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Devising a strategy to enhance salesof Royal Enfield bikes

Version: 1.0

Submitted to: Prof. J.N. Godinho

By: Gaurav (04PGHR ), Gulshan (04PGHR ) , Manasi (04PGHR ) , Neelesh

(04PGHR ), Shaveta (04PGHR45 )

Au tho rs , 2004

Devisingast r

ategytoenhancesalesof

RoyalEnfiel d

bikes

14

th

December2

004

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Table of Contents

Table of Contents i

1 Acknowledgement 1

2 Executive Summary 2

3 Introduction 3

3.1 About the company 33.2 Marketing Network 33.3 Collaborations 33.4 Manufacturing 43.5 Infrastructure and Technology Collaborations 4

4 SWOT Analysis 6

5 Market Environment 7

6 Consumer Behavior 9

6.1 Description of sample 9

6.2 Analysis of consumer survey 116.3 Buying Behaviour 14

7 Competitive Scenario 16

7.1 Porters five forces 167.2 Factors influencing buying decision 187.3 Comparative Analysis in Motorcycle Industry 18

8 Recommendations 20

8.1 Entry into other segments 208.2 Aggressive marketing & Advertising for brand reinforcement 208.3 Rejuvenating dealership network 208.4 Product Innovation 208.5 Financing schemes 21

9 References 22

9.1 Textbooks 229.2 Web References 22

Version: 1.014thDecember, 2004 i

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1 Acknowledgement

This project is aimed at understanding the Marketing Practices and

implementation, through Royal Enfield bikes. The attempt has been to

tie the various factors like Environment, Competitors and Consumers to

understand the effectiveness of the present target market of the

product. On the basis of the same, the Strengths, Weaknesses,

Opportunities and Threats of/to Royal Enfield bikes have been

identified. Also, an attempt to suggest some recommendations for

increase in sales of the companys bikes has been made. Several

people have played a significant role towards the successful completion

of this project work and the researchers extend their gratitude to them.

A deep sense of gratitude is owed to Mr. J.N. Godinho, Professor,

Management Development Institute, Gurgaon who extended support

and assistance throughout the project duration. Needless to say, his

knowledge and experience have served as a continuous source ofencouragement and motivation. Without his invaluable support and

guidance this project would not have been possible.

Also a note of thanks to the exclusive dealer of Royal Enfield bikes, Mr.

Amit Chawla, who helped in understanding the sales and competition in

the bike industry.

Finally a note of thanks is due to all those too many to single out by

names, who have helped in no small measure by cooperating during

the project and by providing constructive criticisms.

Group VII

Version: 1.014th December 2004 Page 1

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2 Executive Summary

Royal Enfield is a motorcycle manufacturer, having its current base in

India. The company is the currently leading the 350 c.c. bike segment

with their flagship product Bullet. This report is an outcome of a study

conducted to boost their sales, as part of our Marketing Practices

Course assignment.

There are several forces at work in every sector and every industry of

an economy. The dynamic nature of every industry keeps the pulses of

the companies operating in each sector racing. Our strategic analysis

report is focussed on marketing and sales of Royal Enfield as a

company. It also delves at all those forces at work that could

potentially change the fortunes of a company. Be it a company that

wants to enter a new market segment or a company that wishes to

strategically position its products, this report is an invaluable tool for

all. The report analyses the performance of the leading players in themotorcycle industry which are competitors of Royal Enfield or

potentially can be one.

This report outlines the study conducted for investigating the lean areas

for Royal Enfield from a marketing and sales perspective. Also analyses

have been mentioned at appropriate places in support of the same. To

conclude, it provides a broad map of various strategies to boost Royal

Enfield sales.


