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Serial no.
Chapter
Page No
1.
OBJECT OF PROJECT
2.
RESEARCH
3.
INTRODUCTION
4.
5.
10
COMPANY PROFILE
TVS MOTORS
25
HERO HONDA
30
COMPARATIVE ANALYSIS
34
6.
HYPOTHESIS
47
7.
DATA ANALYSIS
49
8.
LIMITATION
56
9.
FINDINGS
59
10.
62
11.
BIBLOGRAPHY
64
12.
QUESTIONNAIRE FORMAT
65
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OBJECTIVE
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RESEARCH METHODOLOGY
Primary Data:
The primary data collected through questionnaires administered to a sample of 50 consumers
selectedfrom Raipur city the Questionnaire was pre-Designed and pre-tested before it was
administered.n
For financial analysis money control .com has been considered
Annual report of Hero Honda TVS
Secondary Data :
Secondary data was collected through various publications of newspapers, magazines, books
and magazines websites of Hero Honda, and TVS bikes.websites
Sample Design :
A total of 50 consumers were selected from the Raipur city for this study to analyze the
consumers behaviour with reference to select motor bikes i.e., Yamaha, Hero Honda, Bajaj and
TVS bike.
India is emerging as one of the worlds fastest growing passenger car markets and second
largest two wheeler manufacturer. According to the International Yearbook of Industrial
Statistics 2008 released by United Nations Industrial Development Organisation (UNIDO),
India ranks 12th in the list of the worldstop 15 automakers. It is home to the largest two
wheeler manufacturer and fifth largest commercialvehicle manufacturer in the world. The
industry is producing about 19 lakh passenger vehicles, 4.5 lakh commercial vehicles, 90
lakh two wheelers and 5 lakh three wheelers per annum.
In order to make India a power to reckon with in the automotive sector the
government launched theAutomotive Mission Plan (AMP) 2006-2016. As per the AMP,
it is estimated that the total turnover of theautomotive industry in India would be in
the order of USD 122 billion - USD 159 billion in 2016. It isexpected that in real terms,
India would continue to enjoy its eminent position of being the largest tractorand
three-wheeler manufacturers in the world and the world's second largest two-wheeler
manufacturer.
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By 2016, India will emerge as the world's seventh largest car producer (as compared
to the eleventhlargest currently) and retain the fourth largest position in world truck
manufacturing sector.
Further 2016, the automotive sector would double its contribution to the country's
GDP from current levels of five per cent to 10 per cent. The Indian automotive
industry consists of the following five segments
The total two-wheeler sales of the Indian industry accounts for around 77% of the total vehicles
sold inIndia. With 26,12,881 two wheelers already sold in India in the quarter from Jun-Sep
2009, the Indianwheeler industry is poised for high growth In the coming years. In terms of
volume, about 6% of the two wheelers manufactured are exported.
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DEMAND DRIVERS
The demand for two-wheelers has been influenced by a number of factors over the
past few years. The key demand drivers for the growth of the two-wheeler industry
are as follows:
Inadequate public transportation system, especially in the semi-urban and rural
areas
Increased availability of cheap consumer financing in the past 3-4 years
Increasing availability of fuel-efficient and low-maintenance models
Increasing urbanisation, which creates a need for personal transportation
Changes in the demographic profile
Difference between two-wheeler and passenger car prices, which makes two
wheelers
entrylevel vehicle
Steady increase in per capita income over the past few years
Increasing number of models with different features to satisfy diverse consumer needs.
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PREMIUM SEGMENT
If we analyze the motorcycle sub-segments then it would be visible that Bajaj Auto has a
significantpresence in the premium segment with a market share of ~55% followed by Hero
Honda (~22%), TVS
Motors (~13%) and HMSI (10%).
