On the complete Asian Paints has segmented its market based on utility of the products, realizing 3 major segments - (i) Decorative Coating, (ii) Industrial Finish and (iii) Automotive Color.
The Decorative Paints sector encompasses a wide variety of interior as well as outside paints, including Asian Paints Royale, Asian Paints Superior Emulsion etc. These are being used primarily by homeowners, builders, coders, interior designers etc.
The 2nd sector, Industrial Paints, targets the industry where paint can be used as a protective coating on machinery, as lubricating real estate agents for machinery, for road marking and then for other professional uses.
Automotive Sector is a fast growing market for paints with products such as Aluminium Car paint and Fibre Car paint available in several colorings for painting vehicles and their extra parts.
Focusing on the Decorative Paints sector, Asian Paints has established itself at the No. 1 position through a solid brand equity and large syndication network. Due to a higher brand consciousness and occurrence since 1942, customers tend to trim towards Asian Paints even in the face of competition.
CONSUMER BEHAVIOUR IN DECORATIVE PAINTS SECTOR
The foremost factors that consumers consider while purchasing color are durability, price, health insurance and environment, for the reason that order. The quality of paints is a prime pre-purchase factor.
Since years Asian Paints has been delivering high quality and differentiated products in this sector. It offers were able to create its brand value and presence in the Paint Market. Hence home owners, decorators and designers tend to favour this brand over its competition.
As much as the Indian market can be involved, the frequency of repainting walls is still around 5 years, and hence consumers are on the look-out for better quality and hence branded coloring.
Asian paints offers numerous products at a wide range of prices, which caters well to consumers of different income groupings. For instance, "UTSAV", a low-value color, is fast penetrating the low income group, supporting the company to go from metros to small cities for top quality products.
An efficient Customer Service and a novel idea of 'Coloring Stores' greatly helps widen customer bottom part so far as Decorative Paints sector is concerned as it helps consumers imagine and plan their wall membrane shades before purchase. Such something has gone quite a distance in improving image and knowing of Asian Paints in the recent years.
SEGMENTATION OF Attractive PAINTS SECTOR
The Decorative Paints Sector has generally the next product offering which the market could be segmented.
Exterior Paints - ACE, Apex, Apex Ultima, Apex Duracast and even more, based on the precise demand of surface area.
Interior Paints - Distempers, Enamels, Emulsions
Ancillary Products - primers, putties etc.
Segmentation of the market could be completed based on the following parameters
Buyer Characteristics / Economical Status of the buyer
Up market potential buyers and high quality seekers
Upper Middle class - High income group and socially conscious
Middle Course - Low income group and rural market
Key Factor for Purchase
Quality and End of paint
Cost and cost-effective worth
Mode of purchase
Purchase from showrooms and Shade Stores
Purchase affected/ created by painters/companies/carpenters etc
Buying in bulk by developers
Exterior paints are directed at builders, real property developers and contractors. An exterior surface finish known as 'gattu or 'cement paint', can be used on surfaces as it is rather cost-effective and durable. The primary requirement for such customers is the sturdiness somewhat than smoothness or shade.
Interior Paints on the other hands are targeted generally at property owners, interior designers, as well as carpenters and contractors. Here stress will be layed on the smoothness, texture, colour and carry out of the color. The color stores go a long way in promoting the Interior Emulsions.
The primars, putties and the other such ancillary products would be purchased by contractors and carpenters as a part of the painting process.
Targeting maybe predicated on the product quality and costs of the paints. Within each portion, Asian Paints offers innumerable products.
In the surface Emulsions Asian Paints Apex Ultima is reduced, high-performance brand which caters to the economically higher course and is utilized on premium buildings. Asian Paints Apex is a Mid Range brand catering to the next segment of modern culture.
Similarly, in the inside Paints sector, the products are price-differentiated in the next way
These are water established paints Acrylic Emulsions are extremely durable
Eg: Asian Paints offers three brands to choose.
Premium - Apcolite Royal Acrylic Emulsion.
Medium - Apcolite Super Acrylic Emulsion.
Economical - Super Decoplast
These are also normal water centered paints but their binders may be very natural or synthetic. Distempers are financially priced, they offer good value for the money because they are durable.
Eg: Asian Paints has
Tractor Acrylic washable Distemper.
Tractor washable Man made Distemper
Asian Paints can follows a V-Tier Customer Concentrate on Strategy
Tire - 1 - On the receiver end there are strategic solution seekers. Company thinks of cost reductions, performance & production improvement for clients, improving customers' & shareholders' profitability.
Tier -2 - Here the customers can be considered as value or brand hypersensitive. Asian paints focuses on these customers with value added VDS integration customer level service.
Tier -3 - These individuals are price sensitive. These are least bothered about the service. These are mainly middle or low income group people Asian paints have several brand like UTSAV - to provide them.
Tier-4 Here the company targets the small making & local companies, which can generate revenue. Company utilizes its business & telesales technology to handle & satisfy their needs.
Tier-5 - This tier is composed of specific targeted companies that although small in size, are entitled to special attention because they are highly progressive in dynamics. Asian paints has a good potential client over here.
From 1999, Asian Paints has been subject to a transformation and repositioning, thereby growing as a consumer focused, value added paints company. The consumer market had gradually been changing, and repainting of homes generally during festival conditions was learning to be a less dominant style. Painting became less seasonal and tool founded. Instead, consumers became more aware and conscious about home dcor and home making.
The go up in colour consultants and Interior designers also added greatly to the trend. As a result, Asian Paints started to position itself as a part of this high voltage sentiment of home creation.
Core Thought : "Asian Paints is about people who invest mental energy in creation of these homes"
This sentiment is captured even in the advertising where painting a wall structure is associated with a number of different events or emotions.
Change in Visual Identity
Asian paints revamped its image as well as its presentation to obtain a more contemporary and international look and improve the visual appeal of the brand.
Asian Paints launched a new dimension of service offering - where it finally delivers not just color but a decorated home.
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