Research done as part of Consumer Behavior subject to understand which category of FMCG products is bought most impulsiv...
Program & Batch: Term: Course Name: Name of the faculty: Topic/ Title :
PGDM (DCP) 2012-14 V Consumer Behavior Dr. Sita Mishra Factors affecting Impulse Buying in an FMCG Product Category Original
Original or Revised Write-up: Group Number: Contact No. and email of Group Coordinator: Group Members:
5 +91 9810995672,
[email protected] Sl. 1 2 3 4 5 6 7
Roll No. 12DCP-051 12DCP-067 12DCP-073 12DCP-085 12DCP-086 12DCP-101 12DCP-122
Name Karthik Akunuru Mohit Jain Nikhil Saxena Rahul Agarwal Rahul Bhardwaj Satyam Gupta Utkarsh Nagar
2013
Factors affecting Impulse Buying in an FMCG Product Category
Factors affecting Impulse Buying in an FMCG Product Category
A Project Report for
Consumer Behavior Post-Graduate Diploma in Management
By
Group-5
Under the guidance of Dr. Sita Mishra Assistant Professor Marketing Institute of Management Technology, Ghaziabad
AUGUST, 2013 Group 5
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Factors affecting Impulse Buying in an FMCG Product Category Certificate of Approval
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Factors affecting Impulse Buying in an FMCG Product Category
The following Term Project Report titled “Factors affecting Impulse Buying in an FMCG Product Category" is hereby approved as a certified study in management carried out and presented in a manner satisfactory to warrant its acceptance as a prerequisite for the award of Post-Graduate Diploma in Management for which it has been submitted. It is understood that by this approval the undersigned do not necessarily endorse or approve any statement made, opinion expressed or conclusion drawn therein but approve the Term Project Report only for the purpose it is submitted.
1.
Name Faculty Examiner
Signature Dr. Sita Mishra
ACKNOWLEDGEMENT Words are indeed inadequate to convey our deep sense of gratitude to all those who have helped us in completing this academic project to the best of our ability. Being a part of this project has certainly been a unique and a very productive experience for us. We are really thankful to our faculty, Dr. Sita Mishra, for making all kinds of arrangements for us to carry out the project successfully. His timely guidance and help enabled us in solving all kinds of queries regarding the project work. Last but not the least we would like to thank all our colleagues at IMT-G, who have directly or indirectly helped us with their moral support for the completion of this project.
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Table of Contents 1. Introduction…………………………………………………………………………………6 2. Rationale for the Project…………………………………………………………………….7 3. What is Impulse Buying? ......................................................................................................8 4. Consumer Behavior in Impulse Buying…………………………………………………….8 5. Chocolate Industry Worldwide……………………………………………………………..9 6. Chocolate Industry in India………………………………………………………………...11 Group 5
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7. Identifying an FMCG Product Category characterized by Impulse Buying………………..12 8. Research Methodology……………………………………………………………………..12 9. Primary Research a. Part 1: Identifying an FMCG Product Category characterized by Impulse Buying…… 13 b. Part 2: Factors affecting Impulse Buying of Chocolates……………………………….14 10. Conclusion & Recommendations…………………………………………………………..17 11. Appendices…………………………………………………………………………………19
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Introduction Impulse buying is to buy some product or service in an unplanned way, just before a purchase. Feelings and emotions play a decisive role in buying a product just because of its exposure at the right time with might be a right message. Marketers and retailers have learnt to exploit these impulses which are related to basic want for instant gratification. Many items are strategically placed near the payment counter where, most of the times, a customer has to wait for few minutes for his turn and view the prominently displayed items and can’t help himself but pick few of the items out of instant gratification. These items trigger impulse buyers to purchase what had not considered purchasing at the first place. Alternatively impulse buying can occur when a potential buyer spots something related to a product that stimulates a particular passion in him like flag of some country over a DVD. Apart from effective retail communication impulse buying can also take place because of the discount offers. Impulse items can be anything, a new product, samples or well established products at surprisingly low prices. Though impulse buying is not restricted to FMCG products, still FMCG products are the item where this phenomenon is at most used and is most appropriate. There can be products like candy, gum, mints and chocolate or products like DVDs and CDs or stationery items like pen, pencils, and erasers or in the summer time retailers put their refrigerators near the counter to increase the sales of cold drinks and juices. Following are some factors related to products which trigger impulse buying: •
Packaging: It attracts the at most attention of a customer. A celebration pack of chocolates packed in a fancy way is definitely going to attract a customer.
