Benchmark ifb mwo with competition
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Benchmark ifb mwo with competition

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Benchmark ifb mwo with competition

Benchmark ifb mwo with competition

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Benchmark ifb mwo with competition Benchmark ifb mwo with competition Document Transcript

  • A PROJECT ON Benchmark IFB MWO with competition price and feature andrecommend Action plan for regain of share in market Prepared by: - Shyam Singh Roll No. - 111314 SESSION- 2011-131|Page
  • ACKNOWLEDGEMENT I sincerely thank IFB Industries Pvt. Ltd. for giving me the opportunity to pursue Summer Internship in their organization. It is indeed a great moment of pleasure to express my feelings. This project is an important part of our course and curriculum and it gives me a real and practical exposure of the corporate world. So I am deeply thankful and pleased to acknowledge the opportunity given by IFB Industries Pvt. Ltd. and guidance provided by :-  Mr Deepak Prakash (Branch Manager, IFB Industries Ltd, Patna),  Miss Tripti Jha (Business Manager, Domestic home appliances, IFB Industries Ltd., Patna),  Mr Ashish Mishra (Business Manager, Commercial appliances and Institutional sales, State of Bihar, IFB Industries Ltd, Patna) and  PROF. AK HALDAR(DEAN, INTERNATIONAL SCHOOL OF MANAGEMENT PATNA) This entire project has been very encouraging and will certainly help me in building a good carrier.2|Page
  • CONTENTSSL NO. PAGE NO. 1 EXECUTIVE SUMMARY 4 2 COMPANY PROFILE 5 3 IFB’S PRODUCTS 5,6 4 SOME MAJOR PLAYERS IN THE HOME APPLIANCES SEGMENT IN 7 INDIA 5 RESEARCH METHODOLOGY 8 6 SAMPLING TECHNIQUE 9 7 SOURCE OF DATA COLLECTION 9 8 MARKET SHARE OF DIFFERENT COMPANIES DURING 2011-12 10 9 COMPARITIVE STUDY OF MWO 11-14 10 MARKETING STRATEGY OF DIFFERENT BRANDS 15 11 QUESTIONNAIRES ( EXISTING CUSTOMERS’ RESPONSE) 16-20 12 GRAPH BASED ON SURVEY REPORT 21-30 13 CONSUMER RESPONSE 31-33 14 SCOPE OF BETTER SHARE OF IFB MWO 34-37 15 SCOPE OF BETTER MARKET SHARE IN BIHAR 38-39 16 FROM DEALERS’ 40 17 GRAPH BASED ON DEALERS RESPONSE 41-45 18 SERVICE 46 19 DEALERS SATISFACTION 46 20 SWOT ANALYSIS 47 21 INFERENCE, LIMITATIONS 47 22 SUGGESTION 49 23 BIBLIOGRAPHY 503|Page
  • EXECUTIVE SUMMARYIndian white goods markets is increasing day by day with domestic companiesLike IFB, KELVINATOR, GODRAJ, VIDEOCON and MNCs like LG, WHIRPOOL, etc. IFB which is a majorplayer in this segment has products like dishwasher, washing machine, dryer, microwave Ovens andother kitchen appliances. IFB is leader in front loader washing machine. Earlier it was holding veryfine position in MWO segment. Now a day, challenging innovation is coming in market. This compelsto do better .For this I have prepared a questionnaire. I collected data from sample size of 50.4|Page
  • COMPANY PORFILE IFB Industries Limited is known as Indian Fine Blanks Limited. It started their operations in India during 1974 in collaboration with Hienrich Schmid AG of Switzerland. The product range includes Fine Blanked components, tools and related machine tools like Straighteners, Decoilers, Strip loaders and others. The Engineering divisions are located at Kolkata & Bangalore. The Bangalore unit, apart from Fine Blanked components, manufactures motors for White goods as well as automotive applications.VisionIFB wants to be the synonymous with Innovation & Technology in its chosen fields of business activities.IFBwants to prove itself as globally incomparable technology.MissionContinuously maximizing companys wealth by manufacturing and marketing best quality engineeringproducts that go into daily life. IFB’S PRODUCTS DISPLAY Why IFB? IFB is the market leader in front loader washing machine in India and we are putting all our efforts and hard work to become the first choice when it comes to being an integral part of your household. We always keep customers’ convenience on top priority. We are innovating in technology to help in your invention in cooking. When you see our products, you can imagine how will it improve the internal beauty of your house? When a guest comes to your house, You think to serve dish in sparkling utensils. Our dishwasher is ready to do that. Also you don’t need to become worry about cleaned dried cloths whether it is winter or rainy season. Our washing machine and cloth dryer is ready to resolve your problem. 5|Page
  • CLOTH DRYERWhen you see the drum of our washing machine it can be seen that this is full of holes. On comparingour drums with other it can be easily found that in other brands hole is tiny in size. People generallythink drying is because of hot air. Excess use of hot air is not required and cloth is dried in safeenvironment. WASHING MACHINEThere are two types of washing machines. These are front loader and top loader. We are leader in frontloader with market share of 66%.we produce both commercial and industrial products. Our drum hasmade fabric friendly. We have innovated a machine which is able for 100% dryness of cloths. MICROWAVE OVEN IFB is veteran in the production of solo, grill and convection, all three types of MWO machines. We are providing sufficient no of auto cook menu. Our machines are fully automatic. But you can also use it manually. Its cavity is made of stainless steel. Some models have powder coated cavity. We give sufficient no. of accessories, which help to cook different tasty foods. DISHWASHER IFB is producing both type of dishwasher, domestic and commercial. This machine is very efficient. It behaves environment friendly. It washes hygienically. It consumes very less amount of aqua and detergent. Twelve plates set can be washed simultaneously. It removes stub born dirt by using smart feature. 6|Page
