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Marketing research Report on watches
S u b m i t t ed ed t o : Prof. Ajeet Sharm a
S u b m it t ed b y : Group no. 5
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ACKNOWLEDGEMENT………………………..3 PREFACE…………………………………………4 A QUICK LOOK TO WATCH INDUSTRY…...5 OBJECTIVES……………………………………..6 RESEARCH RESEARC H PLAN……………………………….7 ANALYSIS OF QUESTIONNAIR QUESTIONNAIRE…………….8 E…………….8 SWOT ANALYSIS……………… ANALYSIS……………………………….23 ……………….23 LIMITATIONS……………………………….....24 CONCLUSION………………………………....25 QUESTIONNAIRE……………………………….26
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ACKNOWLEDGEMENT We would like to thank our faculty Prof. Ajeet Sharma for giving us the opportunity to expel and work in the field of Marketing while doing the research. This report provided us the exposure to the real market and consumers in the prevailing market. A well combination of theory and practice helped us in compiling this report on marketing research. We would like to give our gratitude and regards to all the consumers who cooperated with us in giving their individual feedback towards the product to reach a conclusion.
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PREFACE With the fast pace of constantly increasing competition, companies are coming up with some or other innovative options to make customers highly satisfied and loyal towards them. Marketing research is done to reach on a final decision and collect data from consumers in order to reach on a conclusion thereby getting feedback 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 survey conducted various findings are explained. Finally the conclusion have been given.
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A QUICK LOOK TO THE W ATCH INDUSTRY As the economy recovers, watch/clock marketers are feverishly innovating, licensing fashion brands, and styling for every possible taste. Rivals at all levels are realizing that it now takes more than good old fashioned merchandising to stand out from the vast herd of watches. This report covers time-keepers at all levels, from the inexpensive casual watches to high-end, luxury items. All kinds of watches are covered from a strap watch to a digital watch. Various features of a watch like quality, price, design, brand image, warranty are considered that affect the consumer buying decision. Promotional that motivates people to get aware about the brand and buy that particular brand are studied with varied responses of customer.
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OBJECTIVES
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• • • •
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 Marketers including discussions of specific marketer 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 market 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 these findings is survey method. The main aim is to get the feedback from various customers and users of watches. The questionnaire is thought to be the most suitable because it allows structured, meaningful and uniform interaction with the respondents. The questionnaire adopted includes some of the open ended questions too. Data source: Primary 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 keeping in mind all the basic steps for construction of a questionnaire and considering all the scales.
Sample Plan: gathered from various various sampling sampling units. Sampling unit: Information is gathered They are: Students Self employed people Professionals Businessmen Housewives Sample size: Sample size of 100 customers consists from the following areas: College Restaurants Shopping malls Apartments
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ANALY SIS OF CONSUMER QUESTIONNAIRE Q1. W hich type type of wr ist watch do you like like to wea r?
Types Sports watch Digital watch Single Strap Chain watch Bracelet watch
No. of users 20 6 18 32 16
Others Total
8 100
Percentage 20 6 18 32 16 8 100
Observation: It is observed that chain watches are preferred over other types of watches. Generally, bracelet watches are preferred by females and sports watch by young generation most of which comprises of males.
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Q2. You pre fer your w atch as?
Type
An accessory A necessity
No. of users 46 54
Percentage 46 54
Observation: In this question it is observed that the product watch is looked after as a necessity over an accessory. Although there is not much difference between the percentages, because user’s with their individual choice went for the suitable option.
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Q3. Do Do you prefer a cell phone over your watch for refer ring time?
Answer No
No. of users
Percentage 56 44
Yes 44
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Observation: More than 50% people do prefer cell phones over a watch and 44% people do not prefer cell phones. This shows that the demand for the watch is prevailing less in the market.
Q4. What features do you consider w hile purchasing a watch?
Features Quality Price Brand image Style/ Design
No. of users 48 22 34 60 Warranty
Percentage 48 22 34 60 18 18
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Observation : A single feature is not considered by the users, but more than 3 features are opted by them. This is the reason that we can see varied number of users and percentages. In the survey 60% people go for design over all other features while 48% for quality, thereby ignoring price which is just at 22%. Warranty is at its minimum and brand image is a bit higher as compared to it. All this depicts that design is the most important feature for customers.
