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An Empirical Study on Factors Influencing Purchase Decision of L'oreal Paris Cosmetic Products in Pune City

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An Empirical Study on Factors Influencing Purchase Decision of L'oreal Paris Cosmetic Products in Pune City Mukt Shabd Journal ISSN NO : 2347-3150 An Empirical study on Factors Influencing Purchase Decision of L'oreal Paris Cosmetic Products in Pune City 1Prof.Nanda Das, 2Dr.Vaibhav Patil, 3Dr.Ganesh Waghmare 1Assistant Professor, Sri Balaji University Pune‘s Balaji Institute of International Business, Pune, (Maharashtra), India 2Assistant Professor, Sri Balaji University Pune‘s Balaji Institute of Management and Human Resource Development, Pune, (Maharashtra), India 3Assistant Professor, Sri Balaji University Pune‘s Balaji Institute of Management and Human Resource Development, Pune, (Maharashtra), India Abstract: The market size of the cosmetics industry in India is estimated to be worth more than US$ 6 billion out of global market of USD 274 billion. Market is expected to register annual growth of 25 per cent touching USD 20 billion by 2025. The study is carried out to find out factor influencing Purchase Decision of customers of L'Oreal Paris cosmetic products. Research was exploratory in nature. Research was carried out in Pune city. Population was divided into representative areas, representative hundred sample size decided and responses were collected. simple percentage analysis, frequency, cross-tab graph, charts were used for simple data analysis & factor analysis, Chi square, & regression SPSS test were used for the hypothesis testing Brand image, Celebrity endorsement, Quality, Price, Professional Consultation, Discount have significant influence on the buying decision of customers of Loreal paris products. TV advertisement and social media were the major source of information. Makeup segment and skin care segment had major customers. Products related to face fairness and skin care air were in major demand. Customers are satisfied with the products and services of L'Oreal Paris. Majority of the customer has good experience with the quality of the L'Oreal Paris products and would like to recommend to others. Keywords: L'Oreal Paris, cosmetics, Beauty products, Brand image, Price, Professional consultation, Skincare products, Purchase Decision. Volume IX, Issue VIII, AUGUST/2020 Page No : 326 Mukt Shabd Journal ISSN NO : 2347-3150 Introduction:- In 1907, a young French chemist Eugéne Schueller developed an innovative colour formula which further became ingradients for Loreal paris products. In 1909, He registered his own company Loreal Paris. L'Oréal S.A. is a French Paris based personal care company. It has it’s headquarter in Clichy, Hauts-de-Seine. It has registered office in Paris. It is one of the world's largest cosmetics manufacturing company and has various product lines comprising concentrating on hair colour, skin care, sun protection, make-up, perfume, and hair care. Brands are diversified into targeted markets, such as the mass, professional, luxury, and active cosmetics markets. L'Oréal also owns interests in various activities such as fine chemicals, health, finance, design, advertising, and insurance. Loreal paris is selling their products in 130 countries. Loreal paris has 64,600 employees. L’Oreal set up its wholly-owned subsidiary for marketing its consumer products in India in 1994. L’Oreal has set up its own manufacturing plant in Pune. Cosmetics industries in India:- The market size of the cosmetics industry in India is estimated to be worth more than US$ 6 billion out of global market of USD 274 billion. Market is expected to register annual growth of 25 per cent touching USD 20 billion by 2025. The Indian cosmetic industry's growth is twice as fast as that of the United States or Europe. 65% teenagers in India, their expenditure on branded cosmetics have increased 75% in the past 10 years. India imports cosmetics, beauty products worth $400 US$ million per year Major Driving Factors of Indian Cosmetic Industry:- 1) Increased Disposable income and purchasing power. 2) Increased rising fashion consciousness. 3) Increased levels of cosmetics brand advertising. 4) Increased imagination and awareness for Cosmetic products. 5) The better paying jobs of women have resulted in higher spending power of women. 