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Synopsis Neeru PDF
Synopsis Neeru PDF
Department of Commerce
May,2011
1
TABLE OF CONTENT
1. Introduction
2. Review of Literature
3. Justification and Relevance of the study
4. Objectives of the Study
5. Hypothesis
2
Consumer Buying Behaviour
With Regard to
Branded and Traditional Jewellery
With Special Reference to Jaipur Jewellery Market
INTRODUCTION
Consumer Behavior is a manner that a consumer display while buying the product or a
service. Each and every consumer has his/her own buying behavior that he displays it
during purchase of different products. This behavior displayed by the consumer is the
result of a number of influences which he/she receives from the environment. These
influences can be categorized into four factors viz. Cultural factors, Social factors,
Personal factors and Psychological factors.
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Relationship of Consumer Buying Behavior with Jewellery
Industry
A research conducted by National Jeweller magazine uncovered the top ten reasons
women wear jewellery:
Sentimental value
To feel good about self
Express individuality
Be modern & up-to-date
Be cool and trendy
Make a good first impression
Look professional at work
Make a good impression on the opposite sex
Be admired and respected
Display wealth & status
Introduction to Jewellery
Jewellery is a type of accessory that includes necklaces, rings, bracelets, watches, and
earrings, etc. Jewellery is being designed for men, women, and children and can be made
from a variety of different categories.
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Jewelry started about 1,00,000 years ago Began with materials made from bone, teeth,
and shell. The first known jewelry pieces were worn by the Cro-Magnons about 40,000
years ago, These pieces were made of bone and teeth and were worn as necklaces and
earrings to show tribal membership. Later on incorporated beads, stone & gems.
Egyptians were first to use gold and metals for creating Jewellery, it were considered a
symbol of power and wealth. The brands were recognized in nineteenth century, and
most antique brands such as i.e. cattier, Tiffany, Boucheron, lalique, etc. are still very
famous.
WITH the retail industry in India burgeoning, several companies have made inroads into
the traditional jewellery industry, selling the product that was never really "marketed" in
"brand" new ways. So much so that branded jewellery is the new mantra in the market,
having rapidly acquired a niche over the past few years.
The branded jewellery industry is still in its infancy, but increasing growth rates show
that in a short time it will corner a significant chunk of the market. Perhaps the best
compliment to the branded segment is that old jewellery showrooms have also begun to
design jewellery lines under a brand name.
Jaipur Scenario
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Jaipur is India’s second important gems and jewellery exporting centre and the first for
sales to foreign tourists. With a history dating back to more than two and a half centuries,
the famed Indian Gems City of Jaipur is still a hotspot in Gems 'n' Jewellery. Jaipur offers
great potential in the gem and jewelry industry. These gems and jewelelry are in great
demand in India and worldwide .Jaipur exports a wide collection of gold, platinum and
studded jewelry. It also has an Export Promotion Industrial Park (EPIP) at Sitapura .
Mainly the Johari Bazar,M.I.Road are the famous Jewelley Markets of Jaipur, for buying
Jewelry.
Lately the most important step Jaipur has taken forward, is modernization of both the
gems and jewellery industries. It started manufacturing colored gems in calibrated sizes
to meet overseas demand. Ultrasonic machines were inducted into the bead making
industry. Semi-automatic production in other sections of the gems sector followed. A
very important development in this respect is that today Jaipur is not only using modern
machines but is also manufacturing some of them.
The younger generation has brought dynamic Transformation and internationalism to this
sector. Younger gemsmen have taken keen interest in not only modernising
manufacturing, but are also concentrating on marketing which has become vitally
important in modern business. The traditional jewellers did business at their 'gaddis' with
mostly their the globe by personal visits, displaying choice goods at international expos
and developing new contacts, but have also established branch offices overseas, thereby
broadening the horizons of this business. They are actually ambassadors of this beautiful
world of gems and jewellery who have crossed the seven seas to spread the message of
global cooperation in this fraternity.
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Traditional jewelers also began to bring out lightweight jewellery, and some of them even
launched their in-house brands..
However branded jewellery players will continue to face lot of competition from local
jewelers. In order to gain market share, they will have to come up with designs that
customers want and win the trust and confidence of consumers by hallmarking and
demonstrating the purity of the gold used by them..
