0601066 market research for manufacturing of new product type timing v-belt

A

PROJECT REPORT

ON

MARKET RESEARCH FOR MANUFACTURING OF NEW PRODUCT TYPE- TIMING V-BELT

FOR

OMFA RUBBERS PVT. LTD., NOIDA

IN PARTIAL FULFILLMENT OF

MASTER IN BUSINESS ADMINISTRATION UNIVERSITY OF PUNE

BY

SUMIT MUKOOM.B.A.

(2006 2008)

GUIDED BY

MRS. ANJALI MUJOO (OMFA RUBBERS) PROF. Mr. MAHESH GADEKAR (VIM)

VISHWAKARMA INSTITUTE OF MANAGEMENT, PUNE

To Whom so ever It May Concern

This is to certify that the project report entitled “Market research for manufacturing a new

product type -Timing V-Belt” submitted by Mr. Sumit Mukoo in partial fulfillment of

degree Master of Business Administration (M.B.A) has been completed under my

supervision and guidance.

To the best of my knowledge and belief the matter presented by him is original in nature

and has not been copied from any sources. This report has not been submitted earlier for

the award of any degree/diploma of Pune University, Pune or any other University.

Prof M.r Mahesh GadekarProject GuideVIM, Pune

Dr. Sharad Joshi,Director

VIM, Pune

ACKNOWLEDGEMENT

I am immensely glad to present the project report on “MARKET RESEARCH FOR MANUFACTURING A NEW PRODUCT TYPE -TIMING V-BELT”. This is my first venture to have an insight into this particular subject.

I would like to express my deep sense of gratitude to my guide M.r

Mahesh Gadekar without whose help this report would not have been possible. I am also grateful to Mr. Vicky Menon (G.M. Sales & Marketing), Mrs. Anjali Mujoo (M.D.) and Mr. Anuj Farsaiya (Director) of Omfa Rubbers Pvt. Ltd. (Noida, Uttar Pradesh) for without whom it would not have been possible to make this a successful project. Their kind advice in all practical matters is hard to gratify. I also thank their staff members for their selfless cooperation.

I express my sincere thanks to Dr. Sharad Joshi, Director, Vishwakarma Institute of Management, Pune, for their valuable advice and guidance. They are always a source of inspiration for me. Words are inadequate to express my feelings. I take this opportunity to thank all those who took great pains and were ever ready to lend me a helping hand as and when required. They were a constant source of inspiration to me.

Sumit MukooVIM, Pune

CONTENTS

CHAPTER NO. TITLE PAGE NO.

1. Introduction To The Study 11.1 Executive Summary 11.2 Objectives of the study 41.3 Scope of the study 5

2. Company Profile 82.1 Historical Background 62.2 Growth 72.3 Position 82.4 Products and their Features 92.5 Market 102.6 Human Resources 112.7 Organizational Structure 13

3. Conceptual Framework of the Study 14

4. Research Methodology23

5. Presentation, Analysis& Interpretation of data 27 6. Findings, Suggestions and limitations 57

Conclusion 60Bibliography 61

CHAPTER No. 1

INTRODUCTION TO THE STUDY

1.1) Executive Summary:

In this project market research for manufacturing timing v –belt has been done.

The method of research adopted is questionnaire. This research was done completely in

order to get a very clear and transparent picture of the response that the customers and

dealers will give to its manufacturing. Currently in India there are mainly three major

companies giving very tough competition to each other in this particular product type.

These companies are Fenner, Omfa, and Pix. Now in this present scenario Omfa Rubbers

Pvt. Ltd. wants to launch the same product type. Since the above three mentioned

companies are the leading suppliers and not the manufacturers of this product type, Omfa

rubbers want to start their own manufacturing to gain the maximum market share and to

give a real tough competition to these firms in this respect. It has been mentioned here

that the three firms are not the manufacturers but suppliers; this will be made clear in the

following chapters. So in order to take the advantage of this particular fact of being

suppliers and not the manufacturers, Omfa rubbers want to grab this golden opportunity.

In order to start the manufacturing of any product or product type, the

manufacturer should first make an intensive survey of the market dealers and customers

using and selling this product respectively, the resources needed, amount of finance

needed, success probability of the product, prospect customers, selling and distribution

channels, present and future demand.

Finally based on these facts and figures the marketing plan will be prepared and

manufacturing of the product will be initiated. But, the question arises here that why

leading manufacturers didn’t realize this thing? There can be so many answers to this

question such as they have good market share presently and they have adopted a stability

strategy, but a new firm like ours follows the strategy of expansion. So, in order to realize

the same this research was conducted.

First of all the researcher took into consideration the availability of financial

resources required for initiating the production of this product. Researcher had various

discussions and meetings with the technical staff of the company, in order to find out that

whether the company is having enough technical infrastructure and technical capability to

manufacture the product

After these meetings and discussions researcher found out that in order to

manufacture timing v – belt special type of mould is required, which is the primary

requirement for its manufacturing. Now, this mould is not available in India, and above

all it is very expensive. So, it is but natural that it will have to be imported from outside

India. Keeping in view all these factors the researcher prepared a questionnaire and took

feedback from nearly hundred dealers and prospect customers of this product. The

feedback or the information which the researcher got from these people will help the firm

in a substantial manner to formulate plans for the same. Through this survey, the firm

will come to know about the real market situation for their product. The feedback which

the researcher got initially was very fluctuating but gradually the trend changed as he

visited more and more dealers and customers.

