Project Report of Research Methodology on Comparative Study of Bajaj V/S Hero Honda
PROJECT REPORT OF RESEARCH METHODOLOGY ON COMPARATIVE STUDY OF BAJAJ V/S HERO HONDA SUBMITED TO SUBMITED BY Prof. Neha bansal Vishal jaggi Roll No. 820375073 MBA 4th Semester 1 CERTIFICATE This is to certify that Mr. Vishal jaggi has completed his project report title “Comparative Study of Bajaj V/S Hero Honda” under my supervision. To the best of my knowledge and belief this is his original work and this, wholly or partially, has not been submitted for any degree of this or any other University. Date: Prof. Neha bansal 2 Vs. 3 ACKNOWLEDGEMENT
The research on “Comparative Study between Bajaj and Hero Honda” has been given to me as part of the curriculum in 2-Years Masters Degree in Business Administration. I have tried my best to present this information as clearly as possible using basic terms that I hope will be comprehended by the widest spectrum of researchers, analysts and students for further studies. I have completed this study under the able guidance and supervision of Prof. Neha bansal; I will be failed in my duty if I do not acknowledge the esteemed scholarly guidance, assistance and knowledge.
I have received from them towards fruitful and timely completion of this work. Mere acknowledgement may not redeem the debt I owe to my parents for their direct/indirect support during the entire course of this project. I also thankful to my friend who helped me a lot in the completion of this project. Vishal jaggi 4 INDEX Sr No. 1. 2. Particulars OBJECTIVES HISTORY OF BAJAJ – Profile – Bajaj Intro – Company History – Timeline of new releases HISTORY OF HERO HONDA – Company Profile 23 14 Page no 6 7 3. 4. RESEARCH METHODOLOGY – Data Source – Research Approach – Sampling unit – Data Completion and Analysis – Scope 5.
LIMITATION OF RESEARCH STUDY 6. ANALYSIS AND INTERPRETATION 7. CONCLUSION 8. RECOMMENDATION 9. BIBLIOGRAPHY 10. ANNEXURE 25 27 39 41 43 45 5 OBJECTIVES:1. To know the market share of Bajaj & Hero Honda. 2. To know the perception of customers regarding bikes. 3. To determine the customers satisfaction regarding bikes. 4. To determine the factors influencing the choice of customers regarding bikes. 6 7 Bajaj Auto limited is one of the largest two wheeler manufacturing company in India apart from producing two wheelers they also manufacture three wheelers. The company had started way back in 1945.
Initially it used to import the two wheelers from outside, but from 1959 it started manufacturing of two wheelers in the country. By the year 1970 Bajaj Auto had rolled out their 100,000th vehicle. Bajaj scooters and motor cycles have become an integral part of the Indian milieu and over the years have come to represent the aspirations of modern India. Bajaj Auto also has a technical tie up with Kawasaki heavy industries of Japan to produce the latest motorcycles in India which are of world class quality The Bajaj Kawasaki eliminator has emerged straight out of the drawing board of Kawasaki heavy industries.
The core brand values of Bajaj Auto limited includes Learning, Innovation, Perfection, Speed and Transparency. Bajaj Auto has three manufacturing units in the country at Akurdi, Waluj and Chakan in Maharashtra, western India, which produced 2,314,787 vehicles in 2005-06. The sales are backed by a network of after sales service and maintenance work shops all over the country. Bajaj Auto has products which cater to every segment of the Indian two wheeler market Bajaj CT 100 Dlx offers a great value for money at the entry level.
Similarly Bajaj Discover 125 offers the consumer a great performance without making a big hole in the pocket. 8 PROFILE: Founder Year of Establishment Industry Business Group Listings & its codes Presence Jamnalal Bajaj 1926 Automotive – Two & Three Wheelers The Bajaj Group BSE – Code: 500490; NSE – Code: BAJAJAUTO Distribution network covers 50 countries. Dominant presence in Sri Lanka, Bangladesh, Columbia, Guatemala, Peru, Egypt, Iran and Indonesia. Kawasaki Heavy Industries of Japan Akurdi Pune – 411035 India Tel. : +(91)-(20)-27472851 Fax: +(91)-(20)-27473398 • • •
Joint Venture Registered & Head Office Works Akurdi, Pune 411035 Bajaj Nagar, Waluj Aurangabad 431136 Chakan Industrial Area, Chakan, Pune 411501 E-mail Website [email protected] co. in www. bajajauto. com 9 Bajaj Autos Ltd. Bajaj Auto Limited Type Founded Headquarters Key people Revenue Net income Employees Website Public 1945 Pune, India Rahul Bajaj (Chairman) Rs. 1,01,063 billion (2006) or USD 1. 87 billion Rs. 17,016 billion ??? www. bajajauto. com Bajaj Auto is a major Indian automobile manufacturer. It is India’s largest and the world’s 4th largest two- and three-wheeler maker.
