Defining Latent Need. Identifying a Latent Need in XIMJ Giving a solution to that need

1. Presentation on
Unearthing the Latent need in XIMJ
&
Delivering a solution to comply with
the need.
Presented to:
Dr. Pinaki Nandan Pattnaik Presented by:
Atrayee Dutta
Tonny Jacob
Abhishek Pramanik

2. What is a Latent Need?
A consumer expectation, desire or preference,
that goes unsatisfied because acceptable goods
or services wanted are not available or too
expensive.
It is a “hidden need” of a consumer which
have the capability to be active in the future
but yet to be identified.
08-10-2015 2Xavier Institute of Management, Jabalpur

3. Latent Need in XIMJ
• The major stakeholders or consumers of XIMJ hovers
around the students, faculties and most definitely the
alumni.
• Each of these above stakeholders deep down craves to
keep some kind of XIMJ customised tangible items
which promulgate any memory or symbol of the
institute.
• Thus, keeping this hidden thirst in mind, the latent
need thus which got uncovered was opening our very
own merchandise store in the campus which will be
having college T-shirts, accessories, stationeries etc.
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4. Characteristic Features
• THE XIMJ MERCHANDISE STORE will be open all
through the year and for all i.e not just students, teachers
and alumni but also all those individuals who comes from
various colleges to take part in various events held in the
campus. It will act as a souvenir for them and will
constantly remind them of the place.
• This will also act as a strong marketing strategy to promote
the brand across the state and country. Having a tangible
item with the college logo and name printed creates a
lasting impression in the minds of people. It will not only
enhance the number of students but will also spread the
existence of the institute in those places where the probable
target customers are unaware.
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5. Objectives of the Research Conducted
• To excavate the untouched spot of the
stakeholders of XIMJ which they desires.
• To know the intensity of the untouched or hidden
desire.
• To formulate a solution based on the latent need.
• To give suggestions as to how the solution can be
executed to meet the latent need.
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6. Research Methodology
• Type of Research Design: Qualitative and Quantitative techniques.
• Sample Size: 80 respondents centering around a sample of existing
students, faculties and alumni.
• Source of Data: The existing research is centred around the data collected
from primary data through the questionnaire that was formulated and
floated to the students, faculties and the alumni of the institute to gather
relevant information.
• Data Collection Tools: Primarily open and close ended questionnaire.
• Analysis Method: Bar Graphs as per the percentage of responses per
questions.
• Software used for Analysis: SPSS
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7. Analysis & Discussion
The figure depicts the age group
of the sample. Majority falls in the
age group of 25-28 years of age
followed by 21-24 years age
group.
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8. When the question on source of
inspiration for purchase was
interrogated, as per the table,
majority said it was their friend's
word followed by the style in
stores and trend.
As per the figure depicts, most of the
respondents said they do not have a
fixed time to purchase a new item of
clothing accessory, rather they
randomly purchases those kind of
items.
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9. As shown in the figure, the
respondents said that they make most
purchases during other occasions like
social parties, gatherings etc which is
followed by festive seasons.
When the respondents were
interrogated by the amount spend
per month on clothing accessories,
most said Rs.500 to Rs. 900 as a
safe amount.
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10. Since online purchasing is very much in
vogue, so when asked about the total
percentage of purchases made on online
shopping , most said that it was more than
30% of shopping. Thus, concluding that
online shopping is much in vogue.
As shown in the figure, when asked
about the main criteria when purchasing
clothes, most respondents said that price
is a huge factor, the other criteria
follows thereafter.
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11. The figure shows that this generation
or people living in this generation
mostly shops at the spur of the
moment. Though a lot of them still
believes in making a fully fledged
plan to make any kind of purchase
The respondents said that they
often buys matching items while
purchasing any new item as per
the table. While 30.5% of them
said they sometime buys matching
outfit items.
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12. The result of this question's
response depicts that the
respondents readily make about
31-50% of their purchases during
sale followed by quite a good
number of respondents (29.3%)
said they make more than 50% of
their purchases during sale.
As per the figure shows, the
respondents were somewhat
interested in celebrity
fashion store as most of them
quoted that price is a big
issue for them in these kind
of stores.
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13. The figure shows the response of the
question that when shopping for clothes
how do they go forward. While their
shows a tie between "decide to go in
due to window display or
advertisements, followed by "always
return to the same shop" but most said
they look for shops which have exciting
offers and sales while buying clothes.
The figure depicts what encourages
the respondents to try out new
trend, fashion and style. Majority
said the suggestions of their
friends. Peers does a lot in our
fashion it shows
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14. It seems, as per the figure, most of
the respondents have visited the
college merchandise store while a
good handful of them did not too.
The answer to the given question was
almost same for most of the
respondents. Almost everyone wants
a college merchandise store in the
campus.
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15. This figure depicts the answer for the
different ideas the respondents wants
to incorporate in the college
merchandise store. Most longs for a
refreshment centre while the other
responses also had their weightage
too.
The figure identifies the purchasing
interests of the respondents once the
college merchandise store opens.
Majority agreed that their purchasing
frequency would increase once the store
opens.
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16. Plastic money is very much
in the trend, thus
respondents hugely agreed
on the fact that having a
card payment facility
would be of a very good
idea for them
Alteration facility is seen to be a
must have in the store as per the
respondents.
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17. When finally asked about the type of products that the respondents wants in the
store, majority agreed to having all of the options given for the question viz.
College logo and image printed apparels, Customized stationeries as well as
Personal care items.
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18. Limitations of the Research
Lack of interest of filling up the questionnaire on the
respondent's side.
A short time frame.
Some were unsure if this uncovered latent need of the majority
was their latent need too or not.
Inability to reach maximum number of alumni, whose response's
impact would had affected the research analysis to a great extent.
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19. Conclusion & Suggestion
As per the response of the survey done, it can be clearly delineated that having
a college's own customised merchandise store is most indubitably the solution
to their latent need of not just the existing students and the faculties but also the
alumni. It is easier to purchase any kind of college customized items any
moment once there exists a store instead of the yearly wait to buy any college
merchandise primarily the T-shirt.
It is always a matter of pride when one uses their college customised items in
front of their peers or society away from the institute.
Thus, the best solution catering to this need of their is XIMJ having its own
merchandise store in the campus providing not just apparels but various other
products.
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