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This document provides an introduction and overview of a study on customer preferences towards the Brand Factory retail chain. The objectives of the study are to understand customer preference levels and satisfaction with Brand Factory's products and services. The document outlines the research methodology, including both primary and secondary data collection. It also reviews relevant literature on customer preferences and industry profiles Brand Factory.
Descrizione originale:
A case study about consumer preference towards brand factory
Titolo originale
A Study on Customer Preference Towards Brand Factory
This document provides an introduction and overview of a study on customer preferences towards the Brand Factory retail chain. The objectives of the study are to understand customer preference levels and satisfaction with Brand Factory's products and services. The document outlines the research methodology, including both primary and secondary data collection. It also reviews relevant literature on customer preferences and industry profiles Brand Factory.
This document provides an introduction and overview of a study on customer preferences towards the Brand Factory retail chain. The objectives of the study are to understand customer preference levels and satisfaction with Brand Factory's products and services. The document outlines the research methodology, including both primary and secondary data collection. It also reviews relevant literature on customer preferences and industry profiles Brand Factory.
SUBMITTED BY: HARRI AROKIARAJ MBA 2(B) ROLL.NO: 121418672096
UNDER THE GUIDANCE OF
MR.AYYAPPA CHAKILAM ASSOCIATE PROFESSOR ST. JOSEPHS P.G COLLEGE. INTRODUCTION TO THE STUDY: • Customer preferences are expectations, likes, dislikes, motivations and inclinations that drive customer purchasing decisions. They complement customer needs in explaining customer behavior. For example, a customer needs shoes and they'd prefer a particular style, brand and color. • Customer’s taste and preference are changing day by day. Identification of these changes is major factor because the success of the firms depends on the ability of the firm to adjust with the attitudes of the customers. • Marketing is the art of creating, satisfying customers by meeting the needs of customers and by creating value satisfaction for them. • As Peter Drucker says “the essence of marketing is that the entire business has to be seen from the point given of the customer”. • NEED FOR THE STUDY: • From the days of industrial revolution when goods & services were produced to the present day, the emphasis has shifted from the producers to the consumer and his needs, and with the consumer becoming more involved, in the marketing process there is greater need for information regarding the consumer needs. • Preferences and making them satisfied of the products & services, has led to a constant but increasing need to conduct marketing research. • This research is an insight into the mind of the consumer, with the help of which the organizations will become aware of their pitfalls and in turn can also make improvements in the product regarding the level of satisfaction of the consumers towards their offerings in the market place. • OBJECTIVES OF STUDY: • To study the “Customer Preference” amongst the users of “Brand Factory” products. • To study the ‘Preference’ levels of “Brand Factory” customers. • To study the ‘Preference’ level of “Brand Factory” customers with regard to services offered by Brand Factory. • To make suggestions for improvement of their products & their services from the customer’s point of view based on this research to fulfill customer’s needs. • RESEARCH METHODOLOGY: • RESEARCH DESIGN: Research in common pursuance refers to a search for knowledge in a scientific and systematic way for pursuant information on a specified topic. Once the objective is identified that next step is to collect the data which is relevance to the problem identified and analyze the collected data in order to find out the hidden reasons for the problem. • DATA SOURCES • Data is recorded measure of phenomena. While deciding about the method of data collection, the researcher should keep in the mind about two types of data. There are, • 1. Primary Data • 2. Secondary Data • SCOPE OF THE STUDY: • The present study is made to measure customer’s preference towards Brand factory. It also aims at analyzing and the extent of satisfaction level of the customers. Hyderabad city has been selected for the study. The study also provides suggestion to the department stores, which would help them to retain their market and customer as many new entrances are taken place. • CHAPTERISATION: • The entire research work will run into five chapters. • The first Chapter- Introduction brings out the importance of the study, and states its objectives and hypotheses. It also includes methodology and limitations. • Chapter II will contain previous reviews, history of the Problems. A Quick look on subjective well-being will also be carried out in chapter II. • Chapter III will be a methodological part of the study. • Analysis and Discussions is to be done in chapter IV. • Findings, Conclusions and Suggestions for further Research will be presented in Chapter V followed by Bibliography and Reference. • LITERATURE REVIEW • MEANING AND DEFINITION • Customer preference is what type of product an individual customer likes and dislikes. Customer preferences are expectations, likes, dislikes and inclinations that drive customer purchasing decisions. For example, a customer needs shirt and they prefer a particular style, brand and color. Appealing to the preferences of customers is a basic marketing technique that is useful for branding, product development, distribution and customer experience. • The preferance of the customer is the result of the behavior they show during searching and purchasing the product. People began to develop preferences at a very early age. Our preferences are part of what makes us who we are. And the brands we seek out reflect out our preferences. The competition among brand is high. In every product category, customers have more choices and higher expectations. The success of the strategy depends heavily on the marketer’s understanding of the preference building and bounding process. • TYPES • Convenience • EFFORT • USER INTERFACES • COMMUNICATION & INFORMATION • STABILITY VS VARITY • RISK • VALUES • SENSORY • TIME • CUSTOMER SERVICE • CUSTOMER EXPERIENCE • CHARACTERISTICS OF CUSTOMER PREFERENCE • Customer preference is a term frequently used in marketing. It is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals. • WHY IS CUSTOMER PREFERENCE IMPORTANT? 1. Customer preference helps you identify unsatisfied customers. 2. Customer preference helps you identify happy customers. 3. Customer preference helps you forecast and work proactively. 4. Customer preference drives your inbound methodology. 5. Customer preference helps marketers attract new leads. 6. Customer preference is a selling point for sales teams. 7. Customer preference guides product updates. • IMPORTANCE OF CUSTOMER PREFERENCE • Customer service isn’t just about reacting to what the customer wants. Anticipating a customer’s needs is as important as reacting. Knowing and understanding your customer’s preferences before they buy allows you to create an even stronger experience. • Identifying customer preferences • Identify your customers • Understand why they shop • Identify preferred shopping methods • PROCESS OF CUSTOMER PREFERENCE • Customer preference process • Researching and improving customer preference should be a contact process – it will ensure you really understand why customers like and dislike and you’ll be able to increase their preferences. You can’t expect similar results if you run a survey once and end with that. • Even if it turns out customers are 100% satisfied and you can’t improve anything it can change anytime – customers’ habits and needs change, competition constantly works on offering as high • Steps of customer preference process • 1. Define a goal and metrics • 2. Create a customer satisfaction survey • 3. Collect answers • 4. Analyze results • 5. Turn conclusions into changes • 6. Survey again • 7. Summary • 6 Methods for Measuring Customer preference • 1. Customer Preference Surveys • 2. Customer Satisfaction Score (CSAT) • 3. Net Promoter Score (NPS) • 4. Customer Effort Score (CES) • 5. Social Media Monitoring • 6. Things Gone Wrong • 2.7 MODELS OF CUSTOMER PREFERENCE • MODELS OF CUSTOMER SATISFACTION • The customer satisfaction literature identifies four model types, which can be used to determine levels of customer satisfaction. These alternative types are referred to as: • • The Disconfirmation of Expectation Model • • The Performance Model • • The Rational Expectations Model • • The Expectations Artefact Model • Disadvantages of Customer Preferences Feedback • 1. It Can Be a Waste • 2. The Most Vocal Customers Are Disproportionately Represented • 3.It Can Turn Customers Against You • Advantages of Customer Feedback • 1. Learning What Your Customers Really Want • 2. Learning What Your Customers DON’T Want • JOURNAL ARTICLES 1. Adrian Thompson (2006). Takes the first step towards developing positive relationships with your customers. 2. Wijen Et Al (2011). Online survey reflects a universal lifestyle. 3. Rajagopal (2010). Discusses how consumers decision making styles shift towards shopping at malls. 