. Rest of the three categories is with 10% each.Table 3: Due to retail ads, I spend more than I did earlier 39
  • 40. disagree Expenditure 10% somewhat agree disagree 20% 20% somewhat agree 40% neither agree/disagree 10%From the above chart it is clear that 40% of the respondent are somewhat agree with theirexpenditure has increased due to the effect of retail ads and only 10% disagree with it. Also20% agree, 20% somewhat disagree and 10% neither agree/ disagree.Table 4: I look for retail ads in newspaper for special offers never seldom 10% always 10% 40% occasionally 20% often 20%Here we can see that 40% of the respondent look for special offers in newspaper and veryless number of people, (i.e,10%) never look for special offer. 20% of respondent often,20% occasionally and 10% seldom look for the same.Table 5: I compare prices shown in retail ads with those given by others 40
  • 41. compare never always 10% 20% often seldom 20% 40% occasionally 10%40% of respondent seldom compare price shown in retail ads but in the other hand 20% always,20% often , occasionally and never with 10% each.Table 6: I am able to make better shopping decisions due to information gathered from retail ads seldom 10% never 10% always 40% occasionally 10% often 30% 40% of the respondent said that they always make better shopping decision due toinformation gathered from retail ads on the other hand only 10% said never. Whereas30% of respondent said often, 10% occasionally and seldom each. 41
  • 42. Table 7: I have membership card of retail membership card 0% 0% No 30% Yes 70%Above chat shows that 70% of the respondent have membership card and only 30% does nothave it.Table 8: I don‟t mind gathering membership cards from new retailers 0% 0% No 40% Yes 60%60% 0f the respondent don‟t mind gathering membership card for new retailers whereas 40%said no.Table 9: I get SMS /email updates about new sales promotions by retailers 42
  • 43. never SMS/email update 10% seldom 10% always 40% occasionally 20% often 20%Here 40% of the respondent said that they always get SMS/email updates whereas only 10%said they never get updates. Also 20% of the respondent said often, 20% occasionally and 10%seldom about the SMS/ email updates.Table 10: I always act on the information given in the SMS / email Sales seldom 10% never always 10% 20% often 10% occasionally 50%50% of the respondent act on the information given in the SMS/email and 10% eachsaid seldom, often, never. Also 20% said they always act as per the given information. 43
  • 45. FINDINGSAccording to the study undertaken it was found that retail advertisement has seen aincrease in newspaper most of the ads for retail ads are seen in the newspapers.Newspaper helps the retail company to reach the houses.Retail ads have increased in last few years in comparison to company ads.It is to be noted that survey helped to find out that people are spending more after seeingthe advertisement of retail. As highest percentage of the respondent surveyed agreed tothe point that their expenditure has increased after seeing the advertisement. 45
  • 46. By the survey it was found that people are more concerned with the prices of differentretail, they look for special offers in the ads given by retail companies.Advertisement with special offers and prices helps the customer to make better shoppingdecision for their purchase and customer always pays attention to this type od ads.It was found that people prefer to make purchase from retails as most of the people areowning membership card of one or more retail companies.SMS/ E-mail‘s are new way of promotion adopted by retailers and notable point is thatpeople feel good and associated when they get SMS or email from retailers and thesetypes of promotion helps customers to make their purchasing decision. CONCLUSIONPrimary objective of the study was to understand the impact of retail advertising oncustomer purchasing decision. Research done on retail advertising served as thesecondary source of data for the project. Through the study it was found that retail advertising serves as a comparison toolfor customer and also helps customer to make purchasing decision. It was seen thatpeople are spending more on their expenditure after seeing the advertisement and peoplefeel connected and interesting through new promotional tools like SMS & E-mail.Thus it can be said that retail advertisement have a positive impact on customer buyingdecision and through advertisement it is seen that people are spending more. 46
  • 48. LIMITATION OF THE STUDYTo carry out the research study the following limitations are faced: a) Availability of sufficient data from different sources may be difficult. b) Wrong selection of sample may create of wrong conclusion. c) Time, cost and factor may cause difficulties. d) Sample size may not be exact representative of the universe.However a sincere effort has been put to overcome the expected limitations. 48
  • 49. ReferencesAnderson P M and Robin L G (1986), Marketing Communications: Advertising, SalesPromotion, Public Relations, Display and Personal Selling Englewood Cliffs, New Jersey,Prentice HallAndrews Rick L and Currim Imran S (2002), ―Identifying Segments with Identical ChoiceBehaviors Across Product Categories: An Inter-category Logit Mixture Model‖,International Journal of Research in Marketing 19 (1), March, 65-79Brassington F and Pettitt S (2001): Principles of Marketing , Pearson Education, Prentice HallKeller, Kevin L. (1998), Strategic Brand Management: Building, Measuring, and ManagingBrand Equity, Upper Saddle River, NJ: Prentice-Hall. 49
  • 50. Morschett, Dirk; Swoboda, Bernhard and Foscht, Thomas (2005), ―Perception of store attributesand overall attitude towards grocery retailers: The role of shopping motives‖, The InternationalReview of Retail, Distribution and Consumer Research , 15 (4), 423-447.Nicholas Alexander and Mark Colgate (2005), ―Customers‘ Response to Retail BrandExtensions‖, Journal of Marketing Management , 21 (3), 393-419.Website: 50
  • 51. 51
  • 52. APPENDIX -1 QUESTIONNAIRE Dear Sir/Madam I am Milon Mallick , a student of MBA from ramaiah Institute of management studies, Bangalore conducting a survey on “ An analysis on retail advertising and its effectiveness on consumer choice”. I seek your cooperation for providing following relevant information for my research work. I value your contribution and convey my sincere regards. Name ………………………………………..1) Your gender a) Male b) Female 52