EXECUTIVE SEGMENT
Hero Honda dominates this segment with a market share of ~70% followed by Bajaj Auto (20%),
HMSI(~6%) and TVS Motors (1%). This segment retrieves higher revenues from the rural areas,
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which are lessdependence on finance; therefore comparatively it is among the best performing
segments
ECONOMY SEGMENT
This segment is a strong foothold for Bajaj Auto which has a market share of ~45% followed by
Hero Honda (~34%) and TVS Motors (~24%). This is the most competitive segment as all the
3playersrelatively have a higher presence in the same. But this segment continues to be the
worst hit due to thecredit unavailability and global slowdown. The industry has shown a CAGR of
~15% from FY04-FY07on account of finance availability from PSU Banks and private banks like
ICICI Bank. But from FY08 FY09 YTD the industry has shown shrinkage as most of the banks
reduced their exposure in the autofinance domain given the unfavorable macro economic
situation.
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SWOT Analysis
A scan of the internal and external environment is an important part of the strategic
planning process. Environmental factors internal to the firm usually can be classified as
strengths (S) or weaknesses (W), and those external to the firm can be classified as
opportunities (O) or threats (T). Such an analysis of the strategic environment is referred to as a
SWOT analysis. SWOT analysis of the Indian automobile sector gives the following points:
Strengths:
Weaknesses:
High interest costs and high overheads make the production uncompetitive
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Infrastructure bottleneck
Opportunities:
Threats:
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Industry present and future trends:Automobile is one of the largest industries in global market. Being the leader in
product and process technologies in the manufacturing sector, it has been recognised as one
of the drivers of economic growth. During the last decade, well-directed efforts have been
made to provide a new look to the automobile policy for realising the sector's full potential for
the economy. Steps like abolition of licensing, removal of quantitative restrictions and
initiatives to bring the policy framework in consonance with WTO requirements have set the
industry in a progressive track. Removal of the restrictive environment has helped
restructuring, and enabled industry to absorb new technologies, aligning itself with the global
development and also to realise its potential in the country. The liberalisation policies have
led to continuous increase in competition which has ultimately resulted in modernisation in
line with the global standards as well as in substantial cut in prices. Aggressive marketing by
the auto finance companies have also played a significant role in boosting automobile
demand, especially from the population in the middle income group.
The composition of the two-wheeler industry has witnessed sea changes in the postreform period. In 1991, the share of scooters was about 50 per cent of the total 2-wheeler
demand in the Indian market. Motorcycle and moped had been experiencing almost equal level
of shares in the total number of two-wheelers. In 2003-04, the share of motorcycles increased to
78 per cent of the total two-wheelers while the shares of scooters and mopeds declined to the
level of 16 and 6 per cent respectively. A clear picture of the motorcycle segment's gaining
importance during this period is exhibited by the Figures 1, 2 and 3 depicting total sales, share
and annual growth during the period 1993-94 through 2003-04.
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National Council of Applied Economic Research (NCAER) had forecast two-wheeler demand
during the period 2002-03 through 2011-12. The forecasts had been made using econometric
technique along with inputs obtained from a primary survey conducted at 14 prime cities in the
country. Estimations were based on Panel Regression, which takes into account both time series
and cross section variation in data. A panel data of 16 major states over a period of 5 years ending
1999 was used for the estimation of parameters. The models considered a large number of macroeconomic, demographic and socio-economic variables to arrive at the best estimations for different
two-wheeler segments. The projections have been made at all India and regional levels. Different
scenarios have been presented based on different assumptions regarding the demand drivers of the
two-wheeler industry. The most likely scenario assumed annual growth rate of Gross Domestic
Product (GDP) to be 5.5 per cent during 2002-03 and was anticipated to increase gradually to 6.5
per cent during 2011-12. The all-India and region-wise projected growth trends for the motorcycles
and scooters are presented in Table 1. The demand for mopeds is not presented in this analysis
due to its already shrinking status compared to' motorcycles and scooters.
It is important to remember that the above-mentioned forecast presents a long-term growth for
a period of 10 years. The high growth rate in motorcycle segment at present will stabilise after a
certain point beyond which a condition of equilibrium will set the growth path. Another important thing
to keep in mind while interpreting these growth rates is that the forecast could consider the trend till
1999 and the model could not capture the recent developments that have taken place in last few
years. However, this will not alter the regional distribution to a significant extent.
