PSG Institute of Advanced Studies
Applied Business Statistics Mini Project
“CONSUMER SATISFACTION ON TITAN WATCHES” Mentor- Ms. Ramya
Team MembersAbhishek .P Dinesh Parvadavardini.S Sakthivel.P Uday Kumar
TABLE OF CONTENTS Introduction About the product Summary Tables Charts Research Methodology Objectives Research Design Data Collection Method Sources of Data Sample Space Statistical Tools Used Analysis and Interpretation Percentage Analysis Cross Tabulation Chi Square Test Independent Sample t Test One Way ANNOVA Correlation Multivariate Analysis Inference Findings Suggestions Conclusions Appendix Questionnaire
1. INTRODUCTION ABOUT THE PRODUCT 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 brandSonata, 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.
for the premium market. Titan Raga. Xylys. The company has a world-class design studio for watches and accessories.is for the hi-end connoisseur and new age achiever (Swiss Made). Today. Titan for the premium segment.800 people.Today Titan Industries is India's leading manufacturer of watches and jewellery employing 3. The company has 255 exclusive showrooms christened 'World of Titan'. Titan watches are sold through over 12. Titan Currently manufactures four main watch brands viz. Xylys. Nebula. making it amongst the largest chains in its category.500 cities and internationally in over 30 countries.the feminine and sensuous accessory for today's woman.000 outlets in over 2. Its after-salesservice is itself a benchmarked operation with a network of 750 service centres and amongst the world's fastest turnaround times. It also markets Tommy Hilfiger watches under a licensing arrangement and is introducing Hugo Boss.for the mass market. Fastrack.
.crafted in solid gold and precious stones.focused on the youth and trendy fashion space. Sonata. the Titan portfolio has about 65% of the domestic market share in the organized watch market. primarily in the Middle-East and Asia Pacific. Titan and Tanishq are among the most admired brands in their categories.
Sunglasses. SUMMARY OF THE PROJECT
The relevant data was collected from both primary sources and secondary sources. The schedule covered parameters like reasons for consumers’ brand preference. and journals and so on. advertisements and new designs and so on. Then we conducted a consumer satisfaction survey on Titan Watches. Primary Data Collection: The data was collected in the form of Questionnaire with a sample size of 30. The questionnaire consisted of both open ended and closed ended questions. Lenses. Secondary Data Collection: We made a study of the brand positioning of Titan watches through secondary sources such as internet. Accessories and Contact Lenses of in-house brands and other premium brands.Eye wear: Titan Eye+ is currently on a pilot mode with 5 stores in 2 cities and has sun glasses under Fastrack brand and prescription eyewear consisting of Frames.
2. insurance magazines.
0 90.0 30.0 10.0 29.7 30.0 60.0 29.0 30.0 9. TABLES a.0
.0 100. Age of the respondent Age of the Respondent Cumulati Freque Perce Valid ve ncy nt Percent Percent <20 years 20-35 years 36-50 years >50 years Total 9 9 9 3 29.0 30.3.0 100.
0 Radio 1 3.0 Magazines 4 12.8 26.3 63.3 Hoardings 2 6.7 50.3 Friends and 8 25.3 73.b.5 6.7 70.9 43.3 43.7 100.5 6.2 3.9 13.3 Newspaper 2 6. Which media influenced to buy titan watch? Which media influenced to buy Titan Watch? Cumulati Freque Perce Valid ve ncy nt Percent Percent TV 13 41.0 100.0
.0 Relatives Total 30 100.
What are the features that made you prefer titan brand?
What are the features that made you prefer Titan brand? Cumulati Freque Perce Valid ve ncy nt Percent Percent Attractive 7 22.5 36.3 23.0 100.7 100.3 e price Brand 9 29.0 Quality Total 30 100.7 10.6 23.3 image Good 11 35.0 33.0 30.0 63.3 designs Reasonabl 3 9.0
.0 a Raga 4 12.3 Nebul 1 3.0 50.0 100.0 40.0 Total 30 100. Which sub brand of titan watches do you possess? Which sub brand of titan watches do you possess? Cumulati Freque Perce Valid ve ncy nt Percent Percent Fastra 12 38.3 63.2 3.9 13.7 40.7 10.3 33.0 ck Sonat 3 9.3 100.3 66.7 a Titan 10 32.d.
3 96.7 80.9 13.3 100.0 00.2 3.2 3.0 Dissatisfied Total 1 30 100.8 56.3 nor Dissatisfied Dissatisfied 1 3.0
.3 93.e.6 23. How well are you satisfied with the quality and durability of the titan watch? How well are you satisfied with the quality and durability of the Titan watch? Cumulati Freque Perce Valid ve ncy nt Percent Percent Highly Satisfied 7 22.3 23.0 Neither Satisfied 4 12.7 Highly 1 3.3 Satisfied 17 54.
6 23.7 Excellent 7 22.2 46. Ambience in the titan showroom Ambience in the Titan showroom Cumulati Freque Perce Valid ve ncy nt Percent Percent Above 9 29.0
.3 100.7 76.0 Total 30 100.0 Average Good 14 45.0 100.0 30.f.0 30.