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3 Introduction

3.1 About the company

Royal Enfield India was set up in 1955 when it started receiving 350ccbikes in kits from the UK and assembling them in Chennai, India. But,

eventually the entire bike was manufactured in India and a couple of

years later the Company started manufacturing the 500cc Bullet. By its

sheer power, unmatched stability, superior riding comfort and rugged

good looks, the Bullet dominated and continues to dominate the Indian

roads. It is the dream choice of every motorcyclist in India with even

the Indian Army and Police endorsing the Bike.

In 1990, Royal Enfield entered into a strategic alliance with the Eicher

Group, - a Rs.10 billion conglomerate and later merged with Eicher

Group in 1994. The Eicher Group is one of India's leading automotive

groups with diversified interests in the manufacture of Tractors,

Commercial Vehicles, Automotive Gears, Exports, Garments,

Management Consultancy and Motorcycles.

Since then, the Company has made considerable investments in

modernizing its manufacturing technology and systems and in 1996,

when the Government decided to impose stringent norms for emission,

Royal Enfield was the first motorcycle manufacturer to comply. Royal

Enfield is amongst the first few Indian companies to obtain the WVTA

(Whole Vehicle Type Approval) for meeting the European Community

norms.

3.2 Marketing Network

To feel the pulse of the customers, Royal Enfield has set up a wide

network of 13 marketing offices, 223 dealers in all major cities and

towns, 25 spare parts distributors and stockists and 150 Authorized

Service Centers. The Company also exports motorcycles to over 30

countries like the USA, Japan, Bahrain, UK, Germany and many

European countries through 5 international offices, 25 importers and

over 200 dealers across the globe.

3.3 Collaborations

Royal Enfield has existing technical tie-ups with:

AVL, Austria For new engines

FW Egli For high power engines for 535cc and 624cc.

Criterion Engineers, UK - For a new 5 speed transmission system

DB Designs, UK - For styling


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The headquarters of Royal Enfield Motors is situated at

Thiruvottiyur, Chennai, Tamil Nadu, India.

3.4 Manufacturing

Royal Enfield's manufacturing operations go through a series of

modernization and improvement efforts, with a number of automated

processes. The Company has put in place modern manufacturing

practices like Cellular layouts, Statistical process controls and Flexible

manufacturing systems. The Chennai manufacturing facility has

received the ISO 9001 certification and for managing its operations in a

clean and safe environment, it has obtained the ISO 14001-quality

certification.

Royal Enfield ensures that all the components used in the bikes are

sourced from the best vendors in the Indian automotive industry, who

are geared to supply according to the Companys stringent quality

standards. The company works closely with all of its suppliers, givingthem technical and managerial support while maintaining practices like

Direct-On-Line and Vendor Self-Certification.

3.5 Infrastructure and Technology Collaborations

To manufacture quality bikes that are well known worldwide for their

reliability and toughness state-of-the-art infrastructure is required, and

that is just what Royal Enfield has done at their Chennai manufacturing

facility.

An active in-house Research & Development wing is constantly at workto meet changing customer preferences and the challenges of Indian

and International environment standards. When introducing a new

product, this team undertakes all related planning which includes a

rigorous customer contact program, design, concurrent engineering and

testing processes. The bike Design team at Royal Enfield is well

equipped with high-end CAD/CAM workstations and the latest modeling

software. Top-notch designers work continuously to come up with

innovative bikes designs to meet the markets expectations.

Royal Enfield was also amongst the first Indian companies to introduce

Enterprise Resource Planning (ERP) systems to manage its operations.

It also has an online supply chain management system in operation.

