Market research project on Raymond

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Market research project on Raymond

  1. 1. MATHS PROJECT TOPIC- ADVERTISING BEHIND THE SUCCESS OF A PRODUCT PRODUCT CHOSEN- GARMENTS BRAND- RAYMOND PRESENTED BY:- • AEGEDIUS SAVIO MONDOL • ANUSHREE MAZUMDER • BHARAT PATEL • PRABAR RAKSHIT • RANJEET SINGH • SHRUTI JAIN • SUSHMITA MUKHERJEE • TAMASHEE SUTRADHAR • VIBHAV KAUSHAL
  2. 2. INTRODUCTION The brand Raymond is a premium formal wear brand which is positioned to offer classic garments with impeccable fits and inviting styles to global Indian. The company was launched in 1925. The founder was Mr. JUGGILAL SINGHANIA and at present the company is looked after by Mr. GAUTAM HARI SINGHANIA. The products are made from premium Raymond fabrics. Raymond over the years has become synonymous for trust, quality and style. It is the market leader in suiting and shirting, tailored and readymade garments with more than 60% market share. It has emerged as the undisputed market leader in the garment industry.
  3. 3. The brand Raymond has the unique perception over its customer’s psyche in comparison to its competitors by constant value delivery through its good quality, vast range, updated materials, superb distribution and intelligent advertising to all categories ranging from young professionals, corporate executives, professors and bureaucrats. The caption “THE COMPLETE MAN” speaks for the brand itself, it refers to a man who is a Gentleman who has achieved 100% success through his own effort and blushes with confidence. WHY RAYMONDS ? The main objectives behind choosing this brand In this congested textile market, there are very few players who have really stood out. The task of standing out although difficult is never impossible. Companies have done many different promotional strategies to draw an image in the minds of the Indian consumers and make their brands stand out from the others. In this context, Raymond deserves a special mention, the way it portrays in the minds of the Indian consumers is really unique. This is one of the main reasons why we chose to discuss about a brand like Raymond. Elegance, feel and the emotional appeal are the main features of this elite product. Raymond as we know has had a very successful reach among its viewers and this ad was quite a successful one. The soft background music, the various parts of life accompanied by smiling faces made this as quite a rage in the early part of the millennium. Because of its popularity we thought that it should be easy asking the citizens of various age groups, and we were not wrong in assuming that. From the students to the businessmen to the professional businessmen, Raymond plays an integral part in their daily lives. “Clothes maketh a man” The various objectives of choosing Raymond is to find out where it is actually targeting, i.e. the gap in the market as well as in the perception in the minds of the buyers, the way the viewers feel when they see the ad, the first thing that comes to their minds when they see the ad, and suggestions and recommendations if any. This report considers consumer perceptions and
  4. 4. knowledge about all these brands and based on the information collected, it tries to draw a conclusion regarding the whole research. We have tried to give our interpretation and understanding of the whole report and research. We, group 1 of section C are very thankful to our very beloved professor, Mrs. Sayantani Roychowdury for giving us this opportunity to present the advertising successfulness of a brand like Raymond. CURRENT SCENARIO OF RAYMOND Raymond is the only company in the world to have a diverse product range of nearly 20000 design and colors of suiting fabric to suit every age, occasion and style. It exports over 50 countries, including USA, CANADA, EUROPE, JAPAN AND THE MIDDLE EAST. The best of fabric and style through some of the country’s most prestigious brands- MANZONI, PARK AVENUE, COLORPLUS, MAKERS, PARX, BE, ZAPP AND NOTTING HILL.