It is based in Pune, Maharashtra, with plants in Waluj near Aurangabad, Akurdi and Chakan, near Pune. Bajaj Auto makes motorscooters, motorcycles and the auto rickshaw. 10 Contents • • • • • • • • 1 Company’s history o 1. 1 Timeline of new releases 2 Scooters 3 Motorcycles 4 Upcoming Models 5 New Image 6 Forbes Global 2000 Ranking – 2005 7 External links 8 References Company’s history Bajaj Auto came into existence on November 29, 1945 as M/s Bachraj Trading Corporation Private Limited. It started off by selling imported two- and three-wheelers in India.
In 1959, it obtained license from the Government of India to manufacture two- and three-wheelers and it went public in 1960. In 1970, it rolled out its 100,000th vehicle. In 1977, it managed to produce and sell 100,000 vehicles in a single financial year. In 1985, it started producing at Waluj in Aurangabad. In 1986, it managed to produce and sell 500,000 vehicles in a single financial year. In 1995, it rolled out its ten millionth vehicle and produced and sold 1 million vehicles in a year. Timeline of new releases • • • • • • • • • • • • • • • • • 971 – three-wheeler goods carrier 1972 – Bajaj Chetak 1976 – Bajaj Super 1977 – Rear engine Autorickshaw 1981 – Bajaj M-50 1986 – Bajaj M-80, Kawasaki Bajaj KB100 1990 – Bajaj Sunny 1994 – Bajaj Classic 1995 – Bajaj Super Excel 1997 – Kawasaki Bajaj Boxer, Rear Engine Diesel Autorickshaw 1998 – Kawasaki Bajaj Caliber, Legend(India’s first four-stroke scooter) 2000 – Bajaj Saffire 2001 – Eliminator, Pulsar 2003 – Caliber115, Bajaj Wind 125, Bajaj Pulsar 2004 – Bajaj CT 100, New Bajaj Chetak 4-stroke with Wonder Gear, Bajaj Discover DTS-i 2005 – Bajaj Wave, Bajaj Avenger, Bajaj Discover 2006 – Bajaj Platina 11 • 007 – Bajaj Pulsar-200 Some of the models that Bajaj makes (or has made) are: Scooters o o o o o o Bajaj Sunny Bajaj Chetak Bajaj Cub Bajaj Super Bajaj Wave Bajaj Legend Motorcycles o o o o o o o o o Kawasaki Eliminator Bajaj Pulsar Bajaj Kawasaki Wind 125 Bajaj Boxer Bajaj CT 100 Bajaj Platina Bajaj Caliber Bajaj Discover Bajaj Avenger Upcoming Models • • • • Bajaj Pulsar 220 DTS-Fi Bajaj Krystal Bajaj Blade Bajaj Sonic New Image The company, over the last decade has successfully changed its image from a scooter manufacturer to a two wheeler manufacturer, product range ranging from Scooterettes to Scooters to Motorcycle.
Its real growth in numbers has come in the last 4 years after successful introduction of a few models in the motorcycle segment. The company is headed by Rahul Bajaj who is worth more than US$1. 5 billion. 12 13 India has the largest number of two wheelers in the world with 41. 6 million vehicles. India has a mix of 30 percent automobiles and 70 percent two wheelers in the country. India was the second largest two wheeler manufacturer in the world starting in the 1950’s with the birth of Automobile Products of India (API) that manufactured scooters.
API manufactured the Lambrettas but, another company, Bajaj Auto Ltd. surpassed API and remained through the turn of the century from its association with Piaggio of Italy (manufacturer of Vespa). The license raj that existed between the1940s to1980s in India, did not allow foreign companies to enter the market and imports were tightly controlled. This regulatory maze, before the economic liberalization, made business easier for local players to have a seller’s market. Customers in India were forced to wait 12 years to buy a scooter from Bajaj.
