Project Report On

Balaji institute of management and human resource development.

Project report on:-

“FIND OUT THE MOST DEMANDED AUTO PART IN B2C SEGMENT”

&

“DEFINE AND IMPLEMENT A BRANDING STRATEGY FOR SONA PRODUCT’S IN B2C MARKET”

SUBMITTED BY:-

ABHISHEK KUMAR

BIMHRD

ROLL NO-1108245

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Dissertation Report On

“FIND OUT THE MOST DEMANDED AUTO PART IN B2C SEGMENT”

&

“DEFINE AND IMPLEMENT A BRANDING STRATEGY FOR SONA PRODUCT’S IN B2C MARKET ”

At

Sona koyo steerings system’s . Ltd.

Under Guidance of

Mr. Vikas Marwah

Vice President Marketing Sona koyo, Gurgaon (Haryana)

Mr.Pratyush Das

HR,Corporate Sona koyo,Gurgaon(Haryana)

Preface

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The PGDM programme is well structured and integrated course of business studies. The main objective of practical training at PGDM level is to develop skill in student by supplement to the theoretical study of business management in general. Industrial training helps to gain real life knowledge about the industrial environment and business practices. The PGDM programme provides student with a fundamental knowledge of business and organizational functions and activities, as well as an exposure to strategic thinking of management.

In every professional course, training is an important factor. Professors give us theoretical knowledge of various subjects in the college but we are practically exposed of such subjects when we get the training in the organization.It is only the training through which I come to know that what an industry is and how it works. I can learn about various departmental operations being performed in the industry, which would, in return, help me in the future when I will enter the practical field.

Training is an integral part of PGDM and each and every student has to undergo the training for 2 months in a company and then prepare a project report on the same after the completion of training.

During this whole training I got a lot of experience and came to know about the management practices in real that how it differs from those of theoretical knowledge and the practically in the real life.

In today’s globalize world, where cutthroat competition is prevailing in the market, theoretical knowledge is not sufficient. Beside this one need to have practical knowledge, which would help an individual in his/her carrier activities and it is true that “Experience is the best teacher” .

Acknowledgement

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With immense pleasure, I would like to present this project report for Sona Koyo Steerings System ltd. It has been an enriching experience for me to undergo my summer training at Sona Koyo, which would not have possible without the goodwill and support of the people around. As a student of BIMHRD I would like to express my sincere thanks to all those who helped me during myPractical training programme.

Words are insufficient to express my gratitude toward Mr. Vikas Marwah Vice President Marketing Sona Koyo, Gurgaon and, Mr. Pratyush Das HR, Corporate.

My heartfelt thanks go to all who helped me to gain knowledge about the actual working and the processes involved in various departments.

However, I accept the sole responsibility for any possible error of omission and would be extremely grateful to the readers of this project report if they bringsuch mistakes to my notice.

DECLARATION

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I, Abhishek kumar, do hereby declare that the summer internship project report submitted by me for the partial fulfilment of requirement for the Post Graduate Diploma in Management of BIMHRD; Balaji Institute of Management and Human Resource Development , Pune. This has not been submitted to any other university/ institution for the reward of any degree/ diploma certificate.

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Sr no Contents Page no

1 Executive summary

2 Objective of summer internship

3 Introduction of project

4 History of company

5 Company profile

7 Research methodology

8 Project analysis

9 Findings &suggestions

10 Conclusion

11 Questionnaire

12 Bibliography

EXECUTIVE SUMMARY:-Page 7 of 41

RESEARCH OBJECTIVE:-

The title of my study was “TO FIND OUT THE MOST DEMANDED AUTO PART IN B2C SEGMENT & DEFINE AND IMPLEMENT A BRANDING STRATEGY FOR SONA PRODUCT’S IN B2C MARKET ” with reference to Sona koyo t the competition has become intense and every organization is struggling for its survival as well as its growth .Hence it becomes important on the part of organization to develop effective marketing plan that will not only maintain its survival but also its growth. But before developing marketing plan, marketers must be aware of the consumer market, i.e. Who constitute the market? (Occupants), what does market buy? (Object), why does market buy? (Objectives) who participates in buying? When does the market buy?