Q5. For For w hat level does the the w arra nty of a watch affect you wh ile ile making a purchase?
Level Priority Often Rarely Does not affect Total
No. of users 22 38 16 24 100
Percentage 22 38 16 24 100
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Observation: It 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.
Q6. Which brand of w atch you are curr ently using? Brands Titan Timex TAG Heuer Fast track Others
No. of users 44 16 13 15 12
Percentage 44 16 13 15 12 100
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Observation: Maximum number of people people are using Titan Titan that makes 44% of the total users, and then second most preferred brand is Timex the demand being for it is 16%, Tag Heuer being at 13% and Fast track at 15% and the other brands taking a share of 12%.
Q7. W hat motivated motivated you to mak e your pur chase? Brands Newspaper/ Magazine Electronic media Banners/Hoardings Friends/ family Self Decision Total
No. of users 10 12 2 20 56 100
Percentage 10 12 2 20 56 100
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Observation: More than 50% users made their purchase on the basis of their own decision without getting influenced by any promotional factors, while 20% by the suggestion of friends/ family, 10% by newspaper, 12% by electronic ads and only 2% by Banners and hoardings. This shows that the buying decision of a watch is not much affected by the promotional strategies of the company. In fact major 0f the population rely on their own when they think of making a purchase for a watch.
Q8. Does the publicity of watches by celebr ities affect your buying decision ?
Answer No
No. of users
Percentage 65
Yes 35
35
65
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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.
Q9. Are you sa tisfied tisfied with the brand that you ar e using? Answer No
No. of users Yes 4
Percentage 96 4
96
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Observation: 96% people said that they are satisfied with their existing brand while only 4% said no, so there is not much scope of them to change their brand. When new offers would be available with other brands, only then, they will think to switch over the brands.
Q10. If If no, what m ore is neede d to make your w atch suitable suitable according to you?
Observation: As only 4% users are not satisfied with their existing brands, so there are no more suggestions to be given, except one that the watches should come up with more trends. Q11. Q11. W hat additional additional features w ould you like to go for? No. of users 16 12
Percentage
Features Day, month and date Stop watch Alarm Temperature
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16 12 40 32
Total
100
100
40
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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 watch facility in their watches. It is observed that all the added features are well in demand.
Q12. Q12. How often you switch off the brands? No. of Features users Very often 6 Depends on mood 50 Affordability Brand loyal 28 Total 100
Percentage 6 50 16 16 28 100
Observation: 50% says they change their brand depending on their mood or with any new scheme in the market, 28% people are brand loyal and does not prefer to switch off, 16% look for affordability before before switching and only 6% people change their brand very often. So with the new options available and convenience of people they change their brand.
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Q13. Q13. If given given a chance to change your w atch, you would go for? Brands Titan Timex TAG Heuer Fast track Others Total
No. of users 26 21 15 20 18 100
Percentage 26 21 15 20 18 100
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 Titan already captures a lot of its existing customers, another 21% wish to switch to Timex, for Tag Heuer that are high income group luxury watches with high
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price tags 15% is the statistics, . 20% wants to go for Fast Track and 18% wants to go in for other brands.
Q14. How would you rate your w atch on the basis of following following featur es? (Rank on a sca le of 11-5)
Features Design Price Quality Warranty Colour
No. of users 80 40 68 30 20
Percentage
Rating
80 40 68 30 20
1 4 2 3 5
Observation: Design has got the highest rating by 80% people, and then people gave the second priority to quality after which warranty followed by price is preferred, leaving color at the end. This depicts that price is not the
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top most priority for the users while they consider design as the most important aspect.