The CEO of Bajaj commented that he did not need a marketing department, only a dispatch department. By the year 1990, Bajaj had a waiting list that was twenty-six times its annual output for scooters. The motorcycle segment had the same long wait times with three manufacturers; Royal Enfield, Ideal Jawa, and Escorts. Royal Enfield made a 350cc Bullet with the only fourstroke engine at that time and took the higher end of the market but, there was little competition for their customers. Ideal Jawa and Escorts took the middle and lower end of the market respectively.
In the mid-1980s, the Indian government regulations changed and permitted foreign companies to enter the Indian market through minority joint ventures. The two-wheeler market changed with four Indo-Japanese joint ventures: Hero Honda, TVS Suzuki, Bajaj Kawasaki and Kinetic Honda. The entry of these foreign companies changed the Indian market dynamics from the supply side to the demand side. With a larger selection of twowheelers on the Indian market, consumers started to gain influence over the products they bought and raised higher customer expectations.
The industry produced more models, styling options, prices, and different fuel efficiencies. The foreign companies new technologies helped make the products more reliable and with better quality. Indian companies had to change to keep up with their global counterparts. 14 Hero Honda Motorcycle Ltd. Type Founded Headquarters Public company BSE:HEROHONDA M January 19, 1984 in Gurgaon, Haryana, India Haryana, India Om Prakash Munjal, Founder Mr. Brijmohan Lall Munjal, Chairman Mr. Toshiaki Nakagawa, Joint Managing Director Mr. Pawan Munjal, Managing Director Automotive Motorcycles, Scooters U$ 2. billion http://www. herohonda. com/site/home/home. asp Key people Industry Products Revenue Website HERO HONDA HEADQUARTERS 15 Hero Honda Motorcycles Limited is an Indian manufacturer of motorcycles and scooters. Hero Honda is a joint venture that began in 1984 between the Hero group of India and Honda from Japan. It has been the world’s biggest manufacturer of 2-wheeled motorized vehicles since 2001, when it produced 1. 3 million motorbikes in a single year. Hero Honda’s Splendor is the world’s largest selling motorcycle .
Its 2 plants are in Dharuhera and Gurgaon, both in Haryana, India. It specializes in dual use motorcycles that are low powered but very fuel efficient. Contents • • • 1 Models o 1. 1 Bikes 2 Company Profile o 2. 1 Just-in-Time o 2. 2 Ancillarisation o 2. 3 Dealer Network o 2. 4 Financial Planning o 2. 5 Quality o 2. 6 Diversification 3 External links [ Models ] Bikes • • • • • • • • • • Hero Honda Splendor Plus Hero Honda Passion Plus Hero Honda Karizma Hero Honda CBZ Hero Honda Super Splendor Hero Honda CD Dawn Hero Honda CD Deluxe Hero Honda Achiever Hero Honda Glamour Hero Honda Ambition 6 Hero Honda “Splendor” Model [ Company Profile ] “Hero”, is the brand name used by the Munjal brothers in the year 1956 with the flagship company Hero Cycles. The two-wheeler manufacturing business of bicycle components had originally started in the 1940’s and turned into the world’s largest bicycle manufacturer today. Hero, is a name synonymous with two-wheelers in India today. The Munjals roll their own steel, make free wheel bicycle critical components and have diversified into different ventures like product design.
The Hero Group philosophy is: “To provide excellent transportation to the common man at easily affordable prices and to provide total satisfaction in all its spheres of activity”. The Hero group vision is to build long lasting relationships with everyone (customers, workers, dealers and vendors). The Hero Group has a passion for setting higher standards and “Engineering Satisfaction” is the prime motivation, way of life and work culture of the Group. In the year 1984, Mr. Brijmohan Lal Munjal, the Chairman and Managing Director of Hero Honda Motors (HHM), headed an alliance between the Munjal family and Honda Motor Company Ltd. HMC). HHM Mission Statement is: “We, at Hero Honda, are continuously striving for synergy between technology, systems, and human resources to provide products and services that meet the quality, performance, and price aspirations of our customers. While doing so, we maintain the highest standards of ethics and societal responsibilities, constantly innovate products and processes, and develop teams that keep the momentum going to take the company to excellence in the new millennium”.