The job assigned to me was to find out the most demanded auto part in B2C segment. Which product is fastest moving among Steering Assembly, Shafts and Axles and to make Branding strategy of these products for sell in the B2C market. I was also given the task of branding Sona koyo website and Sona group website and also to suggest what should be there in front page of HRMS (its company’s internal website only for sona koyo employees)

To conduct the above study, I needed to go to different retailers in

traditional market. The study were conducted in the form of details seen,

details collected from outlets . It helped me to find out the most

demanded product in the market. Visiting to retailers also gave me fair

knowledge about the competitor, their strategies and their product

prices. This also helped me to the competitive advantage of Sona Koyo

in the market as well as to find out the area where it lags behind its

competitor and the reason for that.

OBJECTIVES

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These are the objectives from the company point of you behind the study, which are listed below:

What will the market size be in the year 2015 and what rate will it grow?

What key trends is this market subject to? What is driving this market? What are the challenges to market growth? Who are the key vendors in this market space? What are the opportunities and threats faced by each of these key

vendors ? What are the strengths and weaknesses of each of these key

vendors?

These are the objectives from the point of view of education:

For the fulfillment of PGDM- Program as realized by the Balaji

Institute Of Management and Human Resource

Development,Pune

To care and contact with the working of an organization and to see

the different types of marketing activities. The main emphasis is on

the Marketing aspect of the organization.

Whatever the subject taught in the class room of PGDM course

that is completely theoretical. So during the training period we

compare how the Marketing, Sales activities (practical) of our

organization with the theories

INTRODUCTION OF THE PROJECT:-

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The automotive steering market in India is likely to grow at a CAGR of 13.7 percent over the period 2011-15 and one of the key factors contributing to this market growth is the strong economic growth in the country.

The growth in the economy has uplifted the financial status of a large section of the population, which in turn is leading to the increased spending capacity. What is more, automotive steering market in India has also been witnessing the introduction of new innovative products features with changing customer demands. However, increasing raw material cost could pose a challenge to the growth of this market.

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The Automotive Steering Market in India 2011-2015, has been prepared based on an in-depth analysis of the market with inputs from industry experts. This report covers the present scenario and the growth prospects of the Indian Steering System market during the period 2011–2015. The report covers the entire range of steering system products,

Including manual steering (MS), hydraulic power steering (HPS) and electronic power steering (EPS). In addition, the report also includes the major drivers, challenges, and trends in the market. Furthermore, the report includes the number of steering systems shipped during the period 2011-2015. The report includes a detailed assessment of the leading steering system manufacturing vendors, their key strengths and weaknesses, and their market share in the automotive steering market in India.

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Key vendors dominating this market space include

• Rane TRW Steering System Ltd

• Rane NSK Steering System Ltd

• Sona Koyo Steering System Ltd and

• ZF Gears India Ltd.

.

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Company profile:-

Sona Koyo Steering Systems Limited (SKSSL) the flagship company of The Sona Group,is currently the largest manufacturer of steering systems for the passenger car and utility vehicle market in India. Its collaborator and partner, JTEKT Corporation, is the market leader in Japan and in the recent past announced a merger with Toyota Machine Works. Post this merger, JTEKT will become the world's largest steering systems manufacturer. The company also has a technical collaboration with Mando Corporation, Korea.As part of Sona Koyo Steering Systems Ltd's (SKSSL) globalization strategy, the company has acquired a position in Fuji Auto tech France, SAS, the 4th largest steering system supplier in Europe. Via Fuji Auto tech, The Sona Group footprint extends to Eastern Europe and South America.Established in 1985, Sona Koyo Steering Systems Ltd. is the group's flagship company, and the largest manufacturer of steering systems in India, catering to passenger cars, utility vehicles and light commercial vehicles.Sona Koyo has technical and financial collaboration with JTEKT Corporation, Japan (formally known as Koyo Seiko Co. Ltd.), the largest producer of passenger vehicles' steering systems in the world.Sona Koyo's customers include major vehicle manufactures in India such as Maruti Suzuki, Toyota, Hyundai, Tata Motors, Mahindra & Mahindra, General Motors and Mahindra-Renault. Independently, as well as through its network of overseas joint-venture partners, it exports high quality precision products to USA, Europe and Japan.

GURGAON PLANT:-

Plant location 38/6, Delhi-Jaipur Road, Gurgaon (Haryana), India, 38 Km from New Delhi, 22 Km from Delhi Airport, 10 Km from Maruti Udyog Ltd.

