Aashay Jaiswal.docx

CITY PREMIER COLLEGE

INTRODUCTION

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Marketing is the study and management of exchangerelationships. Marketing is the business process of creating relationships with and satisfying customers. With its focus on the customer, marketing is one of the premier components of business management. DEFINITION The “American Marketing Association” defines marketing as- “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” The management process responsible for identifying, anticipating and satisfying customer requirements profitably. A similar concept is the value-based marketing which states the role of marketing to contribute to increasing shareholder value. In this context, marketing can be defined as- "the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage.” The process of marketing is that of bringing a product to market, which includes these steps: broad market research; market targeting and market segmentation; determining distribution, pricing and promotion strategies; developing a communications strategy; budgeting; and visioning long-term market development goals. Many parts of the marketing process (e.g. product design, art director, brand management, advertising, copywriting etc.) involve use of the creative arts. CONCEPT The marketing concept proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors. Marketing and Marketing Concepts are directly related. Given the centrality of customer needs and wants in marketing, a rich understanding of these concepts is essential Needs-Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs may be objective and physical, such as the need for food, water, and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem. Wants- Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture or peer-groups. Demands- When needs and wants are backed by the ability to pay, they have the potential to become economic demands.

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ORIENTATIONS A marketing orientation has been defined as a "philosophy of business management" or "a corporate state of mind" or as an "organization culture". Although scholars continue to debate the precise nature of specific orientations that inform marketing practice, the most commonly cited orientations are as follows Product- A firm employing a product orientation is mainly concerned with the quality of its own product. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality. The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and (or) intuition and understands consumers' quality expectations and price they are willing to pay. Sales-A firm using a sales orientation focuses primarily on the selling/promotion of the firm's existing products, rather than determining new or unmet consumer needs or desires. Consequently, this entails simply selling existing products, using promotion and direct sales techniques to attain the highest sales possible. The sales orientation" is typically practiced with unsought goods." One study found that industrial companies are more likely to hold a sales orientation than consumer goods companies. The approach may also suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes diminishing demand. Production-A firm focusing on a production orientation specializes in producing as much as possible of a given product or service in order to achieve economies of scale or economies of scope. A production orientation may be deployed when a high demand for a product or service exists, coupled with certainty that consumer tastes and preferences remain relatively constant (similar to the sales orientation). The so-called production era is thought to have dominated marketing practice from the 1860s to the 1930s, but other theorists argue that evidence of the production orientation can still be found in some companies or industries. Specifically Kotler and Armstrong note that the production philosophy is "one of the oldest philosophies that guides sellers... (and) is still useful in some situations." Marketing-The marketing orientation is perhaps the most common orientation used in contemporary marketing. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. Firms adopting a marketing orientation typically engage in extensive market research to gauge consumer desires, use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure consumers are aware of the product's existence and the benefits it can deliver. Scales designed to measure a firm's overall market orientation have been developed and found to be relatively robust in a variety of contexts. Societal marketing-A number of scholars and practitioners have argued that marketers have a greater social responsibility than simply satisfying customers and providing them with superior value. Instead, marketing activities should strive to benefit society's overall well-being. Marketing organizations that have embraced the societal marketing concept typically identify key stakeholder groups such as employees, customers, and local communities. They should 3

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consider the impact of their activities on all stakeholders. Companies that adopt a societal marketing perspective typically practice triple bottom line reporting whereby they publish social impact and environmental impact reports alongside financial performance reports. Sustainable marketing or green marketing is an extension of societal marketing. THE MARKETING MIX (THE 4 Ps)As a mnemonic for 'product', 'price', 'place' and 'promotion', the four Ps are often referred to as the marketing mix or the marketing program, represent the basic tools which marketers can use to bring their products or services to market. They are the foundation of managerial marketing and the marketing plan typically devotes a section to each of these Ps.

The original marketing mix or the 4Ps The traditional marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place. 1. Product -The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The product element consists of product design, new product innovation, branding, packaging, labeling. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. Branding, a key aspect of the product management, refers to the various methods of communicating a brand identity for the product, brand, or company. 2. Pricing -This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention or any sacrifices consumers make in order to acquire a product or service. The price is the cost that a consumer pays for a product— monetary or not. Methods of setting prices are in the domain of pricing science. 3. Place (or distribution) -This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment 4

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(young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales. 4. Promotion -This includes all aspects of marketing communications; advertising, sales promotion, including promotional education, public relations, personal selling, product placement, branded entertainment, event marketing, trade shows and exhibitions. MARKETING PROCESS While there is lot of focus on the substance of marketing, particularly themarketing mix, an equally important aspect of marketing is the marketing process – howmarketers do their job. The process is equal in importance to the substance because theprocess determines the nature and quality of the decisions made. A good process is likelyto lead to a good decision. On the other hand, a faulty process will produce a gooddecision only on a random or accidental basis. The marketing process can be divided in several different ways. One popularconceptualization of marketing tasks is 1. Strategy formulation – The development of the broadest marketing/businessstrategy with the longest term impact. 2. Marketing planning – The development of longer-term plans which generally have stronger impact than the short-term programs. 3. Marketing programming, allocating and budgeting – The development ofshort-term programs which generally focus on integrated approaches for agiven product and on the allocation of scarce resources such as sales effort orproduct development time across various products and functions. 4. Marketing implementation – The actual task of getting the marketing job done. 5. Monitoring and auditing – The review and analysis of programs, plans andstrategies to assess their success and to determine what changes must be made 6. Analysis and research – The deliberate and careful acquisition and examinationof qualitative and quantitative data to improve decision making.