Mass production by power driven machinery in anticipation of demand for ever

widening market created special problems of distribution.

(a) Ever expanding markets required numerous middlemen between producer and

consumer. Each middleman erected a sort of wall which blocked the backward flow of

communication regarding consumer needs and dealer needs to the manufacturer. Size and

specialization within the business unit and intervention of numerous middlemen between

producer and consumer created a chronic gap of communication – lack of returned flow

or feeding back of information from consumer to producer. The widening of

communication gap is the chief single factor for increasing importance of marketing

research to fill up the communication gap between the consumer and the producer.

Marketing research alone can provide first hand knowledge of consumers and changes in

the pattern of demand.

(b) Emergence of buyer’s market and increasing competition demanded

continuous need of marketing research to ensure maximum consumer satisfaction and

repeat purchases and to lay down appropriate marketing strategies to meet competition, to

survive and grow in a competitive market.

(c) There is nothing permanent except change. Change alone is constant. Change

is the essence of life. Change means progress. Change is the common denominator in

planning, organizing, motivating and controlling marketing activity. Marketing research

enables management to anticipate, meet and adapt change and creativity and accelerate

conditions of change, particularly in consumer demand. The real challenge to marketing

management is to firmly believe that changing a business-finding its new role, new

customers, new products, new markets-is even more important than efficient operations

of the business.

(e)Marketing research can solve the problem of catching up with new

developments brought about by unprecedented growth of science and technology. It can

help management to bring about prompt adjustments and innovations in product design,

packaging, advertising, sales promotion and distribution policies so that the business can

keep itself up to date in the dynamic market place.

1.2) Objectives of the Study:

The main objectives of conducting this research work are as given below:-

1) To help in formulation of marketing plans. This research work has been done

in order to analyze the attitude, response and acceptance level of the customer towards

manufacturing of timing v- belt.

2) To help in controlling and evaluation of these plans, policies etc, when brought

into practice. This will help the firm to make their plans as close as possible to the

standard one. This will make their plans and policies more efficient, and profit achieving.

3) To help the firm to ascertain whether the manufacturing of timing v- belt is

profitable or not. In this way it will save company’s resources from getting wasted.

4) To help the firm in reducing and minimizing all marketing costs, particularly,

selling, advertising, promotion and distribution costs with respect to timing v- belt. With

the available facts and figures they will be able to define their target market more

accurately and precisely.

5) To help the company in defining the size of real target market. It will help the

company in a very effective manner in defining their target market in New Delhi.

6) To provide insurance cover for the survival and growth of the business. The

company can take precautions based on the results or findings of the research well in

advance.

7) To help the firm to ascertain the level of satisfaction among existing dealers.

8) To help the firm to receive suggestions if necessary.

(1.3) Scope of the Study:

The “Omfa Rubber’s” is already manufacturing other types of automotive and

industrial belts and is a leading manufacturer of the same.In India, till now no v-belt

company manufactures timing v-belt. They import timing v-belt from other foreign

countries, put their brand name on it and supply it in the Indian market. This project was

done in order to find out, that whether company’s decision to manufacture timing v-belt

in the present scenario is right or not. This will help the company to come across the real

market situation. They will come to know the actual demand for this product in New

Delhi market. Through this study their prospect customers will also be identified. This

will also help the firm to know their stand in the New Delhi market. It will bring out the

shortcomings of the company, and will help it to amend them without facing any major

losses. This project will be helpful to the ‘Omfa Rubbers’ firm to take decision whether

they should enter into manufacturing timing v – belt or not.

CHAPTER No. 2

COMPANY PROFILE

2.1) Historical Background:

The company OMFA RUBBERS PRIVATE LIMITED was incorporated

under the provision of Companies Act 1956, in the year 1992. The company was

promoted by group of highly qualified, dynamic, able technocrats. They have very sound

and strong financial background.

The company is engaged in the manufacturing of all kinds of transmission

belts. These are used in all kinds of industries and automobiles. The company started its

commercial activity in the year 1992 with a very small install capacity of 6, 00,000 paces

per annum.

During a short span only a decade, the company has established it self

among the top manufacturers in India. At present the company has latest technology,

production machines and testing facilities with the installed capacity of 15, 00,000 paces

per annum. The products are manufactured in line with the Indian as well as international

standards as per customers requirement.

The products of company are ISI marked and also approved by apex test

houses. The company is an ISO 9001 certified company and it is amongst the biggest

suppliers to the ministry of Defense, state transport undertakings and large industrial

houses.

These achievements are not the ultimate goals but are sufficient to boost our

morale to rise up to the top most position in the transmission belting line.

2.2) Growth:

During a short span of time only a decade, the Omfa Rubbers has established

itself among the top manufacturers of belts in India. When the company was established,

the manufacturing capacity of the firm was only 3000 paces per annum. Now the

company is having latest machinery and international standard testing machines installed

producing 15, 00,000 paces per annum.

Initially the firm was having customers in the local market only, but now it covers

almost every part of the country, and also exports its products to various foreign countries

such as Turkey, Iran etc. Earlier the belts being manufactured were only in accordance

with the Indian Standards, but now they are manufactured in accordance with the British

Standards, International organization for standardization, Japanese Industrial Standards

and Deutsche Industrial standards. This is a remarkable landmark in the growth of this

company.