Total Site Area 56,970 sq. m

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Product portfolio:-

Rack & pinion steering systems-power & manual Column electric power steering Column assemblies-collapsible, rigid and tilt Re-circulating ball screw type steering systems Case differential assemblies Rear axle assemblies Intermediate drive shafts Propeller shafts Electric power assist module

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INTRODUCTION

Business research can be defined as a systematic and objectiveprocess of gathering, recording and analyzing data that provides information to guide business decisions. It is used either to understand market trends, to find the optimal marketing mix, to devise effective HR policies, or to find the best investment options.

In the present fast track business environment marked by cutthroatcompetition, many organizations rely on business research to gain acompetitive advantage and greater market share. A good research studyhelps an organization understand processes, products, customers, markets and competition and to develop policies, strategies, and tactics that are most likely to succeed.

ROLE OF BUSINESS RESEARCH IN DECISION-MAKING

For effective planning and implementation of business decisions,accurate information about the internal and external business environments is of primary importance. The key objective of business research is to provide accurate, relevant, and timely information to the top management, so that they can make effective decisions.The business decision-making process in an organization going throughthe following key interrelated stages:

Problem/opportunity Identification Problem/opportunity prioritization and selection Problem/opportunity resolution Implementing the selected course of action

Business Research helps the management in each of the stages by providing useful and timely information.

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RESEARCH DESIGN

A research design is the arrangement of conditioned for collection andanalysis of data in a manner that aims to combine relevance to the research purpose which economy in procedure. Main characteristics of research design can be summarized in two words-

1- Anticipation

2- Specification

My research design is “DESCRIPTIVE RESEARCH DESIGN”In my research, researcher has conducted a market Survey of the A route retailers Outlets in Mumbai area.

TYPE OF RESEARCH:

The basic types of research are as follows :1. Descriptive research:

The major purpose of this research is description of the state of affairs as it exist at present.

2. Analytical Research:

In this research, the researcher has to use facts or information alreadyavailable these to make, and analyze these to make a critical evaluation of the material.

3. Applied research:

It aims and finding a solution for an immediate problem facing a society or an industry/business organization.

4. Fundamental research:

It mainly concerned with generalization & with the formulation of a theory

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5. Quantitative Research:

It is based on the measurement of quantity or amount. It is applicable tophenomena that can be expressed in terms of quantity.

Qualitative Research:

It is concerned with the qualitative phenomenon, i.e., phenomena relating to or involving or king

6. Conceptual Research:

It is related to some abstract ideas or theory.

7. Empirical Research:

It is data- based research, coming with a conclusions which are Capable of being verified by the observation and experiment.

1. Diagnostic Research:

Such a research fallow case –study method or in depth approaches to reach the basic casual relation.

2. Exploratory Research:

The objective of this research is the development of hypothesis rather than their testing

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STEPS IN THE RESEARCH PROCESS

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Identifying & defining problem/oppurtunity

Planning the research design

Selecting a research method

Selecting the sample procedure

Data collection

Evaluating the data

Preparing and presenting the research report

SOURCE OF INFORMATION

In our research we have made use of both primary and secondary data.

PRIMARY DATA: Schedule interaction with retailers

SECONDARY DATA: Article published in internet. Internet.

Sampling unit-The sampling unit is the basic unit containing

the elements of the population to be sampled. Sampling unit forthe study include different retailers of New Delhi and near to Kashmere gate. (A route retailers)Sample size: -The sample size includes 32 retailers.Sampling method: -Selective sampling method

METHOD OF PROJECT FINDINGSTabular forms- Observations and inferences are presented in

table, as it makes easy to understand the findings at glance thangoing through the lengthy descriptions.

Graphs- Each finding is presented in the form of the pie chartsor bar diagrams after the analysis for easy references. The mainfeatures of frequency distribution are convenientlycommunicated by representing the frequency in the form of thediagram, since the diagram is more easily and more quicklyunderstood than a collection of numbers.

Description – After the analysis of the collected data,Interpretations are also given at the bottom of the tables.

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PRODUCT EVALUATION QUESTIONNAIRE

NAME:

ADDRESS:

CONTACT NO: DATE:

Q1- Are you aware about the sona koyo products?

o Yeso No

Q2-Please state where you heard about the sona products?