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COMPANY PROFILE

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WRISTWATCH Some people say the world's first wristwatch was created by Abraham Louis Breguet for Caroline Murat, Queen of Naples, in 1810. The concept of the wristwatch goes back to the production of the very earliest watches in the 16th century. Elizabeth I of England received a wristwatch from RobertDudley in 1571, described as an arm watch. From the beginning, wristwatches were almost exclusively worn by women, while men used pocket-watches up until the early 20th century. By the mid nineteenth century, most watchmakers produced a range of wristwatches, often marketed as bracelets, for women.

AN OVERVIEW TO THE WATCH INDUSTRIES 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 studies with varied responses of customers.

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INDIAN WATCH INDUSTRY India is an under penetrated market for watches. Only 27% of Indians own a watch. Total estimated volume as per 2008 is 44 million units and value of Rs. 2700Cr. Vast proportion of Indian market is below Rs. 500 by about 68%. FASTRACK

Fastrack was launched in 1998 and became an independent urban youth brand in 2005. Since then, it has carved a niche for itself with watches and sunglasses that are both fashionable and affordable. Fastrack extended its footprint into accessories in 2009 with a range of bags, belts and wallets. Fastrack retails across the nation through 158 exclusive Fastrack stores in over 79 cities as well as authorized multi-brand outlets and online (www.fastrack.in). Today, the brand has successfully notched up the title of being the most loved youth fashion brand in the country. Fastrack is India’s foremost youth accessories brand. It is sporty and coed. It believes that it is all about range and delivers just that in almost ungodly quick cycles. The brand stays focused on its audience and delivers what they want before they even know they want it. Fastrack is accessible and owns the playing field. It is not cheap, just affordable. It is not just about fashion but rather, lifestyle. It does not make products that are meant to be collectibles or those that will turn into heirlooms. It does not just make watches. It is not the manufacturer of tween gear. Fastrack accessorizes the youth. Through the years, Fastrack has emerged to be the voice of the youth- its unique & affordable designs & its quick extension across categories ensures its popularity with the urban youth audience, making it one of the fastest growing fashion brands within the country. Its growing presence on Facebook – a fan base that now has a followership of 9 million, keeps it in touch with its audience. Fastrack retails across the nation through 158 exclusive Fastrack stores in over 79 cities as well as authorized multi-brand outlets and online www.fastrack.in Today, the brand has successfully notched up the title of being the most loved youth fashion brand in the country. 8

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SWOT Analysis: FASTRACK

Strength • • • •

Good Distribution Network – over 100 Fast track stores across 50 towns with Titan Service Centres across India. High youth connect – Positioning as a youth stylish brand • Fast changing designs to keep up with latest trends. One of the most trusted brands in India • Excellent advertising and brand visibility connecting with the youth. Has a diverse portfolio of watches, sunglasses, bags, wallets etc.

Weakness • •

Products have a short life due to changing trends – Adds to the cost of production. Limited global reach despite being a popular brand.

Opportunity • • •

Fast growing youth segment presents growth opportunities. Global penetration would help brand grow and target youth worldwide. Tie-ups with fashion houses and special schemes for youth.

Threats • • •

Youth segment is price sensitive. Entry of foreign players has led to tough competition. With lots of options available, brand switching is quite high.

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TITAN

Titan Company Limited (earlier known as Titan Industries Limited) is an Indian luxury goods company. It is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified into jewellery with Tanishq and subsequently into eyewear with Titan Eyeplus. In 2013, Titan entered the fragrances segment with the brand Skinnand, later that year, it ventured into the helmets category under its brand Fastrack. Also, Titan announced recently (during the last quarter of 2016) about launching a series of affordable Smartwatches under its brands like Sonata and Fastrack soon. Today, Titan Company is Tata Group's largest consumer company. History •

1984-1990 –Titan Company Limited was inaugurated on 26th July, 1984 under the name Titan Watches Limited in Chennai. A plant was set up to manufacture quartz analog electronic watches in the State Industries Promotion Corporation of Tamil Nadu, Ltd. Industrial area at Hosur. In November 1986, Titan Company and Casio signed a MoU proposing to manufacture 2 million digital and analog-digital watches. In 1989, a satellite case plant was set up in Dehradun, Uttar Pradesh with a manufacturing capacity of 500,000 watch cases annually.

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1991-2000 -In September 1993, the company changed its name to Titan Industries Ltd. as it ventured into other range of products other than watches. In 1994, Titan launched its jewellery brand Tanishq. In 1998, the company launched its watch & accessories brand, Fastrack, targeted at a younger audience in a bid to compete with Timex. 10

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•

2000-2010 -In 2001, Titan launched kids’ watches brand, Dash. The brand saw poor performance and was discontinued in 2003. In 2004, the company entered into a agreement with Moet Hennessy Louis Vuitton Group, to service the latter's range of watches in India through its customer care centres. In 2005, Fastrack was positioned as an independent accessory brand targeting the urban youth. With the objective to become a fashion brand, Fastrack launched sunglasses in the same year and launched bags, belts and wallets in 2009.

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2011-Present –Titan acquired Swiss watch maker Favre-Leuba in 2011 to enter the European market. In 2013, Titan entered the fragrances segment with the brand Skinn. In the same year, it changed its name to Titan Company Ltd. In 2014 it entered into a joint venture with Montblanc to establish its retail stores in India. In 2016, Titan opened prescription lens manufacturing facilities in Noida, Kolkata, and Mumbai to improve its order processing time. In 2018, Titan merged its jewellery brand, Gold Plus targeted at customers in South India with Tanishq to establish the brand’s presence in South.

Products •

Watches -The watches division comprises of brands Fastrack, Sonata, Raga, Octane and Xylys. In 2011, the company secured, licence for marketing & distribution of Tommy Hilfiger and Hugo Boss watches. Favre Leube was incorporated in 2012. In 2018, the division accounted for ₹2,126 Cr in revenue which was 10% of the total of the company.

