Consumer behavior towards new and improved products: Comparative analysis on India and Singapore

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TABLE OF CONTENTS

CHAPTER 1: INTRODUCTION1

Background of the Study1

Purpose of the Study1

Problem Statement1

Rationale of the Study2

Aims and Objectives2

Theoretical Framework3

Research Questions3

Research Hypothesis3

CHAPTER 2: LITERATURE REVIEW4

Consumer Behavior4

Applications of Consumer Behavior4

Modern Theory of Consumer Buying5

Consumer Behavior towards New and Improved Products6

Skincare Industry in India7

Market Value7

Market Value Forecast7

Market Volume7

Market Volume Forecast7

Market Segmentation8

Skincare Industry in Singapore8

Market Value8

Market Segmentation I8

Market Forecast8

CHAPTER 3: METHODOLOGY9

Research Design philosophy9

Qualitative and Quantitative Study9

Rationale for Quantitative methodology10

Data Collection11

Data Analysis11

Limitations of Research12

REFERENCES13

APPENDICES15

Appendix 1: Questionnaire15

Appendix 2: Time Table18

CHAPTER 1: INTRODUCTION

Background of the Study

During the first decades of the twentieth century, there were two principles at work. The first was focused on the economics of marketing using branding to establish the legitimacy and prestige of a business in order to present the brand's value proposition to the consumers. Additionally, in the past, marketing has tried to control rather than embrace the consumers, but this structure is breaking down as a result of failure in understanding what controls individual behavior in postmodern consumption.

In the same way, the relationship between the government and the citizens is very difficult to understand, the relationship between producers and consumers has never been so simple. People are not shouting in the streets what they want to buy; they select from a large range of options that are supplied to them by manufacturers and suppliers. The competitiveness between brands is increasing, and by inference, the number of advertisements increases too.

Purpose of the Study

The purpose of the study is to determine the behavior of Consumer towards new and improved products. It will focuses on comparative analysis between consumer preferences in India and Singapore.

Problem Statement

A major focus of this research project will concentrate on four main elements related with the consumer that affect the purchasing decision. The first point of interest is the consumer brand awareness. The importance of exploring this point is to know if consumers can identify or recognize a group of global brands, in order to obtain further information from the consumers related to the their brand purchasing behavior. Rossiter and Percy (1987, p.45) states that the brand awareness is essential for the communication process to occur as it precedes all other steps in the process. The second point of interest refers to the value that consumers place on innovation regarding to brands in India and Singapore.

Rationale of the Study

According to the environment we live in today is constantly changing in many aspects, and because of that, consumers have dynamic behavior that is constantly changing, for example, the social attitudes, the marketer's change the way they understand and target consumers, market fragments, the academic literature on consumer behavior, and so on. Evidence suggests that his main reason for these changes is the globalization. Khan (2008, p.36) states that the globalized economy has affected the consumer preferences.

Aims and Objectives

To determine the buying behavior of consumer for new and improved skincare products.

To determine the factors that influence consumer to purchase the products

To determine the behavior of consumer in India in context ...