Table 1 suggests two important dimensions for the two-wheeler industry. The region-wise
numbers of motorcycle and scooter suggest the future market for these segments. At the all India
level, the demand for motorcycles will be almost 10 times of that of the scooters. The same in the
western region will be almost 20 times. It is also evident from the table that motorcycle will find its
major market in the western region of the country, which will account for more than 40 per cent of its
total demand. The south and the north-central region will follow this. The demand for scooters will be
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the maximum in the northern region, which will account for more than 50 per cent of the demand for
scooters in 2011-12.
-------------------------------------------------------------Source: Indian Automobile Industry: Optimism in the Air, Industry Insight, NCAER
The present economic situation of the country makes the scenario brighter for short-term
demand. Real GDP growth was at a high level of 7.4 per cent during the first quarter of 2004.
Both industry and the service sectors have shown high growth during this period at the rates of
8.0 and 9.5 per cent respectively. However, poor rainfall last year will pull down the GDP growth
to some extent. Taking into account all these factors along with other leading indicators
including government spending, foreign investment, inflation and export growth, NCAER has
projected an average growth of GDP at 6.7 per cent during the tenth five-year plan. Its midterm forecast suggests an expected growth of 7.4 per cent in GDP during 2004-05 to 2008-09.
Very recently, IMF has portrayed a sustained global recovery in World Economic Outlook. A
significant shift has also been observed in Indian households from the lower income group to
the middle income group in recent years. The finance companies are also more aggressive in
their marketing compared to previous years. Combining all these factors, one may visualise a
higher growth rate in two-wheeler demand than presented in Table 1, particularly for the
motorcycle segment.There is a large untapped market in semi-urban and rural areas of the
country. Any strategic planning for the two-wheeler industry needs to identify these markets
with the help of available statistical techniques. Potential markets can be identified as well as
prioritised using these techniques with the help of secondary data on socio-economic
parameters. For the two-wheeler industry, it is also important to identify the target groups for
various categories of motorcycles and scooters. With the formal introduction of secondhand car
market by the reputed car manufacturers and easy loan availability for new as well as used
cars, the two-wheeler industry needs to upgrade its market information system to capture the
new market and to maintain its already existing markets. Availability of easy credit for twowheelers in rural and smaller urban areas also requires more focussed attention. It is also
imperative to initiate measures to make the presence of Indian two-wheeler industry felt in the
global market. Adequate incentives for promoting exports and setting up of institutional
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mechanism such as Automobile Export Promotion Council would be of great help for further
surge in demand for the Indian two-wheeler industry.
COMPANY PROFILE
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TVS
TV Sundaram Iyengar and Sons Limited (TVSs) is the holding company for the TVS Group of
companies engaged in the manufacturing of almost all kinds of automotive components, best
two wheelers and a few other industrial products. They are also into the financial services sector.
The turnover of the entire group was close to $2 billion in 2003. The TVS group of companies is
mainly situated in Padi, Tamil Nadu, in the outskirts of Chennai (formerly Madras).
The company has many first to its credit like the introduction of the first indigenous moped and a
100 cc motorcycle in collaboration with Japanese auto giant Suzuki. When the collaboration
ended in 2003, many thought that the company would die a natural death due to the exit of the
foreign collaborator. However the company proved its detractors wrong by introducing the TVS
Victor and rest as they say is history. The company roped in master blaster Sachin Tendulkar for
the promotions and the sales went northwards after that. TVS company is aiming to capture a
quarter of the total two wheeler market in the country.
TVS group was a pioneer in mopeds but slowly they have shifted focus to the motorcycle
segment since the entire market seems to be moving in that direction as consumer preferences
and choices have changed with the changing times.The company has been able to outdo it self
and spring a surprise, as many analysts felt that the company would be pushed to the periphery
of the two wheeler market. With the exit of Suzuki, many felt TVS would have to limit itself to the
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TVS Fiero
TVS Samurai
TVS Shaolin
TVS Shogun
TVS Centra
TVS Flame
TVS Star
TVS Supra
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HISTORY
The third largest two-wheeler company is the flagship company of the TVS Group (4billion USD)
withan annual turnover of over a billion. It was the fiirst two-wheeler manufacturer in the world to
behonored with the Japanese Quality award The Deming Prize for Total Quality Management.
Set up in the 1980s with its origin in Sundaram Clayton Ltd., launched an easy-to-use 50cc
mopedfollowed by the launch of 7 new bikes on a single day. After the takeover by Suzuki
Motorcycles in 1987its name changed to TVS Suzuki Ltd. This ended in 2001 when TVS Motor
Company came to existence.