REVIEW OF LITERATURE
A literature review is an account of what has been published on a topic by accredited
scholars and researchers. In writing the literature review, our purpose is to convey what
knowledge and ideas have been established on the above mentioned topic , and what are
their strengths and weaknesses.
Gidwani Devika (2002) in her paper titled “Branded Gold Jewellery Market in India”
mentioned that there is definitely a market for branded jewellery especially if something
is aimed at the younger generation, which wants to buy fashionable real jewellery. This is
the right time to get into the market, as it has just started to take off."
The Indian market was witnessing a rapid shift of screening jewellery from investment
to artistic appealing ornaments. The focus had shifted to design. The Indian consumer
was willing to experiment with new designs
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Craig Symons (2004), the director of Osjag, a wholesaler of Breuning and Steel & Gold
jewellery, mentioned in his paper “Branding succe” published in journal of gem &
jewellery that “Branding gives customers more confidence in their purchasing decision
as they can identify with the brand and therefore feel they’ve made a good purchase
which they can show their friends and family.
“This brand recognition gets retailers half the way through making a sale before a
customer even walks into their store.” Therefore, perhaps not surprisingly, the jewellery
industry has finally seen the branding light and begun to harness its power to sell
jewellery.
Mckinsey (2005) in his paper titled “Strategies for Wooing Customers” mentioned that
The branded jewellery industry is still in its infancy, but increasing growth rates show
that in a short time it will corner a significant chunk of the market. The best compliment
to the branded segment is that traditional jewellers have also begun to design jewellery
lines under a brand name.
Paul Noronha(2005) in her study “Brand appeal” that published in THE HINDU
Volume 22 - Issue 23 mentioned that Branded jewellery has carved a niche for itself in
the tough Indian market and Its increasing growth rates show that before long it will
corner a significant share of the jewellery market.
DTC's Supplier aims to grow consumer demand for diamond jewellery in the context of
the growing competitive luxury goods sector.
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Study released by the Bullion Association of India ( (2007) stated that due to the
changing dynamics, traditional jewelers are looking to jump on the "brand wagon" by
investing in advertising and trying to build a presence in the minds of consumers.
Traditional jewelers have signed up Bollywood heroines as brand ambassadors to
promote their products.
Shikha Saroj (2008) told in her paper “Diamonds are forever” that Jewellery has
become an integral part of the Indian psyche, today more than even before the Indian
consumer is lining up to buy branded jewellery that makes a fashion statement or
expresses her individuality. Jewellery has become a passion. People yearn for the
contemporary designs at great prices. The concept of branded jewellery has therefore
taken a full swing in India.
The competition of innovating something new keeps on, flooding the marketplace with
fine and fresh designs. Here there are a few Premium lifestyle brands that promise to
offer high quality at great prices.
Baranwa Shashank(2009) told in his study “A study on the jewellery industry “ that the
industry of jewellery has boomed in the past few years due to the increased demand of
fashionable jewellery. The export and import of jewellery has also improved.
The players and their brand positioning :The Gitanjali Group is one of the largest, and
fully integrated diamond and jewellery manufacturing and retailing companies in India
that successfully manages four of the 10 best-known jewellery brands in India today. The
four brands – Asmi, Nakshatra, D’Damas and Gili – are unique with structured
positioning and branding that endows each with a unique brand persona and character.
Gemstones and Jewellery in Jaipur
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Alok Kala (2010) published in “Diamond world”, volume: 38 / No.: 4, Gemstones and
Jewellery in Jaipur .Jaipur offers great potential in the gem and jewelry industry. These
gems and jewelelry are in great demand in India and worldwide . Jaipur exports a wide
collection of gold, platinum and studded jewellery. It also has an Export Promotion
Industrial Park (EPIP) at Sitapura . Johari Bazar,M.I.Road are the famous Jewelley
Markets of Jaipur, for buying Jewellery. He opines that various new ventures like Gold
Souk, 200 expected jewellery factories in Special Economic Zone and 50 jewellery plants
coming up at Export Promotion Industrial Park have consolidated trade in a more
organised form. He said that the jewellery market in Sitapur alone accounts for turnover
of Rs 450 crore, which includes Rs 300 crore of the exports.