This alliance became one of the most successful joint ventures in India, until the year 1999 when HMC had announced a 100% subsidiary, Honda Motorcycle & Scooter India (HMSI). This announcement caused the HHM stock price to decrease by 30 percent that same day. Munjal had to come up with some new strategic decisions as, HMSI and other foreign new entry companies were causing increased intensity of rivalry for HHM. == Growth == The business growth of Hero Honda has been phenomenal throughout its early days. The Munjal family started a modest business of bicycle components.
Hero Group expanded so big that by 2002 they had sold 86 million bicycles producing 16000 bicycles a day. Today Hero Honda has an assembly line of 9 different models of motorcycles available. It holds the record for most popular bike in the world by sales for 17 Its Splendor model. Hero Honda Motors Limited was established in joint venture with Honda Motors of Japan in 1984, to manufacture motorcycles. It is currently the largest producer of Two Wheelers in the world. It sold 3 million bikes in the year 2005-2006. Recently it has also entered in scooter manufacturing, with its model PLEASURE mainly aimed at girls.
The Hero Group has done business differently right from the start and that is what has helped them to achieve break-through in the competitive two-wheeler market. The Group’s low key, but focused, style of management has earned the company plaudits amidst investors, employees, vendors and dealers, as also worldwide recognition. The growth of the Group through the years has been influenced by a number of factors: [ Just-in-Time ] The Hero Group through the Hero Cycles Division was the first to introduce the concept of just-in-time inventory.
The Group boasts of superb operational efficiencies. Every assembly line worker operates two machines simultaneously to save time and improve productivity. The fact that most of the machines are either developed or fabricated inhouse, has resulted in low inventory levels. In Hero Cycles Limited, the just-in-time inventory principle has been working since the beginning of production in the unit and is functional even till date.. This is the Japanese style of production and in India; Hero is probably the only company to have mastered the art of the just-in-time inventory principle. Ancillarisation ] An integral part of the Group strategy of doing business differently was providing support to ancillary units. There are over 300 ancillary units today, whose production is dedicated to Hero’s requirements and also a large number of other vendors, which include some of the better known companies in the automotive segment. Employee Policy: Another Striking feature within the Hero Group is the commitment and dedication of its workers. There is no organized labor union and family members of employees find ready employment within Hero.
The philosophy with regard to labor management is “Hero is growing, grow with Hero. ” When it comes to workers’ benefits, the Hero Group is known for providing facilities, further ahead of the industry norms. Long before other companies did so, Hero was giving its employees a uniform allowance, as well as House Rent Allowance (HRA) and Leave Travel Allowance (LTA). Extra benefits took the form of medical check-ups, not just for workers, but also for the immediate family members. [ Dealer Network ] The relationship of Hero Group with their dealers is unique in its closeness.
The dealers are considered a part of the Hero family. A nation-wide dealer network comprising of over 5,000 outlets, and have a formidable distribution system in place. Sales agents from 18 Hero travels to all the corners of the country, visiting dealers and send back daily postcards with information on the stock position that day, turnover, fresh purchases, anticipated demand and also competitor action in the region. The manufacturing units have a separate department to handle dealer complaints and problems and the first response is always given in 24 hours. [ Financial Planning ]
The Hero Group benefits from the Group Chairman’s financial acumen and his grasp on technology, manufacturing and marketing. Group Company, Hero Cycles Limited has one of the highest labor productivity rates in the world. In Hero Honda Motors Limited, the focus is on financial and raw material management and a low employee turnover. [ Quality ] Quality at Hero is attained not just by modern plants and equipment and through latest technology, but by enforcing a strict discipline. At the Group factories, attaining quality standards is an everyday practice – a strictly pursued discipline.
It comes from an amalgamation of the latest technology with deep-rooted experience derived from nearly four decades of hard labor. It is an attitude that masters the challenge of growth and change – change in consumers’ perceptions about products and new aspirations arising from a new generation of buyers. Constant technology up gradation ensures that the Group stays in the global mainstream and maintains its competitive edge. With each of its foreign collaborations, the Group goes onto strengthen its quality measures as per the book.
