Consumer Behavior towards New and Improved Skincare Products: Comparative Analysis between India and Singapore

By

ACKNOWLEDGEMENT

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.

DECLARATION

I [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for the academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

Signed __________________ Date _________________

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

CHAPTER 1: INTRODUCTION1

Background of the Study1

Thesis Statement1

Introduction2

Intrinsic Variables4

a)Personality and self concept4

b)Motivation4

c)Information Processing5

d)Learning and Memory5

e)Attitudes5

Features of Consumer Behavior6

Sociology7

Psychology7

Purpose of the Study9

Problem Statement9

Rationale of the Study10

Aims and Objectives10

Theoretical Framework10

Research Questions11

Research Hypothesis11

CHAPTER 2: LITERATURE REVIEW13

Consumer Behavior13

Theories of Consumer Behavior15

Rational Economic Theory15

Learning theory16

Psychoanalytic theory16

Social Theory17

Modern Theory of Consumer Buying18

Approaches of Consumer Behavior18

Factors Affecting the Consumer Behavior20

External influence20

Internal influences23

Application of Consumer Behavior24

Consumer Behavior towards New and Improved Skincare Products25

Consumer Segmentation25

Group Influence26

Involvement27

Product Evaluation28

Impact of Advertising on Consumer Behavior28

Skincare Industry in India30

Trends in Indian Skincare Industry30

Market Value33

Market Value Forecast33

Market Volume33

Market Volume Forecast33

Market Segmentation33

Competitive Landscape35

Skincare Industry in Singapore36

Key Trends and Developments37

Economic recovery spurs growth37

Science Drives New Product Development39

Male consumers increasingly image-conscious41

International companies continue to dominate43

Market Value45

Market Segmentation I45

Market Forecast45

Competitive Landscape46

Leading Companies47

CHAPTER 3: METHODOLOGY48

Research Design48

Research Philosophy49

Data Collection and Analysis50

Selection of Participants50

Research Approach51

Instrument53

Likert Scale53

Design and Application of Questionnaires53

Questionnaire Responses54

Self-Completion Questionnaires54

Procedure55

Ethical Concerns55

Reliability and Validity56

Confidentiality57

Limitations of Research57

REFERENCES59

APPENDICES63

Appendix - A: Questionnaire63

Appendix - B: Time Table65

Appendix - C: Cover Letter66

CHAPTER 1: INTRODUCTION

Background of the Study

During the first decades of the twentieth century, there were two principles at work. The first was focused on the economics of marketing using branding to establish the legitimacy and prestige of a business in order to present the brand's value proposition to the consumers, while the second is close to what he refers as “P.T. Barnum hucksterism”, where consumers are seen as innocents that could buy inflated claims (Pitt, 2002, p.9).

Additionally, in the past, marketing has tried to control rather than embrace the consumers, but this structure is breaking down as a result of failure in understanding what controls individual behavior in postmodern consumption. In the same way, the relationship between the government and the citizens is very difficult to understand, the relationship between producers and consumers has never been so simple. People are not shouting in the streets what they want to buy; they select from a large range of options that are supplied to them by manufacturers and suppliers. The competitiveness between brands is increasing, and by inference, the number of advertisements increases too (Parasuraman and Zinkhan, 2005, p 288).

Thesis Statement

In order to design the best product, it is necessary to understand not just the physics and chemistry of the product, but also the psychology of consumers and the sociology of consumer groups or networks.

Introduction

Products and their symbolic meanings are deeply implicated in many areas of interpersonal-brand perception and in the development and affirmation of social relationships, especially through the act of gift-giving. Every culture prescribes certain occasions and ceremonies for gift-giving and this ...