6) Impressions created by Indian film industry on the youth 7) Importance of grooming and being fashionable 8) The changing aesthetical mindset towards luxurious approach to expenditure. Volume IX, Issue VIII, AUGUST/2020 Page No : 327 Mukt Shabd Journal ISSN NO : 2347-3150 Brand value of the leading personal care brands worldwide in 2019(in million U.S. dollars) Source (Statista, Jul 3, 2019) Volume IX, Issue VIII, AUGUST/2020 Page No : 328 Mukt Shabd Journal ISSN NO : 2347-3150 Review Of Literature:- Anjana S S (2018) The purpose of this paper is to figure out the attributes that affect the consumer’s consumption for cosmetic products. Through this study, it was identified that the five factors, quality product, product price, brand name, product packaging and advertising have greater impact on customer buying decision. Consumers go through the rigorous thought processing making their buying decisions, since there are alternative products which compete in the areas close proximity, relatively cheaper price, quality, etc. A,H.Hemanth Kumar et al. (2014) After analysis we found that small differences exist in the income level that implies the different groups prefer or opinion differs on consumer buying behavior. It created a curiosity to us to find out which group really differing on the opinions. By the help of Post hoc we found out that the dependent differ the opinion among other class. It may be due to the decisions taken by youngsters. Every person plays multiple roles in their daily life, professional role or social role. Research study of Guthriem et al. (2008) found that there is correlation between women's perception of brand personality and women's facial image and cosmetic uses. It was found that different brand personality characteristics influenced friend attitude for or different Cosmetic products K. Rama Mohan Rao et al. (1991) The study revealed that the impact of advertisements on consumer behavior as well as the purchase decision process is significant. The consumers are satisfied with the quality of advertisements also. The consumers expressed their serious concern on exploitation of women in advertisements. Anand Deshmukh (2015) Most of the people (65%) prefer to use domestic brand. Most of the people (60%) like to buy organic cosmetic product. Almost 50% people get to know cosmetic product through television Most of the people (65%) prefer to use domestic brand. Most of the people (60%) like to buy organic cosmetic product. Almost 50% people get to know cosmetic product through television Customers while making cosmetics purchase prefers to use domestic brand, like to buy organic cosmetic product & Customers get to know cosmetic product through television. It is also concluded that customers remain loyal to their cosmetic products, they don’t change their cosmetic brand. Volume IX, Issue VIII, AUGUST/2020 Page No : 329 Mukt Shabd Journal ISSN NO : 2347-3150 Objective To study factor influencing Purchase Decision of customers of L'Oreal Paris cosmetic beauty products Hypotheses There is significant relationship between Brand image and Buying decision There is significant relationship between Celebrity Endorsement and Buying decision There is significant relationship between Quality and Buying decision There is significant relationship between Price and Buying decision There is significant relationship between Convenience and Buying decision There is significant relationship between Professional consultation and Buying decision There is significant relationship between Availability and Buying decision There is significant relationship between Discount and Buying decision RESEARCH METHODOLOGY:- The research is exploratory in nature Sample size:- Hundred samples has been taken from Pune city Sample is good representative of all age group, income groups, occupation groups, and Demographic characteristics. Sampling method:- Convenient sampling method was used to collect data Primary data collected from 100 respondents. Data Has been collected through structure Questionnaire with the help of multiple option close ended questions. Pune city was divided into east west and South North region and from each region 25 respondents were collected having good representation of population of Pune city Data Analysis Tools Two types of statistical tools used one is simple statistical tools and SPSS software. Simple Statistical tools: - Percentage, Frequency, Mean, etc. were used for the analysis. SPSS software tools: - Chi square, Regression and Factor Analysis Volume IX, Issue VIII, AUGUST/2020 Page No : 330 Mukt Shabd Journal ISSN NO : 2347-3150 Reliability Test: Reliability Testing: Cronbach's Alpha is designed as a measure of internal consistency of items in the questionnaire. Reliability was tested using Cronbach's Alpha and it found excellent having .902. Data Analysis and Interpretation:- The above graph shows that majority of the respondents 33% belong to 25 to 31 age group followed by 18 to 24 age group 32%, followed by 32 to 38 age group 18% From the above graph it can be seen that majority of the respondents are doing private job 34% followed by housewife 30% followed by government job 18% and business is the least observed occupation Volume IX, Issue VIII, AUGUST/2020 Page No : 331 Mukt Shabd Journal ISSN NO : 2347-3150 The above graph shows that TV Advertisement 26% was the major source of information for or L'Oreal Paris beauty products followed by social media 20%
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