Case Of Colors Case Solution

Presented By: Prince Arora-072 Rishika Goyal-086 Romil Rungta-089 Saumil Singh-094 Subadip Bagchi-103 Tanika Nangia-107

CASE STUDY The mentioned case talks about how the present customer is changing, how their needs and preferences of getting their homes painted are changing , their view points are changing. Price and durability, the ever long factors that categorized the paint industry has become a thing of the past. Today’s consumer is fast, trendy, knowledgable and looks for value for money without sacrificing on his convenience front.

Hence, the need of the hour from the company’s point of view is to understand thes new customer needs, conduct reserach, go for an extensive marketing drive and thus satisfy the target clusters appropriately. Decorative paints market can be segmented on the basis of many variables. The few selected bases for segmentation which apply to such a market are as follows:

Geographic Variables RURAL, URBAN &SEMI-URBAN

As the company will move from the rural to the urban segment, it will find the choice of the customers changing as the geographical factor affects their choices in different ways. Also, the climatic changes will affect the type and frequency of the paint job required. The differences of exposure to the environment, knowledge about the recent trends etc. Understanding the disparities between the urban and rural areas and understanding their needs and requirement will ensure a larger segment for the company to cater.

Demographic Variables AGE GENDER FAMILY SIZE INCOME

People of young age tend to prefer bright and vibrant colours as compared to people who are matured. Choice of colours differs according to the gender of a person. Men and women have different attitudes, behavioural approaches and mindsets. Joint families will have more diverse choices and needs in colours as compared to nuclear families and/or people living alone. People in high income bracket spend more on painting their house by choosing expensive and varied shades of colours.

Psychographic Variables LIFESTYLE

Customers may choose the colour and frequency of getting their house painted according to the lifestyle which may be external oriented, culture or society oriented.

PERSONALITY

Customers may want the colours of their walls to reflect their personality, for example a compulsive and a dominating will have a different demand than that of a subtle.

Response Variables OCCASIONS

In India, the demand for paints is very positively related to different occasions like various festivals, marriage, promotion in office etc

BENEFITS SOUGHT

Different customers seek different benefits from a product, while some look for durability, some prefer availability and service.

SOCIAL INFLUENCE

It has been observed that the present customer wants his status to be reflected through the house he is living in, or people may want to portray a better status by simply spending more and also many external factors such as television, movie role models may influence them.

The customers in the mentioned case can be classified into different segments as follows:

Name of the customers

Family Size

Income

Yes

Lifestyle

Personality

Yes

Yes

Occasion

Social Influence

Mr. Shardul Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Mrs. Vaidya Mrs. & Mr. Khanna

Yes

Yes

Yes

Mrs. Hansa Trivedi

As clearly seen from above, for a market like that of decorative paints, different segments have correlation between each other, like the case of Mrs & Mr. Khanna, though they wanted their house to be painted to reflect their newly acquired status, being within the budget, they also had different social influence on them, Mr. Khanna wanted it to reflect their personality while his wife wanted it to be like a famous T.V show bedroom. This depicts the changing customer, which is not only wide spread but varying with extreme differences in their tastes.

MARKETING RESEARCH PROPOSAL

SUMMARY- The marketing research proposal mentioned states the background of the case, the defined problem, objective of the research and the research design. PROBLEM- The case only gives a snapshot of few customers. As customers are large in number, diversely spread, having different needs and other factors influencing their buying decision, there is a need for greater degree of understanding of their behaviour and requirements. OBJECTIVE- The Company needs to search answers for some vital questions, answering them would lead it to make critical marketing decisions at all levels. Hence, to provide insights into the problem, the company will have to go for a new “MARKETING RESEARCH.” RESEARCH DESIGN- The proposed research design consists of a detailed questionnaire, which will extract desired responses from samples which in turn will help the company to develop its marketing strategy. The questionnaire enclosed will determine that how today’s customer take the whole concept of painting their homes, how much other factors (and what) have a role play in it and finally how a ‘decision’ is reached. The questionnaire can be put on company’s website, dealer counters, magazines or they can be taken on face to face interactions with customers. It is kept precise, structured and is designed to cover the maximum factors without taking much of their time and effort. PROBABLE OUTCOME: The above research proposal will throw light on the changes that the company needs to undertake in understanding the market changes and to cater it appropriately. CUSTOMIZATION: The process of modifying products or services to meet the requirements of individual customers i.e. user centric products/services or tailor made products/services.

This would include the following points: •

A package deal- Starting right from the desire expressed to paint the house till the final stage. This would include: interior decoration, vaastu services, paints selection, sample testing (free), time constraint, packers & movers services (to avoid the trouble of rearranging the things). The company can also have specialised services through its collaboration with furniture houses, vaastu professionals and other house accessories manufacturers (curtains, drapes etc.).

•

Individual deals- to chose from segments i.e. only order paints, only order workers, only consultancy or other support

•

Online orders- to chose everything, order everything online (especially. for working clients)

•

Retail outlets with proper ambience and depicting recent trends that arouse customers to get their house painted through the company. Thus transforming paints as a fast moving consumer goods in the lifestyle category.

Marketing research is not always the best or only source of information to be used for making decisions. It works best when combined with judgement, intuition, experience and passion.

Questionnaire for customers of decorative paints market:1. Please tick the appropriate answer: • Age – below 30, 30-50,above 50 • Gender- male, female • Marital status- single, married • Family size- >=4, 4-7, above 7 2. Details about the family: • No of children• No of adults • No of earning members • Annual income bracket- less than 5lac, 5-10 lac. More than 10 lac 3. • • • •

How often do you Special occasions Special occasions Special occasions Others

get your house painted(please choose): only and/or in an year or two and/or in five years

4. How important is the appreciation of your home by your colleagues, friends and relatives? • Important • Very important • Important to an extent but not the final decision • Not important 5. Do you think your house should reflect your social status? • Yes –why not! • Not necessarily • No need 6. How • • •

would you like your home to be? What I think it to be Source of envy Source of upward mobility

7. Should the colour of the walls be in sync with your personality? • Yes • No 8. Where do you come to know of latest trends? • Films • Television • Magazines • Just by looking around 9. What (rank • • • • • • •

are the key motivators when you make a purchase decision? on a scale of 1-7, 1 lowest and 7 highest) Design Colours Brand name Price Comfort Availability Coming seasons and discounts

10.How would you like to get your home painted? • Get the paint and paint it yourself. • Get suggestions from an expert who understands your need