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Scent: On the way to a cash register a deodorant or a shampoo or some item with a nice aroma is going to attract the customer’s attention
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Sale: A discounted item is always appealing to a customer for all the saving a customer can do over it.
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Shelf Placement: Certain items are put at the eye level in order to increase the visibility of the item.
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Thus FMCG products are easy to expose to the customers and have a lot of appeals which can attract customer to go out of their way and make the purchase. Retailers are very particular about what all products to place near the counter and impulsive buying contributes significantly in the overall sales.
Rationale for the Project Impulse buying has always been a challenge in marketing due to its complex nature. Impulse buying is a difficult and multifaceted phenomenon which is responsible for a huge volume of the products sold each year. Consumer researchers have focused on identifying the various factors which induce impulse buying in different developed countries. In the developing economies, there is a necessity to study the impulse buying because of the latest development in retailing and huge cultural differences when compared to developed economies. Increase in salaries, life style and credit availability have made impulse buying a widespread phenomenon across the different retail formats. Making an attractive shopping environment and in-store stimuli is very important to increase the sales through the unplanned purchase. Current Indian retailing environment could provide a lot of scope for consumers to become impulsive in different product categories. The universal nature of impulse buying can be capitalized by retailers to benefit their respective businesses. The combination and synergistic effect of the many factors influencing impulse buying could lead to more sales, thus benefiting the marketers and retailers. The following are some reasons to study impulsive buying behavior of the customers with reference to FMCG products: •
Effect of various external stimuli on the impulse buying behavior
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Effect of various internal stimuli on the impulse buying behavior
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Effect of product and situational related factors on impulse buying behavior
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Effect of demographics and socio-cultural aspects on impulse buying behavior
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Factors affecting Impulse Buying in an FMCG Product Category What is impulse buying?
An impulse purchase or impulse buying is a spur of the moment, unplanned decision to buy a product or service, made just before the actual purchase. One who makes such a purchase is called an impulse purchaser or impulse buyer. Emotions and feelings play a major role in purchasing, as per many researches. This is triggered when the person sees the product or is exposed to a well-crafted promotional message. Marketers and retailers tend to exploit these impulses to buy which are tied to the basic want for instant gratification. It is often seen that consumers end up buying products at retail stores that they didn’t really plan to buy. This is because consumer’s behaviour is often driven by their unconscious mind, which makes them do impulse buying. Such purchases ranges from small (chocolate, clothing, magazines) to substantially large (jewellery, vehicle, work of art) and usually (about 80 percent of the time) lead to problems such as financial difficulties, family disapproval, or a feeling of guilt or disappointment. Consumer behaviour in impulse buying Impulse purchasing is an important phenomenon for researchers in consumer behaviour and retailing. Studying consumer behaviour regarding impulse purchases is important and was started long back. The classification of a purchase as planned or impulse began with the Stern (1962) study where he provided the basic framework of impulse buying by categorizing a buying behaviour as planned, unplanned, or impulse. Planned purchases involve timeconsuming information-searching with rational decision making, whereas unplanned buying refers to all shopping decisions made without any advance planning. Impulse buying is distinguished from the unplanned buying in terms of quick decision making. In addition to being unplanned, an impulse purchase also involves experiencing a sudden, strong, and irresistible urge to buy. Iyer (1989) further distinguished that all impulse purchases are unplanned, but unplanned purchases are not always impulsively decided. Han et al. (1991) modified the Stern (1962) classification of impulse mix in context of fashion products and developed as four types of impulse buying: i) Planned impulse buying
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ii) Reminded impulse buying iii) Suggestion or fashion-oriented impulse buying iv) Pure impulse buying Planned impulse buying is partially planned but specific product or categories are not decided by the shopper. They are further determined on the basis of the different sales promotions inside the shop. Reminder impulse buying occurs when the buyer is reminded of the need of the product noticing it in the shop. Pure impulse buying is a novelty or escape purchase which a shopper breaks the trend of usual shopping. "Traditional" marketer-controlled stimuli such as the product itself, the product's position on the shelf, atmospherics (Kotler, 1972), salesmanship, tie-ins have been identified by consumer researchers as prompts for unplanned or impulse purchases.
Chocolate Industry Worldwide Chocolate is one of the most popular foods of the world. From its origin in South America to its consumption in Europe, chocolate has a very long and rich history. Chocolate has been traded internationally for many centuries now, both nationally and internationally. Consumption of chocolate, especially Dark Chocolate and other sugar free chocolates, are growing because of their health benefits. Chocolates come in many flavors, sizes and packaging. The word “chocolate” originated from a Spanish word. Chocolate is made from the beans we get from cacao tree. They are very bitter and usually sugar is added to the cocoa solids. A brief History: The origins of chocolate can be traced back to people from ancient Maya and Aztec civilization, which first made the spicy drink made from roasted cacao beans. Cacao has been cultivated in Mexico and America for at least past 3 millennia from 1100BC. The secret for making chocolate was taken to France in 1615. They adopted the chocolate drink quickly and
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it gradually spread to other European nations. As European nations colonized different parts of the world, they setup cacao plantations to ensure a constant supply of chocolate.
