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ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) www.elkjournals.com ……………………………………………………………………………………………………… MARKETING STRATEGIES AND PREFERENCE CRITERIA OF THE SELECTED TEXTILE SHOWROOMS – A PRELUDE Saraswathi. V Department Of Commerce, Assistant Professor, Apollo Arts And Science College, Madras University, India, [email protected] ABSTRACT Clothing has been one of the primary needs of mankind. It has been the second in the triumvirate of man’s fundamental necessities. Today majority of the people have got used to purchase their clothing through a wide variety of retail textile showrooms as the retail outlets exist in every nook and corner of the country. They make shopping convenient to the customers. With the increase in competition in retail showrooms, the manager has to make various marketing plans to attain his objectives. Thus it has been necessary for all the showroom owners to adopt marketing strategy to succeed in their business. All the businesses including the retail showrooms have started considering “customer” as the sovereign. The research study has been conducted to understanding how the textile showrooms have developed superior customer value in markets, characterized by dynamic exchange relationships. The focus has been on understanding the drives of customer values and how the textile showrooms have to deal with the customers in order to achieve superior performance. This paper has also highlighted the potential impact of marketing strategy adopted by selected textile showrooms in Chennai city. Keywords: Clothing, Marketing strategy, Retailer, Textile showroom 1. INTRODUCTION TO TEXILE INDUSTRY AND CLOTHING century the modern textile industry took birth in India when the first textile mill was Since ancient times Indian Textile Industry established at Fort Gloster near Culcutta in has been well known for textile goods. 1818. Next to Agriculture, India mainly has During the colonial regime the traditional been into the Textile Sector. Indian Textile textile industry of India was virtually Industry has been one of the India’s oldest decayed. However, in the early nineteenth industries and has a formidable presence in ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) the national economy as it contribute to personal or business use. Convenience about 14% of manufacturing value-addition, stores, departmental stores, supermarkets, accounts for around one-third of gross chain stores, shopping mall/centers, textile gainful showrooms etc. have all been in retail employment to millions of people. Thus the trade. The Indian retail sector has been industry has played an important role and highly fragmented with more than 90 per has been one of the key growth engines of cent of its business being carried out by the economy. traditional family run small stores. Textile export earnings and provides showrooms in Chennai have wanted to Primarily, clothing has satisfied the desire for warmth and for protection against the remain successful despite the economic depression and other problems. elements. Secondarily, it has given psychical satisfaction, and social Marketing Strategy has focused on the achievement. They have been a symbol of drivers of customer value that has enabled social status, of distinction, accomplishment the organizations to create a sustainable or occupation. Clothing has been one of the competitive advantage in the marketplace. most common ways by which the desire of As markets have been are increasingly distinction characterised by a high degree of dynamics, and a sense of recognition of accomplishment has been expressed. strategic marketing has become more and more important to an increasing variety of 2. IMPORTANT OF RETAIL organizations. Marketing strategy has been MARKETING AND MARKETING the complete and the unbeatable plan STRATEGY designed specifically for attaining the “Any business that directs its marketing efforts towards satisfying the final consumer is based upon the organization of selling goods and services as a means of distribution” Retail Marketing in India. Retailing has included all the activities involved in selling the goods or services directly to the final consumers for their marketing objectives of the firm. The research study has been framed to understanding how the textile showrooms have developed superior customer value in the market. This paper has also highlighted the potential impact of marketing strategy adopted by selected textile showrooms in ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) Chennai city. The five popular textile succeed in their business. With the increase showrooms have been selected for the study. in competition in retail textile showrooms, There are following below: the manager has to make various marketing plans to attain his objectives. It has been 1. Pothys important to create a good image and by 2. RMKV earning more profits, a company has to 3. The Chennai Silk device a good strategy that can be affect all 4. Jayachandran aspects of business. 5. Saravana store The research has been conducted to 3. STATEMENT OF THE PROBLEM analyse the marketing strategy provided by the selected five textile showrooms in All the businesses including the retail textile showrooms have started considering “customer” as the sovereign. Today, the market place has been flooded with many new players including a host of Chennai city and the customers’ preference criteria for choosing a showroom. 