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Eyewear–In 2007, Titan Industries forayed into the fashion accessories industry with the launch of sunglasses, an Rs 330-crore market. It introduced Titan Eye+ that has a wide range of frames, contact lenses, prescription eyewear, & sunglasses. The division accounted for ₹415 crore in FY 2016-17 maintaining a stable growth of 8%.

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Jewellery–Xerxes Desai started the brand Tanishq in 1995. Zoya was launched in the luxury segment, while Mia, a sub-brand was under Tanishq for work-wear jewellery. Titan’s total revenue grew 20.44% in 2017-18 to ₹15,656 crore, of which jewellery sales fetched ₹13,036 crore. In 2016, Titan invested in CaratLane who reported a turnover of ₹290 crore in FY 2017-18.

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•

Perfume–In 2013, Titan launched six variants of perfume in the Indian perfume market under the brand name ‘Skinn’. They collaborated with world-renowned perfumers including Alberto Morillas and Olivier Pescheux.

SWOT Analysis – TITAN

Strength • • • • •

Large network of exclusive stores and service centres. High Top of the mind recall, especially for the mid-market segment. Different sub-brands under the brand Titan have been successful in their positioning based on Demographic segmentation. One of the world’s top five and India’s biggest watch manufacturer. Titan watches are exported in over 40 countries.

Weakness • •

Premium category Titan brands like Xylys have been camouflaged by the Titan Brand Image of being a mid-market player. Haven’t penetrated the global market as some other international watch makers.

Opportunity • •

India is an under penetrated market for watches. Global expansion and tie-ups with global watch and Jewellery brands.

Threats • •

Broad Target segment may lead to lack of focus in Brand strategy. Stiff Competition faced by foreign brands, particularly in the premium segment.

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OVERVIEW OF THE TOPIC

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Consumer preference is defined as the subjective tastes of individual consumers, measured by their satisfaction with those items after they've purchased them. This satisfaction is often referred to as utility. Consumer value can be determined by how consumer utility compares between different items. Consumer preferences can be measured by their satisfaction with a specific item, compared to the opportunity cost of that item since whenever you buy one item, you forfeit the opportunity to buy a competing item. The preferences of individual consumers are not contained within the field of economics. These preferences are dictated by personal taste, culture, education and many other factors such as social pressure from friends and neighbors. For example, someone who prefers to own a specific brand of a wrist watch because his/her friends all have the same brand. While individual consumers may not give much thought to why they prefer one product over another, for businesses and marketers who make a living based on consumer demand, it is pretty much a science. In addition to a product's price and its availability, knowing consumer preferences can predict how likely a product is to sell and how much it can be sold for. Preferences vary from one product to another and the components of those products can each affect preference. IMPORTANCE OF CONSUMER PREFERENCE Preferences can be affected by multiple factors. Moreover, it also involves search for a product, evaluation of product where the consumer evaluate different features, purchase and consumption of product.It is important for marketers to study consumer preference. It is important for them to know consumers as individual or groups opt for, purchase, consumer or dispose products and services and how they share their experience to satisfy their needs. This helps marketers to investigate and understand the way in which consumers behave so that they can position their products to specific group of people or targeted individuals. The following are some of the points discussed that explains the value to marketers of understanding and applying consumer preference concepts and theories 1. To understand buying behavior of consumers. 2. To create and retain customers though online stores. 3. To understand the factors influencing consumers buying behavior. 4. To understand the consumers decision to dispose a product or services. 5. To increase the knowledge of sales person influence consumer to buy product. 6. To help marketers to sale of product and create focused marketing strategies.

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FEATURES/CHARACTERISTICS OF CONSUMER PREFERENCE The features of the consumers’ preferences mark the conducted studies with certain specific features in this sense, which must be taken into consideration when elaborating and conducting these studies, in view of observing the essence of this dimension of the consumers’ behavior. 1. The necessity of knowing the consumers’ preferences -The preferences of the consumers are a positive motivation, expressed by the affective compatibility towards a product, service or trading form. We’re not dealing with an internal bodily function, but a quality of objects that aims to fulfill our needs, quality acquired within the connection between man and the merchandise able to fulfill these needs. Preferences can be triggered by: the features related to the material substance of the goods (shape, size, print, taste, color, consistency, package, etc.); elements referring to label, name, use instructions that accompany the product; the statute granted to the person owning and using that particular product. 2. Fundamentals of studying the consumers’ preference - The theory of rational choice comprises attitude components which, in the end, represent the basis of forming a preference. This theory gives us a model contributing to a better understanding of the way consumers’ preferences are formed and providing us, in an appropriate way, with the necessary means of researching and foreseeing the evolution of the consumers’ preferences. 3. Methods used in the study of the consumers’ preference - Since the preference appears only in the context of a strong motivation, the research of preferences covers a more limited but, at the same time, a much deeper area than the study of motivations that subsumes the evaluation of the preference intensity, using also the same instruments as in the case of the evaluation of reasons. The study of consumers’ preferences can resort to the observation method (as when analysing the purchasing reasons), being the cheapest way of collecting behavioural information and, at the same time, the most accurate one that assures an authentic motivational image. 4. Key stages in organising a research on the consumers’ preference -Organising a selective marketing research is an especially complex process. In order to maximize the contribution of the marketing research to the decision-making process, this activity must be organized with most care.

