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Marketing Research Report on Watch industry

Marketing Research Report on Watch industry

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Published by ambesh Srivastava
research report on market survey on indian watch industry
research report on market survey on indian watch industry

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Published by: ambesh Srivastava on Jan 12, 2009
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05/06/2013

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Ankita Jain Ashish Sharma Hitali Makkar Disha Mahajan Ambesh Srivastava Indranil Bhawmick Group no.

5

How this project was successful?
Questionnaire, design & Survey: Ankita Jain, Disha jain, Ashish Sharma Analysis: Hitali, Indranil, Ambesh Though all members were involved during the

whole process

Introduction
 Time is money  With the fast pace of economic growth,

the Indian watch market has also changed  From “Need”, it became “Demand”  Different brands with different technology, design and innovations have entered into the market.

Purpose of The Report
This report is to give a slight insight about what

customers really wants Marketing research is done collect data from consumers to arrive at a conclusion We 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 trend Is there any threat to the industry On the basis of survey conducted various findings and conclusion have been explained after analysis.

Research plan
Data 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 Plan
Sampling unit: Students Self employed people Professionals Businessmen Housewives   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 market To find the market leader in the industry. To find out the recent threat to the watch market

Q1. Which type of wrist watch do you like to wear?
Perce ntage 20 6 18 32 16 8 100

Types
Sports watch Digital watch Single Strap Chain watch Bracelet watch Others Total

No. of users 20 6 18 32 16 8 100

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 alarm 38% would like to have the

temperature feature to be added 32% needs day, month and date 26% 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 off 16% 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 survey 30% of the people are from the lower middle income 26% from higher middle income group 28% 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
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
Not 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.

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. 

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)

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