4. SCOPE OF THE STUDY: The present study has been carried out to find out the preference criteria of the Today the majority of the people have got used to purchase their clothing’s through a wide variety of retail textile showrooms. In the entry stage of textile showrooms, they enter with a new price appeal, limiting product offerings, & limited customers in selecting a showroom and the marketing strategies adopted by the textile showrooms. The study has provided suggestions to the owners of the textile showrooms, to help them retain their customers in the market. services. The monopoly power over the others has a price advantage, which can 5. OBJECTIVES OF THE STUDY offer products at low prices to get a competitive edge over its competitors. The entire work has been planned to cover the following objectives: Now a days, retail textile showrooms have been increasing rapidly in Chennai city. It To decipher the opinion of the existing has been necessary for all the showroom and the prospective customers with owners to adopt marketing strategy to ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) respect to the marketing strategies adopted by the showrooms the study. Therefore, to study the purchase To gather information about the cause-effect marketing relationship strategies showrooms be selected for the purpose of behavior of the consumers, Thiyagaraya of the Nagar with the convenience. Through random sampling customers in Chennai was selected for method a sample size of 250 respondents To ascertain the opinion of the customers with respect to the best has been selected from five selected textile showrooms. marketing practices that can be 6.3 Tools Used adopted by the sellers 6. RESEARCH METHODOLOGY Statistical tools used 6.1 Study Area: Percentage analysis The area selected for the study has been Rank analysis Chennai city. Kendall’s co efficient of concordance The secondary data, as an integral part of 7. LIMITATIONS OF THE STUDY any research study has provided information on key variables, which have played a major Through there have been many retail part in the actual research. The source of textile showrooms at Chennai, only 5 secondary data collected includes have been have been taken for the study. The results and findings have been from: based on the opinion of the respondents The internet and The various of Chennai city only. thesis, journals, magazines and newspapers The respondent’s views and opinions may hold good for the time being and may vary in future. 6.2 Sample Size Since there have been a lot of textile showrooms in Chennai city , it was considered desirable that a limited textile The respondents then ranked the five showrooms based on the attributes of each outlet and the promotional ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) strategies followed by them. Kendall’s The respondent’s preferences of the shops coefficient of concordance has been and the promotional strategies followed applied to confirm the similarities of by the shops have been ranked and opinion expressed for the satisfaction analysed in following Tables , using and Kendall’s W preferences expressed by the respondents. 9. Respondents’ favorite Shop 8. Respondents’ reasons for preferring the shop : The lowest mean value assigned has been the most preferred shop by the respondents. Respondents have various reasons to choose Out of the five selected textile showrooms in a shop , Table No.1 has given an idea about Chennai, the majority of the respondents the respondents’ reasons for preferring a have selected Pothys first followed by shop.(Refer Table 1) RMKV , The Chennai Silks, Jayachandran and the Saravana Stores.(Refer Table 2) 82.4% of the respondents have preferred RMKV for high quality of products. 45.2% Kendall’s Coefficient of Concordance has have chosen Pothys for their high quality been used to find whether the ranks assigned products and 23.8% of the respondents .The by the respondents have the same order in respondents have been quite satisfied with ranking or have any similarities. The respect to The Chennai Silks, both with Kendall’s (W) vary between 0 and 1. Higher respect to quality and reasonable pricing the value of W higher has been the similarity (51.2% and 46.5% respectively). among the respondents in assigning ranks. 37.3% of the respondents have preferred Kendall’s coefficient of concordance Saravana Stores for their low pricing of dresses. While 40.6% of the respondents have considered Jeyachandran’s products as N 250 Kendall's W .118 reasonably priced. The respondents have preferred first Pothys, Source: Computed followed by Saravana Stores, RMKV, The The Kendall’s (W) has been found to be Chennai Silks and Jeyachandran. 0.118, which has indicated that there has ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) been a very low similarity among the The respondents in assigning ranks for their strategies as the first choice among the given preferred shop. Depending on the perception strategies . of the respondents, the ranking preference has also been changing over the period. respondents have chosen Pricing Kendall’s coefficient of concordance Hence the respondents’ views about the Kendall's W .500 shops have been varying. Source: Computed 10. Satisfaction of the respondents on strategies adopted by shops: The Kendall’s coefficient of concordance has revealed a good similarity among the The lowest mean value has been taken to be respondents in assigning ranks for preferred the most preferred strategy as expressed by strategies. This has established that the the respondents. Reasonable price has been respondents have a rational approach to shop the first preference of the respondents. for their products and have shown a uniform Kendall’s coefficient of concordance inclination towards cutting down costs by the showrooms, to enjoy the benefit of price Kendall's W .141 cuts on good & services. Source: Computed 12. Benefits preferred by the respondents. The Kendall’s (W) has revealed a very low similarity among the respondents ( 0.141) in assigning ranks for their preferred strategy and hence the opinion of the respondents have varied preferences. 