  5. 5. TYPES OF ADVERTISEMENTS:
  6. 6. There have been several advertisements that Raymond came up with in these few years. And all these ads have always been liked by people all over the world. There have been more than thousands of viewers of such ads in YOU TUBE. Creating waves Some saw it as an emasculation of the Great Indian Role Model. Others raised toasts to him. Finally, they cheered, some ‘real flesh and blood’ they said – emotions, a sense of humor and sensitivity rather than just brawn. Even a touch of vulnerability. The dream guy with no shining armour. A man for the liberated Indian woman. Someone who doesn’t see himself with Rambo’s body and a James Bond style. The Complete Man. From Raymond. That was the style and touch used in the advertisements of Raymond The Raymond’s campaign is still the most influential. But how did it start? ‘We wanted a real man, a 3-D flesh and blood figure, the kind of man who is our target audience,’ says Rajiv Agarwal, CEO, Enterprise Nexus. During its early stages, the brand advertisement focused on men’s focus on higher end, upwardly mobile market. The advertisements were trying to connect with the aspirations of the youth then. In 1970s the strategy was changed to connect with the common man of the country. But both these efforts did not give the desired result for the premium brand. It was the advertisement that was created as a guide to well dressed man gave the spotty attention for Raymond. It can be said that the advertisements that were released between 1980-1990 sparked the essence of The Complete Man. The advertisement with tag line “In life lighter moments” which features a well dressed man who surprises his wife with tickets to concert really has some essence of The Complete Man. Birth of “The Complete Man” It was in 1992, the brand felt that they need to portray a different man from what they have showcased so far. This is because the new generation men were soft, caring and sensible, while the ads portrayed men of angry young man era. Rajiv Agarwal of Nexus Equity took up the challenge and thus the protagonist “The Complete Man” was born. The ads portrayed the man as more caring, family man and softer. They sometimes appeared as caring father and sometimes as a caring husband in a Raymond suit.
  7. 7. When the ad reached Shekhar Swamy, the CEO of RK Swamy BBDO in 2002, he felt that the ad was centered on the man only and the focus on the suit was gone and so he added the lines “ Feels like Heaven…Feels like Raymond” . What made Raymond ads special? What connects the consumers to this 88 year old brands’ The Complete Man ad is the emotions and relations. Even though the ads gives a feeling that it is for Upper middle class people, the ad succeeded in connecting with consumers across all economic social strata. This is because the feelings and emotions of caring, family man and relation are same for all people. The notable feature of the ad is the jingles that have been playing for the brand since 90’s. Sometimes images or a catchy music speak more than words. The soothing tune and absence of words have enabled them to connect to local TV consumers. Even old memorable bollywood songs are being used in the recent ads of Raymond. Raymond who has been in the advertising world since 1950′ s has never endorsed celebrities. They have tried to keep the communication same and freshness in every new ads. The latest ad that portrays the relationship of a son and mother has got the same freshness as the ad that pays tribute to the teacher by his former students in a marriage ceremony. Now what remains to be seen is that how Raymond would distinguish itself from other brands that have followed the footpath of “The Complete Man” and bring back the lost dignity.
  8. 8. METHODOLOGY From student to businessmen, Raymond targets every nook and corner of the Indian market. We thought it will be relevant if we use primary data, which although a bit time consuming weighs higher on its genuineness. Hence, we targeted primary sources like office goes, lawyers, students by asking them to fill up a short questionnaire. In this very questionnaire there were various questions, a combination of both closed ended as well as open ended questions. The respondents were given the option of fill in the answers as per their own choice. We basically surveyed the respondents residing in various parts of Kolkata over a span of two weeks. Although it was a bit time consuming, we were able to obtain relevant data based on which we could infer the data and analyse it. With the help of these data, we could also make various tests and calculations. SURVEY TYPE- QUESTIONNAIRE
  9. 9. NUMBER OF INDIVIDUALS SEUVEYED- 30 LOCATION OF SUVEY- NORTH AND CENTRAL KOLKATA. QUESTIONAIRE RAYMONDS THE COMPLETE MAN QUESTIONNAIRE NAME- AGE: OCCUPATION: DATE : 1) From where did you hear about Raymond? T.V. Newspaper Magazine Internet Any other 2) What comes to your mind when you first hear the word “Raymond”? Quality Style Attitude Elegance Any other 3) How would you rate the quality of product on a scale of 10? 4) Would you consider buying this product again in the future? Yes No 5) If yes, how often? Always Sometimes Rarely Never 6) Would you recommend this product to others?
