A Study on Market Survey on the Brand Equity of Honda Ltd

A STUDY ON MARKET SURVEY ON THE BRAND EQUITY OF HONDA LTD., TRICHY.

ABSTRACT

Brand equity is an asset to any company. It provides competitive advantage to the company in the from of better bargaining power with the channel member ability to price higher then the competitors products and also enables the company to leverage from its brand name through brand extension decision hence a brand with a strong brand equity will ensure brand loyalty among consumers and increased revenue earning capacity for the company.

The project aim to study the brand equity enjoyed by spin co in a globalizes economy where competition is growing steadily this study will help the company determine its brand power among the consumers so as to leverage on its brand equity and take necessary corrective actions.

The study revealed that spin co enjoys a monopoly status in the department while on the other hand unbranded furnishing also sance to have some preference tendency is high among spin co consumers there by equity also the brand switching tendency is considers abler but this is due to the variety seeking buyer behaviors involved in the product category.

ORGANISZTION CHART

ORGANISZTION CHART

ADMINSTRATOR Managing Director

Administration & Finance

ProductionWing

Labour OfficerAdmn. ManagerController of AccountsAsst. Supervisor

Asst Supervisor Master. (Qlty. cntrl)

Elec. Engineer

ClerksClerksSupervisor for Prodn & Maintenance

Quality Control wing

Engineering wing

Masteries & Workers

ORGANISATION STRUCTURE

The organizational functions of the mill is divided into five namely,

Production wing Quality control wing Engineering wing Maintenance wing Accounts and finance wing. Administration wing

CHAPTER-II REVIEW OF LITERATURE

Brand equityBrand is a name or symbol used to identified the source of a product when developing a new product. Branding is on important decision .the brand can add significant value when its well-recognized and as positive association in the mind of the consumer this concept is referred to as brand equity

BrandAccording to American marketing association a brand is defined as the use of name term symbol or design, or some combination of these to identify the product of a certain seller from those of competitors a brand identifies the product from buyers. A seller can earn the goodwill and have the patronage repeated.

Branding is the management process by which a product is branded it covers activities such as giving a brand name to a product, designing a brand mark and establishing and popularizing it. Brand makes it easy for consumer to identify products or services. It is a powerful instrument of demand creation and retention

Brand loyaltyIt is the act of selective repeat purchasing of a brand. Once a consumer has developed a brand loyalty, it is hard to change his attitude towards that brand

Brand switchingBrand switching can be defined as the changing of consumer preference and use from one brand to another brand of a product quality, price ect.

Brand equityBrand equity is an asset. Brand equity refer tot the power of brand in the market place. A powerful brand has high brand equity and customers will stick to that brand. A weak brand has less brand equity and customer major contributor to customer equity. The proper focus of marketing planning is to extend customer life time value, with brand management serving as a major marketing tool.

Strength of brand equity to a company Strong brand equity offers the following advantages to accompany. The company will have more trade leverage in bargaining with distributors and retailers and because customers except them to carry the brand. The company cans a charge a higher price than its competitors because the brand carries high perceived quality. The company cans more easily launch extensions because the brand name carries high credibility. The brand offers the company some defence against price competition.

CHAPTER-IIIOBJECTIVE OF THE STUDYPrimary objectiveThe main objective of the study is to determine the brand equity of honda ltd.Secondary objectivesIn order to study the above primary objective the following secondary objective have been proposed

To find out customer preference about spin co To study awareness of brand switch To study factor influencing brand power of spin co To determine the most important factor which influencing purchasing decision To offer suggestion to the spin co & to improve its activities

CHAPTER-IVRESEARCH METHODOLOGY4.1 RESEARCH DESIGNA research design is the arrangement of conditions for collection and analysis data in a manner that aims to combine relevance to the researcher purpose with economy in procedure.It constitutes the blueprint for the collection, measurement and analysis of data. As such the design includes an outline of what the researcher will do form writing the hypothesis and its operational implication to the final analysis of data. More explicitly, the design decisions happen to be in respect of;

What is the study about? Why is the study being made? Where will the study be carried out? What type of data is required? Where can the data are found? What periods of time will the study include? What will be the sample design? How will the data be analyzed? In what style will the report be prepared? What techniques of data collection will be used? The Research Design undertaken for the study is Descriptive one. A study, which wants to portray the characteristics of a group or individuals or situation, is known as Descriptive study. It is mostly qualitative in nature.

