Buyer Behavior A survey was conducted on 3 different sections based on the following criteria: Lower middle class- This class comprise of the labor class who works in shop, canteens, factories, and the vendors having stalls outside company. Students and Working class in MNC- This comprise of students and people working in MNC, who enjoy eating biscuits. Upper Middle Class-This class comprise of a family whose annual income is more than around 6 LPA. Through the survey we tried to figure out the frequency on how often a class of customer purchase biscuits.
What we came to know was quite apparent as the lower middle class purchases biscuits once in 2 weeks; while the students purchase biscuits on the daily basis. The upper middle class purchases biscuits twice in a week. The major consumers of biscuits are students and upper middle class families. The second thing we noticed from survey is about the customer’s perspective towards buying a biscuit. The upper middle class buys almost all kind of biscuits varying from cream with various tastes to light biscuits such as Marie and Monaco.
The students are more inclined towards cream biscuits majorly chocolate flavored than the normal salty biscuits. The lower middle class purchases biscuits majorly for their guests and they purchase brands like Monaco, Parle and Marie. Generally customer buys biscuits for different reasons like a student eat a biscuit when he/she is hungry or feels like having something sweet and light. While in a family the buying behavior is driven by taste, price and variety. Below is the tabular representation of how various factors drives the customer to buy a biscuit.
Factors| Lower middle class| Student| Upper middle class| Price| * | | | Brand| | * | * | Taste| * | * | * | Table 1: Factors influencing purchasing behavior across all sections As seen in the table taste is the driving factor across all the classes. The student and upper middle class are also brand loyal. Advertisement is a major source of promotion for a product to reach maximum customers and we found that customers are influenced majorly by the advertisements on T. V. Print media is also one of the source which reaches major chunk of our population.
Providing freebies like tattoos, stickers and batches with the product also attracts customer towards the product. Thus we plan to promote our product using print media and T. V. adds to reach maximum customers. Also we intend to supply Brand stickers with the product containing various pictures for promotion. Source| Lower middle class| Student| Upper middle class| TV| * | * | * | Print Media| * | * | * | Freebies| * | | * | Radio| | | | Internet| | * | | Table 2: Sources of promotion and their influence
As we are launching a new product in the competitive market, we asked the customers whether they will be willing to try something new, we got some positive response from all the sections. Although as compared to the existing brands with same price and tastes, the customers showed little reluctance towards trying new brands. Penetrating such a market will require excessive promotion through TV and newspapers. Conclusion: Based on the survey conducted we come down to a final conclusion on which market and section of people to focus, and also the various tastes and flavors preferred.
Target Audience: Looking at the bar graph we can see that the major consumers of biscuits are students and upper middle class. So our prime focus will be on the same section. But as the lower middle class constitute a major chunk of India’s population we cannot ignore them altogether and hence we will introduce a range of biscuit which suit the pockets of that class. Flavors: Students have a special liking for cream biscuits as compared to other biscuits. In families, kids and teenagers also prefer chocolate and other cream biscuits.
So we are planning to target this section with a range of cream biscuits, in the flavor of chocolate. In today’s world every single person is health conscious and hence we plan to introduce a range of biscuits which are low in carbohydrates and sugar. They target the section comprising age group 40 and above. Promotion: TV is a major source of promotion as almost every household has a television and also the survey shows that TV makes a great influence to the buying behavior of a customer.
With biscuits we are also planning to give freebies which attract kids below 14 years of age. Freebies will range from tattoos to stickers. Print media is also a major source of promotion. New Product: Survey shows a positive response for a new brand or a product launched in the market. As one of our products is new to the market, we are looking forward to a good response. Good and attractive packaging and easy availability will always be the key factors while launching our product.