Cosmetics and Products free essay sample

Executive summary Within a short span of the last five-six years, the use of cosmetics by Indian consumers has increased significantly with more and more women and men taking greater interest in personal grooming, increasing disposable incomes, changing life styles, influence of satellite television and greater product choice and availability. This cosmetics and personal care industry has been growing at an average rate of 20 per cent for the last few years. The growing Indian cosmetics market offers promising prospects for international brands. The growth rate in the cosmetics market reflects an increasing demand for beauty care products in India. Cosmetics and toiletries are not just the domain of women any longer and Indian men too are increasingly taking to the use of more and more body sprays, perfumes and other cosmetics and toiletries. With rising demand from men, the Indian market is getting enlarged and many players are coming out with cosmetic products especially skin care products for men. Globalization will certainly increase cosmetic products penetration and all professionals shall equip themselves to exploit opportunities offered by this sector. The consumers are the largest economic group in any country and the present day business activities are because of consumers only. Thus, consumers are the pillars of the economy. The consumers are not only the heart of marketing system, but also the controller of marketing functions. But it the modern marketing system consumers sovereignty has become a myth on account of the variety of problems in the process of merchandising. The study of consumer behavior enables marketers to understand and predict consumer behavior in the market place; It also promote understanding of the role that consumption plays in the lives of individual. This gives me an opportunity to work on with this endeavor focusing on the Consumer behavior and perception of women towards cosmetics with special reference to the Lakme’s cosmetics products’. The primary objective of the study is to understand the consumer behavior and perception of women by studying the awareness of the financial products within the consumers and the number of consumers who take the products from Lakme. The introductory chapter gives and insight to the cosmetic industry. It briefly explains about the history of cosmetic sector. It also contains the organizational profile of Lakme, stating about its mile stones, vision, products, and protection solutions. The second chapter gives a glimpses idea about the area of dissertation i. e. theoretical background of the study. This part clearly explains the theoretical part of consumer behavior in general. It also includes statement of the problem, need and impotents of the present study and focal objectives of the dissertation undertaken. Next part explains about the research methodology. With the basic understanding of the study research design was formulated. To collect the data, questionnaires was prepared. The necessary data were collected through personal interviews and interaction with users of Lakme products. This chapter specifically explains about the type of research, sample technique, sample size, actual collection of data and the tools used for the testing of hypothesis. The last but one chapter contains the analysis and interpretation of data collected. The collected data was coded through tally bars and presented in percentage wise and depicted in the form of graphical representation. The last chapter is entirely the exploration of the research study giving all respondents opinion in nutshell as findings i. e. stating that around percentage of customers behave positively towards the Lakme’s products. The dissertation ends up with the suggestions in order to modify the current system for a higher growth and progress. Plan of the project Beauty is skin deep†¦ and sure enough Lakme understand it like no one does . Today brand lakme stand strong as one of the 100 most powerful brands and right fully so ,for it’s ‘the’ brand that lights up the face of million girls ,everyday. It’s a brand that inspire, motivate and something with an emotion, confidence Colours, shades, brushes and tones to beautify, have been the core attribute of the products. The challenge which the cosmetic industry has to break was the negative idea or feeling of â€Å"being fashionable’’. Though the brand missed out on during the past year despite having roped top brand ambassadors is that it scored low on promotional gauge. In the following project we basically seeks to provide experiential marketing solutions to a brand (Lakme) . We also gauge into reasons that why Lakme’s position as market leader was threatened when international majors like Revlon and Maybelline entered the fray in the mid-90s. The research process was entailed by visiting lakme outlets in Jabalpur, which includes the response received from target audiences (Min age 19yrs- Max -45yrs) via through questionnaire for deeper insights. Consumer behaviour Consumer behaviour is the study of when, why, how, and where people do or do not buy product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand peoples wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Customer behaviour study is based on consumer buying behaviour, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behaviour analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized into social choice and welfare functions. Each method for vote counting is assumed as a social function but if Arrow’s possibility theorem is used for a social function, social welfare function is achieved. Some specifications of the social functions are decisiveness, neutrality, anonymity, monotonocity, unanimity, homogeneity and weak and strong Pareto optimality. No social choice function meets these requirements in an ordinal scale simultaneously. The most important characteristic of a social function is identification of the interactive effect of alternatives and creating a logical relation with the ranks. Marketing provides services in order to satisfy customers. With that in mind, the productive system is considered from its beginning at the production level, to the end of the cycle, the consumer.