SUMMER PROJECT REPORT

Devising Customer Feedback Management System and Study the consumer buying behavior for jewellery productsForMaya Jewels By Gitanjali

Prepared for the Mumbai University in the partial fulfillment of therequirement for the award of the degree in MASTERS OF MANAGEMENT STUDIES

Submitted By:Swati NairRoll No:55 MMS-II(Marketing)

Under the guidance ofMrs.Vaishali Kulkarni

SFIMAR

St Francis Institute Of Management And Research, Mt. Poinsur, S.V.P Road, Borivali (W) Mumbai.Batch- 2011-2013

ACKNOWLEDGEMENT

I am extremely grateful towards people who have guided me in preparing this project.

I take this opportunity to thank all the people without whose help, guidance and inputs it would not have been possible to make such an extensive project report.

I would like to thank my College guide Mrs.Vaishali Kulkarni who has guided me through out my project

I would also like to thank my corporate guide Mr. Mukesh Gajra (VP-Retail Operations) & Mr. Tino Gonsalves (Sr. Marketing Manager) for their continuous support by providing me with necessary information on time.

DECLARATION

I hereby declare that the following project report Customer Feedback Management System For Maya Jewels By Gitanjali and study the consumer buying behavior for jewellery products compiled by me under the guidance of any my college guide Mrs.Vaishali Kulkarni and my coporate guide Mr Tino Gonsalves is an original work & the information submitted is true, appropriate and to the best of my knowledge.

Swati Nair Mr.Tino Gonsalves (Company Guide)

Mrs.Vaishali Kulkarni (Project Guide)

MMS II [Marketing]

EXECUTIVE SUMMERYCustomer feedback management system is a mechanism that allows one to gain responses of customers about what they feel about a particular product or service. Feedback could be in a form of a complaint or suggestions about a product or service.Maya Jewels have not implemented a customer feedback system till date.The main competitors of Maya Jewels are TBZ and Tanishq.As compared to both, Maya jewels has not been able to reach the benchmark that TBZ and Tanishq has achieved.Therefore to understand exactly why Maya Jewels has been lacking behind a customer feedback system has been developed to understand the customers that buy or dont buy jewellery from Maya Jewels.For that purpose,first secondary data research was conducted to find about various customer feedback mechanisms that have been implemented.Secondly,a informal discussion with different jewellery /Non jewellery retail stores was undertaken to understand their mechanism of feedback.Later a feedback form is designed based on the informal discussion and secondary data that was found about jewellery items.Feedback forms are designed by the graphic designers in the organizationAlong with feedback forms, incentives have been introduced for customers and sales representatives.Finally a mechanism was created which defines the process of feedback.For Maya Jewels ,customer satisfaction is the ultimate motive.Maya Jewels came into existence on September 2011.Since they are new to the jewellary industry ,they wanted a to know the basic need and want for a jewellery product.Hence this project was undertaken to understand the consumers perception about Maya Jewels and what are their desires and need for their jewellery.Maya Jewels are also in apparels. But the wanted to focus more on the jewellery aspectHence a small research survey was conduct for 20 days outside the store when the main target audience were females. This project will help Maya Jewels to figure where they are lacking behind in terms of quality,design,price,purity etc of the product.The survey will also help Maya Jewels coming up with ideas of how to increase their brand awareness and how to introduce new ideas and schemes for their jewellery.

INDEXSr.NoTopicPg.No

1.Company Profile7

2.Departmental Chart11

3.Part 113

Drawbacks of existing system/opportunity for development14

5.Need for study15

6.Objectives17

7.Research Methodology18

8.Collection of data19

9.Mechanism20

10.Implementation36

11.Limitation36

12.Future Scope36

1.Part 237.

