Consumer Behavior Literature Review
INTRODUCTION:
Profile of students: 2014 was the year, which saw an increasing number of students of XLRI batch, belonged to Generation Z. The current students are the ones who were born into a digital world and they find it difficult remembering a time without the Internet, laptops and most importantly mobile phones. Also, they are used to process huge amounts of information using high speed Internet.
Since this generation has spend an increasing amount of time interacting on social media than rest others, large amount of information which they receive is through others, which at times is not without personal bias. Some of the other qualities attributable to them are listed in the picture below:
Given the limited income (owing to zero or 1-2 years of work experience), price is a key factor when students select their prospective alternatives of phones. Therefore, mid-range handsets are more popular in this segment instead of the high end ones.
Mobile market and Brands in India:
Some of the important headline facts ands figures related to mobile phone market in India:
Around 200 Million units of feature phones were sold in India during 2013
Smartphones registered the fastest retail volume growth of 172% during 2013, with sales reaching 44 Million phones.
Launch of affordable smartphones has decreased the increase in sales of feature phones.
Mobile phones are expected to register retail volume growth of CAGR 9% with sales reaching 39 million units by 2018
Growth in the category and market share and its variance in last five years is given in the table below:
QUALITATIVE RESEARCH
India is a booming market for mobile phone industry. As per the report from IPSOS Consulting, Mobile subscribers grew from 2 million in 2000 to 939 million in 2012. Due to plethora of options available in the market, customers get to choose the right product for them as per their needs. In order to understand the factors considered by a potential
Profile of students: 2014 was the year, which saw an increasing number of students of XLRI batch, belonged to Generation Z. The current students are the ones who were born into a digital world and they find it difficult remembering a time without the Internet, laptops and most importantly mobile phones. Also, they are used to process huge amounts of information using high speed Internet.
Since this generation has spend an increasing amount of time interacting on social media than rest others, large amount of information which they receive is through others, which at times is not without personal bias. Some of the other qualities attributable to them are listed in the picture below:
Given the limited income (owing to zero or 1-2 years of work experience), price is a key factor when students select their prospective alternatives of phones. Therefore, mid-range handsets are more popular in this segment instead of the high end ones.
Mobile market and Brands in India:
Some of the important headline facts ands figures related to mobile phone market in India:
Around 200 Million units of feature phones were sold in India during 2013
Smartphones registered the fastest retail volume growth of 172% during 2013, with sales reaching 44 Million phones.
Launch of affordable smartphones has decreased the increase in sales of feature phones.
Mobile phones are expected to register retail volume growth of CAGR 9% with sales reaching 39 million units by 2018
Growth in the category and market share and its variance in last five years is given in the table below:
QUALITATIVE RESEARCH
India is a booming market for mobile phone industry. As per the report from IPSOS Consulting, Mobile subscribers grew from 2 million in 2000 to 939 million in 2012. Due to plethora of options available in the market, customers get to choose the right product for them as per their needs. In order to understand the factors considered by a potential
References: 1. Blackwell, R. J., Miniard, P. W., & Engel, J. F. (2006). Consumer behavior (10th Ed.) Cincinnati, Orlando: Harcourt College Publishers. South Western-Thomson Learning. 2. Karjaluoto, H., Karvonen, J., Kesti, M., Koivumaki, T., Manninen, M., Pakola, J., Ristola, A., & Salo, J. (2005). Factors Affecting Consumer Choice of Mobile Phones: Two Studies from Finland. Journal of Euromarketing, 14(3), 59–82. 3. Liu, CM (2002). The effects of promotional activities on brand decision in the cellular telephone industry, The Journal of Product & Brand Management, vol. 11, no. 1, pp. 42-51. 4. Dorsch, MJ, Grove, SJ and Darden, WR (2000). Consumer intentions to use service category, Journal of Services Marketing, vol. 14, no. 2, pp. 92-118. 5. Riquelme, H. (2001). Do consumers know what they want? Journal of Consumer marketing 18(5), 437-448