The Group also employs the services of independent experts from around the world to assist in new design and production processes. [ Diversification ] Throughout the years of enormous growth, the Group Chairman, Mr. Lall has actively looked at diversification. A considerable level of backward integration in its manufacturing activities has been ample in the Group’s growth and led to the establishment of the Hero Cycles Cold Rolling Division, Munjal and Sunbeam Castings, Munjal Auto Components and Munjal Showa Limited amongst other componentmanufacturing units.
Then there were the expansion into the automotive segment with the setting up of Majestic Auto Limited, where the first indigenously designed moped, Hero Majestic, went into commercial production in 1978. Then came Hero Motors which introduced Hero Puch, in collaboration with global technology leader Steyr Daimler Puch of Austria. Hero Honda Motors was established in 1984 to manufacture 100 cc motorcycles. The Hero Group also took a venture into other segments like exports, financial services, information technology, which includes customer response services and software 19 development.
Further expansion is expected in the areas of Insurance and Telecommunication. The Hero Group’s phenomenal growth is the result of constant innovations, a close watch on costs and the dynamic leadership of the Group Chairman, characterized by a culture of entrepreneurship, of right attitudes and building stronger relationships with investors, partners, vendors and dealers and customers 20 RESEARCH METHODOLOGY It is well known fact that the most important step in marketing research process is to define the problem. Choose for investigation because a problem well defined is half solved.
That was the reason that at most care was taken while defining various parameters 21 of the problem. After giving through brain storming session, objectives were selected and the set on the base of these objectives. A questionnaire was designed major emphasis of which was gathering new ideas or insight so as to determine and bind out solution to the problems. DATA SOURCE Research included gathering both Primary and Secondary data. Primary data is the first hand data, which are selected a fresh and thus happen to be original in character.
Primary Data was crucial to know various customers and past consumer views about bikes and to calculate the market share of this brand in regards to other brands. Secondary data are those which has been collected by some one else and which already have been passed through statistical process. Secondary data has been taken from internet, newspaper, magazines and companies web sites. RESEARCH APPROACH The research approach was used survey method which is a widely used method for data collection and best suited for descriptive type of research survey includes research instrument like questionnaire which can be structured and unstructured.
Target population is well identified and various methods like personal interviews and telephone interviews are employed. SAMPLING UNIT It gives the target population that will be sampled. This research was carried in chandigarh These were 100 respondents. DATA COMPLETION AND ANALYSIS After the data has been collected, it was tabulated and findings of the project were presented followed by analysis and interpretation to reach certain conclusions. SCOPE My project was based on the Comparative Study of Bajaj V/S Hero Honda and data was taken in the Chandigarh only. 22 LIMITATIONS 1.
Research work was carried out in chandigarh only the finding may not be applicable to the other parts of the country because of social and cultural differences. 2. The sample was collected using connivance-sampling techniques. As such result may not give an exact representation of the population. 23 3. Shortage of time is also reason for incomprehensiveness. 4. The views of the people are biased therefore it doesn’t reflect true picture. 24 Q1) Which bike do you have? 47 25 Hero Honda Bajaj Any other 38 15 Hero honda Bajaj Any other Q2) Which Model do you Have? Hero Honda Splender Passion 21 13 Bajaj CT 100 Discover 7 12 6 Karizma Any other 7 6 Pulsar Any other 11 8 25 No of Persons 20 15 10 5 0 1 Model Nam e Hero Honda Splender Passion Karizma Any other 14 12 No of Persons 10 8 6 4 2 0 1 Model Nam e Bajaj CT 100 Discover Pulsar Any other Q3) In which family Income level do you Fall? 100000-200000 200000-300000 300000-400000 above 400000 22 45 23 10 27 50 No of Persons 40 30 20 10 0 1 Income level 100000-200000 200000-300000 300000-400000 above 400000 Q4) For how long do you own a bike? 0-1 year 1-2 year 2-3 year above 3 year 34 29 26 11 28 40 30 No of 20 Persons 10 0 1 No of years 0-1 year 1-2 year 2-3 year above 3 year