Presently there are five models of Royal Enfield bikes in the market

viz.,


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Thunderbird Bullet Machismo The 2004 Bullet Electra

Bullet 350 Bullet 500


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http://www.royalenfield.com/product.asp?products_id=16&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=17&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=9&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=10&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=19&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=19&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=10&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=9&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=17&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=16&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=16&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=17&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=9&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=10&products_location=indiahttp://www.royalenfield.com/product.asp?products_id=19&products_location=india

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4 SWOT AnalysisOpportunities

o Introduction of bikes inentry and executive level

segment

o Encourage the sales with

advertisement

Threats

o Movement of industrytowards premium

segment e.g. Karizma

225c.c, Aquila etc.

o Entry of exclusive

foreign players

Strengths

o No competition in 350c.c

bikes

o Proven product durability

o Customer retention

o Online supply chain

management

o ERP operated operations

o Introduce customer

relationship management

o Entry of other players

in 350 c.c segment

Weaknesses

o High Prices

o Less Advertisement

o No bike in entry and

executive level segment

o No/little product

innovation

o Lack of attractive finance

schemes

o Increasing awareness by

advertisement

o Innovating with styling of

bikes

o Offering better finance

schemes


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5 Market Environment

In the last six years, the domestic two-wheeler industry has seen

structural changes. The motorcycle industry has been growing largely

at the expense of the scooter and moped segments. Scooters having

bottomed out, and mopeds likely to do so soon, the motorcycle industry

is bound to have a slower rate of growth - and this may lead to a price-

war and pressure on volumes and growth of the high volume players.

Growth will be fuelled by new introductions, tapping new segments and

encouraging faster replacement / up-gradation through introduction of

differentiated / customized offerings. For both motorcycle

manufacturers and their suppliers, the risk would be of building/ adding

huge capacities in anticipation of continued high growth rates. The

motorcycles have consistently gained market share from the scooter

and moped segments to corner a share of 41% of total two-wheeler

sales. The table below gives an idea about the strides made by the

motorcycle segment since 1993:

The motorcycle market is broadly structured into economy/commuter

bikes and power, style and leisure bikes. The economy segment of themarket comprises of entry level bikes and typically has the 100 cc

motorcycles. The power, style and leisure segment comprises of bikes

up to 180 cc. Royal Enfield is the only player in the 250 cc and above

category and is positioned as the power and leisure bike manufacturer.

Hero Honda is the leading player in the motorcycle market, with market

share close to 48% followed by Bajaj Auto at 24%. Other players in the

market are TVS motors, Yamaha Motors, LML and Kinetic Engineering.


(in %) Scooter Motorcycle Moped

FY93 47.2 25.2 27.6

FY94 47.5 26.7 25.8

FY95 46.8 29.5 23.7

FY96 46.0 30.4 23.6

FY97 43.9 33.0 23.1

FY98 41.5 37.2 21.3

FY99 39.0 41.0 20.0

FY2000 33.2 47.6 19.2

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The Indian motorcycle industry can be broadly categorized in to Indian

motorcycles and Indo-Japanese motorcycles. The Indo-Japanese

motorcycle segment is dominated by Hero group, Bajaj and Escorts in

collaboration with Japanese vehicle manufacturers Honda, Kawasaki

and Yamaha respectively. The Indian motorcycles segment is

dominated by Bajaj (M80), Escorts and Royal Enfield.

In motorcycles sales, western region leads with a market share of 40%

of the total motorcycle sales. South and north regions come second and

third with a market share of 27.5% and 17.4% of total motorcycle

sales respectively.

Over the last couple of years since 2000-01, the motorcycle market has

more than doubled to over 4.3 million units in 2003-04. The industry is

expected to continue to grow in future also due to new products,

availability of low cost finance and increase in replacement demand

coupled with shift in customer preference to motorcycles over scooters.

Different players with their offerings of bikes in different segments have

been listed below:

Company Entry LevelExecutive

Level

Premium

Level

Bajaj Auto CT100

Caliber115Saffire

Spirit

Discover

Pulsar150 DTSiPulsar180 DTSi

Wind 125

Eliminator

Hero Honda CD-Dawn

CD100Splendor

Passion

Ambition 135

CBZ

Karizma

Honda Activa/Dio EternoUnicorn

Kinetic Boss EX

Boss 115Velocity

GF170 Comet

LML AdernoFreedom 110

Freedom 125

Royal Enfield

--- ---

Bullet 500Bullet 350ElectraMachismo

ThunderbirdTVS Centra

Max 100Star

Fiero F2/FXVictor GLX

Yamaha Yamaha Crux Enticer


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6 Consumer Behavior

It is very important for an organization to understand its consumers

buying behavior. Only when a company understands its consumers, it

can modify its offerings to ensure maximum consumer benefit.