4.2 TYPES OF DATA COLLECTED Primary Data

Questionnaires are prepared and telephone, personal interview was conducted. Most of the questions are consist of multiple choices. The structured interview method was undertaken. The interview was conducted in English as well as in Tamil. Proper care was taken to frame the interview schedule in such a manner it should be easily understood in view of educational level of the customer & agent. Generally 50 questions are prepared and asked to the customer and agent

Secondary Data

Secondary data was collected from Internets, various books, Journals, and Company Records.

4.3 QUESTIONNAIRE CONSTRUCTION

Questionnaires were constructed based on the following types Open ended questions Close ended questions Multiple choice questions

4.5 DEFINING THE POPULATIONS

The Population or Universe can be Finite or infinite. The population is said to be finite if it consist of a fixed number of elements so that it is possible to enumerate it in its totality. So In this projects consist of finite population.

4.6 SAMPLING PLANA sampling plan is a definite design for obtaining a sample from the sampling frame. It refers to the technique or the procedure the researcher would adopt in selecting some sampling units from which inferences about the population is drawn. Sampling design is determined before any data are collected. Convenient Sampling technique was adopted. In this method the researcher select those units of the population in the sample, which appear convenient to him or the management of the organization where he is conducting research.

4.7 DESCRIPTION OF STATISTICAL TOOLS USED Percentage method Chi-square test Correlation and Weighted average method.

PERCENTAGE METHOD In this project Percentage method test was used. The percentage method is used to know the accurate percentages of the data we took, it is easy to graph out through the percentages. The following are the formula

No of Respondent Percentage of Respondent = x 100 Total no. of Respondents

From the above formula, we can get percentages of the data given by the respondents.

CHI-SQUARE ANALYSISIn this project chi-square test was used. This is an analysis of technique which analyzed the stated data in the project. It analysis the assumed data and calculated in the study. The Chi-square test is an important test amongst the several tests of significant developed by statistical. Chi-square, symbolically written as x2 (Pronounce as Ki-Spare), is a statistical measure used in the context of sampling analysis for comparing a variance to a theoretical variance. Formula (O-E) 2 2 = E

O = Observed frequency

E = Expected frequency

4.8 WEIGHTED AVERAGE METHOD

Weighted average can be defined as an average whose component items are multiplied by certain values (weights) and the aggregate of the products are divided by the total of weights.

One of the limitations of simple arithmetic mean is that it gives equal importance to all the items of the distribution.

In certain cases relative importance of all the items in the distribution is not the same. Where the importance of the items varies.

It is essential to allocate weight applied but may vary in different cases. Thus weightage is a number standing for the relative importance of the

CHAPTER-VDATA ANALYSIS & INTERPRETATION

TABLE NO 5.1

Respondents based on the sex

The data collected is tabulated and analyzed as follows

particulars FrequencyPercentage

Male4386.0

Female714.0

Total50100.0

Sources:- Primary data

Inference: Out of the total 50 respondents surveyed 86%of the respondents (a maximum) had male 14% of the respondents had femaleCHART NO: 5.1

TABLE NO: 5.2

Respondents based on occupation

particularsFrequencyPercentage

Customer4080.0

Agent1020.0

Total50100.0


Inference:Play on important role in influencing the buyers characteristics on brand out of the 50 respondents 80%of the total customer. 20% of the agent.

CHART NO: 5. 2

TABLE NO: 5. 3

Respondents based on favorite brand


Hero Motors3434.0

Honda3030.0

Yamaha1414.0

TVS1313.0

Bajaj77.0

Total100100.0


Inference:

Favorite brand is the important factor which influence the consumer purchase decision process 34% of the respondents brand choice has been Hero motors brand.30% of the respondents brand choice has been Honda brand 36% of the respondents brand choice has been others.

CHART NO: 5.3

TABLE NO: 5.4

Respondents based on how long consume


5-yr1020.0

5-10yr2244.0

10-15yr1428.0

15-2048.0

Total50100.0


Inference:

Out of the total 50 respondents surveyed 44% of the respondents (a maximum) Had purchased 5-10 yr 28% of the respondents had purchase 10-15yr.

CHART NO : 5.4

TABLE NO: 5.5

Respondents based on how did know the brand


Print media1224.0

Visual media1224.0

Friends816.0

Agent1632.0

Other24.0

Total50100.0


Inference: Most of the respondents may know the brand for agent 32% 24% of the respondents may know print &visual media

CHART NO: 5. 5

TABLE NO: 5.6

Respondents based on selecting the brand


Quality2244.0

Price2244.0

Brand name510.0

Total50100.0


Inference:

Most of the respondents selecting the brand 44% belong to the quality & price 10% of the respondents belong to the brand name

CHART NO: 5. 6

TABLE NO: 5.7

Respondents based on recent period purchase


Spin co2652.0

Aft1938.0

Others510.0

Total50100.0


Inference: The above table infers that 52% belong to the spin co brand, 38% belong to the AFT brand, 10% belong to the others.

