PURCHASE DECISION WITH RESPECT TO SILK PRODUCTS IN CO-OPTEX

Transcription

1 PURCHASE DECISION WITH RESPECT TO SILK PRODUCTS IN CO-OPTEX Dr.R.Elangovan Professor of Commerce, Directorate of Distance Education, Annamalai University, Annamalai Nagar Mr. R. Raman PhD Research Scholar, Department of Commerce, Annamalai University, Annamalai Nagar ABSTRACT The results of the study, most of the respondents are purchasing silk products from the Co-optex on the basis of quality as well as traditional practices. The younger age groups are offering new and latest design of the silk sarees in the Co-optex and they are like to purchasing a sarees through online market. This article highlights purchase decision with respect to silk products in Co-optex Keywords: Handloom, Power loom, The silk handloom industry, Weavers Co-operative Society, Co-optex Introduction Textile industry plays a predominant role in India s socio-economic change present providing employment to 43 million of the population directly dependent on this sector for livelihood. Handloom, a part of textiles, comprising cotton, jute, silk, wool, artificial fiber, special fibers and sericulture faces intense competition from power loom and mill sectors. Tamil Nadu occupies a pride place in handloom sector with maximum number of handlooms in the Country. Handloom weaving is one of the largest economic activities in Tamilnadu. There are 4.13 lakh handlooms located in the State in which 2.32 lakh handlooms are functioning with 1130 Handloom Weavers Cooperative Societies and the remaining 1.81 lakh looms are outside the Cooperative fold, thus providing employment to 6.08 lakh weavers. The silk handloom industry plays a vital role in India s economy. India, the second largest producer of raw silk and it is 26,480 MT in Andhra Pradesh, Karnataka, West Bengal, Taminadu and Jammu & Kashmir are the major states producing about 96.37% of the mulberry silk production in the country. Silk Handloom Weaving is one of the major economic activities in Tamil Nadu. Tamilnadu Handloom Weavers Co-operative Society Ltd., popularly known as Co-optex, was established in 1935 and has a long and rich tradition in Handloom History that dates back over 80 years. Co-optex has a network of 200 showrooms spread all over India with an annual turnover of around Rs.1000 Crore. It is the No. 1 Apex Handloom Co-operative society in the country because of its talented, dedicated, highly skilled and devoted clan of Handloom Weavers from all over Tamilnadu. Its Logo-the multi-hued Butterfly is synonymous with quality, durability and fair trade. Statement of the Problem Marketing is essential to boost the sale of handloom products. Marketing has been recognised as being central to the growth and development of the handloom industry. In the last few years, the idea of buying and selling has tremendously changed. Most of the consumers are prefer to purchase a product through direct marketing of internet facility. The consumers are not ready to spend the time at the floor of cloth merchant. The variety of products are easily watching and selecting through the mode of internet. The Page 83

2 selected products are delivered at the door step of the consumers by the online marketers. The online marketers are giving stiff competition in the cloth business. Co-optex is basically engaged in marketing of Handloom fabrics produced in Tamilnadu. Handlooms constitute a priceless asset of Tamilnadu rich cultural heritage. These fabrics marketed by Co-optex, represent an aesthetic quality of high order and represent a great social cause. The Co-optex international show room at Chennai (Head Office) also marketing their products through online. In this concern, the researcher has to know about the determinants of factors for choosing silk products in Co-optex. Objectives of the Study The objectives of the present study are: 1. To understand the demographic status of the sample respondents. 2. To examine the factors influencing to purchasing of silk products in Co-optex. 3. To find out the suggestions given by the respondents for the improvement of sales of silk products in Co-optex. Methodology The present study adopted survey method of research and it was conducted in the select four Co-optex show rooms in Chennai city. The researcher has selected women customers alone for the study as, the women are like to choose silk products especially on silk sarees. The researcher has chosen thirty women customers as respondents, for each show room (Head office of Chennai, Mambalam, Adayar and Anna Nagar) by adopting simple random sampling method. The researcher has designed an interview schedule and distributed to women customers to collect the necessary information. The factors influencing purchasing of silk products of Co-optex are classified into three broad factors- related factors, related factors and other factors. The factors influencing purchasing of silk products are assessed with agreeability five point Likert Scaling: 1- Highly agreed; 2-Agreed, 3- Neither agree and Nor Disagree, 4-Disagree and 5- Highly disagree. Hypotheses: 1. There is no significant mean difference in factors influencing purchase of silk products among different age groups. 2. There is no significant mean difference in factors influencing purchase of silk products among different occupational status. 3. There is no significant mean difference in factors influencing purchase of silk products among different monthly income groups. 4. There is no significant mean difference in factors influencing purchasing of silk products among different modes of purchases. Analysis and Interpretation: Demographic Profile Totally 120 respondents are selected from four show rooms of Co-optex in Chennai City. The important elements of age, occupation, family income and mode purchases of customers are taken for this study. The demographic profile of the respondents is given in Table- 1. Table 1 Demographic Profile of Women Customers Age No. of Respondents Percentage Below Above Total Occupation Government Employee Private Employee Business Women House Wives Students Total Family Income Below Rs.10, Rs.10,001 to Rs.20, Rs.20,001 to Rs.30, Above Rs.30, Total Page 84