Somewhere decisions relating to all 4 Ps are taken keeping in mind the

consumer preferences. Since today all companies are following

marketing concept, all decision making activities surrounds consumers.

To understand the consumer buying behavior, we undertook a market

research to understand what people think about Royal Enfield as a

brand and how much is their level of awareness with respect to brand.

The objectives of the consumer behavior study are:

Factors influencing the buying behavior of consumer

The price-demand relationship analysis

Consumer Loyalty towards the brand

Consumer awareness of the brand

The primary source of data is personal interviews and questionnaire of

individual customers selected on the basis of relevance and judgment,

given the academic nature and the duration of the study.

The study was carried out in Gurgaon. The primary focus was on

following parameters:

Psychographic and Behavioral parameters

Brand Awareness

Comparative attributes

Substitutability

Brand Usage Pattern

Brand Loyalty

Following page comprises of the description of the survey sample andthe analysis of the consumer survey.

6.1 Description of sample

Sample size- 25


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Occupation

Students

Service

Business


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Age Group

35yrs

Income Group

100000-200000

200001-300000300001-500000

>500001

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The personal details were very important. As they enabled us to

analyze the consumer behavior on the basis of very important personal

factors like age, occupation, and economic circumstances.

6.2 Analysis of consumer survey

The findings of the survey conducted are listed below:

Which vehicle do you own and for how many years? Please specify

the brand also.

The purpose of this question is to find out the number of users of

motorcycles and further which is the most popular brand among the

customers. The answers are tabulated as following:

Company Brand No. of users

Hero Honda CBZ

Karizma

Splendor

2

1

1

Bajaj Auto Ltd. CT100

Pulsar 180

Caliber Croma

Pulsar 150

1

1

1

2

Royal Enfield Bullet 350 1

TVS Fiero 1

LML Energy 1

Yamaha RXZ

YBX

2

2

Kinetic Challenger 1


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For what purpose do you use bike?

This was framed to find out what benefit do people buy bikes. Here

we observed that 80% of the sample bought bikes for office/college

purposes and about 10% used these for commercial purpose, rest

being for occasional use.

How do you come to know about new bikes and promotional

schemes?

The distribution of peoples response for this question is shown in

the chart given below. This question confirmed that most of the

awareness for brand comes from TV advertisements followed by

word of mouth of friends and print media like auto specific

magazines and general newspaper advertisement. This also

confirmed the importance of advertisement for sales and

awareness.

Please rate the following factors you would consider before buying abike, according to your preference.


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Print Media

TV Advertisem ents

Friends & Family

Showroom dealers

On road parking lots

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The attributes the consumer bears in mind while considering the

purchase of a motorcycle have been tabulated below. The sum of

the scores given by the respondents (on a scale of 8) to a particular

attribute was divided by the total number of respondents to reach

an average score per attribute. Mileage seems to be the mostimportant attribute for the bike buyers. Appearance is vital to

the acceptance of a product and it is not surprising to findthat it scores heavily among the respondents. Price followsappearance in the ranking and because a majority of buyers isfrom upper middle class and students, it has an importantfactor to ponder upon. Next in line is after sales servicefollowed by finance options and maintenance. SurprisinglyCOMFORT has been ranked quite low and resale value isranked last. This shows that the consumer assumes thepurchase for life time. But it is essential for any product to setup proper after sales service centers in reach for thecustomers.

Attributes Average Score

Mileage 7.2

Looks 6.8

Maintenance 4.5

Comfort 1.4

After sale Service 4.9

Price 5.2

Resale Value 0.7

Finance Options 4.6


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Which bank would you like to take financial loans from?

