Summary of the market research and strategy work titled "Study of Tyre Sealant: Market Research and Go-To-Market Strategy"

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THE STUDY OF TYRE SEALANT: MARKET RESEARCH AND GO TO MARKET STRATEGY
Report Submitted to
Indian Institute of Technology, Kharagpur
For the award of degree
Of
Master of Business Administration
by
RITARSHI CHAKRABORTY : 20BM63074
RUMANI CHAKRABORTY : 20BM63076
AJAY KUMAR : 20BM63008
AKASH BANERJEE : 20BM63009
RAHUL SAH : 20BM63068
Under the guidance of
Prof. Pradip Kumar Ray and Prof. Biswarup Ghosh
VINOD GUPTA SCHOOL OF MANAGEMENT
INDIAN INSTITUTE OF TECHNOLOGY KHARAGPUR
November 2020

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ABSTRACT
In USA alone every year 38,000 persons lose their lives and 4.2 million get injuries due to road accidents and $382 billion
are lost. In India Road Safety committee of Hon'ble Supreme Court found that 140,000 persons die 582,000 get seriously
injured and 3% GDP is lost due to road accidents per annum. Almost 15% of these are due to tire failures and tire
problems. Thus we can say by focusing awareness on tires and tire maintenance products we can literally save invaluable
lives and benefit the economy at large too. Tire is the only contact point of a vehicle with the road & once it fails, it
either leads to accident or other inconveniences which may accumulate over time and reduce productivity.
We had the good fortune and privilege of working with TycheeJuno Tyres in the Tire Sealant Division where we were
acquainted with the nitty gritty of the Tyre Sealant product. The main contribution of TJ Tyres in the revolution of road
safety is the proprietary BPPC (Burst Preventive Puncture Curative) Tires which is also self-balancing & eco-friendly for
hassle free driving.
But in our project, we worked on another Tyre product i.e. Tyre sealant which is yet to be launched in the market and
Tj Tyres is trying to capture untapped market potential in the sealant segment. We worked to understand our
appropriate target group and we tried to map out a possible market entry strategy by understanding customer pain
points, geographical variation of vehicle dealers and their product portfolio and also our differentiation from the
competitors. We also focused on a multitude of other factors like any possible limitations and lacunae of the product,
the possible long-term effects of the s various manufacturers etc.
market is of INR 52,000Cr. The focus of the company is to capture 2% market share with a focus on two wheelers, ATV
& passenger car
a key offering in the future along with the patented Tires.
PROJECT OBJECTIVES
1. Product Feasibility Analysis:
Understanding and researching the applicability and demand of Tyre Sealant and its target audience
2. Market Research:
Conducting Secondary Market research and identify trends with a view to developing and improving our
services, products and distribution channels, study of various geographies to enable lead generation
3. GTM Strategy:
Understand the market and customer segment to devise Go-To-Market Strategy and give insights about the
current Product Messaging, Positioning, Pricing and Promotions