Summer training project report on consumer buying behaviour of gold @ tanishq

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

Buying behaviour of Gold Submission On: 20th November, 2009 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 Marketing Research GIDC ROFEL Business School Page 3

Buying behaviour of Gold Jay Desai Rohan Shahi Marketing Research GIDC ROFEL Business School Page 4

Buying behaviour of Gold ACKNOWLEDGEMENT 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. (ii) The group members for showing their co-ordination for the project. We are greatly thankful to all the advisors who helped us knowingly and for giving information and interest in report. Marketing Research GIDC ROFEL Business School Page 5

Buying behaviour of Gold Thanking You, Grishma Tandel Jairaj tailor Jay Desai Rohan Shahi Marketing Research GIDC ROFEL Business School Page 6

Buying behaviour of Gold ITENARY FExecutive Summary FIntroduction i) Tanishq profile FAbout The Research i) Purpose Of The Research Marketing Research GIDC ROFEL Business School Page 7

Buying behaviour of Gold ii) Problem Of The Research iii) Objective Of The Research iv) Limitations Of The Research v) Significance Of The Research FSample i) Sampling Frame ii) Sampling Unit iii) Sample Size iv) Sample Size Selection F Research Methodology i) Research Tools a) Exploratory Research • Questionnaire Survey a) Descriptive Research FDetailed Findings FConclusion FRecommendation & Conclusion FBibliography Marketing Research GIDC ROFEL Business School Page 8

Buying behaviour of Gold EXECUTIVE SUMMARY Marketing Research GIDC ROFEL Business School Page 9

Buying behaviour of Gold INTRODUCTION Marketing Research GIDC ROFEL Business School Page 10

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 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 Marketing Research GIDC ROFEL Business School Page 11

Buying behaviour of Gold 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 12

Buying behaviour of Gold Growth of Tanishq Revenue in million Rupees Marketing Research GIDC ROFEL Business School Page 13

Buying behaviour of Gold SWOT ANALYSIS STRENGTH OPPORTUNITIES Purity (karat meter) Global markets Distribution network and Low cost jewellery retailing store Customized jewellery Award winning designs designs Diversity in jewellery Concentrate on Gen-X by gold/diamond/platinum having trendy jewellery Competitive prices Expand retail stores WEAKNESS THREATS Capture Rs 70,000-crore Competition Escalated gold costs lower Lack of Skilled workers margins Gold not seen as s source of investment. (Luxury is needed). Marketing Research GIDC ROFEL Business School Page 14

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. Marketing Research GIDC ROFEL Business School Page 15

Buying behaviour of Gold • Opportunities Global markets like USA needs to be looked at. Low cost and easy to wear jewellery should be further promoted. Customized jewellery designs should provided to the customers. Concentrate on Gen-X by having trendy jewellery. Expand retail stores in India to further increase reach. • 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 16

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 17

Buying behaviour of Gold Marketing Research GIDC ROFEL Business School Page 18

Buying behaviour of Gold ABOUT THE RESEARCH 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 19

Buying behaviour of Gold PROBLEM Marketing Research GIDC ROFEL Business School Page 20

Buying behaviour of Gold 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 21

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 22

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.  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 Marketing Research GIDC ROFEL Business School Page 23

Buying behaviour of Gold 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 24

Buying behaviour of Gold VIEW ABOUT THE TOPIC SAMPLE Sampling Frame: Marketing Research GIDC ROFEL Business School Page 25

Buying behaviour of Gold 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. 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: Marketing Research GIDC ROFEL Business School Page 26

Buying behaviour of Gold 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. 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 27

Buying behaviour of Gold RESEARCH METHODOLOGY Research Tools: Marketing Research GIDC ROFEL Business School Page 28

Buying behaviour of Gold The research tool used for this research is PRIMARY DATA In primary data the following research design is being followed: 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 Marketing Research GIDC ROFEL Business School Page 29

Buying behaviour of Gold 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 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. Marketing Research GIDC ROFEL Business School Page 30

Buying behaviour of Gold 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 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 31

Buying behaviour of Gold DETAILED FINDINGS Marketing Research GIDC ROFEL Business School Page 32

Buying behaviour of Gold Over All Sample size 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 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. Marketing Research GIDC ROFEL Business School Page 33

Buying behaviour of Gold Annual income of Respondents The respondents average income lies from 5000 to 30000 & above so respondents were a) 5000 – 10000 =6 b) 10000 – 20000 = 11 c) 20000 – 30000 = 18 d) 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. Hypothesis Testing Marketing Research GIDC ROFEL Business School Page 35

Buying behaviour of Gold 2 2 X = ∑ (o-e) / e 1)Price does not affect the buying of gold. Price Particular 1 2 3 4 5 Total 1 3 12 11 4 0 30 2 8 15 31 12 0 66 3 1 0 6 7 4 18 4 0 0 1 1 2 4 5 0 0 0 1 2 3 Total 12 27 49 25 8 121 Marketing Research GIDC ROFEL Business School Page 36