Q15. Other inform ation AGE Age 20 or less 21-28 29-38 Over 39 Total
No. of users 2 78 10 10 100
Percentage 2 78 10 10 100
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Observation: The survey comprises of people from different age groups but the highest percent of people within the age of 21 and 28 took active participation in the survey and showed their immense cooperation. Only 12% of them were between the age of 29-39, 8% of them were over 39 years of age and only 2% were less than 20. S EX No. of users 64 36
Sex Male Female
Percentage 64 36
Observation: The ratio of participation of males and females in the survey is 64:36 which shows that males took more participation in the survey as compared with females. INCOME GROUP Income group 100000-150000 150000-175000 175000-250000
No. of users 16 30 26
Percentage 16 30 26
250000 & above Total
28 100
28 100
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Observation: Only 16% from lower income group participated in the survey and 30% of the people are from the lower middle income group, 26% from higher middle income group and 28% from higher income group. This shows that higher and middle income group people were almost equal in number for participation.
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SWOT ANALYSIS OF THE INDUSTRY
Strengths • • •
Watch 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.
Weakness • • •
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Not much advertising is done by the watch industry. No product innovation what so ever. Few numbers of exclusive showrooms reduces the consumer’s accessibility accessibility to the product. There are few marketers, who are concentrated only up on a particular niche segment.
Opportunity •
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The young, independent individuals are the “trendsetters” that the fashionable luxury watch and fine luxury watch brands can target. 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 successor. That can lead to the expansion of the market for branded watches.
Threats • • • •
Many 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.
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LIMITATION
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This study has been done only in the South Delhi and hence cannot be representative of Delhi as a whole. Sample size is very small it might not cover whole targeted population. The primary data is limited and is constrained by the availability and approachability. The information given by the respondents may not be correct as some were rarely interested and gave some rough ideas for the sake of answering. Due to paucity of time, it was impossible to know the interest of a large number of respondents.
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CONCLUSION After making the analysis and observation from the survey conducted and information gathered from various customers about different brands of watches, it is concluded that 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. Now a days, watches are facing serious competition with cell phone for referring time, but with the cut throat competition all the leading brands of watches are managing well in the market and this shows that the charm of watches can never end whether it is an accessory for some and necessity for others. Chain watch is most commonly used by all customers. Design and quality are two important factors in the purchase decision of a watch. Titan is the most commonly used brand. Maximum consumers relied on their own decision of purchase irrespective irrespective of the promotion of various brands. Most of the people switch off brands with new offers.
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QUESTIONNAIRE Kindly spare you r precious time to fill fill this questionnaire. 1.
Which type of wrist watch do you like to wear? Sports watch Single strap watch
Digital watch Chain watch Others,
Bracelet watch 2.
specify
You prefer you r watch as? An A n Accessory
3.
Do you prefer a cell cell phone over your watch for referring time? time?
4.
A necessity
Yes
No
Wh at features you consider while purchasing a watch? Price
Quality Brand Image
Style/Design
warranty 5.
For what level does the warranty of a watch affect you while making a purchase? Priority
Often Does not affect
Rarely 6.
Wh ich brand of watch are you curr ently using? using? Titan Ta g Heur
Timex Fats Track Others, specify
7.
Wh at motivated motivated you to make your p urchase? Newspaper/Magezines Banners/ Horadings
Electronic Ads Friends/ Family
27 Self Decision
8.
Does the pu blicity blicity of watches by celebrities celebrities affect your buying decision?
9.
Yes
No
Are you satisfied with the brand that you are using?( if yes, jump to Q.11)
10 .
Yes
No
If no, what more is needed to make your watch suitable according to to you?
_________________________________ __________________ _______________________________ ___________________________ ___________ __________________________. 11 .
Wh at additional additional features would you like to to go for? Day, month and Date
Stop watch
Temperature Alarm 12 .
13 .
How often you sw itch off the the brand s?
Very Often
Depends on mood
Affordability
Brand loyal
If given given a chance to change your watch, you would go for ? Titan Ta g Heur
Timex Fast Track Others, specify
14 .
How wou ld you rate your watch on the the basis of following features? (Rank on a sca le of 1-5) 1-5) Design
Price
28 Quality
Warranty Others,
Colour
15 .
specify
Other information Name ___________________. Contact No.________________. Age 20 or less
21 - 28
29 -38
Over 39 Sex Male
Female
Occupation ____________________. Income group(annual) 1,00,0001,50,000 2,50,000 & above
1,50,00001,75,000
1,75,00002,50,000