When the company was established it was having only four employees but now is

having more than hundred employees associated with it. The following graph shows the

increment of customers for Omfa Rubbers Pvt. Ltd. By observing the graph we come to

know that in 1992 the company was having only three customers, then after three years

i.e. in the year 1995 the number of customers rose to twelve, and till the year 2004 they

were having three hundred and forty five customers. So, it can be said that number of

customers doubled every year, and it can be concluded that the growth of the company

has taken place at a very remarkable rate.

2.3) Position:

When the Omfa Rubbers Pvt. Ltd. was established, it was having a very tough

competition from all the leading belt manufacturers in the country such as Fenner, Gates,

etc. The company’s positioning strategy was affected by a number of variables that are

The Graph showing Customer Increment of Omfa Rubbers Pvt. Ltd.

0

50

100

150

200

250

300

350

400

1992 1994 1996 1998 2000 2002 2004 2006 2008

Year

No. Of Customers

closely tied to the motivations and requirements of target customers as well as the actions

of primary competitors.

The company positioned itself in the market on the basis of certain special

attributes which their close competitors were not having. The company introduced their

product at a lower price, having quality of the same grade as their competitors were

having. This strategy helped the company to establish itself in the market, but worked at

no profit, no loss. Slowly and steadily the company started making more varieties of

belts, and also got recognition from various national and Inter national standard

organizations. The company manufactures almost all the varieties of belts under one roof,

having applications in manufacturing machineries and automobiles. The company is on

number three position in the country presently, and is looking forward to become the

number one manufacturer in the country within two three years.

Today the company is among the top three leading manufacturers of the country

having annual turnover of eight crores, and having working capital of three crores. The

company has been approved by Lloyd’s Register Quality Assurance to the following

Quality Management System Standards: BS EN ISO 9001:2000.

2.4 Products and their features:

Omfa Rubbers Pvt. Ltd. manufacture belts under two different names i.e.

Premium and Hi-Tech on the basis of their price and quality. The following ranges of

products are manufactured by them:

Classical belt

Wedge belt

(a) Space saver SPA section (13mm x 10mm)

(b) Space saver SPB section (17mm x 14mm)

(c) Space saver SPC section (22mm x 18mm)

(d) Space saver SPZ section (10mm x 8mm)

Hexagonal belt

Agricultural Variable speed belt

Cogged belt

Automotive v- ribbed belt

(a) A section (13mm x 8mm)

(b) B section (17mm x 11mm)

(c) C section (22mm x 14mm)

(d) D section (32mm x 19mm)

(e) E section (38mm x 23mm)

(f) F.H.P. (10mm x 6mm)

The above mentioned belts have the following properties:

They have fabric cover which gives high heat resistance, high wear resistance,

excellent oxygen and ozone resistance and antistatic properties.

They have tension layer which gives moderate to high stiffness and high flex

resistance.

The tension member is made up of high tensile strength and low elongation

HMLS polyester card known as High Modulus Low Stretch for better power

transmission.

It has cushion rubber which gives strong adherence to the tension member,

excellent adhesion and fatigue resistance.

It has compression rubber which gives enough resistance to crack, good heat

resistance, high load carrying capacity for better flexing.

The belts are resistant to damage from oil, grease and fatty compounds.

The belts are heat resistant for prevention of ageing and decomposition of belt

at high temperature.

2.5) Market:

When the company was established, at that time it used to supply their product

only in local market. Their customers were limited only in few areas of New Delhi state.

After the up gradation of their quality, the company started expanding its market all over

the country.

Now, the company is having customers in almost each and every part of the

country. The company supplies belts to Indian Railways, some Departments of Defense,

and to almost all prominent State Roadways. Not only this, but the company exports its

product to few foreign countries also such as Turkey, Iran etc.

The company is having a large market now, and is looking forward to become

number one exporter in the country in the belts market.

2.6) Human Resources:

The total number of employee skilled, unskilled and managerial staff working

in Omfa Rubbers Pvt. Ltd. is one hundred and thirty.

There are five persons working in technical department.

There are ninety two persons working in production planning and control

department.

There are twelve people working in marketing and sales department with five

Resident Sales Engineers, two Sales Executive, two Sales officers, one Area Sales

manager, one Regional Sales Manager and one General Manager.

There are two persons working in Engineering and Maintenance department.

The Finance and Accounts department is handled by three persons.

The Purchasing and Dispatch department is having five people working in it.

The Office Administration, Personal Training and Security department has

nine people working in it; seven in former and three in latter.

There are two Management Representatives.

Figure no.2 Various Departments of Omfa

Rubbers Pvt. Ltd.

TECHNICALQA/LAB/R&D

PRODUCTION PLANNING&CONTROL

MARKETING AND SALES

ENGINEERINGAND

MAINTENANCE FINANCE AND ACCOUNTS

PURCHASING AND DISPATCH

OFFICE ADMINISTRATION, PERSONAL TRAINING & SECURITY

MANAGEMENTREPRESENTATIVE

2.7) Organizational Chart Of Omfa Rubbers Private Ltd.:

GENERAL MANAGER(MARKETING & SALES)

REGIONAL MANAGER

RESIDENT SALES ENGINEER



R.S.EAREA MANAGER

AREA MANAGER AREA MANAGERAREA MANAGER

SALES ENGINEER

SALES ENGINEER

SALES ENGINEER

SALES ENGINEER

MANAGING DIRECTOR

DIRECTOR

CHAPTER No. 3

CONCEPTUAL FRAMEWORK OF THE STUDY

Research: Research is the process of gathering, recording and analyzing of

critical and relevant facts about any problem in any branch of human activity. It indicates

critical and searching study and scientific investigation of a problem, a proposed course

of action, a hypothesis or a theory.