Informercials .............. sales agents............. newspaper..............

Internet ................ company rep.............. Others(specify) ................

Q2-Do you keep sona koyo products?

o Yes o No

Q3- Which all sona koyo products do you keep?

...............................................................................................................................

Q4-which is the fastest moving sona product?

...............................................................................................................................

Q5-from where do you get the sona products?

...............................................................................................................................

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Q6-how often do you purchase the sona products?

a. With 2 – 5 daysb. 7-10daysc. 10 -20 daysd. once in a month

Q7-how long have you been our customer?

...............................................................................................................................

Q8-Please state some of the needs the product satisfies?

...............................................................................................................................

Use this rating scale for following questions?

5- excellent 4- very good 3-good 2-average 1-poor

Q9- please rate the design aspects of the products?(use the rating scale)...........

Q10- please rate the quality of the products?.......................................................

Q11- please rate the products for value for money aspects?................................

Q13-please state the fastest moving product in market(design & demand)..........................................

Q12- please state the worst aspects of the products?..........................................

Use this rating scale for the following qusetions?(Q14-Q17)

a. 5- strongly agreeb. 4- agreec. 3-cann’t sayd. 2-disagreee. 1-strongly disagree

Q14- customers are satisfied with the products?..................................................

Q15- customer will repurchase the product?........................................................

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Q16- products are value for money for the customers?.......................................

Q17- customers are satisfied with the service time of the products?...................

Q18- please specify some reasons that make you purchase the sona products?

...............................................................................................................................

...............................................................................................................................

..............................................................................................................................

Q19- which other products do you keep?

...............................................................................................................................

Q20- please rate the other products using the rating scale?(5- excellent 1-poor)

Rane group

Zf steering

any other(please specify)

Q21- please rate the companies according to the customer satisfaction?

.............................................................................................................................

Q22-please rate the companies according to you whose products are fastest

moving?

...............................................................................................................................

Q23- would you recommand sona products to others?

...............................................................................................................................

Q24- do you want sona products should be suppiled to you directly?

...............................................................................................................................

Q25-would you like to be an authorized dealer/distributor of sona products?

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...............................................................................................................................

Q26- any other recommendation?

...............................................................................................................................

..............................................................................................................................

Thanks for taking this survey. This information will be kept confidential.

COMPETITOR ANALYSIS (rane group):-

1.Rane group main distributor is Jullandhar Motor Agency in kashmere gate.

2. Rane group provides steering to companies like Mahindra & Mahindra ,Maruti Suzuki India ltd.,Tata motors, Toyota and General Motors(GM).

3.It makes Steering of companies like Mahindra Scorpio and Bolero,Tata indica, Maruti zen & Alto.

4.It provides Suspension to companies like Toyota Innova and Qualis and GM Travera.

5. Their main business comes from manual steering and power steering.

6. Rane product Quality is good.

7.Rane’s retailers are more in number.

8. Demand and supply side is almost equal.

9. It provides gear lever ends to Tata trucks.

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ORGANIZATION ANALYSIS:-1. The main distributor is Jain spares india.

2. Provides steering to companies like Maruti Suzuki India ltd,Mahindra & Mahindra, Toyota kirloskar, General Motors And Tata.

3. The most demanded products are steering of Mahindra Bolero and Scorpio.

4. If the distributor demands for 100 steerings he only gets 20 – 25 steerings in amonth.

5. supply and demand side is not at all balanced.

6. Steering assembly demands comes in every week.

7. Even the demand of steering is also more for Maruti company

8. Demand is less for Toyota brand.

9. It also provides suspension to many companies and in their various models.

10. Sona products are used in various models such as GM Travera, Spark and Aveo, Toyota’s Innova and Qualis, Maruti all the models.

11. Demand for suspension and Axle are very less.

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Market operating price of Rane group

ScorpioRs6000

BoleroRs6500

Maruti zenRs 2200

Maruti AltoRs 2300

Tata indicaRs 2800

Maruti other models Rs 2400

Market operating price of sona product

Scorpio Rs 12500

Bolero Rs13500

Maruti all models Rs 2600

Wagon R Rs 2400

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45%44%

11%

MARKET SHARE IN B2B SEGMENT

SONARANEZF

Competitor analysis of ZF steering.