  • Some of Major Players in the home appliances segment in India1) The LG Corp is South Koreas second largest company that produces electronics, chemicals, andtelecommunications products. The Home Appliances division makes products like refrigerators andwashing machines. Its 2007 sales totalled KRW 11.8 trillion, accounting for 29% of the companystotal revenue. The divisions profit was KRW 717.1 billion. About 35% of the companys homeappliance revenue comes from the North American market. It also produces Mobile phones, Vacuumcleaners.2) Samsung Electronics is the worlds largest electronics company with 2009 revenue of $117.4billion, Samsung Town, Seoul, South Korea. Samsung Electronics has achieved significant market sharein recent years.3) Whirlpool is a fortune 500 company and a global manufacturer and marketer of major homeappliances with it’s headquarter in Benton charter township, Michigan, United States, near Bentonharbour. The company has annual sales of approximately $20 billion more than 700000 employeesand more than 70 manufacturing and technology research centre around the world.7|Page
  • RESEARCH METHODOLOGYMEANINGResearch is an intensive and purposeful search for knowledge and understanding of social andphysical phenomenon. Research is the systematic and objective analysis .It is controlled observationthat may lead to development of generalisation, principles etc. Research is art of scientificinvestigation.OBJECTIVETo identify the potential of IFB’S MICROWAVE OVEN  To identify buying pattern of MICROWAVE OVEN  To identify the scope of the IFB MICROWAVE OVEN and identification of factors which affect MWO sales  To identify competitors range /price/features of MWOSCOPE  My research is confined to Patna and Bihar.  I have considered MWO only. RESEARCH DESIGNDEFINITIONResearch design is set of advance decision which specifies the methods and procedures for collectingand analyzing the required information.NEED AND IMPORTANCEWe collect information from customers, dealers, media etc. It helps in research to identify the needof customers and competitors strategy. Now we use our effort to provide the best Solution to thecustomers. This process is very important because it helps to achieve the objective.8|Page
  • SAMPLING TECHNIQUECONVENIENCE SAMPLING:-Convenience sampling is used in exploratory research. Where the researcher is interested ingetting an inexpensive approximation of the truth.For my survey I had sample size of 50 customers. SOURCE OF DATA COLLETION (a) PRIMARY DATA (b) SECONDARY DATA (a) Primary Data :- Primary data was collected by preparing questionnaire and contacted the consumers and dealers’ to get their response and information. (b) Secondary data:- Secondary data consist of information collected from the internet, dealers, company catalogue etc STATISTICAL TOOL USEDI have used only pie chart.9|Page
  • MARKET SHARE OF DIFFERENT COMPANIES DURING 2010-11 SALES UNITS (in Thousands) % MARKET SHARELG 400 28.98SAMSUNG 250 18.12ONIDA 150 10.87IFB 148 10.72GODREJ 120 8.70WHIRLPOOL 120 8.70VIDEOCON 79 5.72KORYO 45 3.26OTHERS 68 4.93 KORYO OTHERS VIDEOCON 3% 5% 6% LG WHIRLPOOL 29% 9% GODREJ 8% IFB 11% SAMSUNG ONIDA 18% 11%INFERENCE: - This graph says that customers’ first choice is LG, second is SAMSUNG, ONIDA and IFBis neck-to-neck, WHIRLPOOL IS 5th choice and so on. It seems consumers have more faith in brand LGand SAMSUNG.10 | P a g e
  • MARKET DYNAMICS MWO market has been growing by 20-25 % constantly over last 4 Yrs since 2006. In 2010-11 it improved by 9.5% .This is equal to 1.38 million approximately. It is of cost Rs 800 crore. Convection model increased by 42-53 %. Grill is constant at 32 %. Solo model lost by 11 %. COMPARITIVE STUDY OF MWOSl. Basis of IFB LG SAMSUNG WHIRLPOOL GODREJN comparisono. 1 Slogan set yourself Lifes Good Live smart happiness take for free with IFB with Samsung begins at granted appliances home and you will never know better 2 MWO Slogan Redefining Make tasty Explore Interesting All the cooking moments delicious khaana flavours of experience healthy moments rozaana the world now in your home 3 Solo 2 4 4 2 1 4 Grill 3 11 7 3 6 5 Convection 9 18 17 12 10 6 Total no of 14 33 28 17 17 models 7 warranty(in yrs) 1(on 1(on 1(on complete 2(on 3(on complete complete body),5(on complete magnetron body),3(on body) magnetron) body) for selected cavity and models) magnetron) 8 Features 11 | P a g e
