Reg. No……………………………. Name of the Student……………………………
Submitted to : ............................................................. (Faculty Guide)
Title of Dissertation Work: MARKETING MIX OF AUTOMOTIVE SECTOR IN
INDIA
Stage 2 Report : Further Literature Review and proposed Methodology
Date : --------------
Work carried out during the fortnight under report :
a. Books read : FINANCIAL MARKETS AND FINANCIAL INSTITUTIONS IN INDIA
(YASHWANTRAO CHAVAN MAHARASHTRA OPEN UNIVERSITY),
b. Research Papers / Articles read / downloaded / Databases used :
India is breaking the inhibitions of world as a developing state and heading
towards a developed state with its world class technology, market, and consumer power. India has a population of more than 1.21 billion, the second largest in the world and more than three hundred million middle class. One of the reasons for growth of car industry is the higher disposable incomes of the middle class and resultant increase in their living standards. Because of its large market, low base of car ownership, and surging economy, India has become a huge attraction for car manufacturers around the world. Both the Indian and global automotive giants, including General Motors (GM), Volkswagen, Honda, and Hyundai, have announced huge expansion plans (Asiaecon, 2012). India is expected to overtake China as the world’s fastest growing car market in terms of the number of units sold and the automobile industry is one of the fastest growing manufacturing sectors in India. India is emerging as a supply hub to feed the world demand for sports utility vehicles (SUVs). The major global car manufacturers are looking to leverage India's cost competitive manufacturing practices and are assessing opportunities to export SUVs to Europe, South Africa and Southeast Asia. India also has the largest base to export compact cars to Europe. Moreover, hybrid and electronic cars are new developments on the automobile canvas and India is one of the key markets for them. Global and Indian car manufacturers are focusing their efforts to develop innovative products, technologies and supply chains. The automotive plants of global car manufacturers in India rank among the top across the world in terms of their productivity and quality. Top auto multinational car manufacturers like Hyundai, Toyota and Suzuki rank their Indian production facilities right on top of their global pecking order
In the present world, the speed of technological developments in industry
sector especially in automotive industry is so high and unexpected that coordination and compliance with these changes have become a vital issue for countries and big companies. No longer can a country confidently and authoritatively plan and design in industry specially, automobile industry with no attention to worldwide changes. Intensifying global competition in the automotive industry and constructing of pieces, and emphasizing the survival and viability of an industry's ability to compete depend on its ability to compete. In this regard, countries are required to have access to the latest technological findings, reduce the costs and prices, and improve product quality. In other words, automobile as a strategic commodity increasingly plays an important role in developing and improving countries trade. That is to say automobile industry through its links with other industries can be a powerful driving force for industrial development in a country. This industry has always been considered as one of the most important chains of industrial development in each country. Since the automobile industry needs to be fed from other industries to grow, it, in turn, causes many sectors and industries to grow. Thus, strengthening and supporting the 0automotive industry has become an inevitable necessity for developing countries.