FACTORS AFFECTING CONSUMER PREFERENCE Consumer preferences describe the reasons for the choices people make when selecting products and services. Analyzing the factors that determine consumer preferences helps businesses target their products towards specific consumer groups, develop new products and identify why some products are more successful than others. 1. Advertising -Advertising plays an important role in consumer preference, especially for non-durable goods such as food or magazines. Advertising informs consumers of available goods and services and also shapes their impressions of these products. 15

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Advertising can also create demand; for example, a consumer may not have wanted a new cell phone until he saw flashy new phones on TV. 2. Social Institutions -Social institutions, including parents, friends, schools, religion and television shows also influence consumers' preferences. For example, kids might want to have the same toys their schoolmates have, while young adults may purchase the same products their parents used to buy. 3. Cost -Consumers usually choose to purchase more of a good if the price falls. For example, a sale or reduced prices may increase consumption of a good. On the other hand, an increase in price may cause reduced consumption, especially if the good has available substitutes. 4. Consumer Income -Consumers often desire more expensive goods and services when their income increases. If they suffer a decrease in income, they are more likely to choose less expensive goods and services. For example, a business selling luxury goods, such as jewelry, will probably be more successful in a high-income area than a low-income area. 5. Available Substitutes -If a product has several substitutes -- alternative products that consumers may choose instead a particular brand of product -- consumers will be more sensitive to changes in price. However, if consumers do not perceive similar products to be effective substitutes -- for example, consumers who do not think Coke and Pepsi are equally delicious -- they will be less likely to switch to a substitute based on price. This concept is called the price elasticity of demand.

TYPES OF CONSUMER PREFERENCE Appealing to the preferences of customers is a basic marketing technique that is useful for branding, product development, distribution and customer experience. The following are common types of customer preference1. Convenience-Preferring things which are easy such as a settling for a nearby restaurant. Convenience is considered a strong type of customer motivation.

2. Effort-The satisfaction that results from effort. For example, a customer who gains a sense of accomplishment from a “diy” project.

3. User Interfaces-Some customers will prefer the simplest user interface possible. Others will prefer lots of buttons to play with. This can be as much about preference as need.

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4. Communication & Information-Preferences related to communication style and information density. For example, some customers want to read detailed specifications and others want to hear a story.

5. Stability vs Variety-Customers who would prefer the same exact shoes they purchased a year ago in the same season versus customers who prefer an incredible variety of shoes and avoid repeat purchases.

6. Risk-The risk tolerance of the customer. Applies to seemingly innocuous things such as purchasing a new brand for the first time.

7. Values-Preferences related to values such as customers who purchase environmentally friendly products.

8. Sensory-Preferences related to color, look, taste, smell, touch and sound.

9. Time-Time preferences such as a customer who prefers an attentive waiter who drops buy every 5 minutes versus a customer who doesn't want to feel rushed.

10. Customer Service-It is well known in the customer service industry that some customers prefer friendly service and others prefer diligence and professional distance. For example, a hotel porter who engages in friendly conversation versus dry information about the room and hotel.

11. Customer Experience-Preferences related to the end-to-end customer experience. For example, the interior design, lighting, art, music and social atmosphere at a cafe.

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PROBLEM DEFINITION

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From the beginning, wristwatches were almost exclusively worn by women, while men used pocket watches up until the early 20th century. Early models were essentially standard pocketwatches fitted to a leather strap but, by the early 20th century, manufacturers began producing purpose-built wristwatches.The impact of the First World War dramatically shifted public perceptions on the propriety of the man's wristwatch and opened up a mass market in the postwar era. Wrist Watches are one of the most important devices in the daily lives of human beings. It is required for keeping the track of the time during the day or the night. Wrist watches are one of the most important devices for human beings. They are available in various types of designs and models and thus option is no problem as far as wrist watches are concerned. This research is being performed because earlier the mere utility of wrist watches was only to know time as, as of now apart from knowing time wrist watches are also seen as a fashion accessory. Nowadays there are many types of wrist watches based on the preference of consumers like type of watch, type of dial, type of belt, etc.

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OBJECTIVES

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1. To discover the most popular brand in the wristwatch industry in Nagpur in 2018. 2. To study the preferred price range by the consumers. 3. To analyse the brand favoured by the public. (Indian/ Foreign) 4. To study the preferred type of dial for the consumers. 5. To understand the existing product quality in wrist watches. 6. To identify the factors which are important while purchasing wristwatches. 7. To identify the difference between expectation & perception of consumers in product quality offered by wrist watches. 8. To understand about the consumer satisfaction for wrist watches. 9. To find out market share of different brands of watches in the market. 10. To study the effect of after sales services on purchasing of wrist watches.

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HYPOTHESIS

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A hypothesis is a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the scientific method requires that one can test it. Scientists generally base scientific hypotheses on previous observations that cannot satisfactorily be explained with the available scientific theories. Even though the words "hypothesis" and "theory" are often used synonymously, a scientific hypothesis is not the same as a scientific theory. A working hypothesis is a provisionally accepted hypothesis proposed for further research, in a process beginning with an educated guess or thought. H1 Fastrack is the most preferred choice for youngsters. H2 Look and design are the most important attributes for youngsters.

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SCOPE OF STUDY

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1. The study is limited to response from 60 respondents. 2. The study is limited for a period of 2017-2018. 3. There is a limitation on the part of different companies and every policy of the company cannot be studied. 4. The study is limited only for a small amount population of Nagpur city.

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RESEARCH METHODOLOGY

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RESEARCH Once the problem has been carefully defined, the researcher needs to establish the plan that will outline the investigation to be carried out. The research design indicates the steps that have been taken and in what sequence they occurred. It is a systematic and purposive investigation of facts with an objective of understanding the consumer satisfaction for wrist watches. The methodology that will be applied by the study has been chosen in order to acquire information and deduce conclusions about the “consumers’ behaviour towards wrist watches”.

RESEARCH DESIGN The research study applied here is purely descriptive.

SAMPLING TECHNIQUE Simple random sampling is the basic technique where we select a group of subjects (a sample) for study from a larger group (a population). SAMPLE SIZE 60 respondents are chosen as a sample size for the study.

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DATA COLLECTION Target audience: Wrist watches consumers in Nagpur City. Area of the study: Nagpur city

PRIMARY DATA Information obtained from the original source by research is called primary data. They offer much greater accuracy and reliability. The data was collected from the respondents through the questionnaire.

