The research was mainly focused in determining the consumer perceptions or the product as well as the store and studying the competing malls and stores with respect to the factors influencing consumer buying behavior. As part of the study, the research also included understanding the future potential of destination shopping in Indian market. An exploratory research was carried out focusing on consumer preferences, price expectation, stated and unstated needs for products in a shopping mall. The methodology followed for the research consisted of depth interview and online survey.
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A sample of 25 customers have been considered to understand the need gap room their previous experience with Coupon mall and what they would have really liked. Another sample of 25 customers from the competitor’s store has been interview, a conclusive research has been done to understand the key parameters which affect consumer behavior. An online survey was filled by 30 customers. In addition to the above, an ethnographic study has been done to understand the operational aspect of the store.
The research resulted in several key findings which emphasizes the existence of potential opportunities for Coupon mall which it can leverage to meet the need gap for customer requirements. The finding about customers explains that while discount is a motivating factor for them to enter the store, they major look for good quality products in store The results also include findings on important parameters which affects the sales in other retail outlets like Shopper stops, Brand factory, Bangor central and forum mall.
Predate apparels started manufacturing in 1995; as a part of its retail wing, Coupon mall started operation in 2007 at Bangor and Rapper. The journey took a fast pace as it ventured in different cities like Abridged, Hydrated, country. The normal Store sizes ranges from 25000 to 50000 sq. Ft. It follows discounted retailing format by targeting value conscious customers but promises big brands in all consumer categories.
It can be categorized as a family store because of the presence of product categories across Men, Women, Kids, Accessories, Shoes and Home section. The coupon mall as the subject of the project was selected after the collective observation that the sale of coupon mall was not up to mark. It was decided the problem identification and root cause analysis would be done. Observation made around campus and noticed that coupon mall had low footfall as compared to other malls.
Coupon mall was chosen as a subject of research to understand& The reasons behind low footfall Is footfall affecting the sales target of the mall If discount shopping format retail appeal to Indian value customer- Are these discount retailers showing a growth in Bangor Does destination shopping has a future Literature survey Price perceptions are an essential part of a retailer’s store image (Lindquist, 1974/1975; Simmer and Golden, 1988). The significance of price is also underlined by recent developments in the retailing sector.
Customers seem to find discount stores cheaper than traditional retailers; however, retailers should not only gauge price images. As research has underlined the multidimensionality of price images (Ezekiel, 2006) and price satisfaction (Metzger et al. 2006), retailers have to set priorities as to which image dimensions they should attach the most importance to. Some retailers might be superior in terms of paying more attention to the price-level image, while other retailers should get better with the perceived value for money.
While the price- level image refers to how cheap or expensive customers recognize the store, value for money depends on what customers perceive they get in return for the prices they pay (price-performance ratio). Despite the utter size and economic importance of discount retailers along with the concentrated coverage that hey receive in the popular press, academic researchers have only recently begun to meticulously examine their strategic decision-making and the consequence of competition between them (Ting GHz, Visual Sings, Mark Mazurka, 2007).
Therefore each retailer needs to evaluate the enablers and deterrents in the retail marketplace. This primarily involves identifying the key drivers of growth, the shoppers’ profile and challenges in the market place. Then the retailer decides the elements of the retail mix to satisfy the target markets’ needs more effectively than its competitors. The hospice of retail mix elements will enable it to decide the type of format or structure of business. The present study answers these questions by analyzing different parameters which impact Costumer’s perception.
The simplicity of bringing big city department stores and traditional shopping centers and malls into communities has since given way for more customized, taste specific retail centers that precisely define their target market. Moreover, the technique in which retail and retail development has identified “place” and “destination” has changed, with its definition being used ore copiously in print and marketing contexts while less so in the dictionary of planners and developers.
The changing position and makeup of suburbs and their residents, the key demographic of shopping malls and complex, spurred this change and retailer’s needs to alter their definition of what constitutes a “destination”, and with more and more customers of all backgrounds and classes moving into these crucial retail battlegrounds, it will be up to developers, planners, retailers, and demographers to study these evolving settlement trends, evaluate their connection tit retail, and continue to redefine the retail destinations around them.
This study has will also focus on the future of destination shopping format in Indian retail concept. Methodology Problem Identification: To understand the problem faced by coupon mall, 25 customers were interviewed who had visited different nearby malls. They were asked some basic questions to identify the grass root problems. Research design: As per the hypothesis, a competitive analysis had been done in which different attributes were compared for different malls with the help of a survey conducted on 25 customers.
Exploratory research: Another 30 customers were interviewed to understand consumer’s point of view on the quality parameter which came out as the major concern in initial indents interview.. Conclusive research: To the customer’s perception regarding coupon mall, a perceptual map was drawn on the basis of the attributes which came out as findings from the comparative study of different malls. Recommendations: Based on the findings from the study, possible recommendations were given to increase the footfall and conversion ratio of the coupon mall.
Exploratory research Two-folded approach was taken for exploratory research: ) To start with the exploratory research depth interviews of local resident were taken on different location at different dates and time. The interviews were taken on both weekdays and weekends, at Eggplant mall, shopper stop, Namesakes mall and also in and outside coupon mall. The questionnaire was developed by keeping the parameters like quality, variety, assortment and discount offered by Coupon mall. A typical interview started with the question that whether a customer knew coupon mall or not.