  • 9 Motorised No Yes Yes No No rotisserie10 Fermentation No Yes No No No11 Intellowave No Yes No No No technology12 Next step guide No Yes Yes No No13 No of auto cook 150 (in 38 SRC 1) 201(MJ3281BC 219( in CE 117 PF – 118( in 20 C 161(in GMX G,MJ3281BPG) X, PF-B) menu(maximum) 118) 23 CAI MKM)14 Easy to use For auto cook Select menu no, For auto cook For manual Select menu menu, Put menu push start menu, Put menu cooking Select no, push start no, push start button, for no, push start menu no, select button , for button, for manually select button, for temperature, manually go for manually, select power level, manually cooking time, power level type of cooking mode of select time, and go for start, cooking, and category, power cooking, temperature, for auto cook required steps level temperature, power level, push menu ,select and push start temperature, time, push start start button menu no and button time, push start button push start button button15 Size of display Single rack Multi rack Multi rack LCD Single rack Single rack digital LCD digital LCD LCD LCD16 Charcoal lighting No Yes No No No heater17 Egg not possible possible in not possible not possible not boiling/cooking(in MC8188HRC possible cell)18 Aesthetics Door is plain Designed Door is plain Door is plain designed door with door in attractive some photo model19 Cavity Stainless Stainless Ceramic stainless Stainless steel steel enamel steel, magic steel clean, powder coated20 Voice Guiding No No Yes No No21 Solar Dom No Yes No No No22 Colour Single color- Single color- Single color- Single color- Single 3(black, 4(white, 7(black, silver, 2(black, color- silver, silver, black, white white, 1(black),mi mirror mirror etc),mixed silver),mixed xed colour- 12 | P a g e
  • Finish),mixe finish),mixe colour-2 colour-2 2 d colour -2 d colour-523 Trio Technology No No Yes No No24 Auto Deodoriser No Yes No No Yes25 Dehumidification No Yes No No No26 Humidity sensor No Yes Yes No No27 Auto moving grill No Yes No No No28 Keep warm No Yes No Yes(in some Yes(in some models) models)29 Tandoori delight No Yes No No No30 Convection + Yes Yes Yes Yes Yes Microwave31 DES(Dual No No No Yes No emission system)32 Cavity clean Steam clean Steam clean Steam clean Magic Steam clean(same clean like steam clean)33 ACCESSORIES Hand gloves, Hand gloves, Hand gloves, Hand gloves, grill Hand gloves, roaster, cook two spoon, rectangular glass rack, skewer for grill rack, and serve with high rack, low dish with handle, rotisserie, skewer for lid, grill rack, rack, four glass grill rack, crisp microtawa, crust rotisserie, crisp cook tawa, bowl, non stick cook tawa, skewer plate, Idli stand crust plate, skewer for multi cook for rotisserie, Idli vertical rotisserie tawa stand rotisserie, steam clean bowl, Idli stand,34 Recipe book Nita Mehta Nita Mehta Sanjeev Company Tarla Dalal Kapoor personal35 Starter kit papar Idli stand, cooking glove, Recipe book, Recipe roaster, Roti recipe book, steam bowl, 4 lid , 2 plastic book,1 lid,1 crisper, steam chef, Idli stand, cover jar rectangular recipe book, high rack, multi cook plastic rectangle Roti crisper, tawa, recipe covered glass dish dish with book, micro box, 1 with handle, plastic cover proof plastic cup lock- it 300 bowl(2),roller ml round, ring, turn table cook n serve with lid, Round dish 13 | P a g e
  • with plastic cover, Idli stand36 Round rack Yes Yes Yes No No37 Multi spit No No Yes No No38 Steam clean Yes Yes Yes Yes Yes39 Square metal tray No No on selected No No model40 Rotisserie on selected on selected on selected No No model model model41 Steam bowl No No Yes No No42 High rack No Yes No No No43 Low rack No Yes No No No44 Tawa Yes Yes Yes Yes Yes45 Square tray No Yes No No No46 Square rack No Yes No No No47 Steam chef No Yes No No No48 Metal tray Yes Yes Yes Yes Yes 14 | P a g e
  • MARKETING STRATEGY OF DIFFERENT BRANDS IFB LG SAMSUNG WHIRLPOOL NO. OF DEALERS 34(includes all 7 9 14 for MWO dealers) NO OF EXCLUSIVE 0 3 4 0 SHOWROOM PRODUCT Generally 2/3 Generally 8/10 Generally 6/8 products Generally 1/2 PLACEMENT products products placed on display products placed placed on placed on on display display display PRICE RANGE 10500-13290 5800-26500 11500- 10800-11990 (showroom has 16990(showroom has almost ranges) almost ranges) NO. OF RECIPES 85 75 80 126 IN RECIPE BOOK COOKING CLASS 0 3 0 0 IN SHOP It is available in It is available It is available in almost It is available in BRANDING very less no of in almost shops shops very few shops shops POP It is present It is present It is present with all It is present with all with all products with all products products products DANGLERS Nowhere it is It is present in It is present in Nowhere it is present showroom only showroom and dealers present shopsINFERENCE:-  Consumers think to buy from dealers’ point. This is psychology of customers’ buying. If it is nearer to its home so fine so good.  There are some customers who always prefer to buy from exclusive showroom. This gives mental satisfaction.  Some customers took decision on the basis of no of recipes available in recipe book. Now a day people need more convenient cooking which is also supported by way of cooking. They feel cool if it is available in regional languages.  Sometimes it is seen that customers change their decision after observing different models available in display.  When customers inter in shop, they try to collect all the information. In shop branding and pop provides very fast and easy information about the brand and product.  Danglers bring attention of customers. It has also impact on buying decision.15 | P a g e
