PROJECT REPORT ON “Analysis of Marketing Strategies Adopted at LR Auto” SUBMITTED IN PARTIAL FULFILLMENT FOR THE AWARD OF THE DEGREE OF BACHELOR OF BUSINESS MANAGEMENT Under The Guidance Of: MR. SAMEER JAISWAL SUBMITTED BY: VINITA AGRAWAL Batch BBM – 2012-15 Student ID- MU12BBM048 DECLARATION This is to certify that I have completed the Project titled “Analysis of Marketing Strategies adopted at LR Auto” in MATS UNIVERSITY under the guidance of MR. SAMEER in partial fulfillment of the requirement for the award of degree of Bachelor of Business Management at Mats School of Management Studies and Research, Raipur. This is an original piece of work & I have not submitted it earlier elsewhere. Signature of Guide Signature of candidate Date: ACKNOWLEDGEMENT The satisfaction and joy that accompanies the successful completion of a task is incomplete without mentioning the name of the person who extended his help and support in making it a success. I am indebted to my Company Guide and Faculty Guide for devoting their valuable time and efforts towards my project. I thank them for being a constant source of knowledge, inspiration and help during this period of making project. I regret any inadvertent omissions. CERTIFICATE OF THE COMPANY SYNOPSIS Today‟s society is warm with urbanization and demonstration effect. With a view towards it, there are drastic changes coming up in all sectors even in the automobile industries. The following information gives an insight about it. In the present context the companies operate on the principle of natural selection – “Survival Of The Fittest”. Only those companies will succeed which at best match to the current environmental imperatives – those who can deliver what people are ready to buy. But real marketing does not involve the art of selling what the manufacturers make. Organizations gain market leadership by understanding consumer needs and finding solutions that delight consumers. If customer value and satisfaction are absent, no amount of promotion or selling can be compensated. Hence the aim of marketing is to build and manage profitable customer relationship. This is a part of the strategic marketing done by every company to achieve its objectives and goals. To maximize the profits and long term plans every organization has to follow a strategic planning. TITLE: “Analysis of marketing strategy adopted at LR Auto” OBJECTIVE: To understand the growing relevance of marketing strategies in the potential automobile sector in order to derive different ways of enhancing the market share of the cars dealt in by the company. PROBLEM: To search about the causes of fall in sales of cars recently and find out solutions for the same in the light of reviving marketing strategies. SCOPE OF THE STUDY: It covers a wide area under research such as consumer perception towards a particular car brand, reasons behind declining trend in automobile sectors, impact of various marketing strategies adopted and future needs and goals of the organization. ABSTRACT: The rationale behind the selection of the topic is based on the growing impact of marketing strategies in the modern era which help the dealers in generating high leads for the company products. The study places its focus on getting an insight about the challenges faced by the dealers in the downtrend scenario of the automotive sector by carefully checking the loopholes in various activities of the organization. The objective is to determine possible solutions in order to revive the lost interest among the customers and other left out groups towards the purchase of four wheelers. The project was implemented at various steps according to the methodologies stated above. The flow of authority and responsibility among the employees, distribution of work, implementation of various plans and corresponding work culture in the organization were among different crucial things observed during the course of the study. It was found that the organization needs to integrate different activities that take place in the work area for generating leads and revenue. If any of these activities are expelled by mistake then the company may be in crisis. Small commissions and margins in various services help in providing sufficient returns to meet the expenses of the organization. In short, we can come to the conclusion that the dealership companies are by far and large adopting significant means of marketing the product. They are under the influence of the macro elements that play a pivotal role in affecting the growth story of the organization. These elements comprise of the inflation trend in the Indian economy, the international disputes, customer‟s changing preferences and growing competitors. Hence, even after adopting a flexible approach in the working style, the company faces numerous difficulties for maintain a consolidated customer base for a smooth flow of revenue in the organization. METHODOLOGY ADOPTED: Personal interaction with the employees, filling of questionnaires, gathering information through internet surfing, observing the activities, etc. were some of the primary methods adopted for research study. CONTRIBUTION: The research would help the company in refurbishing the loopholes present in its marketing strategies as well as entire operations through strict surveillance and understand the tactics to deal with the challenges posed by the competitors for making the process of delivering a quality value to the customer effective and profitable. CONTENTS 1) INTRODUCTION TO THE TOPIC 2) OBJECTIVE OF THE STUDY 3) INTRODUCTION TO THE AUTOMOBILE INDUSTRY 4) ARRIVAL OF FIAT 5) MARKETING STRATEGIES AND ANALYSIS 6) MARKETING STRATEGIES AT LR AUTO 7) QUESTIONNAIRE 8) CONCLUSION 9) SUGGESTION AND RECOMMENDATION 10) INTRODUCTION TO THE TOPIC “Analysis of marketing strategies in a four wheeler dealership company” encompasses several aspects of marketing function in an organization as well as the in depth study of an automobile sector. Marketing is much more than just an isolated business function – it is a philosophy that guides the entire organization towards sensing, serving and satisfying consumer needs. The marketing department cannot accomplish the company‟s customer relationship-building goals by itself. It must partner closely with other departments in the company and with other organization throughout its entire value – delivery network to provide superior customer value and satisfaction. Thus marketing calls upon everyone in the organization to “think customer” and to do all they can to help build and manage profitable customer relationship. Marketing is all around us, and we need to know that it is not only used by manufacturing companies, wholesaler and retailers, but also by all kinds of individuals and organizations. There are four major, powerful themes that go to the heart of modern marketing theory and practice, they are: 1. Building and Managing Profitable Customer Relationships. 2. Building and Managing Strong Brands. 3. Harnessing New Marketing Technologies in This Digital Age. 4. Marketing in a Socially Responsible Way around the Globe. “What marketing is what it does and what it offers.” “Marketing is a social and managerial process whereby individual and groups obtain what they need and want through creating and exchanging products and value with others”. “Marketing management is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.” “Marketing offers some combination of products, services, information, or experiences offered to a market to satisfy a need or want”. Marketing is an orderly and insightful process for thinking about and planning for markets. The process starts with researching the market place to understand its dynamics. The marketer uses research methodologies to identify opportunities, that is, to find individuals and groups of people with unmet needs or latent interest in some products or service. The marketing process consists of the following: 1. Analyzing marketing opportunities i.e. analyze market, competition and customers. 2. Developing marketing strategies. 3. Planning marketing programs i.e. research distribution 4. Managing the marketing efforts. 5. Financial Analysis 6. Review and Revise Before taking any decision and achieving the goals, it has to make analysis of What to do, how to do, when to do, where to do and who is to do it. This is nothing but strategic planning. Goals indicate what a business unit wants to achieve whereas strategy is how to get there. Marketing strategies in simple terms are the complete and unbeatable plans designed specifically for attaining the marketing objectives of the firm. Marketing can be called as a game plan for achieving its goals. Strategy choice will depend on whether the firm or the marketer plays the following roles: Market leader A challenger A follower A nicher The identification of objectives, both in quantitative and qualitative terms, is an essential backdrop to strategy formulation. Goals have a quality and time frame attached to them. These are typically spelt out in terms of financial return, market share, market presence, etc. Thus, the concept of market oriented strategic planning arises with the link between the products the link between the products the manufacturer is dealing in and the market conditions. In this direction, our study deals only with the marketing strategies i.e. promotional strategies of the automotives. OBJECTIVES