Becker, Vivienne (2003), in his book titled “Antique and Twentieth century”
mentioned that
Jewellery is a type of accessory that includes necklaces, rings, bracelets, watches, and
earrings, etc. Jewellery is designed for men, women, and children and can be made from
a variety of different categories. Jewelry started about 1,00,000 years ago, Began with
materials made from bone, teeth, and shell,. The first known jewelry pieces were worn by
the Cro-Magnons about 40,000 years ago, These pieces were made of bone and teeth and
were worn as necklaces and earrings to show tribal membership. Later on incorporated
beads, stone & gems.
Egyptians were first to use gold and metals for creating jewellry, Jewellery were
considered a symbol of power and wealth.
Brands have pumped jewellery with many values - not only glamour, but sexiness,
excitement and fashion. As the number of customers who want to be affiliated with these
values rises, it's clear that the only way is up for branded jewellery.
Book contains complete study of past to present. (seventeenth century to twentieth
century). it will helpful in understanding of various material, design, taste and brands of
jewellery, As they changed through the years. It shows the kind of jewellery and most
antique brands such as cattier, Tiffany, Boucheron, lalique, etc. These brands were
recognized in nineteenth century and still very famous.
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JUSTIFICATION AND RELEVANCE OF THE STUDY
Justification for undertaking the proposed research:
The study will help to understand, the consumer preferences over branded and
traditional jewellery and also it will help to explore the various required strategies to
uplift economy of jewellery market.
Relevance to Jewellers :
The impact of brand awareness on consumer buying decision for Jewellery.
The study would also help to Jewellers to find out the consumer preference and
their buying behavior towards branded and non branded jewellery.
This would help both the retailers to know what are the consumer preference and
what strategies should they adapt to grab the market.
Relevance to Consumer :
The study will help to understand various aspects of the Branded and Non-
Branded Jewellery.
consumer are well versed today so it will also helps them in that to aware about
branded and non branded jewellery,
Consumers now have now better buying capacity due to increased income and
they are interested in secure investments, that is why when given a preference
between branded and non- branded jewellery they may prefer branded jewellery.
Relevance To Academics, Students & Others :
The study would help to understand the Consumer Buying behavior toward a
product
There is a lack of available studies to find out the consumer’s preference for
branded and non branded jewelers in context to Jaipur market..
To explore the Consumer perception towards Jewellery and to identify the Major
Players of Jewellery industry, to identify the various parameters which consumer
consider while buying Jewellery.
To explore the Marketing strategies used by various jewellery brands.
Being the hub of jewellery, still Jaipur Market is not much recognized, this study
will help to opine a new perspectives for Jaipur jewellery market. And further it
will be able to provide a guideline for future research work.
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OBJECTIVES OF STUDY
The objective to conduct the research on the study of consumer buying behavior in
context to branded and traditional jewellery are:
To explore the traditional and branded jewellery of Jaipur.
To study the Brand awareness of Jaipur Jewellery market.
To know the Consumer’s buying decision whether it is based on convenience or
brand preference.
To compare between Branded and Non-Branded Jewellery in term of quality,
price, and reliability.
To study the brand awareness of Jaipur jewellery market
To know the Consumer perception towards Jewellery.
To Explore the various marketing strategies used by various jewellery brands.
HYPOTHESIS
Central hypothesis :
There is no significant difference between the consumer buying behavior from
branded jewellery store than the traditional family jewellers (Non-Branded).
Sub hypotheses :
The consumer prefers buying jewellery through branded store than from the
traditional family jewellers.
The consumers are more informed about the branded jewellery rather than the
traditional jewellery.
The consumers are more informed about the traditional jewellery. rather than the
branded jewellery.
The consumers have an influence of the marketing strategies adopted by branded
jewellery.
The branded jewellery is more reliable rather than the non branded jewellery.
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The consumers have an impact of the pricing policies adopted by the non branded
jewellers.
RESEARCH METHODOLOGY
This research will accomplish chiefly through qualitative approach that is based on the
secondary information as well as quantitative studies like surveys etc. are also considered
and taken into account.
