This paper is published in Volume-4, Issue-1, 2018
Area
Management (Marketing)
Author
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla
Org/Univ
Hindustan Petroleum Corporation Ltd., Chakan, Maharashtra , India
Keywords
Rurban – Rural Locations with Urban Facilities, FMCG – Fast Moving Consumer Goods, GSDP - Gross State Domestic Product, Consumption Pattern, Demographic Profile, Socio-Economic Factors
Citations
IEEE
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla. Fast Moving Consumer Goods Market in Rurban Bihar: A Fast Changing Landscape, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.
APA
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla (2018). Fast Moving Consumer Goods Market in Rurban Bihar: A Fast Changing Landscape. International Journal of Advance Research, Ideas and Innovations in Technology, 4(1) www.IJARIIT.com.
MLA
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla. "Fast Moving Consumer Goods Market in Rurban Bihar: A Fast Changing Landscape." International Journal of Advance Research, Ideas and Innovations in Technology 4.1 (2018). www.IJARIIT.com.
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla. Fast Moving Consumer Goods Market in Rurban Bihar: A Fast Changing Landscape, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.
APA
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla (2018). Fast Moving Consumer Goods Market in Rurban Bihar: A Fast Changing Landscape. International Journal of Advance Research, Ideas and Innovations in Technology, 4(1) www.IJARIIT.com.
MLA
Himanshu Shekhar Singh, Dr. Arvind Kumar Shukla. "Fast Moving Consumer Goods Market in Rurban Bihar: A Fast Changing Landscape." International Journal of Advance Research, Ideas and Innovations in Technology 4.1 (2018). www.IJARIIT.com.
Abstract
India is an agro-based economy from the time immemorial. Though the contribution of agriculture and allied sectors in national GDP has been diminishing over the years, yet the biggest portion of the labor force is employed here. This has resulted in low disposable income at the hands of the farmers. Bihar being a primarily agrarian state and with the largest chunk of the youngest of the population provides huge customers base with very high aspirational values and immense market potential for Fast Moving Consumer Goods (FMCG), but with very low purchasing power. This is an anomalous situation for a marketer. However, even with economics being at odds, the young generation with modern technology, having better information and capabilities provides an encouraging future prospect of FMCG market. The pattern of consumption of FMCG goods is surely northbound. This has led to the opening of many large format retail stores in almost all Rurban cities of Bihar. The increasing number of retail stores is creating a competitive challenge for retailers and consumers as well. In view of this, the retailers are focusing more on offering innovative products, customized services, which are suitable for specific customer needs. FMCG being the basic daily need products, the retailers will have to focus on understanding customer segments based on economic background, value, variety, and aspirations of the customer. This study finds that the key factors affecting consumption pattern of FMCG products in the rural-urban market of Bihar are hidden in value proposition and offering of everything that’s Lux but affordable.