Inderstanding Consumer Behaviour Towards Luxury Products

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A Report On

Understanding Consumer Behaviour towards Luxury Products

By

Jitesh Sanghvi MMS – 137, Marketing Year 2009-10
K J Somaiya Institute of Management Studies & Research

Understanding Consumer Behaviour towards Luxury Products

Understanding Consumer Behaviour Towards Luxury Products

By

Jitesh A Sanghvi

Under the guidance of

Mar. Nilesh Talreja Senior Executive Interface Communication

______________ Designation SIMSR, Mumbai

K J Somaiya Institute of Management Studies & Research
May-June, 09

Jitesh Sanghvi - MMS -137, Marketing

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Understanding Consumer Behaviour towards Luxury Products

Certificate

Jitesh Sanghvi - MMS -137, Marketing

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Understanding Consumer Behaviour towards Luxury Products

Certificate of Approval
We approve this Summer Project Report titled "Understanding Consumer Behaviour Towards Luxury Products ..." as a certified study in management carried out and presented in a manner satisfactory to warrant its acceptance as a prerequisite for the award of Master in Management Studies for which it has been submitted. It is understood that by this approval we do not necessarily endorse or approve any statement made, opinion expressed or conclusion drawn therein but approve the Summer Project Report only for the purpose it is submitted. Summer Project Report Examination Committee for evaluation of Summer Project Report Jitesh A Sanghvi

Signature

1. Faculty Examiner

2. MMS Summer Project Co-coordinator

Jitesh Sanghvi - MMS -137, Marketing

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Understanding Consumer Behaviour towards Luxury Products

EXECUTIVE SUMMARY
Studying consumer behaviour enables marketing researchers to predict how consumers will react to promotional messages and to understand why they make the purchase decision they do. Marketers realized that if they know more about the consumer decision making criteria, they can design marketing strategies and promotional messages that will influence consumers more effectively. The importance of consumer behaviour made marketers to think of a separate branch in marketing research - Consumer research, to deal exclusively for consumer related issues. The current focus of this report is on study of underlying needs and motives in taking purchase decisions, consumer learning process and attitude formation process. The study has been initiated for Club Mahindra Holidays. The purpose of this study is to analyze consumer perceptions of luxury products and the factors that influence his purchase decisions. The objective is to understand consumer behaviour towards luxury products and the steps followed while purchasing it.

To achieve the above objectives, we first look at how luxury goods are different from regular goods and then go on to explore some facets and trends of the luxury goods as well as their market and consumers. We will understand the definition of luxury products through secondary research. Post secondary research we will develop few hypotheses which will give us the direction for our next step ie Qualitative Research. We will use interview method in qualitative research which will give an insight into the mindset of the consumers and their purchase steps involved and then follow it up with quantitative research (survey method). Through this we will quantify our findings for the Indian luxury consumer and their buying behaviour. We will analyze the factors that influence the consumers in buying the luxury products.

Jitesh Sanghvi - MMS -137, Marketing

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Understanding Consumer Behaviour towards Luxury Products
Research Abstract
Scope: This project is a part of a job assigned to the planning department. This project is an initiative taken to understand the behaviour of consumers towards luxury products. Purchase of a luxury product involves lot of planning and research before taking any decision. There are number of factors that affect an individual‟s decision making process as well...
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