WINTER TRAINING PROJECT Project Report On Study of the Consumer of Titan Wrist Watches in Ranchi Region

UNDER THE GUIDANCE OF RESP. Mr. S.MITTAL SIR FACULTY, IPM MEERUT.

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INSTITUTE OF PRODUCTIVITY AND MANAGEMENT

Acknowledgement Every work accomplished is a pleasure – a sense of satisfaction. However a number of people always stimulate, criticize and appreciate a work with there objective ideas and opinions, hence I would like to use this opportunity to thank all, who have directly or indirectly helped me to accomplish this project. Firstly I would like to thank Mr. Sushant Mittal Sir and Mr.Vee.S.Solanki Sir without whose support this project could not be completed. Next I would like to thank all the people who gave their valuable time and feedback to this project. I would also like to thank my college for supporting us with possessions, which beyond any doubt have helped me. Let us also use this opportunity to thank our team members who have contributed to this project with their invaluable opinions and suggestions, which have gone a long way in soothing our rough edges as a teammate. Also thanks to all our fellow friends and seniors who have always been there to help and support me.

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PREFACE

For the fulfillment of the PGDM program, winter training has been incorporated in the curriculum. Whatever management student learns in the first semester theoretically is applied by him in this project. Which results in the inculcation of thus gained knowledge through practical application?

In brief we can say that this project gives a chance to apply what we have learnt till now and to apply this knowledge in real life situation.

Our classroom teaching and text books give us through theoretical background of the different functional areas devoid of practical experience on how these areas administrated and managed respectively. This project assignment gives an opportunity to understand the applications of classroom learning. This training helps me to develop various skills for problem analysis and the decision making ability.

Place: Meerut Pratik Kr.Jain

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CONTENTS Page No.

1. Company Profile 5 2. Product Profile 6 3. Title and Objective 14 4. Research methodology 15 5. Sources of data 16 6. Sample Unit of analysis 17 7. Demographic profile of respondent 18 8. Data analysis 22 9. Findings 32 10. Limitations 33 11. Recommendation and suggestions 34 12. Bibliography 35 13. Questionnaire 36

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Company Profile

Titan Industries is the world's sixth largest wrist watch manufacturer and India's leading producer of watches under the Titan, Fastrack, Sonata, Nebula, Octane & Xylys brand names. It is a joint venture between one of India's most respected business organizations, the Tata Group, and the Tamil Nadu Industrial Development Corporation (TIDCO). It exports watches to about 32 countries around the world with manufacturing facilities in Hosur,Dehradun, Goa. Titan watch division was started in 1987. At launch it was the third watch company in India after HMT and Allwyn. Titan formed a venture with Timex, which lasted until 1998, and setup a strong distribution network across India. The headquator of titan watches is in Hosur(India).Besides India Titan also serves in 4continents and 32 other countries specially Middle East, Asia Pacific and Africa. It gives employement to about 3500 people and the parent company of Titan is TATA. In India, Titan markets its products through its 222 exclusive showrooms named "The World of Titan", and over 12,000 outlets in over 2,500 cities in the country. The company manufactures over 8 million watches per annum and has a customer base of over 80 million. Indian Watch industry is estimated to be around 1600 crores and Titan is riding on top of it with a market share of over 50%. Titan has carefully created a market for itself through careful segmentation and branding strategies.It is a brand that showed the world that Indians are good in Branding.

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Titan offers watches for every occasion. The main collections under it include:

Formal - a perfect fusion between sophistication and function, the watches are available in haute fashion of leather and metal combinations.

Dresswear - another fusion, this time between ethnic and contemporary. These designer watches come in all-gold and bicolor look with intricately designed bracelets and patterned dials.

Fashion - the steel-gold, steel-leather and all-steel perfectly suit the hands of young professionals and range from highly fashionable to simple looks.

Sporty/Casual - the collection features wrist-gears with groovy colors and funky styles; bold, broad straps and trendy metal bracelets for girls and sports watches in leather and metal straps for the boys.

Luxury - these are crafted from 18 karat solid gold and inlaid with precious stones, pure leather straps, sapphire crystal for resistance against scratch, customized message engraving and a lifetime guarantee.