SECONDARY DATA It means data that are already available i.e. it refers to the data which have already been collected and analyzed by someone else. The data was collected from the websites and journals.

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DATA ANALYSIS AND INTERPRETATION

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1. Do you own a wristwatch?

SR. NO. 1 2

PARTICULARS

NO. OF RESPONDENTS

YES NO TOTAL

57 03 60

PERCENTAGE OF RESPONDENTS (%) 95% 5% 100%

5%

PEOPLE OWNING WRISTWATCH PEOPLE NOT OWNING WRISTWATCH 95%

INTERPRETATION – From the above data, it can clearly seen from the total number of respondents, 95% of them own a wrist watch and only 5% of the respondents do not own/wear a wrist watch.

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2. If so, what brand? SR. NO. 1 2 3 4 5 6 7 8 9 10 11

PARTICULARS

NO. OF RESPONDENTS

TITAN TIMEX FASTRACK H.M.T. CITIZEN CASIO RADO SONATA SEIKO SWATCH OTHERS TOTAL

14 04 10 02 02 05 04 03 03 03 07 57

PERCENTAGE OF RESPONDENTS (%) 24.56% 07.01% 17.54% 03.50% 03.50% 08.77% 07.01% 05.26% 05.26% 05.26% 12.28% 100%

30.00%

PERCENTAGE

25.00% 20.00% 15.00% 10.00%

% OF RESPONDENTS OWNING PARTICULAR BRAND

5.00%

OTHERS

SWATCH

SEIKO

SONATA

RADO

CASIO

CITIZEN

H.M.T.

FASTRACK

TIMEX

TITAN

0.00%

Axis Title

INTERPRETATION – Titan is the dominant brand in the wrist watch industries as 24.56% which is the highest contribution in the total number of the respondents ownTitan wrist watches, second highest with 17.54% of the respondents own Fastrack, then comes Casio with 8.77% of the respondents, only 3.50% of the respondents own both H.M.T. and citizen, 12.28% of the respondents own other brands (which include Rolex, Tissot, etc.). 31

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3. If you plan to buy a watch now- which brand would you decide to buy?

SR. NO. 1 2 3 4 5 6 7 8

PARTICULARS FASTRACK TITAN CASIO RADO ROLEX FOSSIL TISSOT OTHERS TOTAL

NO. OF RESPONDENTS PERCENTAGE OF RESPONDENTS (%) 09 15% 11 18.34% 02 03.34% 15 25% 05 08.34% 05 08.34% 06 10% 07 11.67% 60

100%

% OF PEOPLE WHO PLAN TO BUY PARTICULAR BRAND 30% 25% 20% 15% 10%

% OF PEOPLE WHO PLAN TO BUY PARTICULAR BRAND

5% 0%

INTERPRETATION – The above table/graph shows that the highest number of respondents i.e. 25% of the total would prefer the brand Rado over any other brands, 18.34% of the respondents would prefer Titan, 8.34% would prefer both Rolex and Fossil, and 11.67% of the respondents will prefer others (which includes brands like sonata, Gucci, Tommy Hilfiger, etc.).

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4. Do you prefer an Indian or Foreign brand?

SR. NO. 1 2 3

PARTICULARS INDIAN FOREIGN BOTH TOTAL

NO. OF RESPONDENTS 20 28 12 60

PERCENTAGE OF RESPONDENTS (%) 33.34% 46.67% 20% 100%

PREFERENCE OF BRAND TYPE

20% 33% INDIAN FOREIGN BOTH

47%

INTERPRETATION – It can be said from the above data that around 47% of the respondents preferforeign wristwatches, Indian wristwatches are preferred by a total of around 33% and 20% of the total respondents prefer both Indian and Foreign brands for wristwatches.

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5. Do you prefer an analog or a digital type?

SR. NO. 1 2 3

PARTICULARS ANALOG DIGITAL BOTH TOTAL

NO. OF RESPONDENTS 43 08 09 60

PERCENTAGE OF RESPONDENTS (%) 71.67% 13.34% 15% 100%

PREFERENCE OF TYPE OF DIAL 15%

ANALOG

13%

DIGITAL BOTH 72%

INTERPRETATION – A majority of the respondents i.e. 72% preferanalog wristwatches than the digital one’s digital which is preferred by only 13.34% of the total respondents. However, total of 15% of the respondents prefer both types of dials. This could be the reason why Indian brands are not quite popular among digital watches.

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6. What price-range you would prefer?

SR. NO. 1 2 3 4 5

PARTICULARS

NO. OF RESPONDENTS PERCENTAGE OF RESPONDENTS (%) 00 0% 10 16.67% 14 23.34% 02 03.34% 34 56.67% 60 100%

500 – 1000 1001 – 1500 1501 – 2500 2501 – 3500 ABOVE 3500

TOTAL

PREFERRED PRICE RANGE 60% 56.67%

50% 40% 30%

PREFERRED PRICE RANGE

20%

23.34% 16.67%

10% 0%

3.34%

0% 500 - 1000 1001 - 1500 1501 - 2500 2501 - 3500 ABOVE 3500

INTERPRETATION – It can be said from the above data that maximum number i.e. 56.67% of the respondents prefer the price range of wrist watches more than 3500 INR, 23.34% of the respondents prefer the cost of watch from the range 1501-2500 INR, only 3.34% of the respondents prefer the range of 2501-3500 INR, none of the respondents prefer the price range of 500-1000 INR.

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7. What system of numerals do you prefer in a watch?

SR. NO. 1 2

PARTICULARS

NO. OF RESPONDENTS PERCENTAGE OF RASPONDENTS (%) 45 75% 15 25% 60 100%

ROMAN ARABIC

TOTAL

PREFERRED SYSTEM OF NUMERALS

25%

ROMAN ARABIC 75%

INTERPRETATION – There was a majority i.e. 75% of the total respondents preferring Roman Numerals, some of them mistaken this for the plane lines in quite a few watches. Nevertheless, with only 25% of responses towards Arabic Numerals, they are generally not preferred in wristwatches.