FINANCIAL SYNOPSIS
For the fiscal year ended 31 March 2009, TVS Motor Company Limited's revenues increased
13% to RS38.11B. Net loss totaled RS632M, up from RS282.5M. Revenues reflect an increase
in income fromoperations. Higher loss reflects an increase in labour charges, increased
depreciation charges, an increasein interest & finance charges, higher repair & maintenance
expenses, increased audit fees, higher power& fuel expenses and increased other expenses.
Revenues
EBITDA Margins
PAT
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SEGMENTAL PERFORMANCE
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The increased growth in Ungeared Scooters is due to its independence from influence of
availability of retail finances. Although sales grew in two wheeler segment at 5% growth its
incomparable to that of Hero Honda at 30%.
Three wheeler, TVS King was introduced in six states and has achieved a 5% MS.
HERO HONDA
Hero Honda's company profileThe joint venture between India's Hero Group and Honda Motor
Company, Japan has not only created the world's single largest two wheeler company but also
one of the mostsuccessful joint ventures worldwide.During the 80s, Hero Honda became the first
company in India to prove that it was possible to drive a vehicle without polluting the roads. The
company introduced new generationmotorcycles that set industry benchmarks for fuel thrift and
low emission. A legendary 'Fill it - Shut it - Forget it' campaign captured the imagination of
commuters acrossIndia, and Hero Honda sold millions of bikes purely on thecommitment of
increased mileage.Over 20 million Hero Honda two wheelers tread Indian roadstoday. These are
almost as many as the number of people inFinland, Ireland and Sweden put together!Hero
Honda has consistently grown at double digits since inception; and today, every second
motorcycle sold in thecountry is a Hero Honda. Every 30 seconds, someone in India buys Hero
Honda's top -selling motorcycle Splendor. Thisfestive season, the company sold half a million
two wheelers i n a single montha feat unparalleled in global automotive
HERO HONDA
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Introduction
Hero Honda Motors Ltd. started out in 1984 as a joint venture between the Hero Group of India
and the Honda Motor Company of Japan, to manufacture 1000 cc motorcycles. The company
enjoys a market share of 48 per cent and has catered to five million customers so far. Hero
Honda sold 12,63,254 vehicles and recorded net profit of Rs 275 crore and turnover of Rs. 2795
crore in Q3 FY 07-08.
Corporate Profile
The Hero Honda story began with a simple vision the vision of a mobile and an empowered
India, powered by Hero Honda. This vision was driven by Hero Honda's commitment to
customer, quality and excellence, and while doing so, maintain the highest standards of ethics
and societal responsibilities. Twenty five years and 25 million two wheelers later, Hero Honda is
closer to fulfilling this dream. This vision is the driving force behind everything that company do
at Hero Honda. Company understood that the fastest way to turn that dream into a reality is by
remaining focused on that vision.
There were many unknowns but Hero Honda kept faith, and today, Hero Honda has been the
largest two wheeler company in the world for eight consecutive years. Our growth has kept
compounding. The company crossed the ten million unit milestone over a 19-year span. In the
new millennium, Hero Honda has scaled this to 15 million units in just five years! In fact, during
the year in review, Hero Honda sold more two wheelers than the second, third and fourth placed
two-wheeler company put together. With Hero Honda, the domestic two wheeler market was
able to show positive growth during the year in review. Without Hero Honda, the domestic
market would have actually shrunk.
Over the course of two and a half decades, and three successive joint venture agreements later,
both partners have fine-tuned and perfected their roles as joint venture partners. What the two
partners did was something quite basic. They simply stuck to their respective strengths. As one
of the world's technology leaders in the automotive sector, Honda has been able to consistently
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provide technical know-how, design specifications and R&D innovations. This has led to the
development of world class, value - for- money motorcycles and scooters for the Indian market.
On its part, the Hero Group has taken on the singular and onerous responsibility of creating
world-class manufacturing facilities with robust processes, building the supply chain, setting up
an extensive distribution networks and providing insights into the mind of the Indian customer.
