Beruflich Dokumente
Kultur Dokumente
Understanding The Need Of Audio And Video Integration In Different Segments Of The Market
Name of the company: Godrej & Boyce Mfg. Pvt. Ltd., Prima Division, Hyderabad
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
An Interim Report ON
Understanding The Need Of Audio And Video Integration In Different Segments Of The Market
By Rishikant (07BS3437) A Report submitted in partial fulfillment of the requirements of MBA program of ICFAI Business School, Hyderabad
Submitted To MR. DINESH WADHVA Dy. Business Manager, Conferencing Products MR. NASINA JIGEESH Faculty Guide
1|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Table of Contents
Executive Summary .................................................................................................................................... 3 Abstract of the Work Done So Far ................................................................................................................ 5 Step 1: Problem Definition............................................................................................................................ 5 Management Decision Problem: .............................................................................................................. 5 Marketing Decision Problem: ................................................................................................................... 5 Diagram: The process of Problem definition ............................................................................................ 7 Step 2: Developing an approach to the problem ........................................................................................... 8 Hypothesis................................................................................................................................................. 8 Step 3: Research Design Formulation ........................................................................................................... 9 Diagram: The Flow of the work to be done for the project .................................................................... 11 Step 4: Exploratory Research ...................................................................................................................... 13 Questionnaire For The Companies In The Same Business ...................................................................... 13 Findings: .................................................................................................................................................. 14 Step 5: Descriptive Research....................................................................................................................... 15 Questionnaires: ....................................................................................................................................... 15 Problems faced during primary data collection:..................................................................................... 20 Step 6: Visiting various websites ................................................................................................................ 21 References:.................................................................................................................................................. 22 Annexure 1: The list of the competitor companies: ................................................................................... 23
2|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Executive Summary
The world has become a global village. The market is growing at an electrifying pace and the competition is also growing in perfect correlation with it.
Welcome to the modern business environment. Dynamic, deep-seated forces are shifting outlooks, shaping expectations and driving opportunities across the consumer landscape, in every corner of the globe. Companies are not restricted by boundaries of countries in todays world. Technology is the main driving factor behind the emergence of such a closely knit business world. The need for faster communication and decision making is gaining immense importance. As a result of this, meetings, conferences, seminars and presentations play one of the most important roles in achieving organizational goals. The top level management of all the organizations designs the future strategies and takes many important decisions in boardrooms. Organizations use the technologically advanced meeting environments like conference halls in many ways to impress their clients and Display Companys reputation. The Technology also enables them to address their employees and train them in a better manner.
The demand for such meeting halls in large organizations was recognized by Godrej & Boyce Mfg. Ltd., Prima Division and it came up with a bouquet of international conferencing solutions with professional consultancy and design by highly trained employees for boardrooms, conference rooms, auditoriums and training halls. Being one of the first professional companies in this business they soon achieved 70% of the market pie. As seen in any other promising ventures, with the passage of time more and more players tend to pour in to make the most of the existing opportunity. Similarly in this case also the story changed slowly with time. Many small players have cropped up in cities like Hyderabad and they have started providing almost the same array of products. Therefore it is making the market more congested. In the given scenario all the market leader has to do is continuous innovation. As a market leader its time for Godrej to see this threat and continuously innovate in order to maintain its leadership and capture more market share.
3|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
This is the problem that was identified by Godrej and therefore forms the outline of my project. The project focuses at understanding the existing forces that determine the purchasing of such a solution. It is intended to reach at a certain number of factors that are the main deciding factors that are taken under consideration while purchasing integration products. The project also aims at segmenting the market and understanding the individual needs of each market segment. This kind of exercise will not only help the company in focusing its marketing activity to the right kind of business enterprises but will also help in designing right mix of products to cater to the needs of its customers in the best way possible. It is always wise to keep a track of what the competitor proposes to do in future as it alarms the market leader to be geared for the future. So, this study will help in gaining an insight into the innovations that are being done by other companies in the same kind of business. It is also aims to study the level of satisfaction among the existing customers of the company and gather their feedback to see what more the clients expect in terms of products, consultancy, return on investment and innovation. And last but not the least in order to make the summer internship program more fruitful in terms of academic learning, a complete analysis of the functioning of the integration business will be done along with the organizational structure and other minor details.
4|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
d. What are the innovations going around in the market and how the competitor companies are working to get an edge over Godrej & Boyce, Prima? e. What is being done across the world to be more innovative? f. What are the main reasons due to which the companies defer their purchasing decision for integration products? g. In a market where almost all the companies are offering same products what more can be done to maintain the status of market leader? h. How satisfied are the existing customers? Are we able to cater to their needs in the right way? i. What do the existing customers feel about the overall product? j. Is there a need for analyzing the existing communication strategy of the company?
The problem definition stage helped me clearly understand the expectation of the company from the project and the direction in which one needs to move to achieve those expectations.