11. Marketing strategies preferred by the respondents. (Refer table 5) ‘Reasonable price without any discount’ has been the primary expectation of the respondents while selecting products in their showrooms. The above ranking has revealed that the customers always have given importance to reasonable and competitive pricing, as compared to gift articles and gift (Refer table 4) vouchers. Kendall’s coefficient of concordance ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) Kendall's W .391 14. Suggestions Source: Computed The study has revealed a price-conscious Kendall’s coefficient of concordance has customer in the market. Hence , the textile revealed a moderate low similarity among respondents in assigning ranks for their showrooms should adopt a reasonable pricing policy to satisfy the customers. choice of various benefits required in future. The textile showrooms have to introduce the Inspite of the differences in opinion, the latest designs and styles with huge collection respondents have preferred cash benefits to to cater to the needs of their customers. gift. Pricing and advertising strategies are plays 13. Findings an important role on attracting the The respondents satisfaction levels for customers. So the showroom owners should all the products in Pothys,RMKV and also concentrate the both and plan right The Chennai Silk have been Excellent. marketing plans to succeed. The respondents satisfaction levels for all the products in Pothys,RMKV and The Chennai Silk been only Good. The respondents preferred reasonably priced products, first and then have insisted on the good quality of the products even though when price high. Jayachandran has been chosen as the first by the respondents and ‘Highly satisfied’ for providing discount offers in the market, followed by Saravana Stores. 76% of respondents have received special offers from the showrooms. 98% of respondents have been regular visitors of the showrooms. 15. Conclusion Since today’s market is a buyer’s market, it become necessary to study the customer taste, preference, idea etc,. As a large number of products are available in the market, the competition become severe. Pothys has studied all the types of customer behavior, preferences and has adopted various marketing strategies to increase the sales volume of their products. Marketing strategies oriented with customers changing needs, tastes, fashion, affordability and exquisite collection should be the sine qua non of the customer-seller relationship. BIBLIOGRAPHY ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) Nordas, “ Textile and Clothing”, European journal of marketing, 2004 Vol 38, pp.125-126. Rashid khan. M.D, “ A Study of customer perception on the marketing strategies followed by PANTALOON for brand building” MBA Dissertation, Hydrabad, 2005. Harbem, Beth; Kim, Soyoung. International Journal of Consumer Studies, Jan2008, Vol.32 Issue 1, pp88 – 98. Gupta.S.L. and Pal Sunitra, “Consumer Behaviour”, An Indian Perceptive, text cases, Sultan Chand & Sons of IT & Management www.ebsco.co.in www.marketingindia.copm swww.indianmarketing.com ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) List of Tables Table 1: Respondents’ preference of a shop as the first Choice. Reason for preference TOTAL High quality Huge Low collections price High discount offers Reasonable price No. % No. % No. % No. % No. % Pothys 38 45.2 24 28.6 2 RMKV 28 82.4 6 17.6 The Chennai Shop 22 Silks preferred 51.2 1 2.3 3.9 7 13.7 19 37.3 15 5 15.6 4 17.6 25 Saravana Stores 2 Jayachandran TOTAL 90 36.9 43 Source: Computed Table 2: Shop preferred by the respondents Shops preferred Mean Rank Pothys 2.19 RMKV 2.90 The Chennai 2.99 2.4 20 84 34.43 34 13.93 46.5 43 17.62 29.4 8 15.7 51 20.90 12.5 10 31.3 13 40.6 32 13.11 10.2 25 10.2 61 25.0 244 20 23.8 No. % ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) Silks Jayachandran 3.25 Saravana Stores 3.68 Source: Computed Table 3 : Strategies preferred by the respondents Strategies preferred by the respondents Mean Rank Reasonable price 3.35 Discount sales 3.49 Festival offers 3.60 Year end offer 4.41 Buy 1 get 1 offers 5.02 Gift articles/vouchers 5.18 Special discount for regular customer 5.22 Media advertisement 5.73 Source: Computed Table 4. Marketing strategies preferred by the respondents. Marketing Strategies preferred Mean Rank Pricing strategies 1.57 Customer service strategies 1.97 ELK ASIA PACIFIC JOURNAL OF MARKETING AND RETAIL MANAGEMENT ISSN 2349-2317 (Online); DOI: 10.16962/EAPJMRM/issn. 2349-2317/2015; Volume 7 Issue 2 (2016) Advertising strategies 2.84 Interior design strategies 3.62 Source: Computed Table No. 5: Preferred benefits Benefits preferred and expected Mean Rank Reasonable price without discount 1.85 Competitive pricing 2.31 Year end real sales & offers 2.84 Valuable gift articles 3.78 Gift voucher 4.22 Source: Computed