INNOVATOR INDEX FOR DURABLE GOODS IN TIRUVARUR DISTRICT

Abstract

White and Brown consumer durables have similar features and are commoditized in Indian market. In this scenario, one of the key strategies being adopted by major consumer durable companies is introducing innovative features to their durable’s goods brand. However, innovation comes with a price, as consumers might not be familiar with new innovative features and may hesitate to the buy the durables with arcane features. This is where study of innovator adaption becomes essential. In this study, the propensity of consumers for buying durables with new and innovative features is determined for Tiruvarur district. Based on the analysis, innovator index for Tiruvarur district is derived. The higher the index, the higher is the probability that consumers will buy new and innovative durables. Such an index helps in brand marketing and position new products. It helps consumer durable companies to test new and innovative features in consumer durables by launching such products in areas of high innovator index. The study also derives the probability distribution of components of Innovator Index - Awareness, Interest, Desire and Capability. This helps the durable goods companies to structure their product and marketing mix based on the probability values of the components of Innovator Index.