OBJECTIVES OF STUDY :-
1. To Check the satisfaction level of customer for Vardhman’s daffodil ultra / Daffodil yarn.
2. To conduct the SWOT analysis of daffodil ultra.
3. Study the reasons for reduction in sale of daffodil yarn produced by vardhman.
4. Customer and market analysis of daffodil ultra / daffodil.
5. Study pricing policy of Vardhman’s Daffodil in relation to other products.
SWOT ANALYSIS OF DAFFODIL ULTRA
STRENGTHS
1. Brand Name: daffodil ultra carried with it a brand name of VARDHMAN which is a well recognized and respected name in the yarn market and is available in almost every segment of yarn market.
2. Technology: Vardhman is leader in the market and having the best technology with it. Its EXLAN are an indicator of it being a technology driven company, which always thrives for continuous technology up-gradation. The products made by vardhman are made with technology and are more reliable as far as uniformity of the product is concerned.
3. Research and development: research and development is continuously done and product improvement is continuously done to cope up with the market. DAFFIDIL ULTRA has been developed as product with 80:20 wool feel which gives an upper edge over other products.
4. PRODUCT QUALITY: the quality of the product daffodil ultra is better than the other products, which makes it an obvious choice for the customers to go for it.
5. GOOD DISTRIBUTION NETWORK: Vardhman gives a good distribution network for its products since it has a huge presence all over India. Daffodil ultra has an advantage of having a well built infrastructure.
WEAKNESSES
1. Dissatisfied customers: most of the consumers of vardhman’s product are highly dissatisfied with customer handling and complaint handling system of vardhman.
2. Lot Sizes : Small lot sizes Vis a Vis Daffodil is main weakness of the product.
3. Short Supply: some of the customers who are loyal customers of vardhman’s daffodil fall short of product in peak season and thus they shift to other products.
4. Less softness: according to manufacturers the product daffodil ultra has less softness than required level.
5. Colour range: colour range of vardhman’s daffodil is decreasing year after year and odd shades are not available with dealers.
OPPORTUNITIES
Projection of DAFFODIL ULTRA: DAFFODIL ULTRA should be projected as product of future and a product with difference, which is going to replace all products available in the market.
1. Consumer satisfaction: If the complaint handling system at vardhman is improved and customer is tackled politely then vardhman can increase its sales many folds.
2. Softness: Quality of yarn daffodil ultra is good but with increasing little bit softness in yarn sales can be increased.
THREATS
1. Competition: DAFFODIL ULTRA is facing competition from players like Yogindra, Oswal, Sharman, Garg etc.
2. Inflation in crude oil prices: increase in crude oil prices rises the price of the product.
AWARENESS OF DAFFODIL ULTRA IN LUDHIANA MARKET
The product daffodil ultra was launched by vardhman one year ago and due to less promotional activities the awareness about this product is very less within manufacturers of ludhiana market.
Due to some quality problems in general daffodil some manufacturers stopped buying vardhman daffodil. And in daffodil ultra those problems were removed to some extent but consumer is not aware about it and hence not using daffodil ultra.
Out of 25 respondents only 9 are aware of DAFFODIL ULTRA and rest 16 are unaware.
QUALITY OF PRODUCT DAFFODIL ULTRA
In Ludhiana market most of the manufacturers are satisfied with quality parameters of DAFFODIL ULTRA.
Most of the respondents believe that quality of DAFFODIL is good or average but still there are 2 manufacturers who think that the quality parameters need to be improved.
___________________________________
Excellent Good Average Poor
0 13 10 2
___________________________________
COMPLAINT HANDLING AT VARDHMAN
Most of the manufacturers in ludhiana market are not satisfied with complaint handling of vardhman. They are not happy with behavior of dealers and complaint handling people at vardhman.
They says no one listens to them and if someone listens to their problem no action is taken regarding the complaint. And due to poor complaint handling many of the manufacturers has stopped dealing with vardhman.