1.Major customers are Ashok Leyland, Force, DAIMLER, TAFE, Ace, Escorts, Volvo, Tatra, Tata motors, Mahindra and many more.

2. Joint venture with ZF Friedrichshafen ag.

3. Brand awareness is low.

4. Caters all types of vehicles.

5. Availability is low.

6. Quality is good.

7. Stands at a profit of 46 crores in 2012.

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SWOT ANALYSIS:-

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STRENGTH

• Brand value• Market capitalization• Strong supply chain• Technical collaboration• Advance technology

WEAKNESS

Weak promotion of products Less production capacity Demand & supply is not

balanced Unequal distribution

OPPORTUNITY

Market development(b2c) Raise the brand equity due

to market leadership Collaborate with new

emerging companies Global positioning New product development

for huv.

THREATS

New entrant can attack the market

Market follower has leadership in b2c segment.

Losing of market share

Brand positioning

&

Association

target customers segments Advantage differentiation

(POD)

Building autoparts…. building people…!!

Reliable

Trustworty

Technical advancemnt

Automobile company(b2b)

Autoparts retailers & distributors(b2c)

• B2B markets

• B2C markets

Direct supply to customers

Market leadership

Production capacity

Manufacture

Steering (all type)

for

Maruti &

Mahindra.

B2B MARKETING STRATEGY:-

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PRODUCT PROFITABILITY MANAGEMENT SYSTEM(PPMS):-

It’s a system of tracking cost at each and every stage starting from raw material of a child part to the find output of a product and designing the same to the settled price with the customers and shows the product profitability.

OBJECTIVE:-

To create control between the supply chain management and marketing price settlement.

To see product profitabilty from ppms Monthly provisions creation from Scm & marketing To simulate & understand finacial impact as price changes b/w po

amendment.

PROCESS:-

Request for quotation Record control Business planning Management review meeting Advanced products quality planning New contract finalization Purchase order amendment Customer satisfaction measurement & monitoring Internal quality system audit Continueous improvement

Findings of Research.

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1. Sona koyo products are much in demand.2. Steering assembly is much in demand followed by shafts and axles.3. Steering assembly of Maruti (all models), Mahindra’s Scorpio and bolero,

Toyota Innova, TATA indica, and GM travera are much in demand.4. Supply of steering is very less in the consumer market.5. Supply needs to be improved.6. Demand and supply side is 5:3.

CONCLUSIONS:-

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MARKET DIVERSIFICATION MATRIX:-

PRODUCTS

Present new

present

MARKET

new

MARKET DEVLOPMENT:- A market development approach is used when a new market segment is targeted for the existing products. Identify the new opportunities in the new market to increase the market share as well as the brand equity of the company. Indian automobile market is very large, as the organization is doing very well in b2b segment and enjoying good brand value and customer satisfaction. But to reach the customers directly and increase the profitability of the company ,now the organization is moving in b2c segment.

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MARKET PENETRATION PRODUCT DEVLOPMENT

MARKET DEVLOPMENT DIVERSIFICATION

CONSUMER BASED BRAND EQUITY (CBBE)MODEL:-The CBBE model is used to identify the consumer’s perception about the product. The brand equity of the product is the difference between the customer’s perceived value and the actual cost of the products. Strong brand enjoys higher brand equity due to their reliability, quality and their strong positioning in consumer’s mind.

BRANDING STRATEGY FOR B2C MARKETS:-

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BRAND SALIENCE

AUTOMOBILE SEGMENT, AUTOPARTS

Tagline- building autoparts ..building people..!!!!

PERFORMANCE

RELIABLE, DURABLE,

IMAGERY

VALUE FOR MONEY,

b

JUDGEMENT

QUALITY

FEELINGS

SECURITY

RESONANCE

ATTACHMENT

Sona koyo products are very much in demand in retail market but due to the lack of the proper approach of reaching customers, company is losing its market share in b2c markets. The customer awareness of the sona products are very less whether the brand value of sona products is very strong among the retailers and distributors, therefore the availability of the products is limited in selected areas of Delhi auto parts market like kashmiri gate etc.

Retailers and distributors are willing to keep sona products as they are reliable and fit on customer expectation and satisfaction. Also the number of the authorised distributors for the products can be increased by offering them a proper margin.