CHART NO: 5.7

TABLE NO: 5.8

Respondents based on satisfied the quality


Highly satisfied2142.0

Satisfied2040.0

Neutral918.0

Total50100.0


Inference: 42% of the customers are highly satisfied,40 of the customers are satisfied & other 18% of customers are neutral.

CHART NO: 5.8

TABLE NO: 5.9

Respondents based on channel of purchase


Directly From The Company2754.0

From The Agent2346.0

Total50100.0

Sources:- Primary data Inference:

The above table infer that 54% of purchase directly from the company, 46% of purchase from the agent.

CHART NO: 5.9

TABLE NO: 5.10

Respondents based on reason for using brand


Quick sales1836.0

Cost benefit2958.0

Traditional purchasing36.0

Total50100.0


Inference: The above table infers that 36%of quick sales, 58%of cost benefit, & 6% of traditional purchase.

CHART NO: 5.10

TABLE NO: 5.11

Respondents based on opinion on price


Very high1122.0

High1632.0

Normal2040.0

Low36.0

Total50100.0


Inference: The most respondents may opinion on price 40% normal, 32%respondents high, 22%have very high

CHART NO: 5.11

TABLE NO: 5.12

Respondents based on strong brand image


Yes2856.0

No2244.0

Total50100.0


Inference:

From above table shows that frequency of strong brand image is 56% of yes and 44% of no.

CHART NO: 5.12

TABLE NO: 5.13

Respondents based on discount provide


Highly satisfied1734.0

Satisfied2448.0

Neutral918.0

Total50100.0


Inference:

The total number of respondents 50, discount provide they satisfied 48%, 34%belong highly satisfied ,18%belong to the neutral

CHART NO: 5.13

TABLE NO: 5.14

Respondents based on switch over to other brand


Yes1938.0

No3162.0

Total50100.0


Inference: The above table infers that 62% of the respondents belong to the No, 38%of the belong to the yes.

CHART NO: 5.14

TABLE NO: 5.15

Respondents based on if yes


Quality510.0

Price1122.0

Credit714.0

Customer satisfaction12.0

Other2652.0

Total50100.0


Inference:

The above table infers 52% of the others, price will be more 22%,credit belong to the 14%

CHART NO: 5.15

TABLE NO: 5.16

Respondents based on suggest buy this brand


Yes2040.0

No1122.0

Some time1938.0

Total50100.0


Inference: The above table infers that 40% belong to the Yes, 38% belongs to the some time 22% belong to the No

CHART NO: 5.16

TABLE NO: 5.17

Respondents based on comments on quality


Superior then competitor1836.0

Equal to competitor2754.0

Inferior to competitor510.0

Total50100.0


Inference: Out of the total 50 respondents surveyed 54% of the respondents (a maximum) had comments of equal to competitor,36% of the respondents had superior than competitor 10% of the respondents belong to inferior to competitor.

CHART NO: 5.17

5.18 WEIGHTED AVEAGE METHOD

The Respondents are asked about some factors Listed below in the organization

FactorsH.SSNTotal

Satisfied the quality15231250

Viability10261450

Discount provide11291050

Point Weight age321

FactorsH.SSNTotalAverageRank

Satisfied the quality4546121032.061

Availability305214961.923

Discount provide335610991.982

Inference:-

The Value obtained is in positive where it inters that a change in one variable was on opposite change in another variable from the correlation analyses it is interred that when the customers understand about their then they adopt to the organization