The following figure shows the places where cocoa beans are produced.
Different Types: There are many different types of chocolates. They are broadly classified into 4 main categories. 1. Dark chocolate 2. Sweet chocolate 3. Milk chocolate 4. White chocolate
Many chocolate manufacturers have created a variety of products from bar chocolates to fudge, so that they could attract different kinds of customers with varying needs. The following shows the revenue for the top 10 chocolate manufacturers in the world.
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Factors affecting Impulse Buying in an FMCG Product Category Chocolate Industry in India
The chocolate industry in India is mainly dominated by two companies Cadbury and Nestle. The market leader is Cadbury which has a lion's share of about 70 percent. During early 90s, Cadbury had a market share of over 80 percent, but then entered Nestle and spoiled the scene. The Gujarat Co-operative Milk Marketing Federation (GCMMF) and Central Arecanut and Cocoa Manufactures and Processors Co-operative (CAMPCO) are the other companies which are operating in the Indian chocolate segment. Competition in this segment is becoming very fierce with the entrance of companies like Mondelez, Mars, Nestle, Perfett Van Melle, Parle and ITC which are launching new products. A wide variety and innovative products like a lollipop that can overcome boredom, sugar-free mint for calorie conscious, a toffee that can boost romance, and dark chocolates that are bitter at the same time sweet have come up in the market. The Indian chocolate industry is Very fragmented with a range of products catering to a variety of consumers and age groups. There are different types of bars/slabs, jellies, lollipops, toffees and sugar candies. Given the huge population in the country it is a surprise to note that the Per capita chocolate consumption is very low at 120gms whereas in countries like Ireland, Germany and Belgium it is more than 11kgs. However, Indians consumed around 22,000 tons of chocolate last year. India's chocolate market is estimated to be around Rs 3,000 crores while the organized confectionery market is around Rs 2,000 crores. The overall chocolate market is said to be growing at 15% a year, while the growth in modern retail is almost double of that rate. Awareness about chocolates is very high in urban areas, which has a population of about 38 crore, at over 95%. TechSci Research recently published a report stating that India's chocolate market is expected to reach about $3.2 billion by 2018 due to increasing gifting culture and increase in the income. Higher disposable incomes and a taste for richer chocolates in recent times have ensured a steady growth of the premium chocolate market in India. With a market share of 10 per cent of the Rs 2,000-crore chocolate market, the premium segment is pretty small. Yet, it is growing at a steady rate of 30-40 percent per annum, according to industry estimates. Group 5
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Both chocolate and sugar confectioneries have a very low penetration levels in India, in fact, even lower than biscuits, which reach out to about 56 per cent of the households. The launch of lower-priced, smaller bars of chocolate in the last few years and positioning of chocolate by the companies as a substitute to traditional sweets during festivals, have boosted the sales of the chocolates to a large extent especially during the festive seasons.
Identifying an FMCG Product Category characterized by Impulse Buying Consumers going for impulse Buying do not think much about the consequences or give a much considered thought before making a purchase. Impulse buying, as the name suggest, is a phenomenon done impulsively where buying done by consumer is done without any evaluation and carried out in a unreflective manner. The consumer going for impulse buying focuses on the instant gratification which buying of the product provides rather solving some (pre)existing problems or need to find a predetermined need in the mind of the consumer. Nonetheless to say, impulse buying is a hedonically complex process and simulates an emotional process. As per the researchers like, Rook and Hook (1983) identified 5 important elements assisting in impulse buying: 1. A spontaneous and sudden desire to buy 2. A presence of “Psychological Disequilibrium” 3. An onset of psychological struggle and conflict 4. A reduction in cognitive evaluation 5.
A lack thought process regarding the impulse buying consequences.
Research Methodology This project relies on primary research to achieve the objectives undertaken. The research is divided into two parts: Group 5
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The first part deals with identifying an FMCG product category that is characterized by impulse buying.
•
Once an FMCG category has been identified, the second part deals with identifying which factors affect impulse buying in that particular category.