Market Research: Market research is only one branch of the marketing

information system. Market means actual and potential customers. Market research is the

systematic and intelligent

investigation or study of the “Who, What, Where, When, Why and How of actual

and potential buyers”. It deals with research on customer demand, e.g., behavior and

attitudes of consumers and dealers at the market place, analysis of sales data, analysis of

market share of a firm, etc.

The following items of study are included in market research: 1.size of the

market, 2. geographic location of customers, 3. demographic descriptions of customers,

4. market segmentation on the basis of age, sex, income, education, Nationality, standard

of living, etc. 7. Consumer needs wants, habits and behavior, 8. Dealer wants

Preferences, 9. Degree of competition and the market trend.

Fig. 3 Marketing research begins and ends with customers.

Elements of Marketing Research.

There are three elements of marketing research:

Identify and analyze customer’s market.

Then develop a marketing program (action plan) with a marketing mix.

Marketing mix of 1. Product planning 2. Price structure 3. Promotional program 4. Distribution system

Feedback

The output of the marketing mix is the customer’s service and satisfaction.

Marketing mix is the market effort to reach the customer market.

(1)Intensive Study: It involves systematic and intensive study of a marketing

problem.

(a)Planned Process: We have planned procedure of investigation and analysis.

(b)Orderly Investigation: The procedure of marketing research has clearly defined

steps in proper sequence or order.

(c)Intensive Investigation: All the relevant factors involved in a Marketing

problem is observed closely.

(2) Scientific Approach: Marketing research adopts scientific method and

objectivity in the solution of a marketing problem.

(a) Rational Outlook: Researcher or analyst has an objective attitude- rational

outlook based on reason and logic.

(b)Defined Purpose: The purpose of inquiry and the problem under investigation

are clearly defined.

(c)Accuracy: Accuracy in calculation, in observation and in reporting is strictly

ensured.

(d)Standardized process: Marketing research process is standardized and can be

repeated exactly in solving all problems.

(e)Scientific Attitude: The researcher has an open mind, critical attitude,

Creativity, absolute honesty and integrity – hall marks of scientific attitude and approach.

(3) Decision Tool: Marketing research is a tool for decision making and control

in the marketing of goods.Marketing managers face numerous pressing problems from

time to time during the conduct of marketing activities. They need information upon

which they may take proper decisions. Manager is by profession a decision – maker.

Decision making involves a perpetual choice – making activity. From the given

alternatives one alternative is selected as the most promising course of action or behavior.

In a sense, decision – making is the essence of management. Manager needs information

in planning as well as evaluating the plans in action. Marketing manager calls upon a

skilled analyst to examine the problem or question, break up into its elements, get the

needed data, analyze it and workout desirable conclusions based on facts and figures.

Decision making: Six steps of decision making process:

(1)Define the problem to be solved;

(2)Search and develop alternative solutions;

(3)Analyze, evaluate those alternatives;

(4)Decide upon the best solution or select the best alternative on the basis of

information supplied by marketing researcher;

(5)Implement the decision or take action and execute the plan;

(6)Follow up the decision till you get expected result. At this stage again

marketing researcher helps the manager in evaluating the effectiveness of decisions and

suggesting, if necessary, measures to improve and modify the decisions. In the follow up

step, marketing researcher is also needed to measure the degree of success of decision

and remove difficulties in its implementation. Research task is purely a staff function.

Marketing researcher is only an advisor, offering expert guidance and advice to

the marketing executives in the conduct of business.He helps them to do their job better

and makes their work of decision making easier by providing information upon which

executives can take sound decisions and actions. He can improve the quality of marketing

decisions and reduce risk and uncertainty in decisions to the minimum. However, actual

decisions are made by managers and they are fully accountable for the results of their

actions.

Marketing research is responsible to provide good information. Manager basis

decisions on information not on data. Good information is timely, up to date, accurate,

adequate, relevant, reliable, economical and above all understandable, acceptable and

usable by manager in decision making process.

Areas of Marketing Research:

Broadly speaking, there are four major strategic areas of marketing:

(1) Product;

(2) Price;

(3)Promotion;

(a)Personal selling;

(b)Advertising;

(c)Publicity

(d)Sales promotion; and

(e)Public relations.

(4)Distribution.

Marketing research offers active help in the evolution of optimum marketing mix.

The following diagram depicts the role of marketing research in all decision areas of

marketing mix.

Fig.4. Main areas of research in marketing field

Branches of Marketing Research:-

(1)Research in product planning and development.

(2)Market Research to get information on:

(a) Market segmentation,

(b) Market demand,

(c) Market competition,

(d) Market share,

(e) Market trend.

(3)Consumer research to get information on:

(a) Consumer needs, wants and preferences,

(b) Buying motives and buying behavior,

(c) Changes in demand,

(d) Customer response to rival’s sales promotion and advertising,

(e) Linking need and name

(4) Pricing research – policies regarding prices, discounts and allowances.

