Consumer behavior is the favorableness and un-favorableness of customer about the product. It expresses the relationship between customer expectation towards the product and product’s specification to resolve customer needs. Customers will always prefer for the low priced quality goods so company has to satisfy these needs of the customer to retain existing customers and to gain some new customers.
1.1 DEFINITION FOR CONSUMER BEHAVIOUR
* The process by which people translate sensory impressions into a coherent and unified view of the world around them. Though necessarily based on incomplete and unverified (or unreliable) information, perception is equated with reality for most practical purposes and guides human behavior in general.
* A marketing concept that encompasses a customer's impression, awareness and or consciousness about a company or its offerings. Customer perception is typically affected by advertising, reviews, public relations, social media, personal experiences and other channels.
1.2 OBJECTIVES OF THE STUDY
To analyse the consumer behavior towards LOTTE CHOCOPIE.
* To identify consumer perception towards chocopie available in store. * To determine whether the customer’s are satisfied with product quality, price, range. * To identify customer’s convenience in buying the product. * To identify customer’s expectation towards the product and store experiences.
1.3 NEED FOR THE STUDY
* To know about the present market situation.
* To know about the core competitors offerings.
* To know about the customer profile.
* To know about the mind of customer.
* To know whether they looking for offers.
* To retain the customers.
1.4 scope of the study
The present study is to analyze the consumer behavior towards customers of LOTTE CHOCOPIE. There are many factors influencing the customer’s product preferences this study highlights. The level of customer preference on the selected variable such as * To know about product quality, price, package, etc.
* Improvise product range, variety, availability, etc.
* Identify the customer preference about buying the product. * Valuation of LOTTE CHOCOPIE among the competitors.
* To make effective decisions for survive in the market for a long period of time.
1.5 INDUSTRY PROFILE
ABOUT LOTTE GROUP
Many chocolate manufacturers have created products from chocolate bars to fudge, hoping to attract more consumers with each creation. Hershey and Mars have become the largest manufacturers in the world. Other large manufacturers include Nestlé, Kraft Foods and Lindt. The Hershey Company, known for their Hershey bar, Hershey's Kisses and Reese's Peanut Butter Cups, is the largest chocolate manufacturer in North America. Mars, Incorporated, one of the largest privately owned U.S. corporations, is a worldwide manufacturer of confectionery and other food products, with US$21 billion in annual sales in 2006. Mars is known for Mars Bar, Milky Way, M&M's, Twix and Snickers, as well as other confectionery items, such Skittles. Food conglomerates Nestlé SA and Kraft Foods both have chocolate brands. Nestlé acquired Rowntree's in 1988 and now market chocolates under their own brand, including Smarties and Kit Kat; Kraft Foods through its 1990 acquisition of Jacobs Suchard, now own Milka and Suchard. In February 2010, Kraft also acquired British-based Cadbury plc, the world's largest confectionery manufacturer. Cadbury is well known for its Dairy Milk range and Creme Egg; Fry's, Trebor Basset, the fair-trade brand Green & Black's also belong to the group. The chocolate industry, a steadily growing, $50 billion-a-year worldwide business centered on the sale and consumption of chocolate, is prevalent on five out of seven continents. Big Chocolate, as it is also called, is essentially an oligopoly...