2.Need for Study37

3.Objectives38

4.Research Methodology38

5.Analysis and Implementation39

6.General Findings45

7.Limitations46

8.Future Scope46

9.Recommendations and Conclusions47

10.Bibliography/References48

11.Survey Form49

INTRODUCTION TO COMPANY PROFILE

Gitanjali Lifestyle Limited(GLL)Gitanjali Lifestyle Ltd, incorporated in 2007 is the luxury & retail arm of The Gitanjali Group, with a turnover of US $ 1 billion with an experience of 40 yrs in the branded jewelry segment. This new venture aspires to tap the unexplored luxury & premium retail segment of the society. The group has forayed into Retail of Luxury & Lifestyle Products with an intention of opening stores in premium market places.

Gitanjali Lifestyle has taken an evaluated decision to venture into the business of Retailing Branded Lifestyle Products. The arm brings in a plethora of brands that are synonymous with luxury & style. The stores will be the prime destination for individuals who have a high fashion quotient, covering all aspects of lifestyle retailing, combining Jewellery, Watches, Silverware, Perfumes & Cosmetics, Leather & Accessories.

The stores will be in multi formats ranging from 500 sq ft mini stores to 25,000 sq ft departmental stores. Besides these there are two malls of about 2 lac sq. ft each in the pipeline. Lifestyle formats business intends to open the franchise formats to expedite the growth of its upcoming projects.

Maya JewelsThe stores combine the advantages of branded jewellery outlets with the advantages of a traditional jeweler, giving the customer an exciting mix of the best of both worlds. Targets the midsegmetA new chain of stores that offers most of the conveniences associated with modern retail as well as the benefits of the traditional family jewellers, giving the customer an exciting mix of the best of both worlds The stores offer a wide assortment of products, from dazzling diamonds and glittering gold jewellery to glamorous personalized precious accessories. While a few of these are from well known and established brands such as Maya Gold ( 100% BIS Hall Mark Jewellery), Maya Diamonds, Maya Pearls, Adler & Roth, Nakshatra, Parineeta,Gili and others, a large part of the offerings are open price jewellery products where there is complete transparency for the customers.

JewelsoukA multi-brand, multi-category lifestyle store chain that brings together all major jewellery brands under one roof, marking a new landmark in the development of the modern, organized segment of the Indian retail jewellery trade, which is today estimated to have a turnover of Rs 5,00,000 crore, of which nearly 60 percent is from the burgeoning domestic market.Jewelsouk will serve as a platform for leading fine jewellery, fashion jewellery and watches brands to come together under one roof and offer a wide variety to the consumer. The emphasis in the new format will be on offering consumers easy access to a wide range of national and international brands in a unique ambience that aims to make shopping more pleasurable and more convenient. This new format is being introduced at the International Terminal of the Mumbai airport and will subsequently be extended to other lifestyle and luxury department stores that are emerging in the metros and Tier II cities. This will include premier shopping destinations such as Walmart, Centrals, Spencers, Star Bazaar, Kapsons and leading stand alone departmental stores.The Indian consumer is demanding a shopping experience that offers both the variety of choice and the high levels of quality that she enjoys in other leading international cities. JewelSouk aims to satisfy that need and boost the modern retail segment of the trade. It will offer exquisite jewellery and a few other branded lifestyle accessories to satisfy every type of taste.

GianttiThe perfect destination for the connoisseur of high end luxury jewellery, offering an array of haute couture Indian and international brands with an exquisite allure and appeal. With gorgeous interiors that provide a unique international ambience and professional guidance and personal attention from expert jewellers, its the ideal destination for the woman who likes to choose in comfort and with care