___________________________________
Excellent Good Average Poor
1 0 10 14
___________________________________
REASONS FOR REDUCTION IN SALES
• Yarn in uneven
• Complaint handling service is not good. Nobody listen to manufacturers. Most of the manufacturers got frustrated and stopped using vardhman products.
• Low availability of colours, which is important factors influencing reduction of sale.
• After processing material makes noise due to low softness.
• Variation in count.
Market analysis of dyed acrylic yarn and vardhman’s position in the Ludhiana Market.
I have been analyzing the Ludhiana dyed acrylic market from last few days. According to customers and dealers I visited, the quality of vardhman’s dyed acrylic yarn is no doubt at top but as the customers say about the vardhman’s dyed acrylic yarn that its price is high as compared to competitors. Some of them have problem with technology and availability of colours in dyed acrylic yarn. Almost all of them say that demand of acrylic yarn will be average.
Most of the customers and dealers of vardhman want to give advice to vardhman that the must work on availability of colours in dyed Acrylic yarn. Customer handling should be improved and company should take care of manufactures.
CUSTOMER ANALYSIS
• Majority of respondents were of view that sweaters made from daffodil ultra gives high pilling.
• Customers are not satisfied with daffodil ultra due to less softness.
• Awareness in customers about daffodil ultra is very low. Customers who stopped using vardhman’s daffodil few years back are not aware of its new product DAFFODIL ULTRA.
• Customers like daffodil ultra being wooly and soft.
• Although according to respondents , vardhman stands excellent in the market in terms of quality, but at the same time it should workout the areas like variety, innovation, prices and services.
RESEARCH METHDOLOGY
Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. In it we study the various steps, the research process that is generally adopted to study the research problem and basic logic behind them.
This chapter represents the research methodology used for the study. In this chapter selection of sample, collection of data, the statistical tools used in analyzing the data and limitation of study has been discussed.
RESEARCH DESIGN:
A research design is an arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. It constitutes the blueprint for collection, measurement and analysis of data.
DATA COLLECTION:
Data can be collected through primary or secondary or by both primary and secondary sources.
Primary Data
Primary data consists of original first hand information collected specially for the purpose of study. Data can be collected by primary sources by using consumer surveys. In this type of information person could himself collected the data by personal interview or questionnaires or other things.
SOURCES OF PRIMARY DATA
1. Data observation
2. Survey
a) Mail
b) Personal Interview
c) Telephonic interview
In this report the primary data is collected through Questionnaire and personal interview.
Secondary Data
Secondary data consists of information that already exists some where, having been collected for another purpose.
In this Project report the secondary data is used for track past performance of vardhman and share of different products of vardhman in group as a whole following sources of secondary data have been used:-
1) Internet
2) Financial reports of Vardhman
SAMPLING TECHNIQUES:
In this survey non-probability sampling technique is used.
Non-probability sampling is a technique in which the selection of the sample depends on the personal judgment of the investigator. In this the investigator selects a sample which he thinks to be close to the average of the universe. Here the investigator is free to include or exclude any unit in the sample depending on the object of the enquiry so that only those units are selected which processes the true qualities of the universe or population.
TYPES OF SAMPLING :
1) Judgment Sampling
2) Convenience Sampling
SAMPLING UNIT:
Sampling unit refers to eligible individual respondent for the project.
In my study the sampling unit is single manufacturer using vardhman’s daffodil or daffodil ultra yarn.
SAMPLING SIZE:
Sampling size refers to total number of respondents targeted for collecting the data for the research. Out of total population the sample of 25 respondents is taken in my study, which represents total population, and this sampling was selected on the basis of Above Sampling. 25 manufacturers or their production managers or designers were interviewed.
RECCOMENDATIONS
• Company should look into complaint handling procedure, as the respondents are not much satisfied with the complaint management of the vardhman. So, in order to overcome this problem executes should be employed to handle complaints of their respective areas in local markets.
• Majority of the respondents were of the opinion that vardhman prices in case of daffodil ultra were high as compared to its competitors. The prices should be kept competitive, at the same time they should be reduced for market penetration of Daffodil ultra.
