marketing reserch

ADITYA

How this project was successful?Questionnaire, design & Survey:Ankita Jain, Disha jain, Ashish SharmaAnalysis:Hitali, Indranil, AmbeshThough all members were involved during

the whole process

IntroductionTime is moneyWith the fast pace of economic growth,

the Indian watch market has also changedFrom “Need”, it became “Demand”Different brands with different

technology, design and innovations have entered into the market.

Purpose of The ReportThis report is to give a slight insight about what

customers really wantsMarketing research is done collect data from

consumers to arrive at a conclusionWe had tried to find out……………………..Do various features of a watch like quality, price,

design, brand image, warranty affect a customer?What should be the future trendIs there any threat to the industryOn the basis of survey conducted various findings

and conclusion have been explained after analysis.

Research planData source:

Primary data

Research approaches:Survey has been conducted to gather the primary

data.

Research instrument:Questionnaire

Design of questionnaire:Designed in a structured manner keeping in mind all the basic steps for construction of a questionnaire and considering all the scales.

Sample PlanSampling unit:

Students Self employed peopleProfessionalsBusinessmenHousewives 

Sample size: 100 customers from the following areas:College (Ram Lal Anand College,DU)Restaurants(Evergreen, McDonalds, Pizza Hut)Shopping malls( Ansal Plaza)Apartments(Like in Mehrauli, Safdarjung Enclave etc.)

BJECTIVES

To classify the users of watches on the basis of three categories - lower income group, middle income group, and higher income group.To study the consumer preferences including discussions of specific brand.The Consumer who’s buying what, and where.To analyze latest Trends and Opportunities.To Discover what the luxury watch consumer considers to 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 marketTo find the market leader in the industry.To find out the recent threat to the watch market

Types

No. of users

Percentage

Sports watch 2020

Digital watch 66

Single Strap 1818

Chain watch 3232

Bracelet watch 1616

Others 88

Total 100100

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

Q2. You prefer your watch as?

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

Q4. What features do you consider while purchasing a watch?

Q5. For what level does the warranty of a watch affect you while making a purchase?

Q6. Which brand of watch you are currently using?

Q7. What motivated you to make your purchase?

Q8. Does the publicity of watches by celebrities affect your buying decision?

Q.11 What additional features would you like to go for?

40% people want alarm38% would like to have the temperature feature to be added32% needs day, month and date26% wants stop watch

Objectives met:-

Insight into future trends

Q.12 How often you switch off the brands?

50% says they change their brand depending on their mood 28% people are brand loyal and does not prefer to switch off16% look for affordability before switching 6% people change their brand very often

This depicts the brand loyalty of the consumers.

Q.13 If given a chance to change your watch, you would go for?

Q.14 How would you rate your watch on the basis of following features?

Only 16% from lower income group participated in the survey30% of the people are from the lower middle income 26% from higher middle income group28% from higher income group

Objectives met:-

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

SWOT ANALYSIS OF THE INDUSTRY

STRENGTHSWatch industry is growing at the rate of 30% every year.As population is rising, the watch market is also expanding.Customers are not very price sensitive as far as quality watch is concerned.

WEAKNESSNot much advertising is done by the watch industry.No product innovation.Few numbers of exclusive showrooms reduces the consumer’s accessibility to the product.There are few marketers, who are concentrated only upon a particular niche segment (Tag Heuer).

OPPORTUNITIES

The young, independent individuals are the “trendsetters” that the fashionable luxury watch and fine luxury watch brands can target. (Fast Track).In India the market is huge and demand is unlikely to change.People are using it as a fashion accessory which means more demand for the product.Youth of India are far more brand conscious than their predecessors. That can lead to the expansion of the market for branded watches.

THREATSMany foreign players entering in the race. Too many players will dilute the market & the profit margin. Mobile phones acting as substitutes of the watches. Increasing the price of the raw material like steel may increase the price of the product. 

LIMITATIONS

Cannot be taken as a representative of whole.Sample size being small, cannot give a generalize statement.Primary data is limited to questionnaire.Data might be constrained by the availability and approachability.Some of the respondents being rarely interested gave some rough ideas just for the sake of answering. Due to paucity of time it was impossible to know the interest of large number.

CONCLUSION

Titan is the most commonly used brand by all the watch users. Timex is the second and best priority for higher middle income group.Fast Track being not so demanded remains on an average position.This survey also gives information about the existing features and some added features desired by customers that are to be introduced by the companies.

Chain watch is most commonly used by all customers.Design and quality are two important factors even helpful in the purchase decision of a watch.

QUERY

BJECTIVES MET

To classify the users of watches on the basis of three categories - lower income group, middle income group, and higher income group(Q.15-demographics).

To study the consumer preferences including discussions of specific brand(Q. 6).

The Consumer who’s buying what, and where(Q. 1,4,6).

To analyze latest Trends and Opportunities(Q. 1,5,13,14).

To Discover what the luxury watch consumer considers to be the most important features of watch, enabling you to tailor your offering accordingly(Q. 4,9).

Gain insight into future trends (Q. 2, 11)

Develop an idea in the watch market(Q. 3)

To find the market leader in the industry(Q. 6).

To find out the recent threat to the watch market(Q.3)