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Summer Internship Project on Ozone Group

Essay by   •  July 29, 2012  •  Essay  •  7,643 Words (31 Pages)  •  1,465 Views

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Executive Summary

Market Research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organisations using the statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making . Market research helps gain knowledge about the customers' needs and wants so that products or services are developed accordingly.

Market research helps in knowing the potential customers and clients well, in identifying opportunities and also in minimizing the risk.

Objective

The objective of this study is to do an in-depth analysis of the luxury retail sector in Bangalore and to see if a luxury retail store is a profitable venture. This study is to analyse the feasibility and the opportunities in luxury retail market. It also helps the company to identify the products which are in demand in the luxury sector.

Methodology

The research process is carried out in two phases, primary data collection and data analysis and results.

1. Primary data collection includes problem definition, development of an approach to the problem, preparing questionnaires and conducting surveys.

2. Data analysis and results involves analysis of the responses, conclusions drawn from the responses and evaluating the results from the analysis.

Conclusions and Recommendations

In addition to the growth of luxury goods market, the growth in earnings of people also increased to a great extent. This resulted in an increase in the disposable income of the people. Secondly, with global brands being available right outside the doorstep, consumers are very much willing to spend on luxury goods. It was also found out that as the income and age varies the perceived value from a luxury product also varies and so do the impulsive purchase behaviour.

1. Introduction

Luxury goods market in India is a growing sector and is valued at around $4.35 billion. The entire luxury market has grown at an average rate of 13% from 2007 to 2010,with luxury products growing at 22%, luxury services declining at 5% and assets growing at 18%. With this rate of change, the luxury goods market in the country is set to touch US$14.7 billion by 2015 .The Indian Luxury Market forms only 2% of the global share. The growth of luxury market is based on the GDP per-capita growth and the number of High Networth Individuals (HNI) in a country. Other factors like consumer attitudes and behaviour, real estate growth also play a major role in the growth of luxury market. In 2010, India had 127,000 millionaires, which is an increase of 50.9% when compared to the previous year . Every year more than 16,000 more people are getting added to this.

Even though Indians are earning more, it is not the only reason behind the enormous growth in luxury market. It is also due to the desire to flaunt their wealth and status. With the world becoming a smaller place and all the information exchange, the Indian Consumer now has knowledge about many of the leading global brands. This has resulted in an increase in the willingness and desire to own luxury products of these brands.

The mall culture which was non-existent until a few years ago also helped in the growth of this sector. Luxury malls like DLF Emporio in Delhi and UB City mall in Bangalore have brought many luxury brands to India. Malls like these have increased brand awareness in the people and also created a segment of their own.

Though this may all seem to be nice and good, there are many problems which the luxury goods segment faces today. The most important among them is real estate. Luxury retail means high profile, strategic locations near high income catchments. Getting a real estate space in such high profile locations is next to impossible. Even if such a place is available the cost of it would be reaching to the skies.

In spite of the problems in its way, the luxury retail market in India is still growing. This is one reason why many companies in retail and other sectors are looking forward to get into this market.

1.1 Background

Ozone group is into real estate venture, providing a quality lifestyle to its customers. Their products range from residential apartments, row houses, villa complexes, service apartments, hotels, business parks etc. They have projects going on all over India mainly in Bangalore.

1.2 Objective

From the Introduction and the Background, it is evident that studying the luxury market would prove to be very advantageous for Ozone Group.

The objective of my project is to study the luxury retail market and some of the luxury brands and give Ozone Group my recommendations on whether to venture into the luxury retail market or not.

2. Methodology

Market Research, in brief, refers to all types of research activities conducted in the field of marketing within the similar process. MR is a function which links the consumer, customer and the public to the marketer through information that is used to identify and define marketing opportunities and problems; refine and evaluate marketing actions, monitor marketing performance and improve understanding of marketing as a process .

Figure 2 1 Research Process

The willingness of people to buy something for a premium price is studied. Additionally, the consumer behaviour and the buying patterns of the people are also studied. A primary research on the desired market segment is done and the above mentioned traits are analysed.

The next thing analysed are the brands. The already existing luxury brands in India and the ones very famous abroad are analysed and seen if they fit into the customer requirements in India. The impulsive and planned buying rates are also studied. In this research, an analysis on the luxury market is done. The competitors and the customer buying patterns are also analysed. The shopping experience which is most sought after is analysed.

The analysis of consumer buying patterns and behaviour are analysed by the use of questionnaire containing both open-ended and close- ended questions. For others, secondary data was used.

The whole analysis was done in different stages which are explained in the following chapters.

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