Q5) For what purpose do you use your Motor Bike? Office Purpose Personal purpose Hero Honda 9 13 Bajaj 4 15 29 Joy Purpose Other 19 6 16 3 20 No of Persons 15 10 5 0 Office Personal Joy Purpose purpose Purpose Purpose Other Hero Honda Bajaj Q6) How do you come to know about this Motor Bike? Newspaper Television Hero Honda 4 23 Bajaj 2 16 30 Magazine Friends & Relative 2 18 1 19 25 20 No of Persons 15 10 5 0 Hero Honda Bajaj Name of Company New spaper Television Magzine Friends & Relative Q7) Does Advertisement Influence your decision in choosing a Motor Bike? Yes No Cant say 87% 5% 8% 31 Yes No Cant say
Q8) Do you have full knowledge about Bikes before buying? Hero Honda Yes 25 22 Bajaj 23 15 32 No 30 25 No of persons 20 15 10 5 0 Hero Honda Com pany Nam e Bajaj Yes No Q9) Which Factor below Influence your decision? Hero Honda Price Mileage Quality 72% 78% 65% Bajaj 78% 64% 48% 33 Resale Value Status symbol 40% 10% 28% 7% 100% 80% No of Persons 60% 40% 20% 0% Hero Honda Bajaj Com pany Nam e Price Mileage Quality Resale Value Status symbol Q10) How would you rate the following factors of Bikes with respect to different company? Hero Honda Mileage 74% Bajaj 72% 34 Price Pick up Maintenance Look & Shape Brand Image 8% 70% 58% 85% 53% 65% 80% 62% 80% 55% 100% No of Persons 80% 60% 40% 20% 0% Hero Honda Bajaj Com pany Nam e Mileage Price Pick up Maintenance Look & Shape Brande Image Q11) If new Bike with good features comes in, then would you like to change your bike? Hero Honda Yes 19 Bajaj 21 35 No Cant say 17 11 14 3 25 20 No of Persons 15 10 5 0 Yes No View s Cant say Hero Honda Bajaj 36 Conclusion 37 1. Most of the Pulsar, CBZ & Karizma are purchased by young generation 2. 3. 4. 5. 18 to 30 because they prefer stylish looks and rest of the models of Hero Honda are purchased more by daily users who needs more average of bikes than looks.
Hero Honda is considered to be most fuel-efficient bike on Indian roads. Service & Spare parts are available throughout India in local markets also. While buying a motorcycle, economy is the main consideration in form of maintenance cost, fuel efficiency. Majority of the respondent had bought their motorcycle more than 3 years. 38 RECOMMENDATIONS 39 1. 2. 3. Bajaj should introduce some more models having more engine power. Hero Honda should think about fuel efficiency in case of upper segment bikes. More service centers should be opened.
Maintenance cost and the availability of the spare parts should also be given due importance. They also introduce some good finance/discount schemes for students. The price should be economic. 4. 5. 6. 40 BIBLIOGRAPHY 41 1. 2. 3. 4. 5. www. herohonda. com www. google. com www. bajaj. com www. twowheeler. com www. extrememachines. com 42 QUESTIONNAIRE NAME: – ……………………………………………… CONTACT NO ………………………………………. 43 AGE:- 15-20 25. 30 20-25 Above 30 Employee Other OCCUPATION:- Businessman Student Q1) Which Bike do you have? Hero Honda Q2) Which Model do you have?
Hero Honda: Splendor Karizma Bajaj: CT 100 Pulsar Q3) In which Family Income do you Fall? 100000-200000 300000-400000 Q4) For how long do you own a Bike? 0-1 year 2-3 year Q5) For what purpose do you use your Motor Bike? Office Purpose Personal Purpose 1-2 year above 3 years 200000-300000 Above 400000 Passion Other Discover Other Bajaj Any Other Joy Purpose Other Q6) How do you come to know about this Motor Bike? Newspaper Magazines Television Friends/Relatives 44 Q7) Does Advertisement Influence your decision in choosing a Motor Bike? Yes No Can’t say Q8) Do you have full knowledge about Bikes before buying?
Yes Q9) Which factor below influence your decision? Price Resale Value Mileage Status Symbol Quality No Q10) How would you rate the following factors of bikes with respect to different companies? Hero Honda Bajaj Mileage Price Pick up Maintenance Look/Shape Brand Image Q11) In new bike with good feature comes in, then would you like to change your bikes? Yes No Can’t say Q12) Any Suggestions for Company …………………………………………………………………………………………… …………………………………………………………………………………………… …………………………………………………………………………………………… ……… Date: (Signature) 45 SUBMITED BY Vishal jaggi ROLL NO 820375073 MBA 4th Semister 46