5.19 CORRELATIONSatisfied with Discount provide by the spin coXOpinion on the price of spin coYX2Y2XY

1110121100110

2926841676754

1014100196140

x = 50y = 50x2 = 1062y2 = 972xy = 1004

r =(xy x N) (x x y)x2 x N (x2) y2 x N (y)2

=(1004 x 3) (50 x 50)1062 x3 (50)2 972x 3 (50)2

=3012 25003186 2500 2916 2500

=512 =512686x 416235,376

=512= + 0.95534

CHAPTER VI

FINDINGS OF THE STUDY

surveyed 86%of the respondent (a maximum) had male 80%of the total customer. 20% of the agent 54% of the respondents brand choice has been spin co brand surveyed 44% of the respondents (a maximum) Had purchased 5-10 yr Most of the respondents may know the brand for agent 32% The respondents selecting the brand 44% belong to the quality & price 10% of the respondents The above table infers that 52% belong to the spin co brand, 38% belong to the AFT satisfied The above table infer that 54% of purchase directly from the company The above table infers that 36%of quick sales, 58%of cost benefit The most respondents may opinion on price 40% normal, 32%respondents high From above table shows that frequency of strong brand image is 56% of yes and 44% of no The total number of respondents 50, discount provide they satisfied 48% The above table infers that 62% of the respondents belong to the No, 38%of the belong to the yes. The above table infers 52% of the others, price will be more 22%,credit belong to the 14% The above table infers that 40% belong to the Yes, 38% belongs to the some time 22% belong to the No

CHAPTER VII

CONCLUSION & SUGGESTION

From this study we found that most of the customer and agent prefer from Honda Bikes because it provides Best in class Automobiles. Only some of the agent are well-known with the bikes and other customer does not have even the basic awareness about the environment also those agent who are having the hank product because it gives very slow of finished product while comparing to Honda products. Consumer will switch for the reasons for increase in their purchase ability or income, discounts offered by competitive companies. Thus the product shows variety seeking buying behaviours among the consumer and hence the brand switching attitude in high. This is unavailable

CHAPTER VIII

LIMITATION OF THE STUDY

Due to shortage of time we did not meet more respondents As Honda is enjoys a high brand equity in the might bias the findings most of the customer did not spend more time in the questionnaire so it might affect the quality of the data collection The study is based upon small population like 50 sample

ANNEXURE

A STUDY ON MARKET SURVEY ON THE BRAND EQUITY HONDA TRICHY QUESTIONNAIRE

Name:

Age:

Sex:

Occupation a) customer b) agent Name of the Organization:

1. What is your favourite brand? a) Honda b) Bajaj c) Yamaha d) Hero 2. How long do you consume this brand for business purpose?

a) 5-Yr b) 5-10 Yr c) 10-15 Yr d) 15-20 Yr e) >20Yr

3. How did you come to know about the brand?

a) Print Media b) Visual Media c) Friends d) Agent e) Othersb)

4. In what basis you are selecting the brand?

a) Quality b) Price c) Brand name.

5. In recent period which brand you have purchase?

a) Honda b) Hero c) Yamaha

6. What comes to your mind when, I say Honda

a) Quality b) Price c) Service.

7. Are you satisfied with the quality of the brand?

a) Highly Satisfied b) Satisfied c) Neutral d) Dissatisfied e) Highly Dissatisfied

8. Channel of purchase?

a) Directly from the company b) From the Dealers

9. Please specify the reason for using this brand?

a) Quick sales b) Cost benefit c) Traditional of purchasing availability 10. Your opinion on the price of Honda product?

a) Very high b) High c) Normal d) Low e) Very low

11. Your opinion on availability of Honda brand in the market? a) Highly Satisfied b) Satisfied c) Neutral d) Dissatisfied e) Highly Dissatisfied

12. Whether Honda is having a Strong Brand Image?

a) Yes b) No

13. Are you Satisfied with the discount provide by the Honda? a) Highly Satisfied b) Satisfied c) Neutral d) Dissatisfied e) Highly Dissatisfied

14. Do you like to switch over from this brand to other brand? a) Yes b) No

a) If yes Means, The Reason For to Switch Over a) Quality b) Price c) Credit d) Customer Satisfaction e) Others

15. Do you suggest your friend and relatives to buy this brand?

a) Yes b) No c) Some time 16. Give me your comments on the quality of Honda brand? a) Superior then competitor b) Equal to competitor c) Inferior to competitor

17. Any suggestion on Honda _______________________________________________________________________________________________________________________

9.2 BIBILIOGRAPHY

BOOKS

1.Marketing Management Philip Kotler [PRENTICE HALL OF INDIA PVT,LTD NEW DELHI-110001,2003.] 11th EDITION

2. Research Methodology C.R.Kothari[NEW AGE INTERNATIONAL(P)LIMITED,HYDERABAD] 2ND EDITION.

3. Marketing Dr N. Rajan and sanjith.R.Nair[SULTAN CHAND&SONS Daryaganj New Delhi-110002,1987]6th EDITION.4. Marketing Management S.A.Sherleker[PRENTICE HALL OF INDIA PVT,LTD NEW DELHI-110001,2003.] 1stEDITION

Documents

A Study on Market Survey on the Brand Equity of Honda Ltd