3 Mode of Purchases Cash Credit Both Cash & Credit Online Total Source: Primary Data. Table-1 shows the demographic profile of the selected women customers who purchased silk products at Co-optex showrooms in Chennai City. Out of 120 respondents, 51 respondents (42.50percent) are in the age group of above 36 years and 18 respondents are (15percent) below 25 years. Among the selected respondents 60 respondents (50percent) are working as government employees and 9 respondents (7.50 percent) are students. The monthly income of the respondents is one of the important factors for purchasing silk products. Out of 120 respondents, 46 respondents (38.30 percent) monthly income ranges from Rs to Rs and 12 respondents are earning below Rs per month. Most of the respondents(57.50 percent) are purchasing a silk products through cash mode. 17 respondents (14.20 percent) are purchasing silk products through online. Table 2 Descriptive Statistics and ANOVA of, and Others factors in respected to Age Variables Age N M SD F P H 0 Below to to Above Below to to Above Below Others 26 to to Above * Rejected Accepted * Rejected Table 2 disclose that Descriptive statistics-mean and standard deviation and ANOVA results of various factors influencing purchasing of silk products at Co-optex across different age groups. For that purpose, the factors are classified into three-, and other factors. The first influencing factor considered for the study is factor. In order to assess whether product factors influence significantly different among different age group or not, ANOVA test is conducted. The ANOVA F value is and p value is As the p-value is less than 0.05, the null hypothesis is rejected. Therefore it is inferred that product factors influence among different age group respondents significantly differs. factors have more influence among the 31 to 35 years respondents (N=22; M=1.57 and SD=0.467). Whereas below 25 years woman respondents product influence is least among age group (N=18; M=2.73 and 0.485) The second influencing factor for the study is price factors. With regard to price factors, the results of the ANOVA (F= 2.24, P-value =0.086, P>0.05) reveals that null hypothesis are to be accepted. Therefore, it is inferred that price factor influence/ between different age group are same. The third influencing factor is others factors. The ANOVA (F=4.533, p=0.005, p 0.05) results shows that null hypothesis are to be rejected. Therefore, it is inferred that there exist significant difference among different age group of respondents on other factors influence. Other factors have more influence among the age group of 31 to35 years respondents (N- 22; M-1.94, SD ). Whereas below 25 years women respondents other factors influence is least among the different age groups (N- 18, M-2.25, SD ). Hence, it is concluded that product and other factors have significant influence among age group women customers, whereas it is least among below 25 years respondents. Page 85

4 Table 3 Descriptive Statistics and ANOVA of, and Others factors in respected to Occupation Variables Occupation N M SD F P H 0 Government Employee Private Employee Businesswomen Students House wife Government Employee Private Employee Businesswomen Students House wife Government Employee Private Employee Others Businesswomen Students House wife * Rejected * Rejected * Rejected Table3 depicts that Descriptive statistics-mean and standard deviation and ANOVA results of product, price and other factors influencing purchasing of silk products at Co-optex across occupational status. In order to assess whether product, price and other factors influence significantly differs between various occupational statuses or not, ANOVA test is conducted. The F value of, price and other factor is 4.48, 7.26 and14.56 respectively and its respective p values are 0.002, and As the p-value is less than 0.05, the null hypothesis is rejected. Therefore it is inferred that product factors, price factors and other factors influence significantly differs among various occupational types. related factors (N=9; M=1.66 and SD=0.282) and other factors (N=19; M=1.76 and SD=0.150) are the most important factors among various occupational types, students while purchasing silk products in Co-optex. Whereas price related factors are important consideration for Government employees (N=60; M=2.15 and SD=0.618) while purchasing silk products from Co-optex. Table 4 Descriptive Statistics and ANOVA of, and Others factors in respected to Monthly Income Variables Monthly Income N M SD F P H 0 Up to Rs.10, Rs.10,001 to Rs.20, Rs.20,001 to Rs.30, Above Rs.30, Up to Rs.10, Rs.10,001 to Rs.20, Rs.20,001 to Rs.30, Above Rs.30, Up to Rs.10, Others Rs.10,001 to Rs.20, Rs.20,001 to Rs.30, Above Rs.30, Accepted * Rejected * Rejected Table-4 observe that Descriptive statistics-mean and standard deviation and ANOVA results of various factors influencing purchasing of silk products at Co-optex across monthly income. In order to assess whether product, price and other factors influence significantly differs between various monthly income groups or not, ANOVA test is conducted. Page 86