  10. 10. Always Sometimes Rarely Never 7) How many times have you seen the advertisement of Raymonds? Many a times Rare Never 8) How well do you remember this advertisement? Don't remember at all Remember Company but not product or ad Remember company and product but not ad Remember ad 9) Do you like it? Yes No 10) If yes, what do you like most about the advertisement? 11) What did you like least about this ad? Please be specific. ________________________________________________ 12) If you were describing this ad to a friend, would you say this ad is...... Active Attention getting Boring Cheerful Emotional Memorable 13) Are you ok with the way the advertisement portrays the brand? Yes No 14) Please suggest any new way/ways of expressing the brand Raymonds. ______________________________________________________________________________ _____________________________________________________________________________
  11. 11. 15) Can you relate yourself with this advertisement? Yes No 16) Do you use Raymond? Yes No 17) Would you prefer any other brand other than Raymond? If yes, which one? Yes No DATA ANALYSIS According to the survey that was conducted, some very interesting facts were found which we tried to show in the form of pie charts and bar- diagram.
  12. 12. We have surveyed around 30 people among which few were businessman, office goers, lawyer, students and housewives. We have chose lawyer, businessman , office goer and students because sutings is in integral part of their professional life and housewives because in India women are the sole decider of her son’s daughter or husband’s attire. businessman 17% office goer 33%lawyer 23% student 17% housewife 10% occupation
  13. 13. We know for customers TV, Magazine and Newspaper are the major sources to know about any product and others option could be Internet, Word of mouth etc Hence, we surveyed people for knowing the source from which they came to know about Raymond. We found that 60% of the people came to know about the product hence, the brand from television. 20% of the people came to know about Raymond from other sources like radio, word of mouth etc. TV 60% Newspaper 10% Magazine 10% others 20% Source Of Awareness
  14. 14. A question was asked to the people of different age group on what comes to their mind when they hear the word Raymond. In other words their perception about Raymond was asked. It was seen that maximum number of people, within 20-30years of age, perceives that Raymond is elegant in nature, so they purchase it. A huge number of people in this age group also purchase due to the stylish appearance of Raymond. People within 31-40 age groups perceive Raymond’s quality to be the best. This group also thinks Raymond to be stylish and a few number of people find it to be elegant and with attitude. People within the age group of 41-50 years perceive Raymond to be stylish and elegant and therefore make the purchase. Therefore, it can be conclude that basically due to these four factors people favour Raymond. 0 1 2 3 4 5 6 7 8 9 20- 30 (Yrs) 31- 40 (Yrs) 41-50( Yrs) parameters Age Groups Perception About The Product Quality Elegance Attitude Style
  15. 15. Our survey conveyed that most of the people were aware about the advertisement of Raymond and they liked it very much. Some even mentioned that they won’t mind in seeing the advertisement again and again. So, we asked them about the best part of the advertisement and we were surprised to know that the advertisement leaves an emotional impact on the minds of the consumers and that is what 33% of the people like most about the advertisement. About 27% feels the advertisement of “The complete man” to be stylish and ethnic. 17% of the people finds the music used in the advertisement to be impactful and the way it portrays to be convincing. It was also seen that 6% of the people were not aware about the advertisement. They have not seen it which is quiet unfortunate foe the brand, but they make the purchase relying on the ‘word of mouth’. NA 6% Style & Ethnicity 27% Music 17% Emotional 33% Way it Potrays 17% Best Part Of The Ad
  16. 16. As it was found that the advertisements of Raymond leave an everlasting impact on the minds of the consumers, we, asked to choose a word to describe the advertisement to a friend of them. Here also we were surprised to see that 33% of the consumers conceive it to be emotional. 27% finds it to be memorable and 20%finds it to be active. As we have mentioned earlier that few of them were not aware of the advertisement, 7%of them were not able to answer this question. Active 20% Cheerful 13% Emotional 33% Memorable 27% NA 7% Describing The Ad To A Friend