Branding strategy:-

Leaflets:- we should prepare leaflets talking about Product details and their prices and should be distributed in every shop.Banner trust original parts:- we should make dealers and distributors aware of using original equipments and should not be replaced by any substitutes.Auto expo & exhibition of automobile:- can be used as a a platform to promote /showcasing the products among the customers and auto industriesRadio Fm:- it is a strong medium of communication now a days. So the products should be promoted on radio fmMagazines:- in various magazines of sports , automobile such as overdrive & auto car we can advertise our products.Hire Sales executives:- to deal with retailers in all available markets we can hire sales executives which can perform the order booking and estimate the actual demand of the product.

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AAKER’S BRAND EQUITY MODEL:-

COMPETITIVE ADVANTAGE:-

PORTER’S 5 FORCE ANALYSIS:-

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SONA KOYO STEERING SYSTEMS LTD:-

BUYER MARUTI SUZUKI MAHINDRA & MAHINDRA GENERAL MOTORS TOYOTA TATA MOTORS ASHOK LEYAND FIAT

SUPPLIER

ADVANCE FORGING AMTEK AUTO BHAGWATI SPHERO CAST KIRAN UDHYOG LTD. NRB BEARINGS OIL’S CORPORATION

BARRIER TO ENTRY

COST OF PRODUCTION ECONOMY OF SCALE STRONG DISTRIBUTION PRODUCTION TECHNOLOGY

THREAT OF SUBSTITUTES

PRICE ELASTICITY BETTER AVAILABILITY OF

PRODUCTS GREATER DIVERCIFICATION

SUPPLIER POWER  

BARRIERSTO ENTRY

THREAT OFSUBSTITUTES -

 Intermittent overcapacity -Product differences -Switching costs -Brand identity -

BUYER POWER

RECOMMENDED SOLUTIONS

DEGREE OF RIVALRY -Exit barriers -Industry concentration -Fixed costs/Value added -Industry growth -

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Suppliers are Powerful if: Example

Credible forward integration threat by suppliersBaxter International, manufacturer of hospital supplies, acquired American Hospital Supply, a distributor

Suppliers concentrated Drug industry's relationship to hospitals

Significant cost to switch suppliers Microsoft's relationship with PC manufacturers

Customers Powerful Boycott of grocery stores selling non-union picked grapes

Suppliers are Weak if: Example

Many competitive suppliers - product is standardized Tire industry relationship to automobile manufacturers

Purchase commodity products Grocery store brand label products

Credible backward integration threat by purchasers Timber producers relationship to paper companies

Concentrated purchasersGarment industry relationship to major department stores

Customers Weak Travel agents' relationship to airlines

Easy to Enter if there is:

Common technology Little brand franchise Access to distribution channels Low scale threshold

Difficult to Enter if there is:

Patented or proprietary know-how Difficulty in brand switching Restricted distribution channels High scale threshold

Easy to Exit if there are:

Saleable assets Low exit costs Independent businesses

Difficult to Exit if there are:

Specialized assets High exit costs Interrelated businesses

Two strategies can be used to gain the market capitalization.

COST LEADERSHIP PRODUCT DIFFERTIATION

SPACE MATRIX ANALYSIS:- STRATEGY OF THE COMPANY.

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Internal strategic dimensions:

          Financial strength (FS)          Competitive advantage (CA)

External strategic dimensions:

          Environmental stability (ES)          Industry strength (IS)

Recommendations’(solutions):-

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Demand forecasting of the products should be revised. should be more focused on product awareness & branding/advertising Products should be available in all the market area ( geographically). Distributors should be increased. Supply should be balanced according to the demand. We can’t use penetration pricing strategy as our products are already

available in the market. Use of penetration pricing can affect our profits. So we will keep our prices as such and will focus on brand awareness more.

CONCLUSIONS:-

Products are very much in demand but according to the demand ,supply is not balanced.

Demand & supply ratio is 5:3. Products are enjoying the brand equity. Customer’s satisfaction level is very good towards the sona koyo

products. Many Retailers & distributors want to keep sona products as well as they

are willing to become the authorised distributor of sona products. The brand value & positioning of the company is good.

Bibliography

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www.sonakoyosteerings.com www.sonagroup.com www.google.com Wikepedia Data from warehouse Data from retailers

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