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PROJECT REPORT OF RESEARCH METHODOLOGY ON

COMPARATIVE STUDY OF

V/S

SUBMITED TO SUBMITED BYProf. SANJEEV KUMAR ANKIT RANA

Roll No. 7116223117 MBA 2ND Semester

RIMT - IMCT (REGIONAL INSTITUTE OF

MANAGEMENT AND COMPUTER TECHNOLOGY)

MANDI GOBINDGARH

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CERTIFICATE

This is to certify that Mr. Ankit Rana has completed his project

report title “Comparative Study of Bajaj V/S Hero Honda” under my

supervision. To the best of my knowledge and belief this is his original work

and this, wholly or partially, has not been submitted for any degree of this or

any other University.

Date: Mr. Rajesh Chawla( Project Guide )

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Vs.

ACKNOWLEDGEMENT

The research on “Comparative Study between Bajaj and Hero

Honda” has been given to me as part of the curriculum in 2-Years Bachelor

Degree in Business Administration.

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I have tried my best to present this information as clearly as possible

using basic terms that I hope will be comprehended by the widest spectrum

of researchers, analysts and students for further studies.

I have completed this study under the able guidance and supervision

of Mr. Rajesh Chawla I will be failed in my duty if I do not acknowledge

the esteemed scholarly guidance, assistance and knowledge. I have received

from them towards fruitful and timely completion of this work.

Mere acknowledgement may not redeem the debt I owe to my parents for

their direct/indirect support during the entire course of this project.

I also thankful to my friend who helped me a lot in the completion of

this project.

ANKIT RANA

INDEX

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Sr No.

1.

2.

Particulars

HISTORY OF BAJAJ- Profile- Key Person- Bajaj Intro- Company History- Timeline of new releases

Page no

7

3. HISTORY OF HERO HONDA- Board of Directors- Company Profile

14

4.RESEARCH METHODOLOGY

- Data Source- Research Approach- Sampling unit- Data Completion and Analysis- Scope

23

5.OBJECTIVE OF THE STUDY

6. ANALYSIS AND INTERPRETATION

25

7. RECOMMENDATION 27

8. CONCLUSION 39

9.LIMITATION OF RESEARCH STUDY

41

10. BIBLIOGRAPHY 43

11. ANNEXURE 45

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Bajaj Auto limited is one of the largest two wheeler manufacturing company in India apart from producing two wheelers they also manufacture three wheelers. The company had started way back in 1945. Initially it used to import the two wheelers from outside, but from 1959 it started manufacturing of two wheelers in the country. By the year 1970 Bajaj Auto had rolled out their 100,000th vehicle. Bajaj scooters and motor cycles have become an integral part of the Indian milieu and over the years have come to represent the aspirations of modern India. Bajaj Auto also has a technical tie up with Kawasaki heavy industries of Japan to produce the latest motorcycles in India which are of world class quality The Bajaj Kawasaki eliminator has emerged straight out of the drawing board of Kawasaki heavy industries. The core brand values of Bajaj Auto limited includes Learning, Innovation, Perfection, Speed and Transparency.

Bajaj Auto has three manufacturing units in the country at Akurdi, Waluj and Chakan in Maharashtra, western India, which produced 2,314,787 vehicles in 2005-06. The sales are backed by a network of after sales service and maintenance work shops all over the country.

Bajaj Auto has products which cater to every segment of the Indian two wheeler market Bajaj CT 100 Dlx offers a great value for money at the entry level. Similarly Bajaj Discover 125 offers the consumer a great performance without making a big hole in the pocket.

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PROFILE:

Founder Jamnalal Bajaj

Year of Establishment 1926

Industry Automotive - Two & Three Wheelers

Business Group The Bajaj Group

Listings & its codes BSE – Code: 500490; NSE - Code: BAJAJAUTO

Presence Distribution network covers 50 countries.Dominant presence in Sri Lanka, Bangladesh, Columbia, Guatemala, Peru, Egypt, Iran and Indonesia.