  • SUGGESTION:-  Dealer should be made in different parts of the city where potential customers live.  Dealers must be encouraged to keep more products on display.  Exclusive showroom should be opened.  There must be 2/3 cooking classes in one month.  Shopkeeper must be asked to use in shop branding.  Recipe book must be available in regional languages.  Brochure should have all the simplest and essential guidelines in all regional languages. QUESTIONNAIRE (CONSUMERS’ RESPONSE)S Mo Wha Wha What HOW For Whic Whi Whic Wo Whal del t is t is is the often what h ch h uld tN no the the reaso is purp featu feat featu you problo reas reas n to MW ose re do ure re like ems. on to on to buy O is the you don are IFB do buy buy that used MW like t you to you MW IFB? partic ? O to you lacki co face O? ular used use? like ng in me whil model ? ? your wit e ? mach h using ine? mor MW e O? colo urs? If yes ple ase spe cify.1 30SC time brand suitable daily heatin fast None cant No no 2 saving name to family g, heatin say proble size baking g m2 17P health brand suitable daily Cookin easy Nothi Nothin No no G1S y name to family g to use ng g proble cookin size m g3 20P health brand price, almost Heatin fast no no no no G3S y name feature daily g heatin one proble proble cookin of the g m m g, time model 16 | P a g e
  • saving4 25P time Aesthe suitable almost heatin easy None Nothin No no G1S saving tics to family daily g to use g proble 3 size ,cookin m g, baking5 30SC conve brand feature daily Heatin fast None Nothin No no 2 nience name of the g heatin g proble model g m6 30SC health brand suitable daily heatin easy Nothi cant No feature 2 y name to family g, to use ng say not cookin size baking easy g to unders tand7 30SC conve brand feature almost Heatin fast Nothi cant No no 2 nience name of the daily g heatin ng say proble model g m8 20SC health brand suitable almost heatin easy No better No no 2 y name to family daily g, to use baking proble cookin size baking m g9 20SC time brand suitable daily Heatin fast No no No no 2 saving name to family g heatin proble proble size g m m1 25SC health referre suitable rarely Heatin easy No cant No more0 2 y d to to family g to use say comfor cookin someb size table g ody with conve ntional mode of cookin g1 20SC time brand feature daily heatin fast No cant No no1 2 saving name of the g,cooki heatin say proble model ng,bak g m ing1 30SC health brand suitable almost Heatin easy No Nothin No no2 2 y name to family daily g to use g proble cookin size m g1 20SC conve Aesthe suitable almost heatin fast No cant No no3 2 nience tics to family daily g, heatin say proble size baking g m1 20P health brand suitable daily Cookin easy No Nothin No no4 G3S y name to family g to use g proble cookin size m g 17 | P a g e
  • 1 30SC health brand suitable almost heatin easy No None No no5 2 y name to family daily g, to use proble cookin size baking m g1 30SC time brand suitable daily Heatin fast No cant No no6 2 saving name to family g heatin say proble size g m1 30SC health brand feature daily Heatin fast No Nothin No no7 2 y name of the g heatin g proble cookin model g m g1 30SC conve Aesthe feature almost Cookin fast No bread No no8 2 nience tics of the daily g heatin makin proble model g g m1 17P health brand suitable daily Cookin less oil No better yes, Nothin9 G2S y name to family g consu baking maro g cookin size mption on g2 30SC time brand suitable daily Cookin less oil Nothi bread No no0 2 saving name to family g consu ng makin proble size mption g m2 25SC time Aesthe feature almost baking fast None No Nothin1 2 saving tics of the daily heatin makin g model g g sattu pratha2 20P health brand suitable almost heatin fast None better No Nothin2 G1S y name to family daily g, heatin toast g cookin size baking g roastin g g2 30SC health brand suitable almost Heatin less oil No bread yes, no3 2 y name to family daily g consu makin sky proble cookin size mption g like blue m g tawa2 25SC time referre feature almost Cookin fast No egg No No4 2 saving d to of the daily g heatin boiling someb model g ody2 30SC health brand suitable daily heatin less oil No tawa yes, No5 2 y name to family g, consu bread white cookin size baking mption makin g g2 17P time brand suitable almost Heatin less oil No egg No No6 G2S saving name to family daily g consu boiling size mption2 30SC health referre suitable Daily Heatin fast No cant No no7 2 y d to to family g heatin say proble cookin someb size g m g ody 18 | P a g e
  • 2 30SC time referre feature rarely Cookin less oil No Nothin No no8 2 saving d to of the g consu g proble someb model mption m ody2 30SC health brand suitable almost baking fast No Nothin No No9 2 y name to family daily heatin g cookin size g g3 25SC health referre feature Daily Cookin less oil No tawa No no0 2 y d to of the g consu bread proble cookin someb model mption makin m g ody g3 25SC health brand suitable Daily heatin less oil No Nothin yes, no1 2 y name to family g, consu g maro proble cookin size baking mption on m g3 25SC time brand suitable almost Cookin fast No Nothin No no2 2 saving name to family daily g heatin g proble size g m3 30SC conve referre feature Daily Cookin less oil No egg No Nothin3 2 nience d to of the g consu boiling g someb model mption ody3 25SC conve referre suitable Daily Cookin less oil No Nothin No Nothin4 2 nience d to to family g consu g g someb size mption ody3 25SC conve brand suitable Daily Heatin fast No Nothin No no5 2 nience name to family g heatin g proble size g m3 30SC time brand feature Daily Cookin less oil No Nothin No no6 2 saving name of the g consu g proble model mption m3 20SC time brand feature almost Cookin fast No tawa No None7 2 saving name of the daily g heatin bread model g makin g3 17P conve referre feature almost heatin fast No No No no8 G2S nience d to of the daily g,cooki heatin proble someb model ng,bak g m ody ing3 20P time brand suitable almost Cookin fast No No No no9 G3S saving name to family daily g heatin proble size g m4 30SC conve referre feature Daily Cookin less oil No No No no0 2 nience d to of the g consu proble someb model mption m ody 19 | P a g e
