INTRODUCTIONThe long, eventful and consequently the very
successful journey for Airwil Group began with a single step when
Mr. Sanjay Kumar founded the company in 1998. Blessed with superior
creative faculties, razor sharp intellect and boundless energy, Mr.
Sanjay introduced several progressive changes and love for
futuristic architectural and engineering technologies soon
translated into a number of projects that enabled the group to
rewrite the Indian real estate rule book. Within a short period of
time, the company was able to successfully deliver 2 big ambitious
projects, changing the very landscape of Delhi-NCR. Airwil is one
of the leading projects in the real estate market. It is an
integrated first of its kind IT park of the future. As the world is
still going on by the usual one at a time philosophy , we present
to take home double benefits. Customer satisfaction is the main
motto of or company. Therefore we present a never before
combination of enterprise, technology & professionalism with a
view of enhancing consumer satisfaction.Over the last few years,
Airwil have built an enviable reputation based on excellence,
commitment and expertise. We intend to further strengthen our brand
with the highest levels of innovation, product excellence and
customer trust. We have a number of distinguished property
development projects to our credit in upcoming towns in India. All
our projects are designed for complete peace of mind for our
customers. Airwil give primary significance to location while
making decisions related to real estate. As a strategic policy,
they focus on main business districts of important cities for our
commercial projects for all residential projects; we ensure the
best location in terms of facilities, convenience and
connectivity.The real estate sector in India assured greater
prominence with the liberalization of the economy as the consequent
increases in business opportunities and labor migration led to
rising demand for commercial and housing space. At present the real
estate and construction sector are playing a crucial role in
overall development of India core infrastructure. The real estate
industry growth is linked to development in the retail, hospitality
and entertainment (hotels, resorts, cinema theatres) industries,
economic services (hospitals, schools) and information technology
(IT)-enabled service like call centres) etc and vice versa.Real
estateis "property consisting of land and the buildings on it,
along with itsnatural resourcessuch as crops, minerals, or water;
immovable property of this nature; an interest vested in this an
item of real property; (more generally) buildings or housing in
general. Also: the business of real estate; the profession of
buying, selling, or renting land, buildings or housing. Air will
Group has been at the helm of the real estate industry for over 15
years, building residential and commercial with state-of-the-art
unparalleled quality and ingenuity.Group has established its
presence in real estate, education and health sector.
1.1 VisionTo fulfil the company vision Airwil incorporate
professionalism, high ethical standards and innovative business
practices and systems. Airwil values are honesty, integrity, and
fairness in dealing with their clients, service providers, and
colleagues. Airwil provide quality training and excellent education
to their staff for better output. To provide more than satisfactory
products/ services to the customer.
Strong belief in engaging in the sustainable practices.
Anticipate the needs of customers to make the relationship not
just for business but forever.
1.2 Mission
To be a strategic, path defining and invaluable asset creator in
the real estate universe.
Ensure the highest standards of professionalism.
1.3 Recent industry trendsDespite strong fundamentals backing
the residential real estate the segment is highly influenced by
economic cycle.Owing to global meltdown the residential real estate
market in India too witnessed an astounding fall in demand and
capital values between first half of 2008 and first half of 2009.
However the sector experienced a pickup in demand during the second
half of 2009 across major cities mainly attributed to improvement
in economy. Residential projects across cities saw several new
mid-income housing projects being launched by developers to attract
potential buyers. Demand for houses mounted as the global economy
improved brings back financial confidence to the home buyer along
with low interest rates. End-user who had put their purchasing
plans on hold due to the fall in affordability levels and
job-related uncertainties started booking house.1.3.1 DelhiAn
approximate 75% end-user presence makes this a largely end-user
driven market. However there is a heavy financer in this micro
market. Across delhi it has been observed that the transaction are
at rates much higher than the designated circle rates. Circles rate
are the minimum rates for the valuation of land and immovable
properties in delhi. These rates are taken into consideration for
registration related to land and immovable properties in delhi by
all registering authorities. Land transactions are estimated at
rates over 10 times of the circle rates in most parts of the
capital city. According to delhi master plan 2021, greater
efficiency and benefits through a unified metro transport authority
has been targeted. Acknowledging increased vehicle density, the
government is trying rope in private sector to develop parking
facilities through multi level and underground parking spaces.1.3.2
GurgaonGurgaon markets have rechead a high level of appreciation.