Adler and Roth (ANR)Adler & Roth is a range of eclectic silver centerpieces across different categories with a design and finish that speaks of a rich European heritage yet has a modern and very contemporary feel. It consists of religious idols and spiritual symbols that are at once both traditional and trendy, and decorative objects and items for your home or office. Some of the pieces have an aesthetic blend of precious metal with out-of-the-ordinary items like wood, stone, clay, crystals, and semi-precious stones. The intricate designs and delicate filigree work give the collection an exotic and exclusive finish. Each piece is a unique, limited edition design conceptualized and created by a dedicated and experienced design team and then crafted with the utmost care by a team of highly skilled master craftsmen. Created using the finest quality of silver and materials, the brand is also an environment friendly product made from a base of bio-degradable terracotta clay.Through this store the Indian consumers are offered unique and contemporary sculptures which make the perfect gifting item, the brand has a unique signature style and an elegant, premium look and feel which adds a dash of character to your home or office. With this flagship store we will provide consumers an enhanced shopping experience and offer beautiful creations which are sure to leave you mesmerized.

DEPARMENTAL CHART OF GLL MARKETING

The Marketing department is responsible for all the marketing activities that happen in GLL.Every store format will have on marketing manager who is responsible for activities like promotions, ATL/BTL activities, product, pricing, locations etc, event management etc.The Department also has graphic designers who are responsible for making the logos, taglines, pamphlets, vouchers, danglers etc mostly into BTL activities. The graphic designers are a Pro within the graphic design and graphic arts industry who assembles together images, typography or motion graphics to create a piece of design. A graphic designer creates the graphics primarily for Branding, published, printed or electronic media, GLL also has a visual merchandising team. Visual merchandising is the activity and profession of developing floor plans and three-dimensional displays in order to maximize sales. Visual merchandising commonly occurs in retail spaces such as retail stores and trade shows.The purpose of visual merchandising is to: Make it easier for the customer to locate the desired category and merchandise. Make it easier for the customer to self-select. Make it possible for the shopper to co-ordinate and accessories. Recommend, highlight and demonstrate particular products at strategic locations. Educate the customer about the product in an effective & creative way.All the above managers are suppose to report to the Senior marketing manager who is responsible for the entire marketing department. Note that the Marketing and Sales departments are two differ departments in GLL

Part- I

To develop an effective customer feedback management system and to ensure proper communication between the customers, retail stores and head offices for Maya Jewles

DRAWBACKS OF EXISTING SYSTEM

The current system that the organization follows is each retail store has a visitors book.The visitors book contains three columns namely Name of the customer, Telephone number and Comments.Normally the comments are short E.g. Good,Satisfactory,Not happy, Didnt like anything etcIt is very difficult to interpret these comments that the customer have written.As a result the organization fails to realize as to why customers arent satisfied with their store products.Also they fail to understand the need of the customerMoreover it is not guaranteed that the customer have written down the details. Incidents have occurred where the store manager has asked the name and phone number of the customer and themselves put the comments which could be falseA proper customer feedback system has not yet been implemented in this organization.The current system(Visitors book) can be developed by providing a better customer feedback form having relevant questions that can be easily understood by the customers, less time consuming and hence gives the organization an opportunity to bridge the gap between the customers and the store products.

NEED FOR STUDYMany new business owners and directors of limited companies are scared of feedback. The reasoning is quite simple. People dont generally go out of their way to give positive comments, but are more than happy to write a complaint, grumble or negative thought when they feel they have been wronged. Of course the truth of the matter is both sorts of feedback are useful in one way or another.Further still, negative feedback may well be more useful than positive comments. Unfortunately because of the nature of human beings the number of negative comments is far likely to outweigh the number of positive, but this isnt necessarily a bad thing, nor is it a sign that youre business doing a terrible job. It just shows there is room for improvement.A good business will take the negative comments on board and adapt the way it operates in order to please those few people who are unhappy and hopefully improve the overall quality of customer care within the business. Of course drastic changes may not be the best course of action as you may end up displeasing the customers who are happy, which is why actively seeking customer feedback is a good plan.Get Honest OpinionsCustomer feedback is a vital way to get honest opinions on your services or products from people who are familiar with them. These opinions can make it easier to get into the minds of the most important critics.Improve RelationsWhen customers feel that a business truly cares about them and what they think, they may be more likely to be loyal customers. When a business makes changes according to feedback, it shows that they truly listen and respect those opinions.Inexpensive Business AdviceSome businesses pay thousands of dollars for someone to come in and tell them what improvements need to be made to the business to get more customers. Customer feedback is essentially inexpensive business advice directly from the source.More CustomersWhen a business is willing to receive feedback and listen to it, word spreads and more customers may be willing to give you a shot based on your commitment to excellent customer service.Positive ChangesA business does not like to brag about the negative aspects of their operation; they want to have mostly positive things to say. Customer feedback can mean positive changes according to their comments, which could mean a better reputation and more money for the business.