5 The F value of, price and other factor is 1.53, 7.89 and respectively and its respective p values are 0.210, and As the p-value is less than 0.05 for price and other factors, the null hypothesis is rejected whereas the product factor p value is more than 0.05, the null hypothesis is accepted. Hence, it is inferred that product factors level of influence among various monthly earners are same. Whereas, price factors are important consideration for the respondents whose monthly income is above Rs.30,000 and other factors have significant impact on respondents whose earnings are Rs.20,000 to Rs.30,000 while purchasing silk products from Co-optex. Table 5 Descriptive Statistics and ANOVA of, and Others factors in respected to Mode of Purchases Variables Mode of Purchases N M SD F P H 0 Others Cash Credit Both Cash & Credit Online Cash Credit Both Cash & Credit Online Cash Credit Both Cash & Credit Online * Rejected Accepted * Rejected Table-5 observe that Descriptive statistics-mean and standard deviation and ANOVA results of various factors influencing purchasing of silk products at Co-optex across mode of purchases. In order to assess whether product, price and other factors influence significantly differs between various modes of purchases or not, ANOVA test is conducted. The F value of, price and other factor is 4.831, and respectively and its respective p values are 0.003, and As the p-value is less than 0.05 for product and other factors, the null hypothesis is rejected whereas for the price factor s p value is more /-than 0.05, the null hypothesis is accepted. Table-5 clearly reveals that the women respondents who are purchasing silk products from Co-optex for cash mode considers product factors (N=69; M=1.91 and SD=0.611) and other factors (N=69;M=1.99 and SD=0.284) are most significant factor while purchasing silk products from Co-optex. It is therefore concluded that the respondents who are in the age group of years, whose earnings are in the range of Rs.20,001 to Rs.30,000 and are purchasing cash mode considers product factors are significant factor while purchasing silk products from Co-optex. factor is the important consideration for the consumers who are earning above Rs.30,000.. Suggestions: The following suggestions are given by the sample respondents for the enhancement of the marketing of silk products in Cooptex. To reduce the cost of silk sarees with the help of innovative and faster weaving process. To induce the weavers to manufacturing a attractive design with dark colour of silk sarees To introduce a latest design of stone work silk sarees in the Co-optex. To create awareness in the customer s mind regarding nature and quality of silk sarees. Most of the young women are buying a duplicate silk sarees in the private cloth stores. To give regular advertising campaign for effective impact of the handloom products on the customer. To provide training to the weavers according to the market needs. To give the identify card and separate dress code to the showroom employees of the Co-optex. To improve the infrastructure facilities in the show room of Co-optex. To give surprise gift to the customer on the basis of volume of purchases at the time of Peak hours of business. Conclusion: The present article concludes that, Co-optex is the largest apex handloom weavers cooperative society in India promoting handloom industry and the interest of cooperative weavers on a commercially viable manner. Co-optex deals with many varieties of handloom products. They include Cotton sarees, Silk sarees, Dhoties, Bed sheets, Pillow covers, Towels and Curtains, Lungies and Polyester items. The handloom silk sarees woven with zari motifs and design in the State especially in places like Kancheepuram, Arni, Kumbakonam were known for their rare beauty and design and remains to be the traditional Handicrafts of the weavers for ages. Page 87

6 From the results of the study, most of the respondents are purchasing silk products from the Co-optex on the basis of quality as well as traditional practices. The younger age groups are offering new and latest design of the silk sarees in the Co-optex and they are like to purchasing a sarees through online market. The Co-optex also markets their product through online tie up with FilpKart and Snapdeal. The Co-optex should change the faces to compete with the private traders and attract the new customers. References: 1. Nisha Rani & Anupama Bains, Consumer Behaviour towards Handloom s in the State of Punjab & Haryana International Journal of Advanced Research in Management and Social Sciences, Vol. 3 No. 10 October Rachana Goswami1 & Ruby Jain, Strategy for Sustainable Development of Handloom Industry, Global Journal of Finance and Management, Volume 6, Number 2 (2014). 3. Shipra Banerjee & Savita Choudhary, Weaving Co-operative Societies & Handloom s in Rajnandgaon District of Chhattisgarh State, International Journal of Science and Research (IJSR) ISSN (Online): Volume 5 Issue 6, June Page 88