Joint Venture Kawasaki Heavy Industries of Japan

Registered & Head Office Akurdi Pune - 411035IndiaTel.: +(91)-(20)-27472851 Fax: +(91)-(20)-27473398

Works Akurdi, Pune 411035 Bajaj Nagar, Waluj Aurangabad 431136

Chakan Industrial Area, Chakan, Pune 411501

E-mail rahulbajaj@bajajauto.co.in

Website www.bajajauto.com

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KEY PERSONS:

Board of DirectorsRahul Bajaj ChairmanMadhur Bajaj Vice Chairman & Whole-Time DirectorRajiv Bajaj Managing DirectorSanjiv Bajaj Executive DirectorD.S. Mehta Whole-Time DirectorKantikumar R. Podar DirectorShekhar Bajaj DirectorD.J. Balaji Rao DirectorJ.N. Godrej DirectorS.H. Khan DirectorMrs. Suman Kirloskar DirectorNaresh Chandra DirectorNanoo Pamnani DirectorManish Kejriwal DirectorP Murari DirectorNiraj Bajaj Director

Committees of the BoardAudit Committee  S.H. Khan Chairman

D.J. Balaji Rao  J.N. Godrej  

Naresh Chandra  

Nanoo Pamnani  

Shareholders’ & Investors’ Grievance committee D.J. Balaji Rao Chairman

J.N. Godrej  

Naresh Chandra  S. H. Khan  

Remuneration committeeD.J. Balaji Rao Chairman

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S.H. Khan  Naresh Chandra  

Registered under the Indian Companies Act, VII of 1913 REGISTERED OFFICE Akurdi, Pune 411 035WORKS Akurdi, Pune 411 035

Bajaj Nagar, Waluj Aurangabad 431 136Chakan Industrial Area, Chakan, Pune 411 501

Bajaj Autos Ltd.

Bajaj Auto Limited

Type PublicFounded 1945Headquarters Pune, India

Key people Rahul Bajaj (Chairman)

Revenue Rs. 1,01,063 billion (2006) or USD 1.87 billion

Net income Rs. 17,016 billionEmployees ???Website www.bajajauto.com

Bajaj Auto is a major Indian automobile manufacturer. It is India's largest and the world's 4th largest two- and three-wheeler maker. It is based in Pune, Maharashtra, with plants in Waluj near Aurangabad, Akurdi and Chakan, near Pune. Bajaj Auto makes motorscooters, motorcycles and the auto rickshaw.

Company's history

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Bajaj Auto came into existence on November 29, 1945 as M/s Bachraj Trading Corporation Private Limited. It started off by selling imported two- and three-wheelers in India. In 1959, it obtained license from the Government of India to manufacture two- and three-wheelers and it went public in 1960. In 1970, it rolled out its 100,000th vehicle. In 1977, it managed to produce and sell 100,000 vehicles in a single financial year. In 1985, it started producing at Waluj in Aurangabad. In 1986, it managed to produce and sell 500,000 vehicles in a single financial year. In 1995, it rolled out its ten millionth vehicle and produced and sold 1 million vehicles in a year.

Timeline of new releases

1971 - three-wheeler goods carrier 1972 - Bajaj Chetak 1976 - Bajaj Super 1977 - Rear engine Autorickshaw 1981 - Bajaj M-50 1986 - Bajaj M-80, Kawasaki Bajaj KB100 1990 - Bajaj Sunny 1994 - Bajaj Classic 1995 - Bajaj Super Excel 1997 - Kawasaki Bajaj Boxer, Rear Engine Diesel Autorickshaw 1998 - Kawasaki Bajaj Caliber, Legend(India's first four-stroke scooter) 2000 - Bajaj Saffire 2001 - Eliminator, Pulsar 2003 - Caliber115, Bajaj Wind 125, Bajaj Pulsar 2004 - Bajaj CT 100, New Bajaj Chetak 4-stroke with Wonder Gear, Bajaj

Discover DTS-i 2005 - Bajaj Wave, Bajaj Avenger, Bajaj Discover 2006 - Bajaj Platina 2007 - Bajaj Pulsar-200

Some of the models that Bajaj makes (or has made) are:

Scooterso Bajaj Sunny o Bajaj Chetak o Bajaj Cub o Bajaj Super o Bajaj Wave o Bajaj Legend

Motorcycleso Kawasaki Eliminator

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o Bajaj Pulsar o Bajaj Kawasaki Wind 125 o Bajaj Boxer o Bajaj CT 100 o Bajaj Platina o Bajaj Caliber o Bajaj Discover o Bajaj Avenger

Upcoming Models Bajaj Pulsar 220 DTS-Fi Bajaj Krystal Bajaj Blade Bajaj Sonic

New ImageThe company, over the last decade has successfully changed its image from a scooter manufacturer to a two wheeler manufacturer, product range ranging from Scooterettes to Scooters to Motorcycle. Its real growth in numbers has come in the last 4 years after successful introduction of a few models in the motorcycle segment.