Buying behaviour of Gold Observed expected o-e 2(o-e) 2(o-e)/e 3 2.97 0.03 0.0009 0.000303 12 6.69 5.31 28.1961 4.214664 11 12.14 -1.14 1.2996 0.107051 4 6.19 -2.19 4.7961 0.774814 0 1.98 -1.98 3.9204 1.98 8 6.54 1.46 2.1316 0.325933 15 14.72 0.28 0.0784 0.005326 31 26.2 4.8 23.04 0.879389 12 13.63 -1.63 2.6569 0.19493 0 4.36 -4.36 19.0096 4.36 1 1.78 -0.78 0.6084 0.341798 0 4.01 -4.01 16.0801 4.01 6 7.28 -1.28 1.6384 0.225055 7 3.71 3.29 10.8241 2.917547 4 1.19 2.81 7.8961 6.635378 0 0.39 -0.39 0.1521 0.39 0 0.89 -0.89 0.7921 0.89 1 1.61 -0.61 0.3721 0.231118 1 0.82 0.18 0.0324 0.039512 2 0.26 1.74 3.0276 11.64462 0 0.29 -0.29 0.0841 0.29 0 0.66 -0.66 0.4356 0.66 0 1.21 -1.21 1.4641 1.21 1 0.61 0.39 0.1521 0.249344 2 0.19 1.81 3.2761 17.24263 Total 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 So when compared to tabulated value of the number that is (r- 1)*(c-1) gives us the tabulated value so for my question (5- 1)*(5-1) = 16 is the degree of freedom. Marketing Research GIDC ROFEL Business School Page 37

Buying behaviour of Gold 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 1 2 3 4 5 total 1 3 2 2 0 0 7 2 1 4 5 2 0 12 3 2 10 20 11 3 46 4 6 9 18 8 5 46 5 0 2 4 4 0 10 Total 12 27 49 25 8 121 Marketing Research GIDC ROFEL Business School Page 38

Buying behaviour of Gold Observed expected o-e 2(o-e) 2(o-e)/e 3 0.69 2.31 5.3361 7.733478 2 1.56 0.44 0.1936 0.124103 2 2.83 -0.83 0.6889 0.243428 0 1.44 -1.44 2.0736 1.44 0 0.46 -0.46 0.2116 0.46 1 1.19 -0.19 0.0361 0.030336 4 2.67 1.33 1.7689 0.662509 5 4.85 0.15 0.0225 0.004639 2 2.47 -0.47 0.2209 0.089433 0 0.79 -0.79 0.6241 0.79 2 4.56 -2.56 6.5536 1.437193 10 10.26 -0.26 0.0676 0.006589 20 18.62 1.38 1.9044 0.102277 11 9.5 1.5 2.25 0.236842 3 3.04 -0.04 0.0016 0.000526 6 4.56 1.44 2.0736 0.454737 9 10.26 -1.26 1.5876 0.154737 18 18.62 -0.62 0.3844 0.020644 8 9.5 -1.5 2.25 0.236842 5 3.04 1.96 3.8416 1.263684 0 0.99 -0.99 0.9801 0.99 2 2.23 -0.23 0.0529 0.023722 4 4.04 -0.04 0.0016 0.000396 4 2.06 1.94 3.7636 1.82699 0 0.66 -0.66 0.4356 0.66 Total 18.99311 The hypothesis of these question is that the Quality does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 18.99311 So when compared to tabulated value of the number that is (r- 1)*(c-1) gives us the tabulated value so for my question (5- 1)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 Marketing Research GIDC ROFEL Business School Page 39

Buying behaviour of Gold So Ho<H1 so hypothesis is accepted. So Quality does matter in buying gold. 3) Service does not affect buying behavior of consumer. Particula r 1 2 3 4 5 total 1 0 0 1 0 0 1 2 1 0 0 0 0 1 3 1 6 5 8 1 21 4 6 15 33 10 6 70 5 4 6 10 7 1 28 Total 12 27 49 25 8 121 Service Observed expected o-e 2(o-e) 2(o-e)/e Marketing Research GIDC ROFEL Business School Page 40