(b) Research design:
The study is explorative cum descriptive cum diagnostic in nature. It is exploratory in a sense that prior to liberalization few studies have been conducted by the scholars on marketing strategies of car industry. The focus of these studies have been on marketing mix that is too on positioning as there were only few players in the Indian market. After globalization the automobile market scenario has completely changed due to the entry of large number of multinational companies in the fray. And in this changed situation where the focus is on customer value, in the best knowledge of the researcher based on the extant literature, no study has been conducted on how marketing strategies of car manufacturers influence the consumers in India, and in particular, who wants to make a mark in the domain of hatchback and sedan in compact and midsized segment of cars among the existing car manufacturers. Descriptive research involves gathering data that describe events and then organizes, tabulates, depicts, and describes the data collection (Glass and Hopkins, 1996). The present study is also descriptive in nature as the researcher made an attempt to describe the current scenario in the global automobile sector with a focus on the players prevailing in the Indian market, the marketing strategies being followed by these players and the researcher attempts to make a situational/scenario analysis (SWOT analysis, Porter’s Five Forces Industry analysis, and the PEST analysis) in the context of automobile business environment. Moreover, the problem has been formulated and conceptualized on the basis of the description of existing literature on the subject. The present study is also diagnostic as first it explores the marketing strategies of the major players and then attempts to analyze the effectiveness of these strategies on Indian car buyers’ brand preference, satisfaction and loyalty. Finally, an attempt has also been made to recommend some more viable aspects of marketing strategies that can be implemented in the current global environment. Survey was the predominant research methodology used in this work. To proceed on right track and to do justice with the study, the primary sources of information were browsed. Technical expectations as well as social expectations and obligations were delineated in consultation with the Research Supervisor and the Marketing Personnel of car manufacturers/dealers/financing agencies who were apt to the idea of processes and problems of the buyer behavior and marketing strategies to influence car buyers in Indian automobile business environment before finalizing the line of action. Thus the thrust areas were marked for the target audience, the hatchback and sedan car owners for the compact and midsized segment in India. A quantitative survey was chosen for the research because it is a simple and cost effective means of gathering a large amount of information within a short timeframe. (c) Methods of data collection: Convenience of the car owners was pre-checked by making phone calls and the questionnaires were got filled at the premise suitable to respondents. In some cases the researcher had a free access to visit the car owners. Some of the respondents desired to have the questionnaire through e-mail. The filled up questionnaires were collected back either personally or respondents returned the same though email. As the questionnaire was self-explanatory the respondents were asked to respond as per the instructions in the questionnaire. In order to reduce bias and get frank responses from the respondents, the following precautions were taken: The respondents were apprised about the purpose of the study; 125 An attempt was made to include people from different backgrounds in terms of their demographics; The respondents were also assured about the confidentiality of the information and were asked not to mention their names or the dealership from where they purchased the car; and in case of any doubts, the researcher was available to clarify.
(d) Methods for data analysis and synthesis:
The data obtained from the survey questionnaires were coded and fed into the computer for coding, tabulation and analysis of data. As the questionnaire was not pre-coded, first the coding of the questionnaire was done and for preparing data for computation, data definition file was prepared with variable numbers, column numbers, variable codes and labels. All the items were indexed for final analysis. SPSS (Version17.0) was used for extensive analysis and statistical tools like χ2 test, Student’s t-test, analysis of variance (ANOVA) were used for analysis of the data gathered to bring out the significant influences of study variables amongst compact and 127 midsized segment car owners. Correlations and multiple regressions were used to bring out the significant relationships and effects of study variables on compact and midsized segment car owners’ buying behavior, satisfaction and loyalty intention. Percentages, weighted means, grand means and standard deviations were also used to explain the direction and extent of the significant differences..
(e) Limitations of the study:
As limitations are inherent in all research investigations, it is important that these be brought to light. It should be noted that the current research is also bound by several limitations, which can be turned into avenues for further analysis. Methodologically, using a single informant to analyze company marketing strategies can be regarded as a significant limitation. Studies suggest that significant measurement error and unreliability may exist in single- respondent measures (Gerhart, 1999). In addition, the inability to draw a random sample of car owners is a well-known problem facing researcher using survey methodologies. Since so many male, married, self-employed and post- graduation or above education degree holder respondents, having diesel cars replied to the survey and so few female, single, employees and graduation or below education degree holders having cars with petrol as fuel variant, the survey may not accurately reflect the perceptions of buyers about car companies operative in India. There are limitations in the information supplied as well. The study was conducted on the basis of perceptions of the respondents and observations made by the researcher. Though, every effort has been made for getting correct responses for each question included in the schedule but even then the researcher cannot be sure about the possibility of respondents’ bias in reporting while imparting information. Similarly, the researcher may also make observations according to her own set of mind and, therefore, the prejudices of the researcher in making observations always influence the rationality of the collected information. In addition, this research was only concerned with few organizations under study and thus it is hard to establish whether the marketing strategies also are same in other organizations. Although this was checked with the extensive literature review conducted on attributes of marketing plans but cannot be generalized. The concept of consumer buying phenomenon is also found to be quite complex and consists of a wider scope than the current research study.
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