The company is headed by Rahul Bajaj who is worth more than US$1.5 billion.

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India has the largest number of two wheelers in the world with 41.6 million vehicles. India has a mix of 30 percent automobiles and 70 percent two wheelers in the country. India was the second largest two wheeler manufacturer in the world starting in the 1950’s with the birth of Automobile Products of India (API) that manufactured scooters. API manufactured the Lambrettas but, another company, Bajaj Auto Ltd. surpassed API and remained through the turn of the century from its association with Piaggio of Italy (manufacturer of Vespa).

The license raj that existed between the1940s to1980s in India, did not allow foreign companies to enter the market and imports were tightly controlled. This regulatory maze, before the economic liberalization, made business easier for local players to have a seller’s market. Customers in India were forced to wait 12 years to buy a scooter from Bajaj. The CEO of Bajaj commented that he did not need a marketing department, only a dispatch department. By the year 1990, Bajaj had a waiting list that was twenty-six times its annual output for scooters.

The motorcycle segment had the same long wait times with three manufacturers; Royal Enfield, Ideal Jawa, and Escorts. Royal Enfield made a 350cc Bullet with the only four-stroke engine at that time and took the higher end of the market but, there was little competition for their customers. Ideal Jawa and Escorts took the middle and lower end of the market respectively.

In the mid-1980s, the Indian government regulations changed and permitted foreign companies to enter the Indian market through minority joint ventures. The two-wheeler market changed with four Indo-Japanese joint ventures: Hero Honda, TVS Suzuki, Bajaj Kawasaki and Kinetic Honda. The entry of these foreign companies changed the Indian market dynamics from the supply side to the demand side. With a larger selection of two-wheelers on the Indian market, consumers started to gain influence over the products they bought and raised higher customer expectations. The industry produced more models, styling options, prices, and different fuel efficiencies. The foreign companies new technologies helped make the products more reliable and with better quality. Indian companies had to change to keep up with their global counterparts.

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No.

Name of the Directors Designation

1 Mr. Brijmohan Lall Munjal Chairman & Whole-time Director2 Mr. Pawan Munjal Managing Director3 Mr. Toshiaki Nakagawa Jt. Managing Director4 Mr. Takao Eguchi Whole-time Director5 Mr. Satyanand Munjal Non-executive Director6 Mr. Om Prakash Munjal Non-executive Director7 Mr. Tatsuhiro Oyama Non-executive Director8 Mr. Masahiro Takedagawa Non-executive Director9 Mr. Narinder Nath Vohra Non-executive & Independent

Director10 Mr. Pradeep Dinodia Non-executive & Independent

Director11 Gen.(Retd.) Ved Prakash

MalikNon-executive & Independent Director

12 Mr. Analjit Singh Non-executive & Independent Director

13 Dr. Pritam Singh Non-executive & Independent Director

14 Ms. Shobhana Bhartia Non-executive & Independent Director

15 Dr. Vijay Laxman Kelkar Non-executive & Independent Director

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Hero Honda Motorcycle Ltd.

Type Public company BSE:HEROHONDA MFounded January 19, 1984 in Gurgaon, Haryana, IndiaHeadquarters Haryana, India

Key people

Om Prakash Munjal, Founder

Mr. Brijmohan Lall Munjal, ChairmanMr. Toshiaki Nakagawa, Joint Managing

Director

Mr. Pawan Munjal, Managing DirectorIndustry AutomotiveProducts Motorcycles, ScootersRevenue U$ 2.8 billionWebsite http://www.herohonda.com/site/home/home.asp

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HERO HONDA HEADQUARTERS

Hero Honda Motorcycles Limited is an Indian manufacturer of motorcycles and scooters. Hero Honda is a joint venture that began in 1984 between the Hero group of India and Honda from Japan. It has been the world's biggest manufacturer of 2-wheeled motorized vehicles since 2001, when it produced 1.3 million motorbikes in a single year. Hero Honda's Splendor is the world's largest selling motorcycle[citation needed]. Its 2 plants are in Dharuhera and Gurgaon, both in Haryana, India. It specializes in dual use motorcycles that are low powered but very fuel efficient.