OBJECTIVES

1) To develop a customer feedback system for GLL (Maya Jewels) in order to understand the requirement of the target customers2) To study and develop a systematic approach in bridging the gap between the customers and Maya outlets.

RESEARCH METHODOLOGYThe research design used was exploratory and descriptive in natureArea of StudyThe feedback system was developed for all the Maya Jewels stores all over India.

Period of study

The concept of feedback system has been in India for a very long time. But as of now Maya jewels has not implemented the feedback system in their store. So first a Feedback system was needed to be developed and the further Analysis would be done.

Collection of dataThe data collection approach was through both primary and secondary data.For the feedback system an informal discussion with different retail stores(jewellery /Non-Jewellery) manager was conducted to understand their feedback system and accordingly develop a feedback mechanism for Maya Jewels.fTanishq feedback SystemTanishq had a proper feedback system maintained.They had two feedback forms i.e Purchasers and Non-Purchasers.Also Tanishq provided a Voice form in case of any complains from the customers

Visitors BookAVisitors Book is a book for a visitor to acknowledge their visitation to a site, physical or web-based, and leave their name, postal or address (if desired), and a comment or note, if desired.Most of the retail stores visited maintained a Visitors Book

MECHANISM OF FEEDBACK IN MAYA JEWELSFeedback form for Maya jewels By Gitanjali

Front side

Back side

CLOSED LOOP FEEDBACK

The Feedback forms would be send across from the H.O to the storesThe forms will be placed in a dispenser near the cash counter

The type of dispensers available in the market are the following:

H.O sends forms

1. Marketing couriers the feedback forms to the store2. RSMs are informed about the details and quantities of forms sent to their respective stores3. Marketing briefs the RSMs on the process for the feedback form based on the following deck

Guidelines1. All feedback forms are serial numbered2. Sales staff to ensure that they get feedback from shoppers as well as non shoppers3. Feedback form Target: Basically it should be half of our monthly footfall. E.G. if the footfall is 500 PM then we should be able to fill at least 250 feedbacks forms4. Customer Incentive: Gift/Reward Coupons (Conditional voucher on Diamond Jewellery) can be given to the customers for filling the feedback form.

Voucher(For customer incentive)

Along with the voucher following items also will be given:Swarna Mangal (Gold price protection plan) and Shagun (Jewellery saving plan)

Out Side

Inside

Jewellery Cleaning Card

Customer fill the Form

1. The customer must be approached to fill the form when he/she has already selected the product and ready to proceed for billing2. In case of non shoppers they should be approached when they make their closing remark of Thank you we will be back3. Take time and approach with a smile4. Employee will be rewarded with a appreciation certificate if the number of feedback forms collected is above the target number

Send the feedback to the H.O

1. The filled forms should be kept separately and a backup of the same should be maintained in excel 2. The store manager is responsible to ensure that the filled forms are dispatched to HO every TUESDAY3. A special column to be added in the DSR for the number of Feedback forms filled4. The feedback form has be couriered at the following address: To, xxxxxxTransmission House, Plot No. 6/19, marol Co Op Ind. Estate Near Marol Bhavan Andheri East, Mumbai 400 059

Revert Back

1. The forms received at the H.O will be analyzed.2. After analyzing the feedback, the H.O will revert on the actions to be taken on the feedback from the customers.

