Inderstanding Consumer Behaviour Towards Luxury Products

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A Report On Understanding Consumer Behaviour towards Luxury Products By Jitesh Sanghvi MMS – 137, Marketing Year 2009-10 K J Somaiya Institute of Management Studies & Research Understanding Consumer Behaviour towards Luxury Products Understanding Consumer Behaviour Towards Luxury Products By Jitesh A Sanghvi Under the guidance of Mar. Nilesh Talreja Senior Executive Interface Communication ______________ Designation SIMSR, Mumbai K J Somaiya Institute of Management Studies & Research May-June, 09 Jitesh Sanghvi - MMS -137, Marketing Page 1 Understanding Consumer Behaviour towards Luxury Products Certificate Jitesh Sanghvi - MMS -137, Marketing Page 2 Understanding Consumer…show more content…
Method: Primary research was done in two steps.  Qualitative Research – Depth Interview Method  Quantitative Research – Survey Method 1) Qualitative Research: For qualitative research, few high income people were asked open ended questions which were formulated based on the secondary research and in line with the hypothesis. Depth interview of 10 people were taken which gave an insight into their purchase behavior and their decision making process for a luxury good. Based on this interviews and a further review of the secondary research reports, a final survey questionnaire was prepared. 2) Quantitative Research: For quantitative research, after making the initial questionnaire it was pretested with 5 participants and was improvised. The final sample was 30 with target group being A and A+ socio-economic class people. In June 2009, the survey was conducted to observe the behavior pattern of consumers in buying luxury products. This allowed us to find out about the behaviour of the consumer towards luxury products across various income groups. Also we asked them about what all factors Jitesh Sanghvi - MMS -137, Marketing Page 5 Understanding Consumer Behaviour towards Luxury Products influence them to buy such products and which brand of products do they feel are luxurious. We also understood the price range that they feel makes the

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