Models

Bikes

Hero Honda Splendor Plus Hero Honda Passion Plus Hero Honda Karizma Hero Honda CBZ Hero Honda Super Splendor Hero Honda CD Dawn Hero Honda CD Deluxe Hero Honda Achiever Hero Honda Glamour Hero Honda Ambition

Hero Honda "Splendor" Model

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Company Profile “Hero”, is the brand name used by the Munjal brothers in the year 1956 with the flagship company Hero Cycles. The two-wheeler manufacturing business of bicycle components had originally started in the 1940’s and turned into the world’s largest bicycle manufacturer today. Hero, is a name synonymous with two-wheelers in India today. The Munjals roll their own steel, make free wheel bicycle critical components and have diversified into different ventures like product design. The Hero Group philosophy is: “To provide excellent transportation to the common man at easily affordable prices and to provide total satisfaction in all its spheres of activity”. The Hero group vision is to build long lasting relationships with everyone (customers, workers, dealers and vendors). The Hero Group has a passion for setting higher standards and “Engineering Satisfaction” is the prime motivation, way of life and work culture of the Group.

In the year 1984, Mr. Brijmohan Lal Munjal, the Chairman and Managing Director of Hero Honda Motors (HHM), headed an alliance between the Munjal family and Honda Motor Company Ltd. (HMC). HHM Mission Statement is: “We, at Hero Honda, are continuously striving for synergy between technology, systems, and human resources to provide products and services that meet the quality, performance, and price aspirations of our customers. While doing so, we maintain the highest standards of ethics and societal responsibilities, constantly innovate products and processes, and develop teams that keep the momentum going to take the company to excellence in the new millennium”. This alliance became one of the most successful joint ventures in India, until the year 1999 when HMC had announced a 100% subsidiary, Honda Motorcycle & Scooter India (HMSI). This announcement caused the HHM stock price to decrease by 30 percent that same day. Munjal had to come up with some new strategic decisions as, HMSI and other foreign new entry companies were causing increased intensity of rivalry for HHM.

== Growth == The business growth of Hero Honda has been phenomenal throughout its early days. The Munjal family started a modest business of bicycle components. Hero Group expanded so big that by 2002 they had sold 86 million bicycles producing 16000 bicycles a day. Today Hero Honda has an assembly line of 9 different models of motorcycles available. It holds the record for most popular bike in the world by sales for Its Splendor model. Hero Honda Motors Limited was established in joint venture with Honda Motors of Japan in 1984, to manufacture motorcycles. It is currently the largest producer of Two Wheelers in the world. It sold 3 million bikes in the year 2005-2006. Recently it has also entered in scooter manufacturing, with its model PLEASURE mainly aimed at girls. The Hero Group has done business differently right from the start and that is what has helped them to achieve break-through in the competitive two-wheeler market. The Group's low key, but focused, style of management has earned the company plaudits amidst investors, employees, vendors and dealers, as also worldwide recognition.

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The growth of the Group through the years has been influenced by a number of factors:

[ Just-in-Time ]

The Hero Group through the Hero Cycles Division was the first to introduce the concept of just-in-time inventory. The Group boasts of superb operational efficiencies. Every assembly line worker operates two machines simultaneously to save time and improve productivity. The fact that most of the machines are either developed or fabricated in-house, has resulted in low inventory levels. In Hero Cycles Limited, the just-in-time inventory principle has been working since the beginning of production in the unit and is functional even till date.. This is the Japanese style of production and in India; Hero is probably the only company to have mastered the art of the just-in-time inventory principle.

[ Ancillarisation ]

An integral part of the Group strategy of doing business differently was providing support to ancillary units. There are over 300 ancillary units today, whose production is dedicated to Hero's requirements and also a large number of other vendors, which include some of the better known companies in the automotive segment. Employee Policy:

Another Striking feature within the Hero Group is the commitment and dedication of its workers. There is no organized labor union and family members of employees find ready employment within Hero. The philosophy with regard to labor management is "Hero is growing, grow with Hero." When it comes to workers' benefits, the Hero Group is known for providing facilities, further ahead of the industry norms. Long before other companies did so, Hero was giving its employees a uniform allowance, as well as House Rent Allowance (HRA) and Leave Travel Allowance (LTA). Extra benefits took the form of medical check-ups, not just for workers, but also for the immediate family members.