6|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Task involved
7|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Hypothesis
On the basis of the analysis so far the following hypothesis were set up: 1. H1: The variables that determine the purchase of the audio and video integration products cant be distinctly segregated in different sets of non overlapping factors.
H01: The variables that determine the purchase of the audio and video integration products can be distinctly segregated in different sets of non overlapping factors. 2. H2: The market cant be segmented in distinct groups based on the type of business and needs with respect to the integration products.
H02: The market can be segmented in distinct groups based on the type of business and needs with respect to the integration products.
8|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
9|Page
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
9. A sample size of 80 will be taken under consideration. The reason behind this is that since the integration products are expensive hence only companies with high turnover can afford it. So, 80 companies with a turnover of more than 20 crores will be visited. 10. Once the survey is done, then the responses will be checked for any incomplete ones and theyll be discarded. 11. Then the collected data will be analyzed using SPSS and tools like Factor analysis(to club together different variables affecting purchasing of the integration products in distinct factors) and cluster analysis(to segment the respondents into distinct groups based on their needs from the audio/ video integration products and the kind of business they are involved in). 12. This analysis will be documented. 13. Then the third market research will be undertaken. In this part one more questionnaire will be designed to analyze the satisfaction level of the existing customers of Godrej & Boyce, Primas integration products. 14. The outcomes from the third market research will also be analyzed and documented. 15. The entire project will be reviewed once and then the final report will be prepared. The Timeline decided for the project: 26th Feb 29th Feb: Identification of the problem and defining it properly. 1st March 3rd March: Research Designing. 3rd March 6th March: Questionnaire Designing. 7th March 10th March: Secondary Data Collection. 11th March 13th March: Secondary Data Analysis. 14th March 27th April: Primary Data Collection. 27th April 30th April: Primary Data Analysis. 31st April 7th May: Customer Satisfaction survey 7th May 10th May: Customer Satisfaction survey analysis. 11th May 15th May: Review of the project. 16th May 22th May: Final Report preparation. 24th May Final report submission.
10 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
11 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
12 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
The primary objective of exploratory research is to provide an insight and an understanding into the details of the problem. For this a database of companies in the same business across India was collected. Fifteen companies were found to be major players across India. The list of the companies can be found in Annexure 1. The following questionnaire was designed:
What are the various applications that you undertake for audio/video integration? What are the various steps that you take up for the proper implementation? What are the products that you provide when it comes to audio/ video integration? Which are the major companies, products of which, you offer to your customers?(from internet) What type of companies are your major clients? Can you please give me names of few of your clients? What type of setup do you have to provide after sales service to your customers? What is the approx timeline which you take to complete integration? Do you use interior designers to design the interior of the room? Are you flexible when the customer asks for some specific product that your company doesnt offer? How do you satisfy the specific needs? How do you differentiate integration provided by your company as compared to other companies in the same business? Have you ever come across any specific demand of the customer that you couldnt fulfill or faced lot of difficulty in fulfilling? In a nutshell what do you think is the need of the customer and what kind of markets exists?
13 | P a g e
E) F) G) H) I) J)
K)
L)
M)
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Findings:
Various findings were made from this exercise. 1. One of the companies is also entering in the audio and video integration of homes. 2. One of the companies claimed that there focus is pitching in products which have wireless connectivity. 3. Almost all the companies are providing same products. 4. All of them are flexible in terms of price negotiation and providing products on specific demands. 5. Three companies claimed that the timeline for the project completion is less than 3 months. 6. All the companies provide after sales service and they have dedicated team of technical professionals for this. 7. All the companies claimed that providing best products at cheapest cost is there main focus. 8. All the companies think that there is a huge market potential but some problem is created due to small dealers which sell these products at the same time also undertake projects, although they are not professional enough for such jobs.
14 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Questionnaires:
15 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
16 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
17 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
18 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
19 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
As of now completed responses from 67 companies have been collected, 13 more are expected to be collected soon. Once the required number of primary data is collected, the next step will be taken up and again a questionnaire for studying the customer satisfaction will be done. And then rest of the steps will be done as explained in the step 3.
20 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
21 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
References:
www.godrej.com/prima/
www.neutron.in/product/details.asp?cat_id=3
www.pinnacleinfo.net/ www.specialfx.in/institutional.html Business Marketing and Planning Subhash C Jain. Questionnaire Design Ian Brace. Business to Business Market Research Ruth McNeil. 22-Immutable Laws of Marketing Al Ries & Jack Trout. http://FreeOnlineSurveys.com/rendersurvey.asp?sid=dju99zck53uv91f411503
Faculty Guide Name: Dr. Nasina Jigeesh Company Guide Name: Mr. Dinesh Wadhva
Rishikant
22 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
23 | P a g e
[Understanding The Need Of Audio And Video Integration In Different Segments Of The Market]
Thank you
24 | P a g e