Qualitative research includes the reviewing and analysis of the articles, research papers,
interviews and other published information in order to gain a deeper understanding of the
prevailing scenario. These methods will help to understand the opinion and views of
eminent and learned academicians and leading businessmen and provide an idea of future
developments in Jewellery sector.
Also, quantitative information, in which survey reports etc done on the basis of
questionnaires was beneficial in the way that it provides a comparative insight into the
consumer perception for branded jewellery and non-branded jewellery and their
preferences over it. It is good for examining consumer behavior in the current trends of
jewellery sector.
TYPE OF RESEARCH:
Descriptive
Exploratory
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DATA COLLECTION
The research study will be accomplished through in-depth review and analysis of
secondary information available in the published form, which includes data from
textbook, journals, management reports seminar papers etc. The electronic data
and results of surveys conducted by organizations were also important data
sources for the report.
To gather all the information that my report need, I will find related information
by accessing reference books business magazines and journals & Web sources.
Primary data will be basically collected by conducting survey through a
questionnaire (Sample size=200) and area of conducting survey will be Jaipur .
The research design will be exploratory and descriptive.
DATA ANALYSIS :
STATISTICAL TOOLS
This method will be used to find out the percentage of various answers given by the
respondents
1. Descriptive Statistics : The statistical tools like arithmetic mean, standard deviation,
coefficient of variation, etc will be used to analysis the data. Moreover, data will be
presented in a diagrammatic form using histogram, etc.
2. Inferential statistics :To examine the actual data with the expected results and to test
the different hypothesis made in the present study, different test will be used as
follows :
• Chi-square test as a goodness of fit.
• Chi-square test as a test of homogeneity.
• Two way analysis of variance.
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PLACE OF WORK AND FACILITIES AVAILABLE
Place of Research
The research was conducted only in certain selected places of Jaipur like from Johari
Bazar, M.I.Road, C-scheme, Vaishali Nagar, Sita Pura thus the geographical limitations
can be assumed to be a hurdle in the authenticity of the research.
Facilities Available
Books,
Library,
Internet
Journals
Research studies
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LIMITATIONS
Limitation of the Study :
2) Consumer’s biasness: People think that if the price of a product is higher, then it
is of a high quality.. In this way Consumers are often biased in their decision-
making. . Many types of bias exist and all people have biases to varying,
Consumers who prefer new experiences (novelty seekers) may tend to be biased
in favor of products and services that are presented more vividly and uniquely
than competing products.
3) Time and age factor: Buying preference varies according to season, festivals
and other occasions and the age of the individual also play important role to
decide buying preferences.
4) Short life span of product : From the consumer’s perspective fashion designs
and trends are always changeable in search of new innovation that can be
reflected in the changed demand and buying preference.
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References
Books & journals :
o Becker,Vivienne,2003, Antique and Twentieth century, N.A.G Publication,
London, 2003 Page31 to 34
o Paul, Noronha, Frontline,( 2005) Volume 22 - Issue 23, India's National Magazine
from the publishers of THE HINDU
o Kotler,Phlip, (2006),B2B Brand Management, Germany, pp 19,209.
o Journal of gem & Jewellery industry, Thomson press ltd., Faridabad
o Art of Jewellery Magazine, (2007)Deepti publication, Bangalore, Vol7issue 3
o Kala, Alok, Diamond world,(2010) Thomson press ltd., Faridabad ,volume: 38 /
No.: 4,pp 12-14
Webliography :
o http://www.allheadlinenews.com/articles/7017272531
o http://www.commodityonline.com/news/Branded-gold-jewellery-shops-lure-
Indians-23837-3-1.html
o http://www.diamondworld.net/contentview.aspx?item=2465
o http://www.exchange4media.com/e4m/news/fullstory.asp?section_id=3&news_id
=19874&tag=14601&pict
o http://www.flonnet.com/fl2223/stories/20051118003809800.htm
o http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=266902
o http://www.icmrindia.org/casestudies/catalogue/Business%20Strategy1/BSTR041
.htm
o http://www.icmrindia.org/free%20resources/casestudies/branded-gold-
jewellery1.htm
o http://jewellery.indianetzone.com/1/branded_jewellery.htm
o http://www.pressabout.com/indian-customers-showing-internet-in-branded-
jewellery-24860/
o http://www.rncos.com/Report/IM148.htm
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o http://www.scribd.com/doc/19901085/Jewellery-Companies-Comparison
o http://travelersindia.com/archive/v5n2/v5n2-indian_jewelry.html
Appendices: Questionnaire
RESPONDENT NO. ___
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Attractive packaging Any Other
Dealer
8) What was the reason for the delay between the purchase decision and the actual
purchase?
