Study On The Factors Leading To The Purchase Of Motorbikes
To study the consumers opinion of motor bikes in references to features like appearance, mileage, price etc, and to analyze the impact of behavioral factors of consumers on choosing particular brand of motor bike and to know what people expect from their Motorbike dealer(according to Motorbike Dealer).
The Indian two-wheeler industry has been in the limelight recently because of its impressive performance. The last few years have also seen a large quantity of two-wheelers being exported. In neighboring countries like Bangladesh and Sri Lanka, the Indian two-wheeler manufacturers have captured the market. Even in Africa and South America Indian motorcycles have been well received. Some of the Indian manufacturers like TVS Motors and Bajaj Auto are in the process of setting up assembly and manufacturing plants. The number of models being introduced by Indian two-wheeler manufacturers every year is also high.It wasnt an easy year for the two wheeler industry. Rising interest rates and the economic slowdown resulted in delayed consumer decision making and a rise in loan defaults. Over the course of the year, banks withdrew financing facilities from satellite towns. The share of financing, which had increased rapidly to 50-60 per cent of the total retail sales by early 2007, has now come down to below 30 per cent. This came as a major setback for the two-wheeler industry.Ongoing government investments very clearly emphasis inclusive growth through improved connectivity, job-creation and improving quality of life. The rural road outlay has been upped by close to 60 per cent, the budget for the Urban Renewal Mission has been hiked by 87 per cent, and fund allocation to the ongoing National Highways program has been upped by 23 percent. Importantly, India has added fresh impetus to its flagship job creation program for rural India: the National Rural Employment Guarantee Scheme. During 2008-09, this scheme, which provides 100 guaranteed days of work a day for the countrys rural poor, provided employment opportunities to more than 44 million households last year; a year ago, 33 million households were covered.
Auto market is one of the largest segments in world trade. Changing models, improving fuel efficiency, cutting costs and enhancing user comfort without compromising quality are the most important challenges of the auto industry in a fast globalizing world. Global demand for motorcycles is expected to advance to 6% annually to 59 million units by 2011 and in that, Asia and other major developing countries will be the biggest contributors. In fact India has seen a drastic change in the two wheeler segment after liberalization, as before 1991 scooter segment was the market leader, and very limited companies in the Indian market, which led to limited option for the consumers and also the purchasing power of Indian citizens was less but over the time with increase in the purchasing power of people and changes in social, cultural and others factors, people now have moved to motorcycle, which led to the increase of its market share to 80%1 in the two wheeler segment. Currently this segment is dynamic and lots of changes are expected to meet the demand of consumer. This project focuses on the current needs of the consumers, and what factors they consider before purchasing a motorcycle e.g. (Power, Acceleration, Style, Mileage, Price, Re-Sale value, finance etc). This will be helpful for the companies to design their product and services accordingly. It also focuses on characteristics of the customer e.g. (age, occupation, Income, region etc.), which will be helpful for the companies in targeting the segment.
The project aims to find out the various factors influencing the consumer decision while making a purchase of a motor bike. The objective of the study is to know consumers opinion of their motor bikes regarding its features like appearance, mileage, price etc, to analyze the impact of behavioural factors of consumers on choosing particular brand of motor bike and To know what people expect from their Motorbike dealer(According to Motorbike Dealer) descriptive research was used. Both Primary as well as Secondary data was collected to know more about motorbikes and consumer preference. A structured Questionnaire was administered on 100 respondents.
From our study, we find that motorbikes are highest buying trends in auto industry because it is convenient transportation mode. We conclude the following factor:
Low income families prefer acquiring motorbikes.
Mostly age group 20 to 25 years and students wants to prefer purchase a bike.
Most of people prefer Honda motor cycle because easy availability of mechanics,spare parts, resale value, millage, good performance, and pickup.
Most of people influence to acquire motorbikes from getting information from friends and relatives, and sale representative.