Most of the responses were in favor of State Bank Of India which

shows people have more faith in the govt owned banks than the

private banks.

Who/what would you consult before buying the bike?

The response to this question has helped to understand the

reference groups/influencers for the buying decision. Weve come

to know that the family, friends and colleagues have influenced the

decision of the buyer much.

6.3 Buying Behaviour

Difficult or uninteresting delegated tasks sometimes require from

HIGH INVOLVEMENT LOW INVOLVEMENT

SIGNIFICANT

DIFFERENCE

BETWEEN BRANDS

COMPLEX BUYNIG

BEHAVIOUR

VARIETY SEEKING

BUYING BEHAVIOUR

FEW DIFFERENCES

BETWEEN BRANDS

DISSONANCE REDUCING

BUYING BEHAVIOUR

HABITUAL BUYING

BEHAVIOUR


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Family

Friends

Colleagues

Magazines &

Brochures

Showrooms

Internet

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NUMBER OF PEOPLE CONSULTED

60%25%

15% THREE OR

MORE

TWO

ONE

Following is the distribution of people who consulted one or two or

more than three different sources before taking the final decision to

buy the bike:

From the above data, we can infer that most of our sample consulted

more than 3 people before making the final decision. This is clear

indication that the consumer are very highly involved in the purchase of

a bike, which is understandable considering that bike is an expensive

and long term buy for most.

Also, judging by the response we got, the brand image of a high end

purchase like a motorcycle influences the buying behavior greatly, it is

indicative of the kind of after- sales services that the consumer can

expect. The kind of distribution network that Royal Enfield has in India

has helped promote its brand image in a big way. Moreover, it is the

market leader in premium segment bikes as well, which develops the

customers interest in the purchase from Royal Enfield.

Therefore with reference to the figures given above, we can conclude

that the customers of bikes exhibit complex buying behavior.


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7 Competitive Scenario

7.1 Porters five forces

Potential Entrants

Strengths:

Stable returns

Access to distribution channels

Industry growth rate

High product differentiation

Weakness:

High buyers switching costs

Incumbents defense of market

share

High capital requirements

Suppliers

Strengths:

Cater to strong buyers

Supplied product isimportant input

Weakness:

Many competitivesuppliers

No credible threat ofdownstreamintegration

Industry Competitors

Strengths:

High market growth rate

Existing strong or aggressivecompetitors

Strategic stakes are high

Weakness:

High level of productdifferentiation

High switching costs for thebuyers

Brand identification

Buyers

Strengths:

Large number ofbuyers

Buyers incentives

Sources ofinformation

Strong brandidentity

Many substitutes

Proportion ofincome spent onthe purchase

Weakness:

High Switching

costs

Fragmentedbuyers

High productimportance


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Substitutes

Strengths:

Technological advancement

Many substitutes like scooters& A segment cars

Weakness:

Price differences


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7.2 Factors influencing buying decision

Its not easy to make a best choice in bikes. The specifications, style,

power, price, riding comfort and ruggedness make all the difference in

the buying behavior of customers. These factors interrelate in

complicated ways to influence the buying decision Following are the

major factors on the basis of which it is decided that which bike isbetter:

Powertrain

Fuel economy

Mileage

Style

Price

Top speed

Features e.g. e-start option

Engine

Weight

Riding comfort

In the modern technology industry, competition among rival firms is

generally constructive. Firms strive for a competitive advantage over

their rivals, primarily by providing better products and support. A

number of highly competitive brands in the market have been snapping

at the heels of Goliaths like Bajaj Eliminator, Hero Honda Karizma and

Kinetic Comet.