(5) Research in brand and package design

(6) Research in channel choice,

(7) Research in physical distribution and distribution cost- transport, storage and

insurance,

(8)Planning and evaluation of various sales promotion devices,

(9) Planning and evaluation of advertising – copy and media research,

(10) Sales analysis and research – sales forecast, sales quotas, sales territories, etc.

Marketing Research Process:

Marketing Research Process involves the following seven steps in proper

sequence:

1. Situation analysis

2. Preliminary investigation

3. Research design

4. Sources of data

5. Data analysis

6. Report preparation.

7. Follow up recommendations.

The following figure depicts the process of marketing research.

Fig. 5 Marketing Research Process

CHAPTER No.4

RESEARCH METHODOLOGY

A) RESEARCH DESIGN

“Research design is the plan, structure, and strategy of investigation conceived so

as to obtain answer to research question and to control variance.”

The definition consists of three important terms plan, structure and strategy. The

plan is an outline of the scheme on which the researcher is to work. The structure of the

research is more specific outline or the scheme and the strategy show how the research

will be carried out, specifying the method to be used in the collection and analysis of the

data. From the definition it is thus evident that research design is more of a blueprint of

the research. It can be compared with the plan of house, which lays down the method and

procedure for the collection of requisite information and its measurement and analysis

with a view of arriving at meaningful conclusion at the end of the proposed study.

Types of research design

It should be remembered that there is no perfect research design. Research design

has been classified under three broad categories as under:

1) Exploratory study

2) Descriptive study

3) Casual study

I have used descriptive research design for the project. This type of design is used when

the researcher is interested in knowing the characteristic of certain groups such as age,

sex, education level, occupation or income. Other cases where it is used when the

researcher is interested in knowing the proportion of people in a given population who

have behaved in a particular manner, making projections of certain thing or determining

the relationship between two or more variables. This is factual and well structured

approach. I have used the cross sectional survey technique where I got the information

from preparing the questionnaire and the used it for the analysis.

B) THE TWO SOURCES OF DATA

(1) Primary data and

(2) Secondary data

FIG. 1 SOURCES OF DATA

(1) Primary Data:

SOURCES OF DATA

PRIMARY DATA SECONDARY DATA

It is the information obtained from original sources by the researcher. It can be

gathered slowly at a high cost. But it offers much greater accuracy and reliability. It gives

latest information.

The following method was used for obtaining the primary data:

(a) Survey technique (Questionnaire):

It is very effective method of conducting surveys. According to this method a

well organized questionnaire was prepared by the researcher. The questionnaire was

given to every dealer of v-belt, and their responses were recorded by means of

questionnaire. The responses were recorded by personally visiting the dealers in different

blocks of New Delhi city. The questions were short, simple, easily understandable, direct,

pointed, well phrased and had one interpretation or meaning.

(2) Secondary Data:

This data provides a starting point for research and offers the advantages of lower

cost and quicker availability. It was collected by the researcher by referring company

records such as invoices, sales figures etc.

C) SAMPLE DESCRIPTION

Sampling is the method of selecting a sample from the given universe with view

to draw conclusions about the universe. Sample means representative of universe selected

for the study. The sampling plan can be broadly divided into two types.

Probability Sampling

Non-Probability Sampling

In Probability Sampling every unit in the sample size has an equal opportunity of

getting selected.

In Non-Probability sampling every sample unit in the sample size does

not have an equal chance of selection. There is some bias during the selection of sample

unit.

These two sampling techniques are further subdivided into various types.

I used non-probability sampling technique. I collected the responses from 100

dealers and used this for data interpretation.

CHAPTER No. 5

PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

Table No. 1

The table showing the percentage of the brands of v-belts sold in New Delhi market.

Sr. No. BrandsNo. of

RespondentsPercentage

1. Fenner 35 35 %2. Pix 20 20 %3. Omfa 20 20 %4. Mitsubishi 10 10 %5. Gates 10 10 %6. Bendo 5 5 %

Total 100 100 %

The maximum (35%) sale of v-belt in New Delhi is of Fenner brand.

The minimum (5%) sale of v-belt in New Delhi is of Bendo brand

The average or secondary (20%) sale of v-belt in New Delhi is of Pix and

brand.

The second highest (20%) sale of v-belt in New Delhi is of Omfa brand.

Graph No. 1

The graph showing the percentage of thebrands of v-belts sold in New Delhi market.

Table No. 2

The table showing the percentage of demand for various brands of v-belts in New Delhi market.

0

5

10

15

20

25

30

35

Percentage Of OF Respondents

Fenner Pix Omfa Mitsubishi Gates Bendo

Brands

BRANDS SOLD BY DEALERS

Sr. No.

Brands No. of Respondents

Percentage

1. Fenner 30 30 %

2. Pix 15 15 %

3. Omfa 35 35 %

4. Mitsubishi 5 5 %

5. Gates 10 10%

6. Bendo 5 5%

Total 100 100%

The maximum (35%) demand of v-belt is for the Omfa brand.

The minimum (5%) demand of v-belt is for the Mitsubishi and Bendo

brand.

The average or secondary demand of v-belt is for the Pix and Gates brand.

The highest (35%) demand of v-belt is for the

Omfa brand.

Graph No. 2

The graph showing the percentage of demand for various brands of v-belts in New Delhi market.