[ Dealer Network ]

The relationship of Hero Group with their dealers is unique in its closeness. The dealers are considered a part of the Hero family. A nation-wide dealer network comprising of over 5,000 outlets, and have a formidable distribution system in place. Sales agents from Hero travels to all the corners of the country, visiting dealers and send back daily postcards with information on the stock position that day, turnover, fresh purchases, anticipated demand and also competitor action in the region. The manufacturing units have a separate department to handle dealer complaints and problems and the first response is always given in 24 hours.

[ Financial Planning ]

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The Hero Group benefits from the Group Chairman's financial acumen and his grasp on technology, manufacturing and marketing. Group Company, Hero Cycles Limited has one of the highest labor productivity rates in the world. In Hero Honda Motors Limited, the focus is on financial and raw material management and a low employee turnover.

[ Quality ]

Quality at Hero is attained not just by modern plants and equipment and through latest technology, but by enforcing a strict discipline. At the Group factories, attaining quality standards is an everyday practice - a strictly pursued discipline. It comes from an amalgamation of the latest technology with deep-rooted experience derived from nearly four decades of hard labor. It is an attitude that masters the challenge of growth and change - change in consumers' perceptions about products and new aspirations arising from a new generation of buyers.

Constant technology up gradation ensures that the Group stays in the global mainstream and maintains its competitive edge. With each of its foreign collaborations, the Group goes onto strengthen its quality measures as per the book. The Group also employs the services of independent experts from around the world to assist in new design and production processes.

[ Diversification ]

Throughout the years of enormous growth, the Group Chairman, Mr. Lall has actively looked at diversification. A considerable level of backward integration in its manufacturing activities has been ample in the Group's growth and led to the establishment of the Hero Cycles Cold Rolling Division, Munjal and Sunbeam Castings, Munjal Auto Components and Munjal Showa Limited amongst other component-manufacturing units.

Then there were the expansion into the automotive segment with the setting up of Majestic Auto Limited, where the first indigenously designed moped, Hero Majestic, went into commercial production in 1978. Then came Hero Motors which introduced Hero Puch, in collaboration with global technology leader Steyr Daimler Puch of Austria. Hero Honda Motors was established in 1984 to manufacture 100 cc motorcycles.

The Hero Group also took a venture into other segments like exports, financial services, information technology, which includes customer response services and software development. Further expansion is expected in the areas of Insurance and Telecommunication.

The Hero Group's phenomenal growth is the result of constant innovations, a close watch on costs and the dynamic leadership of the Group Chairman, characterized by a culture of entrepreneurship, of right attitudes and building stronger relationships with investors, partners, vendors and dealers and customers

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RESEARCH METHODOLOGY

It is well known fact that the most important step in marketing research process is to define the problem. Choose for investigation because a problem well defined is half solved. That was the reason that at most care was taken while defining various parameters of the problem. After giving through brain storming session, objectives were selected and the set on the base of these objectives. A questionnaire was designed major emphasis of which was gathering new ideas or insight so as to determine and bind out solution to the problems.

DATA SOURCE

Research included gathering both Primary and Secondary data. Primary data is the first hand data, which are selected a fresh and thus happen to be original in character. Primary Data was crucial to know various customers and past consumer views about bikes and to calculate the market share of this brand in regards to other brands.

Secondary data are those which has been collected by some one else and which already have been passed through statistical process. Secondary data has been taken from internet, newspaper, magazines and companies web sites.

RESEARCH APPROACH

The research approach was used survey method which is a widely used method for data collection and best suited for descriptive type of research survey includes research instrument like questionnaire which can be structured and unstructured. Target population is well identified and various methods like personal interviews and telephone interviews are employed.

SAMPLING UNIT

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It gives the target population that will be sampled. This research was carried in Muktsar (Distt Muktsar)

These were 100 respondents.

DATA COMPLETION AND ANALYSIS

After the data has been collected, it was tabulated and findings of the project were presented followed by analysis and interpretation to reach certain conclusions.

OBJECTIVES:-

1. To know the market share of Bajaj & Hero Honda.

2. To know the perception of customers regarding bikes.

3. To determine the customers satisfaction regarding bikes.

4. To determine the factors influencing the choice of customers regarding bikes.

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Q1) Which bike do you have?

Hero Honda 47Bajaj 38Any other 15

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Q2) Which Model do you Have?

