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segmentation & indian automobile industry

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segmentation & indian automobile industry

  2. 2. Introduction Ever since the pioneering article on segmentation, by Wendell Smith in 1956, marketers the world over are in agreement with regards to the heterogeneity of the global market. With an increase in the number of manufacturers and suppliers, consumers have more variety in the various product classes. Therefore, there are differences in consumer preferences. Consumers have begun to react differently to the marketing actions of firms based on the product class, benefits sought, brand image, alternatives, so on and so for.th. As a result, it has become difficult to predict consumer behavior. As a result, company marketers have tried to find a solution to this problem by the grouping of consumers. Companies have begun to offer a multitude of products and brands, to the various groups of consumers. They have thus moved away from mass Marketing, and have become more focused in their marketing endeavors. This focused marketing based on identified groups, is called segmentation.
  3. 3. “The identification of target customer groups (a homogeneous group of people with similar type of needs/wants) is called “market segmentation”, where customers with similar requirements (expectations) and buying characteristics are aggregated into the same group.” Marketers and researchers are therefore constantly searching for new ways of segmenting the market. As a result, several techniques for segmenting the market have developed over time, each using different variables depending on which variables the researching author considered to have the most impact on consumer decisions.
  4. 4. objective The aim of this study is to investigate the concept of segmentation, in the Indian automobile industry. A review of the existing literature has been done in the following chapter so as to come to grips with the existing segmentation techniques and the various considerations that must be taken into account. The questions that this work attempts to answer are concerning the available segmentation techniques available in literature, the current method of segmentation as practiced by the existing companies in the industry and the thought process of consumers with regards to automobiles (the motivation behind purchasing what they purchase). Following this, the answers thus attained, will be looked through as a whole so as to try suggesting better means of segmentation and to try and improve currently employed techniques.
  5. 5. Q 1- Which age bracket do you fit into? a) 20 – 30 years b) 30 – 40 years c) 40 – 50 years d) Above 50 years above 50 years 1% 40-50 years 23% 30-40 years 47% Age 20-30 years 29%
  6. 6. Q2- What is your approximate annual income ? a)Male b) Female 1- More than 3 lakh 2-Less than 3 lakh less than 3 lakh 30% 1-More than 3 lakh 2-Less than 3 lakh Male Female less than 3 lakh 40% more than 3 lakh 70% more than 3 lakh 60%
  7. 7. Q3-What is your occupation? a)Student b)Service c)Business d)Other Occupation Other 10% Student 35% Business 30% Service 25%
  8. 8. Q4-Do your family members affect your purchase decisions in automobiles? a)Completely b)To a large extent c) Very little d) Not at all Not at all 1% Purchase Very little 17% Completely 38% To a large extent 44%
  9. 9. Q5-When you buy a vehicle, how important is the price? a) Extremely important b) Important c) Not very important d) Not at all important Not very important 3% Price not important 2% Extremely important 43% Important 52%
  10. 10. Q6-When you buy a vehicle, how important is the brand (price is of no consequence)? a) Extremely important b) Important c) Not very important d) Not at all important Not at all 1% Less important 36% Extremely important 21% Important 42%
  11. 11. Q7-What kind of a vehicle would you like? a) A very good brand (Looks and style do not matter) b) A good brand (Looks and style matter a little) c) A good looking car (Brand matters a little) d) A very good looking car (Brand does not matter) very good looking 10% Very good brand 14% Good looking 19% Good brand 57%
  12. 12. Q8- How important is culture and tradition to you? a) Very important b) Important c) Not very important d) Not at all important Not at all 3% Not very 11% Important 20% Very important 66%
  13. 13. Q9-Do you like it and want, when other people notice your car positively? a) Very much b) Yes c) A little d) Not at all Not at all 5% A little 17% Very much 34% Yes 44%
  14. 14. Q10- Please rate yourself in a social context: a) Very outgoing b) Outgoing c) Not very outgoing Not very outgoing 20% Very outgoing 31% Outgoing 49%
  15. 15. Q11-To what extent do you value product performance and characteristics over brand value? a) Product performance and characteristics only b) Mostly product performance and characteristics c) Less of product performance and characteristics more brand d) Brand only Brand only 1% Product performance 28% Less performance 44% Mostly performance 27%
  16. 16. Q12-Are you willing to try new brands or stay with an already used brand? a) Always willing to try new brands b) Sometimes willing to try new brands c) Like staying with a used brand Like staying 45% Always wiling 25% Sometimes willing 30%
  17. 17. Q13-Do you find out all the details of the product or do you just trust the brand? a) Find out all the details even if good brand b) Trust the brand Trust on brand 38% All details 62%
  18. 18. Q14-Do the geographic aspects (climate, terrain etc) of the place of residence or place of usage affect your choice of vehicles? a) Definitely b) To a certain extent c) A little d) Not at all A little 16% Certain extent 21% Not at all 1% Definitely 62%
  19. 19. Q15- Do you tend to form opinions about brands based on your earlier experiences? a) Yes b) No No 15% Yes 85%
  20. 20. Conclusion & Findings If we actually begin exploring in detail, the various methods in which a market can be segmented, the list may never end. segmentation is a question of perceptions, people perceive the world in different ways. While it is possible that some perceptions may be similar between different people, it is very improbable that all perceptions be the same. It is on this small possibility of similarities, that marketing’s most inherent concept is based. Every person is different, and segmentation tries to find commonalities in this world of differences. The Indian automobile industry is as yet at an evolutionary stage. While there is most certainly potential in the industry, it has not yet been understood well enough.
  21. 21. In this industry at the infancy stage, marketers must be patient and observe if they are to succeed in segmenting it in some way. This section, we will briefly go over the findings, highlight certain limitations of this study and, make certain recommendations for future research. The questionnaires showed that at the beginning of the segmentation process in the Indian automobile industry, geographic segmentation could be used to segregate the rural sector from the urban sector. The rural sector showed a very high level of price sensitivity where a vehicle purchases meant a very significant investment by rural standards. While the urban sector showed similar price sensitivities to the rural sector, these were not as acute, and the segmentation process was more complicated as a number of other variables affected the purchase behavior of consumers.
  22. 22. Aside from this, the findings showed that the family structure played an important role in the decision making process Age was identified as another factor for segmentation, where younger people between the ages 20 – 30 years, preferred fast, good looking and involving cars. There were significant differences found between extroverted and introverted consumers. Also, this aspect helped explain brand preference to a certain extent. It also showed that demographic segmentation was still a popular choice among manufacturers due to the ease of implementation and a false feeling of having understood the market. While other methods of segmentation are being followed, they are not being pursued with the required commitment.
  23. 23. Raghav Aggarwal Sanjay Verma Parveen Mehta Shagun Sharma Sunil Mehta