This year launches have been slow and the transaction volume have
been low. However, over a 4-5 year periods the Gurgaon market will
see good appreciation. This will be because of employment
opportunities, heavy investor appetite and a strong broker
community presence in this micro market. While golf course road and
golf course road extension areas are seen the launch of a few high
end properties and builders are looking at higher margin areas like
dwarka express way are seen on account of affordability and the bet
on the future infrastructure in that area.
1.3.3 NoidaThe market has ample supply and the demand has
moderated while the fall of grater noida and noida extension market
has benefited noida (rates have move in market on certain projects)
, the situation if one of wait and watch, over a long term origin ,
the noida market will see a 10-15 % appreciation on the basis the
healthy infrastructure story in noida and its heavy end user base.
Farmer protests over land acquisition in noida and noida extension
have slow down the market. We see a down side risk in capital value
over the one year origin due to land issues and over supply
situations. However, over the long term this sector will recover on
account of good infrastructure and continued demand from the sub
INR 3000sq. ft category home buyer.
1.3.4 Greater Noida and Noida extensionThe real estate market in
gurgaon and noida are driven by very different dynamics they are
intact at contrasting edge of the real estate spectrum in certain
aspects The Haryana government in gurgaon allows developer to
directly acquire land from farmers. Later the builder the builder
applies to the government for infrastructure support for his
project. So here acquisition is followed by completetion of the
project and subsequently infrastructure support from the
government.However, the uttar Pradesh government in noida follows a
different model here the government directory a land from farmers.
After which it draws a plan in terms of infrastructure sup-port of
area and earmarks plots. The last stage involves accounting the
plot to builder
1.4 Literature reviews on consumer buying behaviourConsumer
behavior is one of the massively studied topics by the researchers
and marketers in the past and still being studied. Researchers show
different reasons as to why consumer behavior has been the topic of
many academics and researchers. One of the common views is that
understanding consumer behavior has become a factor that has a
direct impact on the overall performance of the businesses (Kotler
and Keller, 2012). Another view suggests that understanding
consumer behavior has become crucial especially due to fierce
competition in retail industry in the UK and worldwide (Lancaster
et al, 2002). This chapter will introduce some other areas of
research background of consumer behaviour addressing the works
ofresearchersand marketers. Moreover, consumer decision making
process, in particular, five stages of consumer decision making
process will be discussed in detail.It is worth noting that
consumer buying behavior is studied as a part of the marketing and
its main objective it to learn the way how the individuals, groups
or organizations choose, buy use and dispose the goods and the
factors such as their previous experience, taste, price and
branding on which the consumers base their purchasing decisions
(Kotler and Keller, 2012).One of such studies of consumer buying
behavior has been conducted by Acebron et al (2000). The aim of the
study was to analyze the impact of previous experience on buying
behavior of fresh foods, particularly mussels. In their studies the
authors used structural equation model in order to identify the
relationship between the habits and previous experience on the
consumer buying decision. Their findings show that personal habits
and previous experience on of the consumers have a direct impact on
the consumers purchase decision in the example of purchasing fresh
mussels. They also found that the image of the product has a
crucial impact on the purchasing decision of the consumer and
further recommended that the product image should continuously be
improved in order to encourage the consumers towards
purchasing.Another study conducted by Variawa (2010) analyzed the
influence of packaging on consumer decision making process for Fast
Moving Consumer Goods. The aim of the research was to analyze the
impact of packaging for decision making processes of low-income
consumers in retail shopping. A survey method has been used in
order to reach the research objectives. In a survey conducted in
Star Hyper in the town of Canterville 250 respondents participated.