Hero Honda BajajSplender 21 CT 100 7Passion 13 Discover 12Karizma 7 Pulsar 11

Any other 6 Any other 8

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Q3) In which family Income level do you Fall?

100000-200000 22200000-300000 45300000-400000 23above 400000 10

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Q4) For how long do you own a bike?

0-1 year 341-2 year 292-3 year 26above 3 year 11

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Q5) For what purpose do you use your Motor Bike?

Hero Honda BajajOffice Purpose 9 4Personal purpose 13 15Joy Purpose 19 16Other 6 3

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Q6) How do you come to know about this Motor Bike?

Hero Honda BajajNewspaper 4 2

Television 23 16

Magazine 2 1

Friends & Relative 18 19

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Q7) Does Advertisement Influence your decision in choosing a Motor Bike?

Yes 87%No 5%Cant say 8%

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Q8) Do you have full knowledge about Bikes before buying?

Hero Honda Bajaj

Yes 25 23

No 22 15

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Q9) Which Factor below Influence your decision?

Hero Honda Bajaj

Price 72% 78%

Mileage 78% 64%Quality 65% 48%

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Resale Value 40% 28%

Status symbol 10% 7%

Q10) How would you rate the following factors of Bikes with respect to different company?

Hero Honda Bajaj

Mileage 74% 72%Price 68% 65%

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Pick up 70% 80%Maintenance 58% 62%Look & Shape 85% 80%Brand Image 53% 55%

Q11) If new Bike with good features comes in, then would you like to change your bike?

Hero Honda Bajaj

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Yes 19 21No 17 14Cant say 11 3

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Conclusion

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1. Most of the Pulsar, CBZ & Karizma are purchased by young generation 18 to 30 because they prefer stylish looks and rest of the models of Hero Honda are purchased more by daily users who needs more average of bikes than looks.

2. Hero Honda is considered to be most fuel-efficient bike on Indian roads.

3. Service & Spare parts are available throughout India in local markets also.

4. While buying a motorcycle, economy is the main consideration in form of maintenance cost, fuel efficiency.

5. Majority of the respondent had bought their motorcycle more than 3 years.

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RECOMMENDATIONS

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1. Bajaj should introduce some more models having more engine power.

2. Hero Honda should think about fuel efficiency in case of upper segment bikes.

3. More service centers should be opened.

4. Maintenance cost and the availability of the spare parts should also be given due importance.

5. They also introduce some good finance/discount schemes for students.

6. The price should be economic.

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BIBLIOGRAPHY

1. www.herohonda.com

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3. www.bajaj.com

4. www.twowheeler.com

5. www.extrememachines.com

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QUESTIONNAIRE

NAME: - ………………………………………………

CONTACT NO:- ……………………………………….

ADRESS:-……………………………………………..

AGE:- …… 15-20 20-25

25-30 Above 30

OCCUPATION:- Businessman Employee

Student Other

Q1) Which Bike do you have?

Hero Honda Bajaj Any Other

Q2) Which Model do you have?

Hero Honda: - Splendor Passion

Karizma Other

Bajaj: - CT 100 Discover

Pulsar Other

Q3) In which Family Income do you Fall?

100000-200000 200000-300000

300000-400000 Above 400000

Q4) For how long do you own a Bike?

0-1 year 1-2 year

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2-3 year above 3 years

Q5) For what purpose do you use your Motor Bike?

Office Purpose Personal Purpose

Joy Purpose Other

Q6) How do you come to know about this Motor Bike?

Newspaper Television

Magazines Friends/Relatives

Q7) Does Advertisement Influence your decision in choosing a Motor Bike?

Yes No Can’t say

Q8) Do you have full knowledge about Bikes before buying?

Yes No

Q9) Which factor below influence your decision?

Price Mileage Quality

Resale Value Status Symbol

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Q10) How would you rate the following factors of bikes with respect to different companies?

Hero Honda Bajaj

Mileage

Price

Pick up

Maintenance

Look/Shape

Brand Image

Q11) In new bike with good feature comes in, then would you like to change your bikes?

Yes No Can’t say

Q12) Any Suggestions for Company 1……………………………………………………………………………………………2……………………………………………………………………………………………3……………………………………………………………………………………………4……………………………………………………………………………………………5……………………………………………………………………………………………

Date: (Signature)

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