Economy - designed for the largest set of customers, the watches in this category are stylish yet affordable.

Technology - in keeping with the demands of changing times, the watches have features like stopwatch, timer, and magnetic compass, to name a few.

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PRODUCT PROFILE

1.Titan Fastrack:Fasactrack is a sub brand of titan commenced in 1998.Fastrack provides variety of new products to satisfy the needs of youth due to changing fashion like bags, belts, wallets and wrist bands. Fastrack watches are very popular because of their striking design and style. The price of watches starts from Rs. 595 onwards.

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2.Titan Octane: The Octane collection is present in over 35 different styles and is priced between Rs 5,000 and Rs 7,500. These watches are available at all World of Titan showrooms, leading multi-brand outlets and departmental stores across the country .

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3.Titan Sonata: Associated with the Indian working class, the Sonata range comprises of both analog and digital watches. The metal strap watches by Sonata was a big hit with the Indian working class men. Sonata has forayed into the plastic watch arena as well. Though the watches are of good quality they are reasonably priced. Today, Sonata is Titan's brand for the economy market and is the largest watch brand in India in terms of volume sales.

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4.Titan Edge: Manufactured using a unique combination of style and technology Titan Edge watches are ultra slim and exceptionally elegant. They have the slimmest quartz movement measuring 1.15mm and is the only one of its kind in the world. Currently Titan Edge has 13 variants, 8 in stainless steel and 5 in the plated version.

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5.Titan Raga: Exquisite, elegant and regal the Titan Raga is a classy feminine brand of watch from Titan. This is the only brand in India which is designed exclusively for women. Amrita Rao, the actress of bollywood has been appointed as the brand ambassador of Titan Raga.

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Corporate Social Responsibility

Titan has holistically integrated the CSR process and has programs covering the following: »» Employing the physically challenged. »» Women's empowerment. Partnering with self help groups amongst rural women for outsourcing components, bracelets - the Meadow Project with Myrada. »» The Titan school and the Titan Foundation for Education - a primary school currently enrolling 300 students. »» The Titan Scholarship - meant for students in Dharmapuri and Krishnagiri based on the criteria of academic performance and socio-economic background. »» The Titan Township -building a sustainable community in Hosur providing a home to 1300 residents. »» Community Development Forums - Eye care camps, Eye donation initiatives - Aids Awareness- Programs for the differently abled - No tobacco drive, Children's programs. »» Volunteering in Hosur, Corporate Office as wells as Regions. »» Partnering with NGOs like CRY, Concern India and Ashraya. »» Improving the quality of life for children - the TATA -TCCI -TITAN Bal Bhavan Children's park project at Cubbon Park ,Bangalore .

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Recognition

The company has been awarded the following distinctions:

»» The Government of Tamil Nadu's award for being the "Largest Employer of the handicapped". This award was conferred on us in the years 1993 and 1996. »» The Mother Teresa award for the best Corporate Citizen in 1998. »» The Helen Keller Award in 1999. »» FICCI-SEDF award in 2001-02 for Social Responsibility. »» The Rotary Club of Bangalore Award for the Corporate Citizenship. »» The Mother Teresa, Helen Keller and the Rotary Awards for Corporate Citizenship. »» The PHDCII Award for Good Corporate Citizenship.

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Title of the Project: - To study the consumer perception and the segmentation of Titan Wrist Watches. RESEARCH OBJECTIVE

1. To study the demographic profile of the consumers who buy wrist Watches.

2. To Study the factors which influences the decision of

consumer while Purchasing wrist watches. 3. To identify the market leader in wrist watches in that

Region.

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RESEARCH METHODOLOGY Research methodology is a way to systematically solve the research problem. The methodology plays a dominant role in any research work. The effectiveness of any research work depends upon the correctness and effectiveness of the research methodology. Characteristic of Research Methodology are that research is directed towards a solution of a problem. It may attempt to answer questions. Research involves gathering new data from primary data or if some secondary data is available there then analyzing can be done on the basis of secondary data. Research is based on observable experience. Research strives to be objective and logical in applying every possible test validates the data processed. It consists of the following steps.