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8. What do you look for in a watch? (Rank in order of importance) 1 - Very important 7 - Least important

SR. NO. 1 2 3 4 5 6 7

PARTICULARS IN ORDER RESPONSES) STYLE

(RANK NO. OF RESPONDENTS PERCENTAGE OF OF (w.r.t. rank 1) RESPONDENTS (%) 24 22 06 04 01 02 01 60

BRAND NAME

WARRANTY SERVICE WITH DATE WITH ALARM WITH STOPWATCH TOTAL

WITH STOPWATCH

1.67%

WITH DATE

1.67%

WITH ALARM

40% 36.67% 10% 06.67% 01.67% 03.34% 01.67% 100%

3.34%

SERVICE

6.67%

WARRANTY

10%

BRAND NAME

36.67%

STYLE

40% 0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

WHAT RESPONDENTS LOOK FOR IN A WATCH

INTERPRETATION – The majority of respondents look for the style of a watch with 40% followed by around 36.6% of the total respondents look for the brand of a watch, only a very few respondents with around 1.67% look for date and 1.67% look for alarm in a wristwatch.

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9. Reason you wear a watch?

SR. NO. 1 2 3 4

PARTICULARS

NO. OF RESPONDENTS

STSTUS SYMBOL FASHION REFERRING TIME SPORTS OR OTHER TIME TOTAL

14 16 26 01 57

PERCENTAGE OF RESPONDENTS (%) 24.56% 28.07% 45.61% 01.75% 100%

Sales 2% 24% STATUS SYMBOL

46%

FASHION 28%

REFER TIME SPORTS OR OTHER TIMING

INTERPRETATION – The above table pie shows that 24.56% of the respondents buy wrist watches as a status symbol, 28.07% of the respondents buythem for as a fashion wear, and most of all, i.e. 45.61% of the respondents are buy wrist watches only to refer time, only 1.75% of the respondents are buy wrist watches for sports or other timing reasons.

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10. What kind of straps do you prefer?

SR. NO. 1 2

PARTICULARS LEATHER METAL TOTAL

NO. OF RESPONDENTS 21 39 60

PERCENTAGE OF RESPONDENTS (%) 35% 65% 100%

PREFERRED KIND OF STRAPS

35% LEATHER METAL 65%

INTERPRETATION – It is seen that only 35% of the total respondents prefer leather straps in their watch, whereas the other 65% of the respondents prefer metal straps.

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11. The kind of warranty you expect?

SR. NO. 1 2 3 4

PARTICULARS 1 YEAR 2 YEARS 3 YEARS MORE TOTAL

NO. OF RESPONDENTS 10 30 07 13 60

PERCENTAGE OF RESPONDENTS (%) 16.77% 50% 11.67% 21.67% 100%

EXPECTATION OF WARRANTY MORE 21%

1 YEAR 17%

3 YEARS 12% 2 YEARS 50%

INTERPRETATION – A total of 50% of the total respondents expected a warranty of 2 years, around 17% expected a warranty on 1 year, around 12% expected for 3 years and a total of around 21.6% expected a warranty for more than 3 years.The period of warranty is not an essential criterion for choosing wristwatches.

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12. Do you prefer changing watches for different occasions?

SR. NO. 1 2

PARTICULARS

NO. OF RESPONDENTS

YES NO TOTAL

54 06 60

PERCENTAGE OF RESPONDENTS (%) 90% 10% 100%

PREFERENCE OF CHANGING WATCHES FOR OCCASIONS

10% 90%

10%

WEAR FOR DIFFERENT OCCASIONS DO NOT CHANGE FOR OCCASIONS

INTERPRETATION – 90% of the respondents prefer to change their wristwatches for different occasions, whereas the other 10% do not.

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13. For how many years you have been using the watch you own?

SR. NO. 1 2 3 4 5 6 7

PARTICULARS

NO. OF RESPONDENTS

LESS THAN A YEAR 1 YEARS 2 YEARS 3 YEARS 4 YEARS 5 YEARS MORE THAN 5 YEARS TOTAL

04 11 14 10 04 02 12 57

PERCENTAGE OF RESPONDENTS (%) 07.01% 19.30% 24.56% 17.54% 07.01% 03.50% 21.05% 100%

30.00%

PERCENTAGE

25.00% 20.00% 15.00% % OF RESPONDENTS WEARING WATCHES FOR PARTICULAR TIME

10.00%

5.00% 0.00% <1 1 2 3 4 5 >5 YEAR YEAR YEARS YEARS YEARS YEARS YEARS Axis Title

INTERPRETATION – Highest percent of respondents with around 24.56% have been using their watches for around 2 years, on second around 21.05% of respondents have been using the watch they own for more about than 5 years, with around 19.30% of the respondents, they have been using their watch for around 1 year.

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14. What is your opinion about the watch you own?

SR. NO. 1 2 3 4 5

PARTICULARS

NO. OF RESPONDENTS

PERCENTAGE

35 21 00 01 00 57

61.40% 36.84% 0% 01.75% 0% 100%

VERY MUCH SATISFIED SATISFIED NO OPINION NOT SATISFIED LEAST SATISFIED TOTAL

OPINION ABOUT THE WATCH OWNED BY THE RESPONDENTS

PERCENTAGE

70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%

OPINION ABOUT THE WATCH OWNED BY THE RESPONDENTS

VERY SATISFI ED

SATISFI ED

NO OPINIO N

NOT SATISFI ED

LEAST SATISFI ED

61.40%

36.84%

0%

1.75%

0%

INTERPRETATION – It can be said from the above data that almost all the respondents are either satisfied or very satisfied with around 36.8% satisfied and around 61.4% very satisfied, only 1.75% of the respondents are not satisfied amongst all the other respondents.