  17. 17. Hypothesis testing DEFINITION A tentative explanation for an observation, phenomenon, or scientific problem that can be tested by further investigation is called hypothesis. It is something taken to be true for the purpose of argument or investigation; an assumption. And the process by which an analyst tests a statistical hypothesis is called hypothesis testing. The methodology employed by the analyst depends on the nature of the data used, and the goals of the analysis. The goal is to either accept or reject the null hypothesis. DEFINITION OF NULL HYPOTHESIS A statistical hypothesis which is assumed and whose validity is tested on the basis of the sample is called Null hypothesis and is denoted by H(not) DEFINITION OF ALTERNATIVE HYPOTHESIS A Statistical hypothesis which defers from the Null hypothesis is called alternative hypothesis and is denoted by TESTING MADE BY US We take a sample of 30 customers, out of this 16 uses Raymond and 14 use other brands. We are doing this hypothesis testing to find out whether people have more of brand preference for Raymond or other brands. We are using 5% level of significance. Here, H0: P=1/2 H1: P ≠ to ½ n=30 Z = P-p where, P=population proportion n= sample size PQ/n p=sample proportion Q=1-P
  18. 18. Now, P=1/2, p=16/30, Q=1/2, n=30 Z= (½ - 16/30)/(1/2 * ½)/30 = 0.5-0.533/ 0.0083 = -0.36 95% 99% 1 tail 1.465 1.96 2tail 2.33 2.58 Here, table value of Z for 95% of 2tail is 2.33 Therefore, Icalculated valueI < Itable valueI Therefore, Ho is true, which means Raymond is used by half of the people. LIMITATIONS TOWARDS THE COMPANY Now a days everybody prefers readymade garments which Raymond lack in, so many consumers switch the brand No promotional activities for women garments SUGGESTION AND RECOMMENDATION Raymonds has the unique perception over its customer’s psyche in comparison to its competitor by its good quality, fine materials, vast range to all categories of customers ranging
  19. 19. from young professionals, corporate executives. But due to major promotion by competitors Raymond lost its market position. People need Armani and blackberry‘s suits’ because of creativity. Raymond should come up with creative ideas in advertisement not just emotional. Its ads are very complicating to understand, so they can come up with new creative ideas and try to make an impact on the consumers. Raymond should come up with new collection for female consumers as today large part is earning. Conclusion The 1500 crore Raymond group is moving ahead in the 21st century in top gear as it sets an aggressive expansionist eye on not only the domestic market but also on the global scene. There are not too many companies who are so integrated that they actually manufacture worsted fabrics, woolen, linen and go upto the extent of converting them to readymade garments, suits and trousers. Based on the collections after the survey, the following conclusions can be derived: Raymond has established its name and fame on the minds and hearts of most of the consumers. Its supreme quality and trust has been a major success for the brand and its advertising strategy has been rock solid and consistent over the years and that’s why most of the customers responded immediately responded to Raymond immediately when asked about suiting and shirting. One of the strong bases of Raymond has been its ads which have made their place in our hearts and memories for decades.
  20. 20. EXECUTIVE SUMMARY: WE HAVE PRESENTED THIS REPORT ON RAYMOND AND FOCUSSED ON CUSTOMER SATISFACTION AND BRAND PERCEPTION. IT STARTS WITH THE RATIONALE BEHIND PREPARING THE REPORT, THE OBJECTIVES, THE BRIEF HISTORY OF THE BRAND AND COVERS A WIDE VARIETY OF TOPICS SUCH AS MAKING OF THE BRAND, PRODUCT OFFERINGS, CUSTOMER PERCEPTIONS, BRAND PORTFOLIO AND ADVERTISEMENT STRATEGIES. ALL THIS RESEARCH IS FOLLOWED BY A SURVEY ANALYSIS WHICH REVEAL SOME FACTS OF THE CUSTOMER PREFERENCES OF THIS PARTICULAR BRAND AND THEIR SATISFACTION. ALL THE INFORMATION COLLECTED HAS BEEN PRESENTED WITH CHARTS AND DIAGRAMS. AT LAST IT IS FOLLOWED BY OUR INTERPRETATION OF THE WHOLE THING ALONGWITH OUR SUGGESTIONS AND RECOMMENDATIONS. BIBLIOGRAPHY http://www.investopedia.com/terms/h/hypothesistesting.asp#axzz2NmUEz9TU http://www.raymondindia.com/oc_his.asp http://www.slideshare.net/

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