Primary Research Part 1: Identifying an FMCG product category that is characterized by impulse buying Questionnaire Design Focusing on the rationale of the project, we identified a set of objects which can be categorized under the umbrella of impulse buying products. In order to understand the consumer behavior in context of impulse buying, we as group members developed a “Qualifying Question” which states the following: “While shopping, which of the following products have you usually ended up buying unplanned (impulse buying)?” These categories are: ** 1. Personal Care – Example like Toothpaste, Hair oil etc. 2. Home care – Example like Detergent s soaps, bathing soaps. 3. Foods – Examples like Chocolates, Ice Creams. 4. Beverages – Examples like Tea, Juices. (**Please refer the questionnaire in the appendix 1A.)
Method of Survey The group members took the survey on the personal device assistants like tabs and went to one of the Big Bazaar outlets of city Ghaziabad. In addition to this, they also visited other retail outlets like Easy Day, Goel Super Markets (a nearby retail supermarket Shop). Results from Part 1 of Primary Research
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The group members requested the customers to fill the questionnaire, and recorded the results. As per results from the survey, Chocolates is a product category for which maximum respondents said they made impulse buying. Using the results from part 1 of the research, we narrow our project scope to factors affecting impulse buying in this particular product category, i.e., Chocolates. (For detailed results, refer Appendix 1B)
Part 2: Factors affecting Impulse Buying of Chocolates Questionnaire Design From the exploratory study we found out that buying a chocolate is generally an impulsive decision. Now we will try to find the answers for •
What are the attributes which make this category for impulse buying?
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At what all places does it take place?
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What impact does the pricing of chocolates have on customers’ decision?
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What are the internal and external motivations to buy a chocolate?
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Why that particular brand of chocolate?
Few potential place where identified after a brainstorming session such as supermarket, general shops, bakery, gift shops, etc. Placement of chocolates within these stores was another factor looked at upon. Some broad categories within this factor would be places like the billing counter or sweet and chocolate sections. The case when the customers themselves ask about chocolates when they are not visible was also covered. To estimate on average how much a customer is willing to pay for buying chocolate during an impulse decision, a question was asked where respondents were asked to choose a price range from a list of price ranges.
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Questions on how discounts and other promotional activities affect their buying decision were also asked. To understand the extrinsic and intrinsic motivation factors, questions on packaging, such as image on the packet, size of the packet, material use for packing etc. were asked. Even questions related to health consciousness were incorporated in the survey. (Please refer the questionnaire in the appendix 2A.)
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Analysis of Results of factors affecting Impulse Buying of Chocolates (For detailed results, refer Appendix 2B)
Place of Impulse Purchases: Most impulse buying of chocolates takes place in supermarkets and general stores. Placement of Chocolates within stores: A very small percentage (10%) of respondents said that they asked for the chocolates themselves. For the rest 90%, impulse buying happened because the chocolates were kept at an approachable/visible place within the store, i.e., either in shelves meant for chocolates or at stands placed near the billing counter. Majority of the respondents said that they were tempted into buying chocolates when they were placed near the billing counter. This finding was also supported by the fact that 63% respondents said they bought chocolates impulsively because they were waiting in the billing queue and picked up chocolates placed in stands placed nearby. Most Favorable Price Range: Most of the respondents (48%) bought chocolates in the price range of Rs.21-40 impulsively. Effect of Advertisements on Impulse Buying: 52% of respondents disagreed that they remembered a particular chocolate’s advertisement which led them to impulsively make the purchase. 18% respondents were neutral to the idea and only 30% remembered the advertisements that led to impulse buying. This is an astounding finding that indicates that chocolate ads, even though creative, do not lead to impulse buying. Impact of Packaging Color: From survey results, it is found that the color of packaging plays a major role in inducing impulse buying. 54% of respondents said that they were attracted by the color of packaging that led them into buying a particular chocolate. Impact of Discounts: Most of the respondents (63%) disagreed with the notion that discounts like price discounts, extra grammage etc. compel them into making chocolates impulsively. There could be two plausible reasons for this: •
There are rarely any discounts offered on chocolates
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Discounts on chocolates do not lure consumers into buying chocolates impulsively