Table No.3

The table showing the percentage of preferences for the price satisfaction from the dealers in New Delhi market.

0

5

10

15

20

25

30

35

Percentage Of

Respondents


Brands

Sr. No. BrandRespondents

SatisfiedPercentage

1. Fenner 18 18 %2. Pix 27 27%3. Omfa 37 37%4. Mitsubishi 5 5%5. Gates 7 7%6. Bendo 6 6%

Total 100 100 %

The maximum (37%) v-belt dealers are satisfied with the prices of

Omfa brand.

The minimum (5%) v-belt dealers are satisfied with the prices of

Mitsubishi brand.

The average or secondary (18%) v-belt dealers are satisfied with the

prices of Fenner brand.

The highest (37%) v-belt dealers are satisfied with the prices of Omfa

brand.

Graph No.3

The graph showing the percentage of preferences for the price satisfaction from the dealers in New Delhi market.

0

5

10

15

20

25

30

35

40

Percentage Of Respondents


Brands

Table No.4

The table showing the percentage of preferences for thequality satisfaction from the dealers in New Delhi market.

Sr. No.

Brand VeryGood

Good Avg Total % Of Very Good

% Of Good

% Of Avg

Total

1 Fenner 12 9 3 24 12 % 9 % 3 % 24%2 Pix 16 4 2 22 16 % 4 % 2 % 22%3 Omfa 2$1 2 1 24 21 % 2 % 1 % 24%4 Mitsubishi 5 2 1 8 5 % 2 % 1 % 8%5 Gates 8 2 1 11 8 % 2 % 1 % 11%6 Bendo 4 5 2 11 4 % 5 % 2 % 11%

Total 100 100%

The maximum (21%) dealers are of the opinion that v-belts of Omfa brand

have very good quality.

The minimum (4%) dealers are of the opinion that v-belts of Bendo brand


The average or secondary (16%) dealers are of the opinion that v-belts of

Pix brand have very good quality, followed by Fenner brand in third place.

The highest (21%) dealers are of the opinion that v-belts of Omfa brand


Graph No.4

The graph showing the percentage of preferences for the quality satisfaction from the dealers in New Delhi market.

0

5

10

15

20

25


Brands

Perce

ntage

of R

espo

nden

ts

Very Good

Good

Average

Table No. 5

The table showing the percentage of factors which influence the dealers for purchasing v-belts in New Delhi market.

Sr. No. Factors No. Of RespondentsPercentage

1. Brand Name 11 11 %

2. Quality 20 20 %

3. Service 4 4 %

4. Price 50 50 %5. Availability 15 15 %

Total 100 100 %

The maximum (50 %) dealers are of the opinion that preference is given to

price, while purchasing v-belts.

The minimum (4 %) dealers are of the opinion that preference is given to

service, while purchasing v-belts.

The average or secondary (20%) dealers are of the opinion that preference

is given to quality, while purchasing v-belts.

The maximum (50 %) dealers are of the opinion that preference is given to

price, while purchasing v-belts.

Graph No.5

The graph showing the percentage of factors which influence the dealers for purchasing v-belts in New Delhi market.

Table No.6

The table showing the percentage of the level of services given by various brands of v-belt.

Brand Name

Quality

Service

Price

Availability

15 %

50 %

11 %20 %

4 %

Sr. No. Brand High Med. Low TotalHigh Perc.

Med. Perc.

Low Perc.

Total

1. Fenner 25 4 1 30 25 % 4 % 1% 30%

2. Pix 6 5 4 15 6 % 5 % 4% 15%

3. Omfa 20 7 2 29 20 % 7 % 2% 29%

4. Mitsubishi 1 3 2 6 1 % 3 % 2% 6%

5. Gates 5 7 3 15 5 % 7 % 3% 15%

6. Bendo 2 1 2 5 2 % 1 % 2% 5%

Total 100 100%

The maximum (25 %) dealers are of the opinion that Fenner has highest service

level.

The minimum (1 %) dealers are of the opinion that Mitsubishi has highest

service level.

The average or secondary (20 %) dealers are of the opinion that Omfa has

highest service level.

The second highest (20 %) dealers are of the opinion that Fenner has

highest service level.

Graph No.6

The graph showing the percentage of the level of services given by various brands of v-belt.

0 5 10 15 20 25 30

Fenner

Pix

Omfa

Mitsubishi

Gates

BendoBr

ands

Percentage of Respondents

Low

Med.

High

Table No.7

The table showing the percentage of the factors responsible for dealers getting shifted towards Timing v - belt.

The maximum (55%) dealers are of the opinion that new

machinery requirement led to their shift towards timing belt.

The minimum (5 %) dealers are of the opinion that cheapness led

to their shift towards timing belt.

The average or secondary (30%) dealers are of the opinion that

latest technology led to their shift towards timing belt.

The highest (55%) dealers are of the opinion that new machinery

requirement led to their shift towards timing belt.

Graph No.7

The graph showing the percentage of the factors responsible for dealers getting shifted towards Timing v - belt.

Sr. No. FactorsNo. Of


1. Latest Technology

30 30 %

2. New Machinery Requirement

55 55 %

3. Easily Available 10 10 %

4. Cheap 5 5 %

Total 100 100 %

0

20

40

60Percentage

Of Respondents

LatestTechnology

NewMachineryRequirement

EasilyAvailable Cheap

Factors

Table No.8

The table showing the percentage of the opinions of the dealers regarding the future sales of Timing V-Belt in New Delhi market.