Buying behaviour of Gold 0 0.09 -0.09 0.0081 0.09 0 0.22 -0.22 0.0484 0.22 1 0.4 0.6 0.36 0.9 0 0.2 -0.2 0.04 0.2 0 0.06 -0.06 0.0036 0.06 1 0.09 0.91 0.8281 9.201111 0 0.22 -0.22 0.0484 0.22 0 0.4 -0.4 0.16 0.4 0 0.2 -0.2 0.04 0.2 0 0.06 -0.06 0.0036 0.06 1 2.08 -1.08 1.1664 0.560769 6 4.68 1.32 1.7424 0.372308 5 8.5 -3.5 12.25 1.441176 8 4.33 3.67 13.4689 3.1106 1 1.3 -0.3 0.09 0.069231 6 6.94 -0.94 0.8836 0.12732 15 15.62 -0.62 0.3844 0.024609 33 18.35 14.65 214.6225 11.69605 10 14.46 -4.46 19.8916 1.375629 6 4.63 1.37 1.8769 0.405378 4 2.78 1.22 1.4884 0.535396 6 6.25 -0.25 0.0625 0.01 10 11.34 -1.34 1.7956 0.158342 7 5.79 1.21 1.4641 0.252867 1 1.85 -0.85 0.7225 0.390541 32.08133 The hypothesis of these question is that the service does not effect the buying behavior of consumer that is Ho. So from the calculation we got the value of H0 as 32.0813 So when compared to tabulated value of the number that is (r- 1)*(c-1) gives us the tabulated value so for my question (5- 1)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 Marketing Research GIDC ROFEL Business School Page 41

Buying behaviour of Gold 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 1 0 2 4 0 0 6 2 5 7 16 8 3 39 3 3 11 16 7 2 39 4 3 6 4 6 1 20 5 1 1 9 4 1 17 Total 13 27 49 25 7 121 PATTERN Observed expected o-e 2(o-e) 2(o-e)/e 0 0.65 -0.65 0.4225 0.65 2 1.34 0.66 0.4356 0.325075 Marketing Research GIDC ROFEL Business School Page 42

Buying behaviour of Gold 4 0.45 3.55 12.6025 28.00556 0 1.25 -1.25 1.5625 1.25 0 0.35 -0.35 0.1225 0.35 5 4.19 0.81 0.6561 0.156587 7 8.7 -1.7 2.89 0.332184 16 2.9 13.1 171.61 59.17586 8 8.06 -0.06 0.0036 0.000447 3 2.26 0.74 0.5476 0.242301 3 4.19 -1.19 1.4161 0.337971 11 8.7 2.3 5.29 0.608046 16 2.9 13.1 171.61 59.17586 7 8.06 -1.06 1.1236 0.139404 2 2.26 -0.26 0.0676 0.029912 3 2.15 0.85 0.7225 0.336047 6 4.46 1.54 2.3716 0.531749 4 1.49 2.51 6.3001 4.228255 6 4.13 1.87 3.4969 0.846707 1 1.16 -0.16 0.0256 0.022069 2 1.83 0.17 0.0289 0.015792 1 3.79 -2.79 7.7841 2.053852 9 1.26 7.74 59.9076 47.54571 4 3.51 0.49 0.2401 0.068405 1 0.98 0.02 0.0004 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. So from the calculation we got the value of H0 206.4282 So when compared to tabulated value of the number that is (r- 1)*(c-1) gives us the tabulated value so for my question (5- 1)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho>H1 so hypothesis is rejected. Marketing Research GIDC ROFEL Business School Page 43

Buying behaviour of Gold So it has been analyzed that Tanishq has good variety of pattern. 5) Proximity does not affect buying of gold. Particul ar 1 2 3 4 5 total 1 2 0 6 2 0 10 2 2 2 3 0 1 8 3 4 6 18 8 4 40 4 3 7 14 9 1 34 5 1 12 8 6 2 29 Total 12 27 49 25 8 121 Proximity Observed expected o-e 2(o-e) 2(o-e)/e 2 0.99 1.01 1.0201 1.030404 0 2.23 -2.23 4.9729 2.23 6 3.88 2.12 4.4944 1.158351 2 2.07 -0.07 0.0049 0.002367 0 0.67 -0.67 0.4489 0.67 2 0.79 1.21 1.4641 1.853291 Marketing Research GIDC ROFEL Business School Page 44

Buying behaviour of Gold 2 0.79 1.21 1.4641 1.853291 3 3.11 -0.11 0.0121 0.003891 0 1.65 -1.65 2.7225 1.65 1 0.53 0.47 0.2209 0.416792 4 3.97 0.03 0.0009 0.000227 6 8.93 -2.93 8.5849 0.961355 18 15.54 2.46 6.0516 0.389421 8 8.27 -0.27 0.0729 0.008815 4 2.64 1.36 1.8496 0.700606 3 3.37 -0.37 0.1369 0.040623 7 7.59 -0.59 0.3481 0.045863 14 13.21 0.79 0.6241 0.047245 9 7.02 1.98 3.9204 0.558462 1 2.25 -1.25 1.5625 0.694444 1 2.88 -1.88 3.5344 1.227222 12 6.47 5.53 30.5809 4.726569 8 11.26 -3.26 10.6276 0.943837 6 5.99 0.01 1E-04 1.67E-05 2 1.92 0.08 0.0064 0.003333 Total 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 So when compared to tabulated value of the number that is (r- 1)*(c-1) gives us the tabulated value so for my question (5- 1)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted. Marketing Research GIDC ROFEL Business School Page 45