  • 4 20sc conve referr suitable Daily Cookin less oil No No No no1 2 nience ed to to g consu proble mption m someb family ody size4 30SC time brand suitable daily Heatin less oil No cant No Nothin2 2 saving name to g consu say g family mption size4 25SC time brand suitable daily Heatin fast No No No Nothin3 2 saving name to g heatin g family g size4 30SC conve referre suitable daily Cookin less oil No No No Nothin4 2 nience d to to g consu g someb family mption ody size4 17L. conve brand feature almost Cookin fast No No No no5 nience name of the daily g heatin proble model g m4 20PG time referre suitable almost Cookin less oil No No No no6 2S saving d to to daily g consu proble someb family mption m ody size4 20PG conve brand suitable daily Heatin less oil No No No no7 3S nience name to g consu proble family mption m size4 20SC conve referre suitable rarely Cookin less oil No No No Nothin8 2 nience d to to g consu g someb family mption ody size4 30SC conve brand suitable almost Cookin fast No No No no9 2 nience name to daily g heatin proble family g m size5 30SC conve brand suitable daily Cookin less oil No No No no0 1 nience name to g consu proble family mption m size 20 | P a g e
  • GRAPH BASED ON SURVEY REPORT 1. What is the reason to buy MWO? What is the reason to buy MWO? Healthy cooking 36% Time saving 30% energy saving 0% Convenience 34%Out 50 customers 15 said time saving, none said about energy saving, 17 said convenient and 18said healthy cooking.INFERENCE: - People are becoming more health aware and have found the option to cook in lesstime. Also second major percentage of consumers feel MWO is convenient because it saves theirtime and extra effort. People are becoming more professional and they find this machine is helpfulto save their time.21 | P a g e
  • 2. What is the reason to buy IFB? What is the reason to buy IFB? Husband choice 0% Aesthetics 16% Referred to Brand name some body 64% 20%Out of 50 customers, 32 said brand name, 10 said referred by somebody, 8 said aestheticsINFERENCE: - 64% trust on brand, 20% believes in others advice and 16% buy because of look.Word of mouth plays great role to affect the consumers’ buying decision. People’s perception isgreatly affected by brand name. They interpretate, expose, pay attention and integrate beforebuying decision.22 | P a g e
  • 3. What is the reason to buy that particular model? what is the reason to buy that particular model? Gifted by some body 14% feature of the model 24% suitable to suggested by family size shopkeeper 62% 0%Out of 50 customers 31 said suitable to family size, 12 said feature of the model and 7 said giftedby somebody.INFERENCE: - Customers identify their need exactly then go for buying. Some customers selectsome model on the basis of feature. Some consumers get in gift.23 | P a g e
  • 4. How often is MWO used? How often is MWO used? not using 6% rarely 6% Daily 50% almost daily 38%Out of 50 customers 25 said daily, 19 said almost daily, 3 said rarely and 3 said not using.INFERENCE: - Consumers want to do anything conveniently. They are recognising the use ofmachine fastly.24 | P a g e
  • 5. For what purpose is the MWO used? For what purpose is the MWO used? All the above 12% Baking 4% Heating 42% Cooking 42%Out of 50 customers 21 said heating, 21 said cooking, 2 said baking and 6 said all of theAbove.INFERENCE: - Heating and cooking are most frequent work of kitchen. So 42% customers use MWOfor heating and 42% customers use for cooking. 12% consumers use it in cooking, baking andheating. 4% customers use it in baking only.25 | P a g e
  • 6. Which feature do you like to use? which feature do you like to use? others 8% easy to use 12% fast heating 46% less oil consumption 34%Out of 50 customers 23 said fast heating,17 said less oil consumption,6 said easy to use and 4 saidother things.INFERENCE: - Fast heating is common and frequent need for daily life. Fast heating is liked bymaximum persons. Now a day due to hectic life schedule consumers want to take less oily foods.MWO is able to cook in such condition. Some persons like MWO because it is convenient in use.26 | P a g e
  • 7. Which feature don’t you like? which feature dont you like? 0% yes no 100%Out of 50 customers all features have been liked by all.INFERENCE: - Customers want to know what they don’t know. They don’t bother from non usingfeature.27 | P a g e
  • 8. Which features are you lacking in your machine? Which feature are you lacking in your machine? egg boiling 6% cant say 14% tawa bread/sattu Nothing pratha 66% 14%Out of 50 customer 7 said we can’t say,7 said tawa bread and sattu pratha,3 said egg boiling and33 said nothing.INFERENCE: - Customers feel the features provided are sufficient. Some need to have feature formore common dish tawa bread/sattu pratha.28 | P a g e