• Excellent customer services should be maintained. Customer inconvenience should be removed at all costs.
• DAFFODIL ULTRA needs mass promotion policies to generate awareness among customers.
• Pilling problem should be taken into consideration.
• Little bit softness should be increased in yarn.
HYPOTHESIS TESTING to check the significance difference in satisfaction level among the manufacturers who use vardhman’s Daffodil yarn. Four quality parameters are considered i.e. Fluffiness, Softness, Availability, Competitive price.
Stating NULL HYPOTHESIS
Ho : p1=p2=p3=p4
Stating ALTERNATE HYPOTHESIS
H1 : Not all proportions are equal
Chi² = ∑(fo-fe)²
Fe
Computing of average proportion
P= X1+X2+X3+X4
n1+n2+n3+n4
P= 63 = .63
100
1-p = 1-.63 = .37
Fluffiness Softness Availability Right Price
Obs Exp Obs Exp Obs Exp Obs Exp Total
Yes 17 15.75 21 15.75 8 15.75 17 15.75 63
No 8 9.25 4 9.25 17 9.25 8 9.25 37
Total 25 25 25 25 100
fo fe (fo-fe) (fo-fe)² (fo-fe)²/fe
17 15.75 1.25 1.56 0.099
21 15.75 5.25 27.56 1.749
8 15.75 -7.25 60.06 3.813
17 15.75 1.25 1.56 0.099
8 9.25 -1.25 1.56 0.168
4 9.25 -5.25 27.56 2.97
17 9.25 7.75 60.06 6.492
8 9.25 -1.25 1.56 0.168
15.558
Test Static
a = 0.05
Chi² = 15.558
(2-1) (4-1) = Df = 1×3 = 3
Chi = 7.815
Value of Chi² is grater than 7.815 hence null hypothesis is rejected.
There is enough evidence to prove that there is significance difference in satisfaction level among manufacturers who use vardhman’s daffodil yarn.
1. To Check the satisfaction level of customer for Vardhman’s daffodil ultra / Daffodil yarn.
2. To conduct the SWOT analysis of daffodil ultra.
3. Study the reasons for reduction in sale of daffodil yarn produced by vardhman.
4. Customer and market analysis of daffodil ultra / daffodil.
5. Study pricing policy of Vardhman’s Daffodil in relation to other products.
SWOT ANALYSIS OF DAFFODIL ULTRA
STRENGTHS
1. Brand Name: daffodil ultra carried with it a brand name of VARDHMAN which is a well recognized and respected name in the yarn market and is available in almost every segment of yarn market.
2. Technology: Vardhman is leader in the market and having the best technology with it. Its EXLAN are an indicator of it being a technology driven company, which always thrives for continuous technology up-gradation. The products made by vardhman are made with technology and are more reliable as far as uniformity of the product is concerned.
3. Research and development: research and development is continuously done and product improvement is continuously done to cope up with the market. DAFFIDIL ULTRA has been developed as product with 80:20 wool feel which gives an upper edge over other products.
4. PRODUCT QUALITY: the quality of the product daffodil ultra is better than the other products, which makes it an obvious choice for the customers to go for it.
5. GOOD DISTRIBUTION NETWORK: Vardhman gives a good distribution network for its products since it has a huge presence all over India. Daffodil ultra has an advantage of having a well built infrastructure.
WEAKNESSES
1. Dissatisfied customers: most of the consumers of vardhman’s product are highly dissatisfied with customer handling and complaint handling system of vardhman.
2. Lot Sizes : Small lot sizes Vis a Vis Daffodil is main weakness of the product.
3. Short Supply: some of the customers who are loyal customers of vardhman’s daffodil fall short of product in peak season and thus they shift to other products.
4. Less softness: according to manufacturers the product daffodil ultra has less softness than required level.
5. Colour range: colour range of vardhman’s daffodil is decreasing year after year and odd shades are not available with dealers.