Buying behaviour of Gold 6) Ambiance does not affect buying behavior of gold. Particular 1 2 3 4 5 total 1 1 1 0 4 1 7 2 0 2 6 2 0 10 3 5 6 11 6 2 30 4 3 9 17 8 11 38 5 4 9 14 5 4 36 Total 13 27 48 25 8 121 Observed Expected o-e 2(o-e) 2(o-e)/e 1 0.75 0.25 0.0625 0.083333 1 1.56 -0.56 0.3136 0.201026 0 2.78 -2.78 7.7284 2.78 4 1.45 2.55 6.5025 4.484483 1 0.46 0.54 0.2916 0.633913 0 1.07 -1.07 1.1449 1.07 2 2.23 -0.23 0.0529 0.023722 6 3.97 2.03 4.1209 1.03801 2 2.07 -0.07 0.0049 0.002367 Marketing Research GIDC ROFEL Business School Page 46

Buying behaviour of Gold 0 0.66 -0.66 0.4356 0.66 5 3.22 1.78 3.1684 0.983975 6 6.69 -0.69 0.4761 0.071166 11 11.9 -0.9 0.81 0.068067 6 6.2 -0.2 0.04 0.006452 2 1.98 0.02 0.0004 0.000202 3 4.08 -1.08 1.1664 0.285882 9 8.48 0.52 0.2704 0.031887 17 15.07 1.93 3.7249 0.247173 8 7.85 0.15 0.0225 0.002866 1 2.51 -1.51 2.2801 0.908406 4 3.87 0.13 0.0169 0.004367 9 8.03 0.97 0.9409 0.117173 14 14.28 -0.28 0.0784 0.00549 5 7.44 -2.44 5.9536 0.800215 4 2.38 1.62 2.6244 1.102689 Total 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 So when compared to tabulated value of the number that is (r- 1)*(c-1) gives us the tabulated value so for my question (5- 1)*(5-1) = 16 is the degree of freedom. The value for the 16 is 26.3 So Ho<H1 so hypothesis is accepted. Marketing Research GIDC ROFEL Business School Page 47

Buying behaviour of Gold Questionnaire 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:-________________________________________________________ Marketing Research GIDC ROFEL Business School Page 48

Buying behaviour of Gold Q 2) Gender - male female Q 3) Age :- _________________ Q 4) Occupation: - Service Business Others Others:-__________________________ Q 5) Monthly average INCOME? 5000-10000 10000-20000 20000-30000 30000 & above Q 6) how often you visit jewellery store? Once a month once a year On Occasion Q 7) You Buy jewellery from Place Store Name Vapi ___________________ Valsad ___________________ Surat ___________________ Bombay ___________________ Marketing Research GIDC ROFEL Business School Page 49

Buying behaviour of Gold Others ___________________ Q 8) do you buy jewellery from same store every time ? Yes No If Yes/No Why? ___________________________________________________________ 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 ? 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? Marketing Research GIDC ROFEL Business School Page 50

Buying behaviour of Gold TV News Paper Hoardings Pamphlets Friends/relatives Others Q 12) Have you visited Tanishq Store? Yes No Q 13) Rate Tanishq On flowing Criteria Given below Particular V.Go Good Avera Ba V.ba od ge d d a) Price b) Purity & Quality of Gold c) Service Offered d) Patterns Available e) Location of Store f) Ambiance of store Q 14) During Re-Purchase you often go to Tanishq? Yes No Q 15) Would you recommend others for Buying Tanishq Products? Yes No Q 16) Rate tanishq on over all basis? Marketing Research GIDC ROFEL Business School Page 51

Buying behaviour of Gold Particular V.Go Good Avera Ba V.ba od ge d d Tanishq As a Store Thank You Marketing Research GIDC ROFEL Business School Page 52

Buying behaviour of Gold FINDINGS 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. Marketing Research GIDC ROFEL Business School Page 53

Buying behaviour 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 54

Buying behaviour of Gold Recommendation & Conclusion 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 Marketing Research GIDC ROFEL Business School Page 55

Buying behaviour of Gold 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. 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. Marketing Research GIDC ROFEL Business School Page 56

Buying behaviour of Gold Bibliography Tanishq Website Tanishq Outlet Marketing Research TextBook Marketing Research GIDC ROFEL Business School Page 57

Buying behaviour of Gold THANK YOU Marketing Research GIDC ROFEL Business School Page 58

Summer training project report on consumer buying behaviour of gold @ tanishq

by Gurjeit Singh

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Summer training project report on consumer buying behaviour of gold @ tanishq Document Transcript