Sr. No.

DemandNo. Of


1. Increase 70 70 %

2. Decrease 5 5 %

3. Constant 25 25 %

Total 100 100 %

The maximum (70%) dealers are of the opinion that demand for

timing v-belt will increase in future.

The minimum (5 %) dealers are of the opinion that demand for

timing v-belt will decrease in future.

The average or secondary (25 %) dealers are of the opinions that

demand for timing v-belt will remain constant in future.

The highest (70%) dealers are of the opinion that demand for

timing v-belt will increase in future.

Graph No.8

The graph showing the percentage of the opinions of the dealers regarding the future sales of Timing V- Belt in New Delhi market.

Table No.9

The table showing the percentage requirement of Timing V- Belt in various applications.

0

10

20

30

40

50

60

70

Percentage Of

Respondents

Increase Decrease Constant

Sales

The maximum (80 %) dealers are of the opinion that requirement of timing

v-belt is more in manufacturing machineries.

The minimum (5 %) dealers are of the opinion that requirement of timing v-

belt is more in other applications.

The average or secondary (15 %) dealers are of the opinion that requirement

of timing v-belt is more in automobiles.

The highest (80 %) dealers are of the opinion that requirement of

timing v-belt is more in manufacturing machineries.

Graph No.9

The graph showing the percentage requirement of Timing V- Belt in various applications.

Sr. No.

ApplicationNo. Of


1. Automobiles 15 15 %

2. Manufacturing Machineries

80 80 %

3. Other 5 5 %

Total 100 100 %

Table No.10

The table showing the percentage of margin given by various brands.

Automobiles

ManufacturingMachineries

Other

15 %5 %

80 %

The maximum (15 %) margin is given by Omfa brand.

The minimum (2 %) margin is given by Bendo brand.

The average or secondary (10 %) margin is given by Pix brand.

The highest (15 %) margin is given by Omfa brand.

Graph No.10

The graph showing the percentage of margin given by various brands.

Sr. No.

BrandPercentage Of

Margin

1. Fenner 5 %

2. Pix 10 %

3. Omfa 15 %

4. Mitsubishi 3 %

5. Gates 4 %

6. Bendo 2 %

Table No.11

The table showing the percentage of media informing the dealers about the various brands of v-belts in New Delhi market.

Fenner

Pix

Omfa

Mitsubishi

Gates

Bendo15 %

3 %

4 %

2 % 5 %

10 %

Sr. No. MediaNo. Of


1. Hoarding 5 5 %2. Electronic 6 6 %3. Newspaper 10 10 %4. Mouth

Publicity72 72 %

5. Exhibition 7 7 %Total 100 100 %

The maximum (72%) dealers are of the opinion that they are informed

through mouth publicity.

The minimum (5%) dealers are of the opinion that they are informed

through hoardings.

The average or secondary (10 %) dealers are of the opinion that they are

informed through newspaper.

The highest (72%) dealers are of the opinion that they are informed through

mouth publicity.

Graph No.11

The graph showing the percentage of media informing the dealers about the various brands of v-belts in New Delhi market.

0

10

20

30

40

50

60

70

80

Percentage Of

Respondents

Hoardings Electronic Newspaper Mouth Publicity Exhibition

Media

Table No.12

The table showing the percentage of expenditure spent on advertising by different brands of v-belt in New Delhi market.

The maximum (40%) expenditure is spent by Omfa on advertising.

The minimum (4%) expenditure is spent by Bendo on advertising.

The average or secondary (20 %) expenditure is spent by Pix on advertising.

The Fenner brand is in second place, spending (25%) on advertising.

The highest (40%) expenditure is spent by Omfa on advertising.

Graph No.12

The graph showing the percentage of expenditure spent on advertising by different brands of v-belt in New Delhi market.

Sr. No. Brand Percentage Expenditure

1. Fenner 25 %2. Pix 20 %3. Omfa 40%4. Mitsubishi 5%5. Gates 6%6. Bendo 4%

Total 100 %

0%

5%

10%

15%

20%

25%

30%

35%

40%

Percentage Of Expenditure


Brands

Table No.13

The table showing the preferences of the dealers while purchasing the v-belt in New Delhi market.

The maximum (60%) dealers are of the opinion that quantity of belts

being ordered depends on the demand.

The minimum (15 %) dealers are of the opinion that quantity of belts being

ordered is fixed.

The average or secondary (25 %) dealers are of the opinion that quantity of

belts being ordered is both fixed and also ordered according to demand.

The highest (60%) dealers are of the opinion that quantity of belts being

ordered depends on the demand.

Graph No.13

The graph showing the preferences of the dealers while purchasing the v-belt in New Delhi market.

Sr. No.

PreferencesNo. Of


1. Fixed 15 15 %

2. According To Demand

60 60 %

3. Both 25 25 %

Total 100 100 %

0

10

20

30

40

50

60

Percentage Of Respondents

Fixed According To Demand Both

Preferences

Table No.14

The table showing the effect of advertising on sales of various brands in New Delhi market.

The maximum (75 %) dealers are of the opinion that the sale increases

with advertising.

The minimum (5 %) dealers are of the opinion that sale decreases with

advertising.