The findings of the research indicate that low-income consumers
have more preferences towards premium packaging as this can also be
re-used after the product has been consumed. Although the findings
indicate that there is a weak relationship between the product
packaging and brand experience. However, it has been proven by the
findings of the research that low-income consumers have greater
brand experience from the purchase of premium products when
compared to their experience from purchasing cheap brand
products.Lee (2005) carried out study to learn the five stages of
consumer decision making process in the example of China. The
researcher focuses on the facts that affect the consumer decision
making process on purchasing imported health food products, in
particular demographic effects such as gender, education, income
and marital status. The author employed questionnaire method in
order to reach the objectives of the research. Analysis of five
stages of consumer decision making process indicate that impact of
family members on the consumer decision making process of
purchasing imported health food products was significant.The author
further explains this by the fact Chinese tradition of taking care
of young and old family members have long been developed and
marriage is considered to be extremely important in Chinese
tradition. This reflects in the findings of the study that the
purchase of imported health food products made by a person for the
people outside the family is declined significantly by both male
and female Chinese after they get married.Five Stages Model of
consumer decision making process has also been studied by a number
of other researchers. Although different researchers offer various
tendencies towards the definitions of five stages, all of them have
common views as they describe the stages in similar ways. One of
the common models of consumer decision making process has been
offered by Blackwell et al (2006). According to him, the five
stages of consumer decision making process are
followings:problem/need recognition, information search, evaluation
of alternatives, purchase decision made and post-purchase
evaluation.Each stage is then defined by a number of researchers
varying slightly but leading to a common view about what each stage
involves. For example, according to Bruner (1993) first stage, need
recognition occurs when an individual recognizes the difference
between what they have and what they want/need to have. This view
is also supported by Neal and Questel (2006) stating that need
recognition occurs due to several factors and circumstances such as
personal, professional and lifestyle which in turn lead to
formation of idea of purchasing.
In the next stage, consumer searches information related to
desired product or service (Schiffman and Kanuk, 2007). Information
search process can be internal and external. While internal search
refers to the process where consumers rely on their personal
experiences and believes, external search involves wide search of
information which includes addressing the media and advertising or
feedbacks from other people (Rose and Samouel, 2009).Once the
relevant information about the product or service is obtained the
next stage involves analyzing the alternatives. Kotler and Keller
(2005) consider this stage as one of the important stages as the
consumer considers all the types and alternatives taking into
account the factors such as size, quality and also price.Backhaus
et al (2007) suggested that purchase decision is one of the
important stages as this stage refers to occurrence of transaction.
In other words, once the consumer recognized the need, searched for
relevant information and considered the alternatives he/she makes
decision whether or not to make the decision. Purchasing decision
can further be divided into planned purchase, partially purchase or
impulse purchase as stated by Kacen (2002) which will be discussed
further in detail in the next chapters.Finally, post-purchase
decision involves experience of the consumer about their purchase.
Although the importance of this stage is not highlighted by many
authors Neal et al (2004) argues that this is perhaps one of the
most important stages in the consumer decision making process as it
directly affects the consumers purchases of the same product or
service from the same supplier in the future.The most noteworthy
writers that serve as academic advocates of The Five Stage Model of
consumer decision making include Tyagi (2004), Kahle and Close
(2006) Blackwell et al. (2006), and others.It is important to note
that The Five Stage Model is not the only model related to consumer
decision-making, and there are also a range of competing models
that include Stimulus-Organism-Response Model of Decision Making
developed by Hebb in 1950s, Prescriptive Cognitive Models, The
Theory of Trying (Bagozzi and Warsaw, 1990), Model of Goal Directed
Behaviour (Perugini and Bagozzi, 2001) and others. All of these
models are analysed in great detail in Literature Review chapter of
this work.
Research methodology
1.9 SOURCES OF DATA COLLECTION:There are two sources of data
collection:a) PRIMARY DATA: Primary data basically consist of
questionnaire. The following are the steps which were used: For
collecting the primary data a survey was done through
questionnaire, which was personally given to the customers and was
filled through interacting with different people. Studying the
different types of products being offered. Finally analyzing the
responses of various the respondents.
b) SAMPLE SIZE: The analysis consists of 30 numbers of
person.
c) SECONDARY DATA: Secondary data was collected from following
sources: Magazines Newspapers Internet, etc.
1.10 OBJECTIVES
PRIMARY OBJECTIVES: To conduct a market study for Outlook
Business Magazine in South Delhi. To assess the Consumer
perspective of Business Magazine with respect to price, content and
brand
SECONDARY OBJECTIVES: Competitive analysis of outlook business
magazine and identification of probable destinations where outlook
business magazine can be targeted. (Generation of sales) To suggest
feasible and viable strategies to increase the sales of outlook
business magazines.