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CONCLUSION

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1. Titan is the dominant brand in the wrist watch industries as the highest contribution in the total number of the consumers ownTitan wrist watches. 2. Almost half of the total respondents preferforeign wristwatches over the Indian wristwatches. 3. A majority of the consumers preferanalog wristwatches rather than the digital one’s. 4. Consumers mostly prefer the price range of wrist watches to be more than 3500 INR

respondents prefer the range of 2501-3500 INR, none of the respondents prefer the price range of 500-1000 INR 5. The maximum number of respondents/consumers look for style in a wristwatch, after style they look for the brand name of the wristwatch. 6. Consumers/respondents prefer metal straps way more than leather straps. 7. Amaximum number of consumers prefer to change their wristwatches for different occasions. 8. Consumers are satisfied by the watch they own.

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SUGGESTIONS

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1. Majority of the consumers prefer foreign brands over Indian brands. Indian brands should see to it that they add some features or do some changes so that consumers would prefer Indian brands more. 2. The majority of respondents prefer to change watches for different occasions, the wristwatch industries should make some changes in the watches, prices, style etc. so thatcustomers could change watches as per occasions, also could afford watches easily. 3. More services should be offered in watches. 4. Some more attractive festival offers and gifts should be given on wristwatches. 5. Nowadays there are fitness watches, many consumers tend to buy wristwatches because of new fitness features in them. The watch industries should put in the features like these to make their place in market.

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BIBLIOGRAPHY

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BOOKS –  Consumer Behavior and Marketing Research - Suja R. Nair, Himalaya Publishing House, 2013  Marketing research and information system - P.C. Jain, Sublime Publication  Principles of Marketing Management – KanchanThakre, ShriRenukaPrakashan, , 2017  Marketing Management - V S Ramaswamy, S Namakumari, Second Edition  Principles of marketing - Philip Kotler, Gary Armstrong, 13th Edition

WEBSITES –               

https://en.wikipedia.org/wiki/Marketing https://en.wikipedia.org/wiki/Marketing_mix https://www.pdfcoke.com/doc/7166275/Indian-Watch-Industry https://www.pdfcoke.com/doc/25596854/Indian-Wrist-Watch-Industry-CompetitionAnalysis-of-Market-Leaders http://ijariie.com/AdminUploadPdf/A_STUDY_ON_CONSUMERS%E2%80%99_BEH AVIOUR_TOWARDS_WRIST_WATCHES_IN_PAAVAI_EDUCATIONAL_INSTIT UTIONS_AT_NAMAKKAL_ijariie7542 http://chalamy.tripod.com/mktg https://www.slideshare.net/pratikshyamishra1/fastrack-marketing-presentation https://en.wikipedia.org/wiki/Titan_Company https://en.wikipedia.org/wiki/Fastrack_(fashion_accessories) https://www.titancompany.in/our-brands/watches-accessories/fastrack https://www.fastrack.in/content/about-fastrack https://bizfluent.com/info-8698883-definition-consumer-preference.html https://www.worthy.com/blog/its-about-time/wristwatch-evolution/ https://simplicable.com/new/customer-preferences https://en.wikipedia.org/w/index.php?=consumer+preference&search=consumer+prefere nce&title=Special%3ASearch&profile=advanced&fulltext=1&advancedSearchcurrent=%7B%22namespaces%22%3A%5B0%5D%7D&ns0=1

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ANNEXURES

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A SYNOPSIS ON “MARKET ANALYSIS ON CONSUMER PREFERENCE OF WRIST WATCHES IN NAGPUR 2017-2018” Submitted to Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur In partial fulfillment of the requirement of Bachelor of Business Administration Developed &Submitted by Mr. Aashay Jaiswal Under the Guidance of Prof. Avinash Sahu

Department of Business Administration

CITY PREMIER COLLEGE Hindustan Colony, Wardha Road, Nagpur Academic Year 2018 - 2019

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INTRODUCTION TO MARKETING Marketing is the study and management of exchangerelationships. Marketing is the business process of creating relationships with and satisfying customers. With its focus on the customer, marketing is one of the premier components of business management.

DEFINITION The “American Marketing Association” defines marketing as– “the activity, set of institutions, andprocesses for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” The 'marketing concept' proposes that in order to satisfy the organizational objectives, an organization should anticipate the needs and wants of potential consumers and satisfy them more effectively than its competitors.

WRISTWATCH Some people say the world's first wristwatch was created by Abraham Louis Breguet for Caroline Murat, Queen of Naples, in 1810. The concept of the wristwatch goes back to the production of the very earliest watches in the 16th century. Elizabeth I of England received a wristwatch from RobertDudley in 1571, described as an arm watch. From the beginning, wristwatches were almost exclusively worn by women, while men used pocketwatches up until the early 20th century. By the mid nineteenth century, most watchmakers produced a range of wristwatches, often marketed as bracelets, for women

AN OVERVIEW TO THE WATCH INDUSTRIES As the economy recovers, watch/clock marketers are feverishly innovating, liscensing 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 studies with varied responses of customers.

INDIAN WATCH INDUSTRY India is an under penetrated market for watches. Only 27% of Indians own a watch. Total estimated volume as per 2008 is 44 million units and value of Rs. 2700Cr. Vast proportion of Indian market is below Rs. 500 by about 68%.

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CONSUMER PREFERENCE Consumer preference is defined as the subjective tastes of individual consumers, measured by their satisfaction with those items after they've purchased them. This satisfaction is often referred to as utility. Consumer value can be determined by how consumer utility compares between different items. Consumer preferences can be measured by their satisfaction with a specific item, compared to the opportunity cost of that item since whenever you buy one item, you forfeit the opportunity to buy a competing item. The preferences of individual consumers are not contained within the field of economics. These preferences are dictated by personal taste, culture, education and many other factors such as social pressure from friends and neighbors. For example, someone who prefers to own a specific brand of a wrist watch because his/her friends all have the same brand.