The average or secondary (20 %) dealers are of the opinion that sale remains

constant with advertising.

The highest (75 %) dealers are of the opinion that the sale increases with

advertising.

Graph No.14

The graph showing the effect of advertising on sale of various brands in New Delhi market.

Sr. No. SaleNo. Of


1. Increases 75 75 %

2. Decreases 5 5 %

3. Constant 20 20 %

Total 100 100 %

0

10

20

30

40

50

60

70

80

Percentage Of

Respondents

Increases Decreases Constant

Sale

Table No.15

The table showing the percentage of the opinions of the dealers about manufacturing of Timing v-belt by Omfa Rubbers Pvt. Ltd.

The maximum (70 %) dealers are of the opinion that Omfa should

manufacture Timing v-belt.

The minimum (20 %) are of the opinion that Omfa should not manufacture

Timing v-belt.

The highest (70 %) dealers are of the opinion that Omfa should manufacture

Timing v-belt.

Graph No.15

The graph showing the percentage of the opinions of the dealers about manufacturing of Timing v-belt by Omfa Rubbers Pvt. Ltd.

Sr. No.

Response No. Of Respondents

Percentage

1. Acceptable 70 70 %

2. Rejectable 20 20 %

3. No Answer 10 10 %

Total 100 100 %

Acceptable

Rejectable

No Answer

20 %

10 % 70 %

CHAPTER No. 5

FINDINGS, SUGGESTIONS AND LIMITATIONS

5.1) Findings:

The highest (35%) dealers sell Fenner brand.

The highest (35%) demand is for the Omfa brand.

The highest (37%) Price satisfaction is for the Omfa brand.

The highest (21%) quality satisfaction is for the Omfa brand.

The highest (50%) give preference to price.

The highest Service level (25%) is given by Fenner.

The highest (55%) dealers are of the opinion that new machinery

requirement led to the shift of customers towards timing belt.

The highest (70%) dealers are of the opinion that demand for timing v-belt

will increase in future.

The highest (80 %) dealers are of the opinion that requirement of timing v-

belt is more in manufacturing machineries.

The highest (15 %) margin is given by Omfa brand.

The highest (72%) dealers are of the opinion that mouth publicity informs

the customers.

The maximum (40%) expenditure is spent by Omfa on advertising.

The highest (60%) dealers are of the opinion that quantity of belts being

ordered depends on the demand.

The highest (75 %) dealers are of the opinion that the sales increase with

advertising.

The highest (50 %) dealers are of the opinion that Omfa should

manufacture Timing v-belt.

5.2) Suggestions:

The Omfa should increase its number of customers to give tough

competition to Fenner.

The Omfa should improve upon its service, otherwise it will loose its

present as well as prospect customers.

The Omfa should concentrate more on mouth publicity to increase its sale.

Since, the quantity of belts being ordered depends on demand, so

unnecessary number of belts being manufactured should be avoided.

The Omfa rubbers Pvt. Ltd. should manufacture Timing V- belt.

5.3) Limitations:

1) Vast Area:

The area to be surveyed was very vast. There were so many dealers to be

surveyed, and all of them were spread at very long distances. So, locating them in a short

span of time was very tedious job.

2) Time:

Since this was a time consuming activity, so the number of days allotted for the

study were less. Lots of time used to get wasted in traveling from one area to another

area.

3) Lack of Concern:

Initially respondents showed less interest, and were non cooperative. They used

to doubt the authenticity of the researcher. Every time the researcher had to prove the

genuineness of the study.

4) Money:

Since this project was not sponsored by any organization, so all the expenses had

to be borne by the researcher from his own pocket. Large sum of money was spent on

traveling.

5) Appointments:

Most of the time the dealers used to be busy with their business. Researcher had

to wait for some time till the dealer got free from his work. So, getting appointment with

the dealers was a tedious and time consuming job.

6) Communication Gap:

Some dealers were not acquainted with English language, so the researcher had to

explain each and every question in the questionnaire in Hindi language. This caused

trouble to the researcher.

CONCLUSION

This is the market survey for manufacturing of the new product type- Timing V-

belt. There are two other brands which are giving competition to Omfa Rubbers in

supplying the timing V-belt, But Omfa Rubbers have decided to manufacture it so that it

will have an edge over the other two in the market.

For this purpose this survey was done and dealers were interviewed and their

views regarding the Price, Quality and Service were taken and after proper analysis it was

found that it is feasible for the company to manufacture timing v- belt which will give

them advantage over the competitors. Although there is requirement of better service

level of the company but the price and quality are the strong points for the company.

This project helped me to understand the basic practical aspects of business,

before starting the manufacturing of a new product type. It also helped me to come closer

to the practical aspects of the market.

This helped me to understand the basic psychology of the customers when they

buy belts. It helped me to bridge the gap between theoretical and practical aspects of the

business.

BIBLIOGRAPHY

Books:

1. Ramaswamy-Namkumari ,Marketing Management.

2. Philip Kotler, Marketing Management, Prentice-Hall Inc.

3. Marketing research by G.C.Beri.

Websites:

1. WWW.Google.Com

2. WWW.Questionpro.Com

3. WWW.Omfarubbers.Com

s

0601066 market research for manufacturing of new product type timing v-belt

Business

particular product type

project market research

project report

manufacturing timing

market dealers

pune acknowledgement

pune contents

method of research