  • 53. 2) Your age in years3) What is your occupation ? a) Student b) Employed c) home maker d) business4) Annual income (in rupees) : ……………………..5) The retail advertisement has increased in a) Newspaper b) Radio c) T.V d) Magazine e) Outdoor hoardings6) Retail ads have increased in proportion to company ads a) Agree b) Somewhat agree c) Neither agree / disagree d) Somewhat disagree e) Disagree7) Due to retail ads, I spend more than I did earlier a) Agree b) Somewhat agree c) Neither agree / disagree d) Somewhat disagree e) Disagree8) I look for retail ads in newspaper for special offers a) Always b) Often c) Occasionally d) Seldom e) Never 53
  • 54. 9) I switch on the radio and pay attention to retail offers a) Always b) Often c) Occasionally d) Seldom e) Never10) I compare prices shown in retail ads with those given by others a) Always b) Often c) Occasionally d) Seldom e) Never 11) I am able to make better shopping decisions due to information gathered from retail ads a) Always b) Often c) Occasionally d) Seldom e) Never 12) I have membership card of retail a) Yes b) No 13) I don‟t mind gathering membership cards from new retailers a) Yes b) No 14) I get SMS /email updates about new sales promotions by retailers a) Always b) Often c) Occasionally d) Seldom e) Never 15) I always act on the information given in the SMS / email a) Always 54
  • 55. b) Often c) Occasionally d) Seldom e) Never16) I participate in the lucky draw contest done by retailers a) Always b) Often c) Occasionally d) Seldom e) Never17) I don‟t mind purchasing in advance when I see a good offer in retail ads a) Always b) Often c) Occasionally d) Seldom e) Never18) I wait for retail ads to make my choice of store a) Always b) Often c) Occasionally d) Seldom e) Never19) I compare price and other various deals in retail ads to make my purchase a) Always b) Often c) Occasionally d) Seldom e) Never20) I spend more because of various offers & discounts in retail a) Always b) Often c) Occasionally d) Seldom 55
  • 56. e) Never21) I regret making new purchases on account of retail ads a) Always b) Often c) Occasionally d) Seldom e) Never22) I like retail ads that give information on prices a) Always b) Often c) Occasionally d) Seldom e) Never23) I want retail ads to give better schemes like „buy more for less‟ a) Always b) Often c) Occasionally d) Seldom e) Never 56
  • 57. APPENDIX-2 Synopsis for the Project on―A study on, ―Retail advertising and its impact on consumer choice‖. ” By Milon Mallick Enrolment No. 2491000044 57
  • 58. For partial fulfillment of the requirements of second year MBA curriculum of Two years Full time MBA (Industry Integrated) Programmed Submitted to: Through No. 15, New BEL Road, MSRIT Post, MS Ramaiah Nagar, Bangalore-560054 Project synopsisIntroduction :Indian Retail Industry is standing at its point of inflexion, waiting for the boom to take place.The inception of the retail industry dates back to times where retail stores were found in thevillage fairs , Melas or in the weekly markets. These stores were highly unorganized. Thematurity of the retail sector took place with the establishment of retail stores in the locality forconvenience. With the government intervention the retail industry in India took a new shape.Outlets for Public Distribution System, Cooperative stores and Khadi stores were set up. Theseretail Stores demanded low investments for its establishment. 58
  • 59. The retail industry in India gathered a new dimension with the setting up of the differentInternational Brand Outlets, Hyper or Super markets, shopping malls and departmental stores.The untapped scope of retailing has attracted superstores like Wal-Mart into India, leavingbehind the kiranas that served us for years. Such companies are basically IT based. The otherimportant participants in the Indian Retail sector are Bata, Big Bazaar, Pantaloons, Archies, CafeCoffee Day, landmark, Khadims, Crossword, to name a few.Future of organized retail in India looks bright. According to recent researches it is projected togrow at a rate of about 37% in 2007 and at a rate of 42% in 2008. It will capture a share of 10%of the total retailing by the end of 2010.1. Title of the problem:A study on, “Retail advertising and its impact on consumer choice”.2. Statement of the problem:Due to the changing trend in the field of advertising as per the launch of lot of me too product.The advertising is facing a cluttered situation , where many brand try to promote themselves bysimilar kind of advertisement. In such case the effectiveness of advertising is critical to impactthe customer purchasing behavior. The pattern, content and frequency of retail adds can have adirect impact on sales.3. Objectives:  To study retail advertising and its impact.  To find different add strategies that a company can use to avoid clutter.  To find how advertisement can be made effective.  To find out what type of advertisement are preferred by the consumer.4. Significance:We will be able to find out the impact of retail advertising and what are the measures whichthe company should adopt to avoid the clutter and increase consumer choice favorably.5. Scope: 59
  • 60. The scope of the study is to evaluate retail advertisement and the effectiveness of various typeof advertisement in the retail sector.6. Limitation:  Data collection from consumers in Bangalore only.  Advertisement will not be shown only recall will be measured.7. Research methodology: (d) Type of data sources: v. Tools of collecting primary data:  Questionnaire vi. Sample size: 100 consumers vii. Sampling data: simple random sampling viii. Tools of collecting secondary data:  Books  Internet  Magazines  Journal (e) Hypothesis : Null hypothesis (Ho) : Retail advertising has no impact on consumer purchase decision. Alternative hypothesis (Ha): There is a significant impact of retail advertising on consumer purchase decision. (f) Statistical tools for hypothesis testing: Chi-square test, q- test etc.8. Conclusion: On the basis of the research work, I will determine how retail advertisement can help create positive behavior in consumers.9. Bibliography: Books, internet, magazine, journal etc… 60
  • 61. 61