OPPORTUNITIES
Projection of DAFFODIL ULTRA: DAFFODIL ULTRA should be projected as product of future and a product with difference, which is going to replace all products available in the market.
1. Consumer satisfaction: If the complaint handling system at vardhman is improved and customer is tackled politely then vardhman can increase its sales many folds.
2. Softness: Quality of yarn daffodil ultra is good but with increasing little bit softness in yarn sales can be increased.
THREATS
1. Competition: DAFFODIL ULTRA is facing competition from players like Yogindra, Oswal, Sharman, Garg etc.
2. Inflation in crude oil prices: increase in crude oil prices rises the price of the product.
AWARENESS OF DAFFODIL ULTRA IN LUDHIANA MARKET
The product daffodil ultra was launched by vardhman one year ago and due to less promotional activities the awareness about this product is very less within manufacturers of ludhiana market.
Due to some quality problems in general daffodil some manufacturers stopped buying vardhman daffodil. And in daffodil ultra those problems were removed to some extent but consumer is not aware about it and hence not using daffodil ultra.
Out of 25 respondents only 9 are aware of DAFFODIL ULTRA and rest 16 are unaware.
QUALITY OF PRODUCT DAFFODIL ULTRA
In Ludhiana market most of the manufacturers are satisfied with quality parameters of DAFFODIL ULTRA.
Most of the respondents believe that quality of DAFFODIL is good or average but still there are 2 manufacturers who think that the quality parameters need to be improved.
___________________________________
Excellent Good Average Poor
0 13 10 2
___________________________________
COMPLAINT HANDLING AT VARDHMAN
Most of the manufacturers in ludhiana market are not satisfied with complaint handling of vardhman. They are not happy with behavior of dealers and complaint handling people at vardhman.
They says no one listens to them and if someone listens to their problem no action is taken regarding the complaint. And due to poor complaint handling many of the manufacturers has stopped dealing with vardhman.
___________________________________
Excellent Good Average Poor
1 0 10 14
___________________________________
REASONS FOR REDUCTION IN SALES
• Yarn in uneven
• Complaint handling service is not good. Nobody listen to manufacturers. Most of the manufacturers got frustrated and stopped using vardhman products.
• Low availability of colours, which is important factors influencing reduction of sale.
• After processing material makes noise due to low softness.
• Variation in count.
Market analysis of dyed acrylic yarn and vardhman’s position in the Ludhiana Market.
I have been analyzing the Ludhiana dyed acrylic market from last few days. According to customers and dealers I visited, the quality of vardhman’s dyed acrylic yarn is no doubt at top but as the customers say about the vardhman’s dyed acrylic yarn that its price is high as compared to competitors. Some of them have problem with technology and availability of colours in dyed acrylic yarn. Almost all of them say that demand of acrylic yarn will be average.
Most of the customers and dealers of vardhman want to give advice to vardhman that the must work on availability of colours in dyed Acrylic yarn. Customer handling should be improved and company should take care of manufactures.
CUSTOMER ANALYSIS
• Majority of respondents were of view that sweaters made from daffodil ultra gives high pilling.
• Customers are not satisfied with daffodil ultra due to less softness.
• Awareness in customers about daffodil ultra is very low. Customers who stopped using vardhman’s daffodil few years back are not aware of its new product DAFFODIL ULTRA.
• Customers like daffodil ultra being wooly and soft.
• Although according to respondents , vardhman stands excellent in the market in terms of quality, but at the same time it should workout the areas like variety, innovation, prices and services.
RESEARCH METHDOLOGY
Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. In it we study the various steps, the research process that is generally adopted to study the research problem and basic logic behind them.
This chapter represents the research methodology used for the study. In this chapter selection of sample, collection of data, the statistical tools used in analyzing the data and limitation of study has been discussed.
RESEARCH DESIGN:
A research design is an arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. It constitutes the blueprint for collection, measurement and analysis of data.
DATA COLLECTION:
Data can be collected through primary or secondary or by both primary and secondary sources.