IMPLEMENTATIONThe above feedback mechanism has been implement from 1st july 2012 onwards.

LIMITATIONSDue to time constraint ,analysis of the feedback forms could not be conducted.

FUTURE SCOPEAnalysis of the feedback forms can done after 1 month of the implementation

Part 2:To study the buying behavior of consumers for jewellery products for Maya Jewels

NEED FOR STUDYThe "Consumers" or the "Customers" play a very critical role as these are the people who finally BUY the goods & services of the organization, and the firm is always on the move to make them buy so as to earn revenue.The study of consumer behavior (CB) is very important to the marketers because it enables them to understand and predict buying behavior of consumers in the marketplace; it is concerned not only with what consumers buy, but also with why they buy it, when and where and how they buy it, and how often they buy it, and also how they consume it & dispose it. Consumer research is the methodology used to study consumer behaviour; it takes place at every phase of the consumption process: before the purchase, during the purchase, and after the purchase.The study of consumer behavior helps management understand consumers' needs so as to recognize the potential for the trend of development of change in consumer requirements and new technology. And also to articulate the new thing in terms of the consumers' needs so that it will be accepted in the market well.Consumer buying behavior for luxury products is very different. Luxury products arent bought at every moment.Jewellery being a luxury product is not bought quite often. Customers especially women tend to be very choosy when it comes to jewellery .They have their own taste of design,quality,making of the gold,price,brand etc.Maya Jewels wants to understand whatar the needs and wants of the customers in terms of the jewellery.

OBJECTIVESTo understand the buying behavior of jewellery products for Maya jewels.

RESEARCH METHODOLOGYResearch Design: Exploratory and DescriptiveSample Size : 40Sampling Technique: Convience SamplingData CollectionData collection was done through a survey that was conducted in the regions where Maya Jewels by Gitanjali was located.

SURVEY ANALYSIS AND INTERPRETATIONS1) Name: Age: Location: Occupations: Most of the Women that were targeted were either working or were housewives

2) Which store comes to your mind when you hear the word jewellery?

50% of the sample size think about Tanishq when they want to buy jewellery.This shows that Tanishq has managed to put its name into the consumers minds which indicates their affectiveness of their brand awareness

3) Have you heard of Maya Jewels by Gitanjali?

75% of the sample size have heard about Maya Jewels by Gitanjali.Here they are aware about the existence of Maya Jewels

4) How did you come to know about Maya Jewels?

45% of the sample size came to know about Maya jewels from Newspaper and T.V .This shows that the population gain information about the jewellery products through newspaper and T.v ads

5) Have you ever purchased any jewellery from Maya Jewels by Gitanjali?

6) When are the major times do you purchase jewellery in your community?(If festivals, Please Specify) Marriages Festivals Birthdays

7) What kind of jewellery is preferred during weddings in your community?(Community Name) Kerala Traditionally brides are adorned from head to toe with gold ornaments, these days diamonds are also gaining popularity An entire set consisting of a necklace, earrings, ring, bangle. Single units of chains with pendants/rings/earrings (as gifts). (East Indian Community) Almost all the communities prefer gold chain and necklaces

8) What kind of jewellery do you buy?

35% of the population buy gold and 25% population bought diamonds. Remaining preferred pearls and other ornaments .This

9) You buy jewellery for

45% of the sample size buy jewellery during festivals and 35% of them buy during birthdays and 10% for investment purposes.This shows that women normally purchase their jewellery during special occasions like AkshyaTritiya etc.10) How frequently do you buy jewellery in a year?

Jewellery being a luxury product ,they are bought only once or twice a year

11) Before making any jewellery purchase, do you compare the designs and the prices of the same between the branded showrooms and local dealers?

75% of the sample size compare the jewellery with other branded jewellery products.

12) Is attractive packaging Important to you?

50% find that packing of the product is important whereas 50% find that it is not important.