  • 9. Would you like IFB to come with more colours? If yes please specify. would you like IFB to come with more colours?If yes please specify. Yes 6% No 94%Out of 50 customers 47 said no and 3 said yes among of which 2 persons required maroon and 1sky blue.INFERENCE: - Customers needed machines of good quality and essential features, don’t need morecolours. Customers were satisfied from aesthetics.29 | P a g e
  • 10. What problem do you face while using a MWO? What problem do you face while using a MWO? Proper demo given 4% No problem 96%Out of 50 customers 48 told no problem and 2 said about proper demo.INFERENCE: - Customers take interest in learning new thing themselves after being guided once ortwice.30 | P a g e
  • CONSUMERS’ RESPONSESL Do Do you What is the Which Which factor Which type of MWONo. you feel the barrier in brand influence would you like to know need of buying of MWO you to buy purchase? about this MWO? would MWO? MWO? machine? you prefer? 1 Yes Yes Awareness LG Brand name Convection 2 Yes Yes Absent of LG Brand name Convection proper demo 3 Yes Yes Absent of Samsung Brand name Convection proper demo 4 Yes Yes Price Samsung Brand name Convection 5 Yes Yes Price Samsung Brand name Convection 6 Yes Yes Price Samsung Brand name Grill 7 Yes Yes Price LG Brand name Grill 8 Yes Yes Price LG Brand name Convection 9 Yes Yes Price LG Price Convection 10 Yes Yes Price LG Price Convection 11 Yes Yes Price IFB Brand name Convection 12 Yes Yes Price IFB Quality Grill 13 Yes Yes Price LG Quality Grill 14 Yes Yes Price LG Quality Grill 15 Yes Yes Price LG Price Solo 31 | P a g e
  • 16 Yes Yes Awareness LG Price Convection17 Yes Yes Awareness IFB Quality Convection18 Yes Yes Awareness IFB Price Convection19 Yes Yes Awareness LG Brand name Solo20 Yes Yes Convenience IFB Brand name Solo21 Yes Yes Convenience IFB Brand name Solo22 Yes Yes Convenience LG Performance Solo23 Yes Yes Convenience IFB Brand name Grill24 Yes Yes Absent of Others Quality Grill proper demo25 Yes Yes Price LG Aesthetics Convection26 Yes Yes Price Others Aesthetics Convection27 Yes Yes Price Others Performance Grill28 Yes Yes Price Samsung Performance Grill29 Yes Yes Absent of IFB Brand name Grill proper demo30 Yes Yes Awareness Others Brand name Grill31 Yes Yes Awareness Others Performance Grill32 Yes Yes Awareness IFB Performance Convection33 No No Price Others Aesthetics Solo34 Yes Cant say Price Others Aesthetics Solo35 Yes Yes Price Samsung Performance Solo36 Yes Yes Price Samsung Aesthetics Solo 32 | P a g e
  • 37 No Cant say Awareness Samsung Brand name Grill38 Yes Cant say Price Samsung Aesthetics Grill39 No No Electricity Samsung Performance Convection40 No Cant say Electricity Samsung Performance Convection41 Yes No Electricity LG Performance Grill42 No No Awareness LG Brand name Grill43 No Yes Absent of LG Brand name Convection proper demo44 Yes Cant say Electricity LG Brand name Convection45 No No Electricity Others Brand name Convection46 No Cant say Awareness Others Brand name Convection47 Yes Cant say Awareness Others Brand name Grill48 No Cant say Convenience Others Brand name Grill49 No Cant say Convenience Others Brand name Solo50 Yes Cant say Convenience Others Brand name Solo 33 | P a g e
  • Scope of better market share of IFB MWO Sample size = 50 Awareness about the product MWO Awareness No 20% Yes 80%Out of 50 people only 40 were aware about the product MWO and the rest 10 not aware about it.The person who were aware had an average salary of Rs 35000/- and above per month .They weremuch busy person.INFERENCE: - Huge percentages of persons were aware about MWO. Some were not aware.34 | P a g e
  • NEED NEED Cant say 20% No 10% Yes 70%Out of 50 customers 35 gave positive response that MWO saves time, energy, cooks healthy inhygienic environment so this is need. 10 people said can’t say. Rest 5 wanted to finish their jobtraditionally.INFERENCE: - Large number of people feels the need of this machine. They need hygienic food inless time conveniently.35 | P a g e
  • BARRIER Absence of BARRIER proper demo 10% Electricity 10% Price 46% Convenience 14% Awareness 20%INFERENCE: - There was huge percentage of population who wanted to have MWO but higherprice and mode of payment prevent them to do so. Some feel the need of machine like MWO butthey were not aware about it. Some think electricity, some think absence of proper demo andsome think convenience is the reason.36 | P a g e
  • Customer preference of brand Preference of brand OTHERS 20% LG 44% IFB 16% SAMSUNG 20%Out of 50 people 22 liked LG,8 liked IFB,10 liked Samsung and 10 liked others.INFERENCE: - LG is leader in MWO segment. Some preferred Samsung and some IFB. Some likedothers.FINDINGS After survey I found some facts from respondents:-  Brand awareness is very necessary.  Some said tawa bread can’t be made which is the prime part of meal.  Customers wanted more feature in machine.  Consumers liked to have more option before the selection of model.  Eighty percent customer was aware about this machine.  Most of the customers felt the need of MWO.  Price and lack of awareness were main barriers in buying MWO.37 | P a g e