7.3 Comparative Analysis in Motorcycle Industry

Legend

2 Highest

1

0 Lowest


Players--> BajajHeroHonda

RoyalEnfield Kinetic

Comparative Factors

Mileage

Looks

Maintenance

After sale service

PriceEffective sales promotion

Finance Options

Performance

Dealership system

Spare Parts Availability

Total 16 13 7 5

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Comparative Analysis in Motorcycle Industry: Competitors of Royal Enfield

bikes have been studied under various parameters and a comparison has been

drawn for these in the above excel sheet.


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8 Recommendations

8.1 Entry into other segments

As we can see from the data showing the growth trend of motorcycleshare in Indian Auto market, a clear indication of rising appetite of the

Indian consumers for the motorcycle. Going by the demographics, it

can be inferenced that an auto company has the scope of selling bikes

in variety of segments. So it is highly recommended for Royal Enfield as

a company to venture into other segments as well. But due diligence

should be made on brand positioning of the new models, as consumers

identify the Royal Enfield brand with the tough and sturdy Bullet

product. This concern can be taken care of by launching a new product

range under the umbrella of a new brand, specifically for light & sporty

bikes Like: Reiko (110 c.c.), RE Steel/Falcon (150-180 c.c.), RE

Classic/Sports (250-300 c.c.) etc.

8.2 Aggressive marketing & Advertising for brandreinforcement

This might come to the readers as a surprise that Royal Enfield has

started marketing again after 21 years. The last advertisement they did

was in 1983. Recently they have started advertising through television

media etc. But they need to be aggressive in their marketing

campaigns seeing the current market landscape in Indian Auto market.

8.3 Rejuvenating dealership network

It has been noticed during research that the dealers are not customer

oriented and they have become complacent in this regard. This attitude

was getting them business as Royal Enfield Bullet is a niche product

where they didnt have any competition until now. But off late the

scenario has been changing. The marketing is witnessing introduction

more powerful and feature rich bikes with affordable tags. So thrust

should be made to educate the dealers about the new threat which in

reality is an opportunity as well for them. Also equipping them with

knowledge and paraphernalia to run sales focused marketing

campaigns.

8.4 Product Innovation


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This is one product which beat all the shelf life determination. The

product has changed little since its introduction decades before. This

has been advantageous to an extent, if we speak of Bullet alone. But in

the wake of 21st century, the consumers who are so informed about

the features esp. the ones who have really propelled the growth of

motorcycle share in two wheelers; we can safely conclude that

launching variants and new innovative models can definitely fuelgrowth. The company has introduced certain new models with

convention gear structure i.e. left side gear paddles. Features like

electric start, disc brakes are also underway, to be introduced in all

models. These have been introduced in one model only as of now. Also

through technical innovations in engines, they are trying to increase

mileage & acceleration of the bikes, the features which are becoming

instrumental in decision making of purchasing bikes.

8.5 Financing schemes

This is one company which is still to capitalize on the opening of thebanking sector. Their bikes still get up to maximum of 70% finance by

most of the banks, which is an inhibiting factor for an average

consumer, which was confirmed by our survey. We recommend a two

pronged strategy for addressing the same.

Diversifying into auto financing like Bajaj.

Tie-ups with both private and public sector banks: Our survey

showed that the potential consumers of Royal Enfield products are

inclined towards public sector banks like SBI. And for the new

light /sporty variants or models from Royal Enfield( if they plan to

launch), a tie up with private banks would be beneficial due to their

proven capability to woo the 21-30 yrs age group segment who are

the primary drivers of the motorcycle sales growth esp. for the

trendy bikes.


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9 References

The following references were used in the study and the author has

tried to mention at relevant places about the same in the document.

9.1 Textbooks

Marketing management by Philip Kotler

Advertising and consume behavior by Sutherland

& Sylvester

9.2 Web References

www.bajajauto.com

www.royalenfield.com

www.eicher.com

www.herohonda.com

www.icicibank.com

Apart from above, discussions with dealers of Royal Enfield based in

Gurgaon (NCR) also formed an integral source of information for this

report.

53397772 Royal Enfield

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