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OBJECTIVES 1. To discover the most popular brand in the wristwatch industry in Nagpur in 2018. 2. To study the preferred price range by the consumers. 3. To analyze the brand favoured by the public. (Indian/ Foreign) 4. To study the preferred type of dial for the consumers. 5. To understand the existing product quality in wrist watches. 6. To identify the factors which are important while purchasing wrist watch. 7. To identify the difference between expectation & perception of consumers in product quality offered by wrist watches. 8. To understand about the consumer satisfaction for wrist watches. 9. To find out market share of different brands of watches in the market. 10. To study the affect of after sales services on purchasing of wrist watches.

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SCOPE OF STUDY 1. The study is limited to response from 60 respondents. 2. The study is limited for a period of 2017-2018. 3. There is a limitation on the part of different companies and every policy of the company cannot be studied. 4. The study is limited only for a small amount population of Nagpur city.

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PROBLEM DEFINITION From the beginning, wristwatches were almost exclusively worn by women, while men used pocket watches up until the early 20th century. Early models were essentially standard pocketwatches fitted to a leather strap but, by the early 20th century, manufacturers began producing purpose-built wristwatches.The impact of the First World War dramatically shifted public perceptions on the propriety of the man's wristwatch and opened up a mass market in the postwar era. Wrist Watches are one of the most important devices in the daily lives of human beings. It is required for keeping the track of the time during the day or the night. Wrist watches are one of the most important devices for human beings. They are available in various types of designs and models and thus option is no problem as far as wrist watches are concerned. This research is being performed because earlier the mere utility of wrist watches was only to know time as, as of now apart from knowing time wrist watches are also seen as a fashion accessory. Nowadays there are many types of wrist watches based on the preference of consumers like type of watch, type of dial, type of belt, etc.

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HYPOTHESIS A hypothesis is a proposed explanation for a phenomenon. For a hypothesis to be a scientific hypothesis, the scientific method requires that one can test it. Scientists generally base scientific hypotheses on previous observations that cannot satisfactorily be explained with the available scientific theories. Even though the words "hypothesis" and "theory" are often used synonymously, a scientific hypothesis is not the same as a scientific theory. A working hypothesis is a provisionally accepted hypothesis proposed for further research,[1] in a process beginning with an educated guess or thought. H1 Fastrack is the most preferred choice for youngsters. H2 Look and design are the most important attributes for youngsters.

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RESEARCH METHODOLOGY

RESEARCH Once the problem has been carefully defined, the researcher needs to establish the plan that will outline the investigation to be carried out. The research design indicates the steps that have been taken and in what sequence they occurred. It is a systematic and purposive investigation of facts with an objective of understanding the consumer satisfaction for wrist watches. The methodology that will be applied by the study has been chosen in order to acquire information and deduce conclusions about the “consumers’ behaviour towards wrist watches”.

RESEARCH DESIGN The research study applied here is purely descriptive.

SAMPLING TECHNIQUE Simple random sampling is the basic technique where we select a group of subjects (a sample) for study from a larger group (a population). SAMPLE SIZE 60 respondents are chosen as a sample size for the study.

DATA COLLECTION Target audience: Wrist watches consumers in Nagpur City. Area of the study: Nagpur city

PRIMARY DATA Information obtained from the original source by research is called primary data. They offer much greater accuracy and reliability. The data was collected from the respondents through the questionnaire.

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SECONDARY DATA It means data that are already available i.e. it refers to the data which have already been collected and analyzed by someone else. The data was collected from the websites and journals.

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EXPECTED CONTRIBUTION

1. This study will help competitors to know how to overcome the challenges in the watch industries in any difficult situation; by updating the strategies. 2. The research gives a critical analysis of the functioning and its influence on the consumers. 3. The study of overall satisfaction level through feedback helps to know the pitfalls and other factors to be improved.

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QUESTIONNAIRE FORBRAND PREFERENCE OF WRISTWATCHES Dear Friend, This is a survey being conducted as part of our Marketing course. The data collected will be used only for academic purpose. We thank you for your time, effort and interest shown in filling up this questionnaire [City Premier College, Nagpur] GENERAL INFORMATIONName (optional) - ____________________ Gender -

Male Female 

Age - Under 16 17-21  22-27 28-35 Above 36 Marital Status - Single  Married 

1.Do you own a wristwatch? Yes No

2.If so how many? ………………… Which brand / brands? TitanTimexHMTMaximaCitizen  CasioRadoOmegaSeikoSwatch Others (please specify): ……………………….

3.If you plan to buy a watch now- which brand would you decide to buy? Brand name:____________

4. Do you prefer an Indian or Foreign brand? ____________

5.Do you prefer an analog or a digital type? ______________

6. What is the price-range you would prefer? Below 500 501-1000  1001-1500 1501-2500  2501-3500 above 3501 61

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7. What system of numerals do you prefer in a watch? Roman Numerals 

Arabic Numerals 

8. What do you look for in a watch? (List the factors in order of importance) 1 - Very important

5-Least important

Style

___

WithDate ___

With Stopwatch ___

Alarm

___

Warranty ___

Service

___

Brand name ___ 9. Reason you wear a watch - (Tick one) Status symbol Fashion  To refer time For sports or other timing reasons  Others (please specify) ____________

10. What kind of straps do you prefer -

Leather 

11. The kind of warranty you expect - 1 yr. 

Metal 

2 yr.  3 yr. More 

12. Do you prefer changing watches for different occasions? Yes No 

13. For how many years you have been using the watch you own? ____________

14. What is your opinion about the watch you own? Brand name -

____________

Digital / Analog

Very much satisfied SatisfiedNo opinion  Not satisfied

Least satisfied 

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