  • SCOPE OF BETTER MARKET SHARE IN BIHARGraph and analysisSample size=50 Desired attributes quality 10% Desired attributes Price 10% Aesthetics Brand name 14% 50% perfomance 16%From this graph I can clearly interpret that customer first consider brand name, before buyingMWO followed by performance, aesthetics, price and quality.INFERENCE: - At first People trust on brand and then think about performance, quality andaesthetics.38 | P a g e
  • MOST PREFERRED TYPE OF MWO Type of MWO Solo 22% Convection 42% Grill 36%From this graph it can be said that Convection model is more in demand. Solo type has less selling.INFERENCE: - Convection is advance technology to resolve kitchen requirement. Convectionmodels have all three functions solo, grill and convection. Grill has fewer features. Solo has leastfunctions. So customers like convection more.FINDINGS:-From survey I came to know that most of the customers prefer LG and SAMSUNG for buyingMWO as they have created a good brand image in the minds of customers through salespromotion, offers, advertisements ,services etc. Most part of customers wants to have convectionmodel. CUNSUMERS RESPONSE ABOUT THE FOLLOWINGS: -SL NO. EXITING CUSTOMERS NEW CUSTOMERS 1 PRODUCT 80% customers are satisfied.34% 20% customers are consumers said it is convenient. 30% satisfied.40% customers said said it helps in time saving. it helps in healthy cooking. 2 FEATURE 42% consumers’ uses in heating. 42% 60% customers liked. 6% said customers said it is well in cooking. there should be tawa Roti 10% said there should be egg boiling feature. feature. 3 BRAND 64% customers trust on brand. 10% 16% customers trust on knows it from net.40% customers brand. 15% customers got knew from their relatives/friends. IFB on internet. 15% was convinced by shopkeepers. 4 PRICE 80% customers are satisfied. 50% 60% customers are satisfied. customers said price is more than 40% consumers said price is39 | P a g e
  • budget. very high. Some consumers said MWO should be available in instalment. 5 AFTER 96% customers are satisfied. 70% said 90% customers are satisfied. SELL service boy comes on time. 40% needs 60% said IFB’s machine is SERVICE cookery classes. very good in quality. From Dealers’SL NO. Location Which Which Which Which Are you brand’s brand companys company satisfied MWO is gives after sale gives more with in good service is promotional pricing demand? margin? good? offer? strategy of IFB MWO? 1 Patna LG LG LG Whirlpool No 2 Patna Samsung LG LG LG No 3 Patna LG Samsung Samsung Whirlpool Yes 4 Patna IFB IFB IFB IFB Yes 5 Patna Whirlpool Godrej Godrej Godrej Yes 6 Patna LG LG LG Whirlpool No 7 Patna Samsung Samsung Samsung Samsung No 8 Patna Samsung Samsung Samsung Samsung No 9 Patna LG LG LG Samsung No 10 Patna LG Samsung Samsung Whirlpool Yes40 | P a g e
  • GRAPH BASED ON DEALERS’ RESPONSE Demand of brand of MWO Demand Whirlpool 10% IFB 10% LG 50% Samsung 30%From this I may say that in a shop 50% customer demands LG and 30% SAMSUNG.INFERENCE: - LG is leader in MWO segment. Thirty percent customers demand Samsung and 10percent demand IFB and Whirlpool each.41 | P a g e
  • MAXIMUM MARGIN IN BRANDS Margin Godrej 10% IFB 10% LG 40% Samsung 40%INFERENCE: - LG and SAMSUNG are giving almost equal profit margin .Out of 10 dealers two likedprofit margin of IFB and Godrej one for each.42 | P a g e
  • AFTER SALE SERVICE After sale service Godrej 10% IFB 10% LG 40% Samsung 40%LG and Samsung are providing very good service. IFB and Godrej’s service is also good.INFERENCE: - LG and SAMSUNG are very good in after sale service. Out of 10 dealers two liked theservice of IFB and Godrej ,one for each.43 | P a g e
  • PROMOTIONAL OFFERS Promotional offer Godrej 10% IFB 10% Whirlpool 40% SAMSUNG 30% LG 10%Whirlpool gives the best offer. Samsung also gives very attractive offers. LG, IFB and Godrej arealso well in promotional offers.During last Diwali –LG was giving three years warranty on complete body. Samsung was givingcash discount, DVD, weekly draw etc offer through scratch card. Whirlpool was giving travellingcoupon, gift coupon etc through scratch card. IFB was giving 4 years warranty on cavity andmagnetron, more accessories etc through scratch card. Godrej was giving pair wrist watch.INFERENCE: - Whirlpool and Samsung are paying more attention on promotion. IFB, LG and Godrejare also promoting their products in good way.44 | P a g e
  • PRICING STRATEGY OF IFB MWO Price strategy No 50% Yes 50%OUT of 10 dealers, five were satisfied and five were not satisfied.INFERENCE: - Fifty percent dealers were satisfied.45 | P a g e