Since both partners continue to focus on their respective strengths, they have been able to
complement each other. In the process, Hero Honda is recognized today as one of the most
successful joint ventures in the world. It is therefore no surprise that there are more Hero Honda
bikes on this country's roads than the total population of some European countries put
together! .The company's meteoric growth in the two-wheeler market in India stems from an
intrinsic ability to reach out and come closer to its customers, with every passing year. Hero
Honda's bikes are sold and serviced through a network of over 3500 customer touch points,
comprising a mix of dealers, service centres and stockists located across rural and urban India.
Hero Honda has built two world-class manufacturing facilities at Dharuhera and Gurgaon in
Haryana, and its third and most sophisticated plant at Haridwar has just completed a full year of
operations. It is difficult to imagine that all this has happened in the span of just two and a half
decades!
The best is yet to come. During the year in review, Hero Honda powered its way in a market that,
for all practical purposes, was feeling the full effects of the economic slowdown in India. With an
economic recovery now clearly on the cards, Hero Honda is all set to ride into another summit.
Type
Public company
BSE:
HEROHONDA M
Founded
India Headquarters
New Delhi,
Brijmohan
Toshiaki
Lal
Nakagawa
Munjal
(chair
(joint
and
founder)
managing
director)
Industry
Automotive
Products
Motorcycles, Scooters
Revenue
U$ 2.8 billion
Achiever
Hunk
Joy
Pleasure
Street
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TVS
2004
2005
2006
2007
2008
2009
2826.2
1
2875.91
3234.9
3854.9
3219.5
3670.9
1.98%
12.48%
19.47
16.48
14.02
5832.4
2
7421.65
8713.9
8
9899.96
10331.8
12319.1
2.7
25
17.41
13.61
4.36
19.23
GROWRH
RATE
HERO
HONDA
GROWTH
RATE
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from
The
Society
of
2-wheeler sales
Indian
Automobile
2008
thus
indicating
the
slackening
demand
units
in
due
to
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LIQUIDITY RATIO
Total
scale
outstanding
dues
of
creditors
other
than
the current ratio value for Hero Honda. The drop in thecurrent ratio of
Hero Honda, from FY 2008 to FY 2009 is due to a steep increase in
the currentliabilities and this increase can be attributed to an entry in
the balance sheet called Other Liabilities
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By rule of thumb, the quick ratio should ideally be 1:1. This condition is
not met by Hero Honda. As expected, because of the downturn, the
quick ratio of Hero Honda has decreased in FY 2007.
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there
has
been
a considerable decrease
ever
since.
their
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INTERPRETATION
The average inventory holding period for TVS has been on the rise
since FY2005. Particularly in FY08, there has been a greater
inventory holding period which could be attributed to the decrease
in sales during recession leading to more inventories for more time
For Hero Honda, the period had been decreasing from FY05 till
FY07. There was an increase in the value during FY08 due to the dip
in sales owing to the recession. But, in FY2009, probably due to
better inventory management, the value of the inventory holding
period has come down In comparison to TVS, hero Honda has a
much better inventory management strategy.
6.OPERATING CYCLE
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INTERPRETATION:
increased in
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INTERPRETATION:
For TVS Motors, analysing the cash flow statement of the firm from
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indicating that
been growing
and indicating
HYPOTHESIS
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It is assumed that Hero Honda is the market leader among all other bikes.
It is assumed that the chosen sample is the representation of whole
population.
It is assumed that information provided by the samples is accurate and
Best of knowledge
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DATA ANALYSIS
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1Existing customer
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= 50
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Satisfied =
39
Unsatisfied=
11
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LIMITATIONS
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Although I have given my 100 percent for doing this project. But still were certain limitations
while doing the research work. Some of the limitations were
as follows.
1. One of the biggest limitations with this project work is the time factor. Since we had got
only 60 days for doing this project, therefore we think it was less time for doing this project
work. Time was very much limited
boundation.
2. Another limitation was with the language. While doing the researchwork, I faced a lot of
problem regarding the language. Since every person didnt understand English, therefore we
had to make them understand in different languages like Hindi
3. Also due to the limited time period, we couldnt able to cover more area.Thats why we were
also restricted with the area also.