Primary Data
Primary data consists of original first hand information collected specially for the purpose of study. Data can be collected by primary sources by using consumer surveys. In this type of information person could himself collected the data by personal interview or questionnaires or other things.
SOURCES OF PRIMARY DATA
1. Data observation
2. Survey
a) Mail
b) Personal Interview
c) Telephonic interview
In this report the primary data is collected through Questionnaire and personal interview.
Secondary Data
Secondary data consists of information that already exists some where, having been collected for another purpose.
In this Project report the secondary data is used for track past performance of vardhman and share of different products of vardhman in group as a whole following sources of secondary data have been used:-
1) Internet
2) Financial reports of Vardhman
SAMPLING TECHNIQUES:
In this survey non-probability sampling technique is used.
Non-probability sampling is a technique in which the selection of the sample depends on the personal judgment of the investigator. In this the investigator selects a sample which he thinks to be close to the average of the universe. Here the investigator is free to include or exclude any unit in the sample depending on the object of the enquiry so that only those units are selected which processes the true qualities of the universe or population.
TYPES OF SAMPLING :
1) Judgment Sampling
2) Convenience Sampling
SAMPLING UNIT:
Sampling unit refers to eligible individual respondent for the project.
In my study the sampling unit is single manufacturer using vardhman’s daffodil or daffodil ultra yarn.
SAMPLING SIZE:
Sampling size refers to total number of respondents targeted for collecting the data for the research. Out of total population the sample of 25 respondents is taken in my study, which represents total population, and this sampling was selected on the basis of Above Sampling. 25 manufacturers or their production managers or designers were interviewed.
RECCOMENDATIONS
• Company should look into complaint handling procedure, as the respondents are not much satisfied with the complaint management of the vardhman. So, in order to overcome this problem executes should be employed to handle complaints of their respective areas in local markets.
• Majority of the respondents were of the opinion that vardhman prices in case of daffodil ultra were high as compared to its competitors. The prices should be kept competitive, at the same time they should be reduced for market penetration of Daffodil ultra.
• Excellent customer services should be maintained. Customer inconvenience should be removed at all costs.
• DAFFODIL ULTRA needs mass promotion policies to generate awareness among customers.
• Pilling problem should be taken into consideration.
• Little bit softness should be increased in yarn.
HYPOTHESIS TESTING to check the significance difference in satisfaction level among the manufacturers who use vardhman’s Daffodil yarn. Four quality parameters are considered i.e. Fluffiness, Softness, Availability, Competitive price.
Stating NULL HYPOTHESIS
Ho : p1=p2=p3=p4
Stating ALTERNATE HYPOTHESIS
H1 : Not all proportions are equal
Chi² = ∑(fo-fe)²
Fe
Computing of average proportion
P= X1+X2+X3+X4
n1+n2+n3+n4
P= 63 = .63
100
1-p = 1-.63 = .37
Fluffiness Softness Availability Right Price
Obs Exp Obs Exp Obs Exp Obs Exp Total
Yes 17 15.75 21 15.75 8 15.75 17 15.75 63
No 8 9.25 4 9.25 17 9.25 8 9.25 37
Total 25 25 25 25 100
fo fe (fo-fe) (fo-fe)² (fo-fe)²/fe
17 15.75 1.25 1.56 0.099
21 15.75 5.25 27.56 1.749
8 15.75 -7.25 60.06 3.813
17 15.75 1.25 1.56 0.099
8 9.25 -1.25 1.56 0.168
4 9.25 -5.25 27.56 2.97
17 9.25 7.75 60.06 6.492
8 9.25 -1.25 1.56 0.168
15.558
Test Static
a = 0.05
Chi² = 15.558
(2-1) (4-1) = Df = 1×3 = 3
Chi = 7.815
Value of Chi² is grater than 7.815 hence null hypothesis is rejected.
There is enough evidence to prove that there is significance difference in satisfaction level among manufacturers who use vardhman’s daffodil yarn.