Appeal of New Brands: Launching new brands of chocolates can also induce impulse buying, though not to a great extent. There was a small but significant portion (39%) of respondents that bought chocolates impulsively just because they wanted to try a new brand. Brand Pull: Majority of the respondents (76%) were pulled into buying chocolates impulsively because they had a liking for a particular brand. This implies that brand plays a major role in influencing impulse buying in chocolates. Word-of-Mouth (WOM) Marketing: More than half of the respondents bought chocolates impulsively because some of their relatives or friends had advised them to try that chocolate. WOM marketing led them to buy chocolates impulsively. Buying Induced by Other Users: Majority of respondents said that they were tempted when they saw other consumers eat or buy chocolates. Effect of Sales Force: Almost all the respondents declined the notion that they bought chocolates impulsively because they had been approached by a salesman to try a chocolate. A possible reason for this could be that sales force is seldom used to promote chocolates. Effect of other Packaging aesthetics: As per the survey, text and images on the packaging and the quality of packaging do not play a major role in attracting consumers towards buying a chocolate impulsively. However, a unique shape does attract consumers. Induced Craving: Almost all the respondents (88%) said that they felt a craving for chocolates when they saw them and that led them into buying chocolates impulsively. It is scientifically proven that eating chocolates releases certain hormones like endorphins, serotonin, and phenylethylamine that enhance our “happy” moods. Endorphins cause feelings of euphoria and trigger the release of sex hormones. “Serotonin” is a “necessary” chemical in our brain for us to be in a “happy” mood and to be aroused. Phenylethylamine (PEA) increases the pulse rate and feelings of excitement, resulting in sensations similar to those experienced when one is in love. These feelings of pleasure that chocolates give may be one of the reasons why people feel a craving for chocolates and get tempted into buying them. Group 5
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Buying chocolates also had a positive correlation with being in a happy mood (72% respondents said they bought chocolates because they were in a good mood). Calorie-Consciousness: Most of the respondents (60%) who were tempted into impulse buying of chocolates do not care for the extra calories that are associated with chocolates. Other way of interpreting this would be to say that calorie conscious consumers do not buy chocolates impulsively. Other factors: Chocolate ingredients and energy provided by them do not have a significant effect on impulse buying of chocolates.
Conclusions & Recommendations •
To induce impulse buying of chocolates, marketers should ensure that chocolates are placed at locations within the store where they have a good visibility and preferably within physical reach of consumers.
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To induce impulse buying, most of the chocolates placed near the billing counter should be in the range of Rs. 21-40. Then there can be chocolates in the range up to Rs.20 and from Rs.41-60. Chocolates above Rs.60 do not induce much impulse buying and should account for a very small, if at all, proportion of chocolates placed near the billing counter.
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The color of packaging plays a major role in attracting consumers towards chocolates and this attribute should be used carefully by marketers to induce buying. Further research would be required to determine colors/color combinations most effective in inducing impulse buying of chocolates. Such a research is out of scope for this study.
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A strong brand image should be created by using a sound advertising strategy. Marketing campaigns should focus on the most distinctive characteristics of chocolates like taste, packaging and establish an emotional connect with the consumers. Marketers should strive to have a strong recall for their brands in the minds of consumers to promote impulse buying.
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Since most of the buyers are tempted into buying chocolates impulsively when they see others buying or eating chocolates, marketers can use this observation by placing posters or displays in supermarkets which depict people eating chocolates.
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The fact that WOM marketing plays a major role in inducing impulse buying of chocolates combined with rising role of social media in marketing, marketers should strive to form online communities on social media platforms to promote their brands of chocolates and use WOM marketing to promote impulse buying of their brands.
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Factors affecting Impulse Buying in an FMCG Product Category Appendices
Appendix 1A: Questionnaire to determine FMCG Product Category characterized by Impulse Buying
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Appendix 1B: Summary of Results from Questionnaire in Appendix 1
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Appendix 2A: Questionnaire to determine factors affecting impulse buying in chocolates
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Appendix 2B: Summary of Responses from questionnaire on “Factors affecting impulse buying in Chocolates” From where have you bought chocolate(s) unplanned? (Tick as many as relevant)
Please check the ones which are relevant to you:
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What would be the most suitable price range in which you usually buy chocolates unplanned?
I remembered its advertisement when I saw the chocolate
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The color of the packaging was attractive
There were some discounts on the chocolate like price discounts, 10% extra free etc.
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Wanted to try a new brand
Most chocolates under this brand taste good
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My Friend/Relative advised me to try a particular chocolate
I saw someone else buy/eating it; I got tempted to buy a chocolate.
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A salesperson approached me to buy it
I was waiting in the queue, saw the chocolates in a nearby shelf; added it to my cart.
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The images on the packaging were attractive
The text on the packaging was attractive
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Shape of the chocolate packaging was unique/attractive
Quality of packaging material was good
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I bought the chocolate because of its unique ingredients (pure veg./nuts etc.)
I felt a craving for it when I saw it
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I was happy/in a good mood, so I bought a chocolate
I was feeling low, bought chocolate to uplift my mood
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Chocolates give me instant energy
I don’t care about the calories; wanted to indulge myself, so bought a chocolate
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