Formulating the objectives of the study Designing the methods of data collection Selecting sample plan Collecting the data Processing and analyzing the data Reporting the findings

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SOURCES OF DATA

In this research I have used both primary data as well as secondary data,

PRIMARY DATA

Questionnaire seeking information from buyers and potential customers regarding wrist watches.

SECONDERY DATA

The SECONDARY DATA was also, collected through (a) Newspaper (b) Magazines (c) Internet DATA COLLECTION METHOD: Survey Method

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Sample Unit of analysis

SAMPLE STUDY As population of Ranchi is very large and to cover each and every one in this study and within a limited time is very difficult, so I decided to go for sample study.

People of different zones taken in account

** Ashok Nagar

** Lalpur

** Hinoo

TIME AND SPACE BOUNDARIES

** November 2009

SAMPLING POPULATION My sampling population comprises of the individuals using the wrist watches. SAMPLE SIZE My sample size is 60, which comprises of respondents from different fields. RESEARCH TYPE :- I have followed a descriptive research methodology.

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DEMOGRAPHIC PROFILE OF RESPONDENT AGE GROUP

0

5

10

15

20

25

30

35

40

21-30 31-40 41-50 more than50

age group

percent

Interpretation: - After analyzing the data, it has been found that 40% of respondent are of age between 31-40 years.

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OCCUPATION

0

5

10

15

20

25

30

35

Business Service Housewife Student

occupation

Percent

Interpretation: - After analyzing the data, it has been found that 35 % of respondents are Businessman.

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Gender

0

10

20

30

40

50

60

70

80

Male Female

Gender

Percent

Interpretation: - After analyzing the data, it has been found that 80 % of respondents are male and rest 20% are female.

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Annual Income

05

1015202530354045

0-20000 20000-3000

30000-40000

More than40000

Income

Percent

Interpretation: - After analyzing the data, its been found that 41% of respondents are of Income group 0-1,00,00 and 27% of respondents are of income group 1,00,00 – 2,00,00.

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DATA ANALYSIS

1. Which type of watch do you to like to wear?

0

5

10

15

20

25

30

35

40

Sports Formal Fashion Economy

Type

Percent

Interpretation: - After analyzing the data it was found that 36% respondents liked to wear Formal Watches while 32%of the people like to wear Economy watches.

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2. Which brand you consider number 1 in wrist watches?

0

5

10

15

20

25

30

35

40

45

Titan Hmt Timex Other

Brand

Percent

Interpretation After analyzing the data it has been found that 42%of the respondents use Titan watches while 28%of them use HMT watch.

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3.Which brand do you wear?

0

10

20

30

40

50

60

Titan Hmt Timex Other

Brand

Percent

Interpretation: As per the above graph majority of the people wear Titan watch which supports the interpretation that Titan is No1. Brand.

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4.If you wear Titan then which brand do you prefer?

0

10

20

30

40

50

60

Sonata Fastrack Edge Octane

Brand

Percent

Interpretation: As per the above graph Sonata is the leader with respect to Other Brands of Titan with 58% of respondents using it.

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5.Who influence you or suggests to buy your wrist watch?

05

10152025303540

FamilyMembers

Advertisement

Inlflunce

Percent

Percent

Interpretation: As per the above graph Most of the people Influenced by friends and Family members..

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6.Which Factor you consider while purchasing a wrist watch?

05

101520253035404550

Price Quality Brand Style

Factor

Percent

Percent

Interpretation: As per the above graph Price is the biggest factor which influence a customer in buying a wrist watch.

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7.What is the range in which you buy wrist watch?

0

10

20

30

40

50

60

0-1000 1000-2000 2000-3000 More than3000

Range

Percent

Percent

Interpretation: As per the above graph most of the customers buy watches in the range of Rs.0-1000.

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8.Are you satisfied with your brand?

05

101520253035404550

Partly Moderately Not satiafied

Satisfaction

Percent

Percent

Interpretation : As per the above graph 48% of the customers are partly satisfied with the brand they have and 27%of them are highly satisfied with their brand.

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9.What you perceive about Titan after purchase?

0

10

20

30

40

50

60

Status symbol Commonlyused

Other

Feeling

Percent

Percent

Interpretation: As per the above graph 57% of the customers consider Titan watches as a Status Symbol.