4. Sharma (2012). Research assessed the overall customer satisfaction. 5. Ravindranet (2009). Investigated decision making styles like price consciousness, quality consciousness. 6. Gupta (2013). Attempted to investigate the relationship of various factors, with impulse buying tendency of consumers. 7. Kim, park and jeong, (2004). The improved customer service are the focal point of the telecom service providers for social as well as for economic reasons. 8. Ahn, han and lee (2006). Shows that when the customers, do not get theirs complaints considered properly. 9. Soderlund and rosengren (2008). Leaves a positive impression on the • INDUSTRY & COMPANY PROFILE • INTRODUCTION TO INDUSTRY • Brand Factory is a chain of retail stores operated by Future Group. Its head office is in Mumbai. Launched in September 2006, it has 91 stores across 39 cities in India as of December 2018. It is India's largest discount retail chain and offers a wide range of apparel brands in different categories for men, women, infants, accessories, cosmetics, footwear, sportswear and luggage. The chain plans to expand its number of outlets to 100 by 2018.The outlets are between 70,000 and 150,000 square feet in size and hosts several Indian&international,Fashion-Brandslike • Levis, Pepe Jeans, Wrangler, Provogue, Arrow, Nike, Adidas, Reebok, Louis Phillippe, Allen Solly, Reid & Wilwon, and Gini & Jony. • It has stores in Amritsar, Chennai, Bhilai, Raipur, Bhubaneswar, Kanpur, Kolkata, Hyderabad, Asansol,Mysore,Hubli,Jabalpur,Indore, Mangalore, Coimbatore, Guwahati, Trivandrum, Ahmedabad, Mumbai, Bhuj, Thane, Nagpur, Ujjain, Vijayawad a, Visakhapatnam, Pune, Kalyan,Calicut, Patna, Vadodara, Salem, Lucknow, Agra, Nashik, Surat and Jaipur. • PRESENT SCENARIO OF APPAREL INDUSTRY • The apparel industry in India is one of the most flourishing industries among the other industries. The domestic apparel industry includes five segments which are the kid’s apparels, the men’s apparels, the women’s apparels, uniforms and unisex apparels. In the women’s wear category, the western wears have witnessed a huge demand in the past few years. Uniforms are among the most demanded products in the men’s segment. This industry is a capital-intensive industry which requires all types of laborers such as skilled, semi-skilled and unskilled laborers. • The Apparel Industry and its Challenges • Due to recession and slowdown of the economy in, there has been a substantial decrease in the production and sales of apparels in the country. There are various institutes that train manpower for the manufacturing process of apparels. The industry requires skilled labour force for the production of apparels. Unfortunately, it is quite difficult to find skilled labour force in the country for the apparel industries. The government has taken various steps to • PESTEL ANALYSIS OF APPAREL INDUSTRY • COMPANY PROFILE (HISTORY OF COMPANY) • Kishore Biyani is an Indian businessman. He is the founder and chief executive officer (CEO) of Future Group. • Future Group is an Indian conglomerate headquartered in Mumbai, Maharashtra, India. The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle, like Brand Factory, Central etc. The group also has a notable presence in integrated foods and FMCG manufacturing sectors. • VISION • To be the leading lifestyle fashion company in India by creating exceptional brands and shopping experiences that will bring alive the Indian idiom of fashion. • MISSION • We at Future Lifestyle Fashions aim to create a globally recognized fashion organization here in India by bringing alive the Indian idiom of fashion. We thus strive to: • Be the most preferred fashion destination of India • Create the most preferred portfolio of fashion brands • Be as the most innovative, efficient, and profitable retailer • Be the preferred employer in the fashion space • Be the trendsetter in Indian fashion through superior understanding of the culture, style code, passion and aspirations of Indian consumers • Create happiness for customers, colleagues, business partners and every stakeholder Organisational Structure Of Brand Factory • ACHIEVMENTS AND AWARDS • Mr. Kishore Biyani has received several awards some of which include: – • Received the “CNBC Awaaz Consumer Awards” (2009) • Pantaloon Retail was awarded as the “International Retailer of the Year” (2007) • “Entrepreneur of the Year” by Ernst & Young (2006) • “Retail Face of the Year” Images Retail Awards (2005) • “Most Admired Retailer of the Year” (2004) • “CEO of the Year” (2001) THANK YOU
NTRODUCTION To PROJECT REPORT Customer Satisfaction Is Related To The Human Activity Directed at Satisfying Human Wants Through The Exchange of Goods and Service