  • SERVICELG is providing the fastest service. Its MIS (management information system) is very good. Whena product is sold, a message reaches service boy’s no. about the address of installation and demoof sold product. Service boy arrives there simultaneously with products. If we talk about Patna ithas been divided into five parts. One part is under one service person. So service is very fast.SAMSUNG is also giving good service. But this is not like LG. It has also divided Patna in foursegments. Each part is cared by separate person.This management is used for customer satisfaction. Also customer gets satisfied from the service.Godrej and whirlpool are not providing so much satisfied service.IFB’s service persons move to the required location from single address. It takes much time toreach the destination. Demo is given till customers’ satisfaction/requirement. IFB’s service personsare veteran. Its customers are satisfied from the service. Service is well. DEALERS’ SATISFACTIONLGIt has different DP and MRP. It allows CSR to bargain on price. Again if customer is not satisfied,second discount is given by shopkeeper. In spite of such discounts dealers get good profit margin.This is actually psychological. But customer gets satisfaction.SAMSUNGSame thing is provided by Samsung.GODREJIt also gives the same facility for dealer.WHIRLPOOLIt also provides good profit margin.IFBIt has same DP and MRP. It does not allow seller for multi stage discount.There is very less profit margin for seller compared to LG and SAMSUNG.46 | P a g e
  • SWOT ANALYSIS OF IFB MWOSTRENGTH  Good product quality  Durability/Performance  Good after sale service  Brand equity  Competitive price  Customers satisfaction  Good research and development teamWEAKNESS  Very less brand awareness  Dealers’ less interest to sell IFB MWO  Products are not available at all dealers’ counter.  Total no number of different models are very less than competitors.  Products range is fewer than competitors.  Number of auto cook menu is less than competitors.  Number of features is less than competitors.  Less sales promotion  Less advertisementOPPORTUNITY  Trust on valued and exiting customer  Talk to exiting customer to solve their relevant problem (by calling/sms).  New area of Bihar is being electrified.  Per capita income of Bihar is increasing.  People are becoming more health aware.  People want to cook conveniently in less time.  MWO is being gifted in marriage in remote area.  People belonging to rural parts of Bihar are changing their standard of living.  Consumers want to cook hygienically.  Customers want to take natural taste.47 | P a g e
  • THREATS  Competitors low price strategy in the same segment  Aggressive and effective promotional marketing initiatives used by competitors like TVP ads, hoardings etc  Preference of customers and dealers of their brands like LG, SAMSUNG etc over IFB  Competitors are providing more models and design.  Competitors brand awareness is more.  Competitors have more capital strength. INFERENCEFrom research study and responses following are the concluding points:-  The after sale service of IFB is good and customers are satisfied.  IFB is perceived as premium brand by customers and Dealers.  In Patna (Bihar) LG is most preferred brand by customers and dealers.  IFB has not created good brand awareness in the mind of customers.  Dealers of IFB products are satisfied with the pricing strategy of MWO of IFB.  There are some Dealers in Patna who are not selling IFB MWO. Dealers who are selling IFB MWO are not having so much number of different models as of LG and SAMSUNG in display.  Exiting customers are satisfied from feature, quality and service. So they do the job of advertiser/adviser for new consumers through word of mouth. New consumers trust on brand/quality/word of mouth/feature etc. Dealers are intermediary between company and customers who fulfil the demand of customers and also convince to the consumers about products. Dealers are rational persons. LIMITATIONSThere were limitations that I had to face while doing this project. They are as follows:-  My survey was confined within Patna so the conclusions are not applicable to entire state.  My sample size was limited to 50 customers so sampling error might occur.  I had limited time for doing the survey, preparing report and completing my projects.48 | P a g e
  • SUGGESTIONThe various suggestions that I would like to give are as follows:-  The brand promotional technique like canopies ,activities, free service camps, stage shows etc should be done more regularly to improve brand awareness.  Create new Dealers to increase availability of IFB products at various places in Patna and rest Bihar.  Brand promotional relation like personal relation, direct contact with customers using distribution channel should be done.  Stores should be improved in such a way that customers mind can be captured and sales can be promoted.  All existing customers should be wished by sending card on the eve of special day.  Customers should be sent sms /mail on different festival.  There must be free cookery classes.  Marriage bureau might be used as sales promotional person. At the time of marriage, people give MWO in gift.  Big city should be divided into small parts; each part’s responsibility might be given to individual person. This should be done to ease the work.  When We conduct an activity under apartment, a quiz contest should be organized for Children or free gift should be given to them. This may encourage parents to participate in activity. This may help to achieve the objective.49 | P a g e
  • BIBLIOGRAPHYwww.ifbindustries.com/www.ifbindustries.com/company.phpwww.ifbappliances.com/http://en.wikipedia.org/wiki/LGcorphttp://en.wikipedia.org/wiki/samsung-electronicswww.samsung.com/www.samsung.com/in/info/contactus.htmlwww.godrejappliances.comwww.godrej.comwww.godrej.com/godrej/godrej/ourproductswww.whirlpool.com/www.whirlpoolindia.com/www.lg.com/www.lgworld.com/www.google.co.in50 | P a g e