4. The research work is influenced by the exaggeration of some of therespondents.
5. In some cases, the respondents were not giving us the proper reply.He/she might think that
this was only westage of time or this might create some problem etc. And as a result he/she
had given some fake answers and filled the questionnaire very casually.
6. It was very difficult to take name, address and phone number of therespondents. Some of the
respondents after filling the questionnaire didnt want to give their name, address and phone
number.
7.The sample size for this research report is 50 only which may not dispute the actual picture of
this study.
The mood of the respondents while felling up of the questionnaire, can also have adverse
impact on true finding of study.
This research report is subject to Raipur city only. So the conclusion drawn cannot be
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FINDINGS
The most likely scenario assumed annual growth rate of Gross Domestic Product (GDP)
to be 5.5 per cent during 2002-03 and was anticipated to increase gradually to 6.5 per
cent during 2011-12.
Before getting into country law enforcement official insparsey populated two wheeler
country
The two wheeler industry current assets are decreased comparing between 20082009years.
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The two wheeler industry fixed assets are decreased comparing between 20082009years.
The two wheeler industry current liabilities are also decreased because the two wheeler
industry short term debt and other current liabilities are also decreased comparing
between 2008-2009years.
The two wheeler industry current liabilities are also decreased because the two wheeler
industry account payable and other liabilities are also decreased comparing between
2008-2009years.
The two wheeler industry long term liabilities are also decreased.
The two wheeler industry long term liabilities are increased comparing between 20082009years.
After a decline of 4.5% during 2007-08, the two wheeler industry grew by a modest 5%
during 2008-2009
TVS has had a healthy increase in turnover from FY 2004 to FY 2009, except for FY 2008
On the basis of that research we find that in case of bike, Hero Honda isthe market leader
It is found that Mileage is the main factor which influences to a consumer in his buying
decision, and after the Mileage next preference goes to Price, people gives same
weightage to Power and style and after that they are being influenced by Advertisements
and Service respectively.
By this research we come to know that almost 95% people are satisfied with their bikes
performance and its after sales services.
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TVS Motors showed a healthy growth in sales from FY 2004 to FY 2007 due to
a booming automobile industry and rising demand
The operating cycle for both the companies has increased in FY08 due to an
increase in both inventory holding period and debt collection
Suggestions/recommendations
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Hero Honda should think about fuel efficiency in case of upper segment bikes.
TVS should target rural area as Hero Honda did
Maintenance cost and the availability of the spare parts should also begiven
due importance.
TVS should try to introduce some good finance/discount schemes for
students.
TVS should focus on its advertisement and mileage to increaseits market
share.
Company should also focus on its after sales service as well as the
performance of the bikes.
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Hero-Honda should also give some offers with their different models.This
will help in increasing the market share of the Hero-Honda company.
The TVS should also launch some cheaper models so that the students can
buy more. This will be beneficial for both i.e. the company and the
consumers.
Since in the female bike category, TVS is the market leader with a total
market share of 43%. Hero-Honda has a total market share of 35%.
the company to capture more and more market and earn more and more
profits.
TVS should focus on inventory management in order to reduce cost of
production.
BIBLOGRAPHY
1. SIAM
2. WWW.HEROHONDA.COM
3. WWW.TVSMOTORS.COM
4. 4P MAGAZINE
5. WWW.TWOWHEELERS .COM
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Questionnaire
Name :- ________________________________
Sex
a) MALE
B) FEMALE
Respected Sir/Madam,
My name is MANVENDRA KUMAR the students of DSM RAIPUR. As per our course
curriculum,
I am doing the market research on Consumer perception
about Hero Honda / other bikes. So I need your valuable
view for the questions given below. We will be grateful to you.
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b. Bajaj
c. TVS
d. Yamaha
b. Price [ ]
c. Mileage [ ]
d. Service [ ]
e. Style [ ]
f. Power [ ]
b. No
b. No
12345
b. Strong
c. Medium
d. Weak
e. Very weak
Q7 :- According to your perception which bikes spare parts are
easily available in the market?
a. Hero-Honda
b. Bajaj
c. TVS d. Yamaha
b. Bajaj
c. TVS
d. Yamaha
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b. Bajaj
c. TVS
d. YAMAHA
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