13) Factors that guide you while purchasing jewellery

45% find that design,price and purity of the product to be a guiding factor in purchasing a jewellery product whereas 35% look out for the brand image.

GENERAL FINDINGS Though Maya jewels are known to all, they fail to let the customers in purchasing their product. One of the reasons is that the making price of gold in Maya jewels is more as compared to Tanishq. Another reason is the brand awareness, Though Maya jewels come up with promotions and offers time to time, they fail to register their brand name into the consumers minds.

LIMITATIONS Due to time constraint, large sample size wasnt taken Some of the customers didnt entertain during the survey

FUTURE SCOPE A further research can be conducted by Maya jewels where the sample size is huge A comparative study between Tanishq,TBZ and Maya Jewels could be undertaken to understand where Maya jewels stand in the benchmark. Also research can be conducted about the various demands and wants of the jewellery products in terms of designs,purity,price,quality etc for Maya jewels.

REOMMENDATIONS AND CONCLUSIONS From the survey it is understood that Maya Jewels needs to increase their brand awareness as most women think of Tanishq or TBZ when it come to jewellery products Maya Jewels must mainly focus their promotions and brand awareness through Newspapers and T.V ads Maya Jewels must come up with more offers during Festivals seasons as women by jewellery during this time Mainly Gold and diamond jewellery are preferred They should concentrate more on the design, price and purity of the jewellery because thats what women look out for . Schemes on gold price can be taken in to consideration where customers need not pay for the entire gold price.(SWARNA MANGAL,SHAGUN PLAN etc)(Some stores have already implemented before) They must come up with time to time offers or discounts on gold prices and diamonds.

REFERENCEShttp://www.quintcareers.com/interview_question_database/interview_questions_15.html http://home.ubalt.edu/ntsbpitt/Online%20Consumer%20Communities.pdf http://www.slideshare.net/vishalbehani2507/consumer-buying-behaviour-perception-about-tanishq-the-jeweller http://www.slideshare.net/musicoholic/tanishq-brand-analysis-by-anand http://www.franchiseindia.com/business-opportunities/Retail/gitanjali-lifestyle/ http://www.ddamas.co.in/pages/FAQ---Ddamascoin/pgid-29353.aspx http://www.exoticindiaart.com/jewelry.htm http://marketingpractice.blogspot.com/2009/02/tanishq-revitaliser-of-tradition.html http://www.oppapers.com/essays/Case-Study-Tanishq/164039

SURVEY FORMSr.No

Dear Customer,To ensure that we are able to serve you better, please take a few moments to share your details/experience/feedback with us. We are committed to ensuring that your privacy is protected. All information used is strictly for internal use. It shall not be shared by third parties.

Name:Age:Occupation:City:Pincode:

1. Which store comes to your mind when you hear the word jewellery?

2. Have you heard of Maya Jewels by Gitanjali?a) Yesb)No 3. How did you come to know about Maya Jewels?a) Newspaper b)Friends/Family c)T.V Adsd)Others4. Have you ever purchased any jewellery from Maya Jewels by Gitanjali?a) Yes (Please Specify)b) No

5. When are the major times do you purchase jewellery in your community?(If festivals, Please Specify)

6. What kind of jewellery is preferred during weddings in your community?(Community Name)

7. What kind of jewellery do you buy?a) Goldb)Silverc)Diamondsd)Pearls e)Others

8. You buy jewellery fora) Festival seasonb)Birthday/Anniversary c)Investment purposed)Giftinge) Others9. How frequently do you buy jewellery in a year?

10. How much do you generally spend on jewellery purchases?

11. Before making any jewellery purchase, do you compare the designs and the prices of the same between the branded showrooms and local dealers? a)Yesb)No12. Is attractive packaging Important to you?a) Yesb)No13. Factors that guide you while purchasing jewellerya) Brand Imageb)Design, Price ,Purityc)Promotions and offersc) All the above

Suggestions/Feedback

Thank You for your time!!!!!

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