Financial constraints
Waiting for more innovative product
Waiting for market response
9) Influence of Brand name on purchasing decision.
Agree Disagree
Strongly Agree
10) Influence of Quality on Purchase Decision.
Agree Disagree
Strongly Agree
11) Influence of Price on Purchase Decision.
Agree Disagree
Strongly Agree Strongly disagree
12) Influence of Product features on Purchase Decision.
Agree Disagree
Strongly Agree Strongly disagree
13) Influence of Peer group on Purchase Decision.
Agree Disagree
Strongly Agree Strongly disagree
14) Influence of Advertisement on Purchase Decision.
Agree Disagree
Strongly Agree Strongly disagree
15) Will you like to switch your brand preference if you get some promotional
scheme with another brand?
Yes
16) Do you think branded products are better than unbranded products?
Yes
17) Do you buy jewellery for gifting purpose?
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Yes No
18) Where do you prefer to buy the jewellery from (for gifting)?
Branded Traditional Jeweler
19) Given below are few characteristics of traditional family jeweler’s (or local
jewellery retail stores). Please give each characteristic some points based on your
assessment, such that the points range from 1 to 10. (1 being the lowest and 10
being the highest).
Characteristics of Traditional Jeweler’s Number of points
Convenient
Trustworthy
Good Investment
Price
Traditional design
20) If you purchase branded jewellery then given below are a few characteristics.
Please give each characteristic some points based on your assessment, such that
the points range from 1 to 10. (1 being the lowest and 10 being the highest).
Characteristics of Branded
Number of points
Jeweler’s
Wide range of products under one
roof
Shopping experience
Trendy and fashionable jewellery
Price
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21) Given below is a scale that indicates points from 10 to 1, you have to indicate a
point that describes your satisfaction on the overall satisfaction on jewellery
purchased from family jewelers (local jewellery retailer). 10 being the best
10 9 8 7 6 5 4 3 2 1
22) Given below is a scale that indicates points from 10 to 1, you have to indicate a
point that describes your satisfaction on the overall experience of store and the
branded jewellery that they offer. 10 being the best
10 9 8 7 6 5 4 3 2 1
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JEWELLERS’S QUESTIONNAIRE
__________________________________________________________________
_________________________________________________________
No of branches
Local
Other states
International
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Branded Non branded
6) Are you aware about jewellery being sold through brands?
Yes No
a. Tanishq
b. Aura
c. Oyzterbay
d. Ddamaz
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15) Do you have a specific preference for a particular brand
Yes No
________________________________
a. Quantity
b. Price
c. Design
d. Exchange
E Reliability
18) Please rank the sources which your customers come to know about branded
jewellery
a Advertisement
d Direct mailers
f Word of mouth
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19) Please state the mode of purchase of your customers
a. Cash
b. Credit card
c. Exchange of old jewels
d. Gold scheme
e. Any other means please specify
20) When you exchange old jewellery from the customers do you give more
preference of jewellery purchased from your showroom?
Yes No
21) When customers exchange branded jewellery do you give special exchange
value?
Yes No
22) In your opinion do you get better margin , better image & good cliental by selling
branded jewellery ?
Yes No
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Chapterization :
1. Introduction
1.1.1 Introduction
1.2 Jewellery
1.2.1 Introduction
1.2.2 History
1.2.3 Applications
1.2.4 Occurrence
1.2.5 Production
1.2.6 Price
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1.2.8 Indian Gems Jewellery Industry
2. Research Methodology
2.1 Research
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Article5: Indian Customers Showing Interest
In Branded Jewellery
Article8: Branding-Success
Article10: Branded-Gold-Jewellery
Conclusion
2.7 Hypothesis
5. Suggestion/Recommendation/Conclusion
6. Limitations
Bibliography
Appendices
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