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10.Do you think that Titan is an expensive brand?

05

101520253035404550

Highly Slightly Normal

Feeling

Percent

Percent

Interpretation :Most of the customers think that Titan is a slightly expensive brand and 46%of the customers are in favour of this.

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FINDINGS 1) Titan is the number one brand in Ranchi. 2) Most of the customers wear Titan watches. 3) Titan Sonata is the most fovourable brand. 4) Maximum customers consider Price as the most important factor while buying wrist watches. 5) Most of the customers are influenced by their friends in purchasing wrist watches.

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LIMITATIONS

1. The first limitation is time. Only few weeks of time was allocated for research work which is quiet inadequate.

2. My sample size is very small.

3. Some respondents were not ready to share their views. 4. Some respondents were not educated thus getting the

data from them was a very tough job.

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RECOMMENDATION AND SUGGESTIONS

1.Titan Sonata is used by maximum customers so the company should position its other brands also. 2.Most of the persons are price conscious while purchasing their watches so the company should maintain its cost leadership. 3.Most of the customers feel Titan as a Status symbol so the company should maintain its level and launch the new products in accordance with this statement.

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BIBLIOGRAPHY

For completing this project I have taken help from various sources and one of them is internet. The name of various sites from where we have collected information and data are as follows. 1.www.titanindustries.in 2. www.worldtitan.com Besides these websites we have also collected the data and information regarding our project from some business newspapers like Business standard and The Economic Times. I have also taken help from the following book to complete my report. -Research methodology- By C.R kothari.

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QUESTIONNAIRE

Dear Sir/Madam, I am a student of “Institute of Productivity and Management doing my PGDM course from there. As a part of my studies I m doing my “Winter Training” on Titan Watches. I need to collect some data for this project and I request you to please cooperate me in completing my project by giving your valuable time and some feedback which is required in this questionnaire. For your this kind cooperation I will be thankful to you.

1.Which type of watch do you to like to wear? a. Sports [ ] b. Formal [ ] c.Fashion [ ] d. Economy [ ]

2.Which brand you consider is number one in wrist watches?

a. Titan [ ] b. HMT [ ] c. Maxima [ ] d. Any Other [ ]

If any other please Specify ____________________________

3.Which brand do you wear?

a. Titan [ ] b. HMT [ ] c. Maxima [ ] d. Any Other [ ]

If any other please Specify ____________________________

4.If you wear Titan then which Brand you Prefer?

a.Sonata [ ] b. Fastrack [ ] c.Edge [ ] d. Octane [ ]

5.Who influence you or suggest you to buy your watch?

a.Family member [ ] b. Friend [ ] c. Advertisement [ ] d. Yourself [ ]

6.Which factor you consider most while purchasing your watch? a Price [ ] b. Quality [ ] c.Brand [ ] d. Style [ ]

7.What is the range in which you buy wrist watch? a. Up to 1000 [ ] b. 1000-2000 [ ] c. 2000-3000 [ ] d. 3000& Above [ ]

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8.Are you satisfied with your brand?

a..Partly [ ] b.Highly [ ] c. Not satisfied [ ]

9.What you perceive about Titan after purchase? a.Status symbol [ ] b. Commonly used [ ] c. Any other [ ]

If any other please Specify ____________________________

10.Do you think that titan is an expensive brand? a. Highly [ ] b. slightly [ ] c normal [ ]

PERSONAL DETAILS:

1. NAME : ______________________________

2. ADDRESS: …………………………………………………………………………………………………………….

3. AGE GROUP:

a. 21-30 years [ ] b.31-40 years [ ] c. 41-50 years [ ] d. ABOVE 50 years [ ]

4. OCCUPATION:

a. HOUSEWIFE [ ] b. STUDENT [ ] c. SERVICE [ ] d. BUSINESS [ ]

5. GENDER:

a. MALE [ ] b. FEMALE [ ]

6. ANNUAL INCOME

a.0- 2,00,00 [ ] b. 2,00,00 – 3,00,00 [ ] c. 30000-40000 [ ] d. Above 4,00,000 [ ]