watch industry in short

8/9/2019 Watch Industry in Short

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PREFACE

With the fast pace of constantly increasing competition, companiesare coming up with some or other innovative options to makecustomers highly satisfied and loyal towards them.

Marketing research is done to reach on a final decision and collectdata from consumers in order to reach on a conclusion thereby gettingfeedback from them.

The project comprises of a consumer survey with a sample plan of 100 people from the age group up to 60 years. On the basis of surveyconducted various findings are explained. Finally the conclusion have

been given.


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OBJECTIVES

To classify the users of watches on the basis of threecategories -lower income group, middle income group,and higher income group.

To study The Marketers including discussions of specific marketer brand.

The Consumer whos buying what, and where.

To analyze latest Trends and Opportunities.

To Discover what the luxury watch consumer considersto be the most important features of watch, enabling you to tailor your offering accordingly.

Gain insight into future trends.

Develop an idea in the watch market.

To find the market leader in the industry.

To find out the recent threat to the watch market.


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Research plan

The research is based on the survey filled from various types of consumers in New Delhi region. The method adopted for thesefindings is survey method. The main aim is to get the feedback fromvarious customers and users of watches. The questionnaire is thoughtto be the most suitable because it allows structured, meaningful anduniform interaction with the respondents. The questionnaire adoptedincludes some of the open ended questions too.

Data source:

P rimary data has been gathered to conduct the research.

Research approaches:As mentioned earlier, survey has been conducted to gather the

primary data.

Research instrument:Questionnaire has been taken as the Research instrument

Design of questionnaire:The questionnaire is designed in a structured manner keepingin mind all the basic steps for construction of a questionnaireand considering all the scales.


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Sample Plan:

Sampling unit:Information is gathered from various sampling units.

They are:S tudentsS elf employed peopleP rofessionalsBusinessmenHousewives

Sample size:S ample size of 100 customers consists from the following areas:y C ollegey Restaurantsy S hopping mallsy Apartments


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ANALYSIS OF CONSUMER QUESTIONNAIRE

Q1. Which type of wrist watch do you like to wear?

Types Number of users

Percentage

S ports watch 20 20Digital watch 6 6S ingle S trap 18 18Chain watch 32 32

Bracelet watch 16 16Others 8 8Total 100 100


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Observation:

I t is observed that chain watches are preferred over other typesof watches. Generally, bracelet watches are preferred by femalesand sports watch by young generation most of which comprisesof males.

Sex No. of

users

Percentage

Male 64 64Female 36 36


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Q2. You prefer your watch as?

Types No. of users

Percentage

An accessory 46 46 A necessity 54 54

Observation:I n this question it is observed that the product watch is lookedafter as a necessity over an accessory. Although there is notmuch difference between the percentages, because users withtheir individual choice went for the suitable option.


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Q3. Do you prefer a cell phone over your watch for referring time?

Answer No. of users

Percentage

Yes 56 56No 44 44

Observation:

More than 50% people do prefer cell phones over a watch and44%people do not prefer cell phones. This shows that thedemand for the watch is prevailing less in the market.


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Q4. What features do you consider whilepurchasing a watch?

Features No. of users

Percentage

Quality 26 26Price 12 12Brand image 19 19S tyle/ Design 33 33

Warranty 10 10Total 100 100

Observation:

A single feature is not considered by the users, but more than 3features are opted by them. This is the reason that we can see varied number of users and percentages . Warranty is at itsminimum and brand image is a bit higher as compared to it. Allthis depicts that design is the most important feature forcustomers.


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Q5. For what level does the warranty of a

watch affect you while making a purchase?

Level No. of users

Percentage

Priority 22 22Often 38 38Rarely 16 16

Does not affect 24 24Total 100 100

Observation:

I t is observed that for 38% people warranty of a watch affects very often, for 22% it is their priority, for 16% people warranty is a rare affect and for 24% warranty does not affect at all.


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Q6. Which brand of watch you are currently using?

Brands No. of users

Percentage

Titan 44 44Timex 16 16TAG Heuer 13 13Fast Track 15 15Others 12 12Total 100 100

Observation:

Maximum number of people are using Titan that makes 44% of the total users, and then second most preferred brand is Timexthe demand being for it is 16%, Tag Heuer being at 13% andFast track at 15% and the other brands taking a share of 12%.


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Q7. Does the publicity of watches by celebrities affect your buying decision?

Answer No. of users

Percentage

Yes 65 65No 35 35

Observation :

Here the ratio is almost equal as 65% people say that their buying decision is affected by the publicity of celebrities for watches while 35% say it does not affect their buying decision.


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Q8. What additional features would youlike to go for?


Percentage

Day, month anddate

16 16

S top watch 12 12 Alarm 40 40Temperature 32 32

Total 100 100

Observation:

40% people want alarm as an additional feature in their watch.32% would like to have the temperature feature to be added,16% needs day, month and date and 12% wants stop watchfacility in their watches. I t is observed that all the addedfeatures are well in demand.


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Q9. How would you rate your watch on the

basis of following features? (Rank on ascale of 1-5)


Percentage Rating

Design 30 30 1Price 20 20 3

Quality 25 25 2 Warranty 15 15 4Colour 10 10 5

Observation:

Design has got the highest rating by 80% people, and thenpeople gave the second priority to quality after which warranty followed by price is preferred, leaving color at the end. Thisdepicts that price is not the top most priority for the users whilethey consider design as the most important aspect.


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Q10. If given a chance to change your watch, you would go for?

Brands No. of users

Percentage

Titan 26 26Timex 21 21TAG Heuer 15 15Fast track 20 20Others 18 18Total 100 100

Observation :

Out of the brands considered for the survey, 26% of the people wants to go for a purchase of titan if given a chance as Titanalready captures a lot of its existing customers, another 21% wish to switch to Timex, for Tag Heuer that are high incomegroup luxury watches with high 19 price tags 15% is thestatistics, . 20% wants to go for Fast Track and 18% wants to goin for other brands.


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CONCLUSION

After making the analysis and observation from the survey

conducted and information gathered from various customersabout different brands of watches, it is concluded that Titan isthe most commonly used brand by all the watch users. Timex isthe second and best priority for higher middle income group.Fast Track being not so demanded remains on an averageposition.This survey also gives information about the existingfeatures and some added features desired by customers that areto be introduced by the companies.

Now a days, watches are facing serious competition with cellphone for referring time, but with the cut throat competition allthe leading brands of watches are managing well in the market and thisshows that the charm of watches can never end whether it is anaccessory for some and necessity for others.

y Chain watch is most commonly used by all customers.

y Design and quality are two important factors in thepurchase decision of a watch.

y Titan is the most commonly used brand.

y Maximum consumers relied on their own decision of purchase irrespective of the promotion of various brands.

y Most of the people switch off brands with new offers.


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watch industry in short

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