Topic of the Study

CONSUMER BEHAVIOUR TOWARDS FASTRACK WATCHES

Introduction of the study

Marketing has assumed much in present day business world. The success of failure Of any organization profit making or non-profit making depends on the Marketing. Marketing has special significance in the modem management of Business concept. In the words of peter F Drucker, "Marketing is the Distinguishing and unique function of the business operations primarily to Business decisions should be Marketing or customer oriented rather than Product oriented gearing the office satisfaction of Customer wants and needs. What marketing creates is a permanent existence of The entity of customers , the substance of particular group of customer or the Different group of customers for a company products reduces its business risk and Expands its planning horizon. It serves the business and the business turn serves The market, through planning research and developing. An activity of any type of Business undertaking makes use collection of data.

History of wristwatch
Today, a wristwatch is considered as much of a status symbol as a device to tell time. In an age when cell phones and digital pagers display tiny quartz clocks, the mechanical wristwatch has slowly become less of an object of function and more a piece of modern culture. Walk into the boardroom of any Fortune 500 company and you re likely to see dozens of prestigious wristwatches, including such names as Rolex, Vacheron Constantine, Frank Muller, Jaeger-LeCoultre and even Patek Philippe. However, this was not always the case. Less than 100 years ago, no self-respecting gentleman would be caught dead wearing a wristwatch. In those days of yore, real men carried pocket watches, with a gold half-hunter being the preferred status symbol of the time no pun intended.

Present Situation of the Indian Watch Market

The Indian watch market is today of 40 million units, out which 60% is in the unorganized sector in which the maximum number of watches are sold are below Rs.300. Quartz watches form two thirds of the organized sector and the rest is split between mechanical and digital watches. Even in the organized sector, three fourth of the sales by volume comes from watches that are priced below Rs.1000. Plastic as such is not acceptable to average Indian consumers, especially those from the small towns and rural areas who regard it as cheap and flimsy. They want toughnesswhich translates into a good quality metal model at a reasonable price. Watch is one of the consumer durables whose replacement rate is very high. The replacement rate of watch is 33.8%(Source: India market demographics report, 1998). This is also due to the fact that the estimated scrap rate of wrist watches is 7.8%, which is applicable after 6 years (Source: India market demographics report, 1998). So due to high scrap rate, outdated models, and the shift from the mechanical watches to the quartz watches is causing a very high replacement demand for watches. This along with the low penetration levels represent the untapped market potential for watches in India.

Profile of the company

Titan Industries was established in 1984 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling, manufactured in a state-of-the-art factory at Hosur, Tamil Nadu. Leveraging its understanding of different segments in the watch market, the company launched a second independent watch brand-Sonata, as a value brand to those seeking to buy functionally styled watches at affordable prices. In addition it focused on the youth with its third brand Fastrack. It has also premium fashion watches by acquiring a license for global brands such as Tommy Hilfiger and Hugo Boss, while. It has also in its portfolio its first Swiss Made watch brand Xylys. In 1995, the company diversified into jewellery under the brand Tanishq to capitalize on a fragmented market operating with no brands in urban cities. In 2005, the company launched its second Jewellery brand, Gold Plus, for capitalizing on the opportunity in small towns and rural India. The company has now diversified into fashion Eyewear by launching Fastrack Eye- Gear sunglasses, as well as Prescription Eyewear. The Company leveraged its manufacturing competencies and branched into Precision Engineering Products and Machine Building from 2003. Today Titan Industries is India's leading manufacturer of watches and jewellery employing thousands of people. Titan and Tanishq are among the most admired brands in their categories.

Products
The company manufactures over 8 million watches per annum and has a customer base of over 80 million. It has manufacturing and assembly operations at Hosur, Dehradun, Roorkee and Baddi in Himachal Pradesh and an ECB plant in Goa. Its main products are:

Watches - Currently manufactures four main watch brands viz. Titan

- for the premium segment.

Fastrack - focused on the youth and trendy fashion space Sonata - for the mass market Xyly s - for the premium market.
The Titan brand architecture comprises several sub-brands, each of which is a leader in its segment. Notable among them are: Titan Edge The world's slimmest watch which stands for the philosophy of "less is more" Titan Raga the feminine and sensuous accessory for today's woman.

FASTRACK
A collection of watches will contemporary styles that are young and distinctive. Designs that go from the relaxed and informal to the definitely sporty. The woman s collection presents the all new international `Frosted look, which is trendy and chic. The Fastrack collection has elements like cool mesh straps and features that include EL back-light and dual time. Also presenting a range of fashion digitals in contemporary wrist hugging cases with oversized displays and features that include countdown timers, chronographs, lap timers, hourly chime, alarm and Hi-light glow.

Price: Rs.550-1,430 Category Aimed at : Youth

OBJECTIVES OF THE STUDY PRIMARY OBJECTIVE

1)To study the attitude and satisfaction among the consumers for

fastrack

watches

SECONDARY OBJECTIVE
1)To study and analyze various factors influence the consumers to purchase the fastrack watches.

2)To analyze the factors influencing perception and buying decision of consumers. 3)To find out the effectiveness of advertisements for fastrack watches.

SCOPE OF THE STUDY

The study attempts to identify the reach of Titan fastrack watches which would help the company in formulating suitable strategies. The study also identifies the attitudes and preference of the consumers. The study also focused on Media through which the product reaches the consumers.

RESEARCH METHODOLOGY
RESEARCH DESIGN
The Research Design adopted in the study was descriptive in nature because the study aims at describing the situation as it exists at present. It shows the consumers satisfaction for fastrack watches.

SAMPLE SIZE
The Sample Size of this study is 50.

POPULATION
The Population of this study is indefinite

SAMPLING METHOD
The study involves area sampling method. Area sampling method involves selecting a probability sample of geographic areas and selecting units or individuals within the selected areas for the sample.

SOURCES OF DATA
The Study used both Primary and Secondary data.

PRIMARY DATA
The primary data was collected from the respondents using questionnaire.

SECONDARY DATA
The Secondary data was collected from the company s official website books, and journals and so on.

METHODS OF DATA COLLECTION

Data was collected from the customers with the help of a questionnaire.

DATA ANALYSIS METHOD

The Data was collected from the main study and was analyzed using based on the results conclusion were drawn and suggestions were made.

CONCLUSION
Gaining and maintaining consumer preference is a battle that is never really won. Continued and consistent branding initiatives that reinforce the consumer s purchase decision will, over time, land the product in consumer preference sets. Attaining and sustaining preference is an important step on the road to gaining brand loyalty. Most of the consumers prefer Fastrack watches in Indore, due to its strong brand image, and the main factor forcing the customers to buy fastrack watch is advertisements through the print and electronic media.

BIBLIOGRAPHY

We have collected data from:  Official website of fastrack. - www.fastrack.in - www.wikipedia.com  Information gathered during the project from different respondents.  Broachers and other material provided by titan showroom.