1 60.g.0 60.7 40.0 Excell 12 38.0
.0 100.0 100.0 ent Total 30 100. Display of watches in the titan showroom Display of Watches in the Titan Showroom Cumulati Freque Perce Valid ve ncy nt Percent Percent Good 18 58.
h. Sales personnel in titan showroom
7 10.7 Above 7 22.Sales Personnel in Titan showroom Cumulati Freque Perce Valid ve ncy nt Percent Percent Poor 1 3.3 Average 13 41.0 Excellent 3 9.0 100.6 23.0 100.0
.3 46.0 Average Good 6 19.0 Total 30 100.3 70.4 20.0 90.9 43.2 3.3 3.
3 6.0 60.7 10.0
Poor Average Above Average Good Excellent Total
10 32.9 43.0 16.5 30 100.0 93.0
.3 2 6.3 33.7 13 41. After sales service of titan After Sales Service of Titan Cumulati Freque Perce Valid ve ncy nt Percent Percent 2 6.7 3 9.i.7 100.5 6.3 100.7 6.
0 Total 30 100.2 3.0 100. How do you feel the price level of titan watch? How do you feel the price levels of the Titan watch? Cumulati Freque Perce Valid ve ncy nt Percent Percent High 16 51.0
.6 53.3 Norm 13 41.7 al Low 1 3.3 100.j.3 96.3 53.9 43.
To know the brand positioning strategies of Titan watches.
Research design: The nature of the study is descriptive as the study describes the consumer satisfaction on Titan watches.4. To know whether the product is economical to the consumers and also to improve the product efficiency by getting suggestions from the respondents. Secondary objective: To study and analyze the factors which influenced consumers to purchase Titan watch. RESEARCH METHODOLOGY OBJECTIVES OF THE STUDY Primary objective: The primary objective of the report is to analyze about the consumer satisfaction on Titan Watches. To recommend suitable measures to be taken by the Titan Company to further improve its brand perception and loyalty among its customers. Sampling design: Population:
Tools for analysis: Simple percentage analysis: This technique is used to study and arrive at the percentages of the different opinions of the respondents. Sampling technique: The sampling technique used here is convenient sampling.The consumers of Titan watches in Coimbatore are the population considered for the study. Sample: 30 consumers were taken as the sample for the study. Cross tabulation: It is a statistical tool that describes two or more variables simultaneously and results in tables that reflect the joint distribution of two or more variables. Chi-Square test: It is a statistical tool used to test whether there is any association between two variables or not. Independent Sample t-test: It is a statistical tool used to test whether the population means and sample means are equal. 1-Way ANOVA: It is a statistical tool used to test the homogeneity of several means. Correlation:
3 66. Multivariate analysis: It is a statistical technique in which we use observed data to relate a variable of interest which is called the dependent variable (also called as response variable) to one or more independent variable (also called as predictor variable).7 100.
5. ANALYSIS AND INTERPRETATION Percentage analysis Brands of titan Brand s of titan Fastr ack Sonat a Raga Nebul a Titan Total Cumulati Freque Valid ve ncy Percent Percent 12 3 4 1 10 30 40.0
. The correlation measures the closeness of relationship between the variables.0 63.0 13.0 10.3 3.3 33. Thus the association of any two variables is known as correlation.0 50.3 100.It is a statistical analysis which measures and analyses the degree or extent to which two variables fluctuate with reference to each other.0 40.
Raga brand has about 13% share and 10% occupied by sonata brand.
.Inference From the table we can interpret that about 40% of the respondents use fastracks brand because of the name and the quality. Next is titan which has 34%.
Since how many years have you been using Titan watches? * How well are you satisfied with the quality and durability of the Titan watch? How well are you satisfied with the quality and durability of the Titan watch? Neither Satisfied nor Highly Highly Satisfi Dissatisf Dissati Dissatisf Satisfied ed ied sfied ied Total Since how many years have you been using Titan watches? <1 year 1-3 years >3 years Total 0 3 4 7 6 6 5 17 1 2 1 4 0 0 1 1 0 0 1 1 7 11 12 30
Inference Most of the respondents have used the titan watch for 1. Totally 12 respondents have used the watch for more than 3 yrs and their response was that they are satisfied.3 yrs and they are satisfied.
. Only a few are neither satisfied nor dissatisfied.
Chi square test Age of the Respondent * Which media influenced to buy Titan Watch? Which media influenced to buy Titan Watch? Friends and Newsp Magaz Hoard Rad Relativ TV aper ines ings io es Total Age of the Resp onde nt <2 0 1 yea rs 2035 5 yea rs 3650 6 yea rs >5 0 1 yea rs Tot 13 al 2 1 2 0 3 9
Sig.061 .Chi-Square Tests Value df Asymp.
.290 which is greater than 0.χ2 = 17.There is no association between age of the respondent and which media influenced to buy the titan watch.There is association between age of the respondent and which media influenced to buy the titan watch.There is significant difference between the quality and durability of sub brand fastrack and sonata.05 therefore we accept the null hypothesis that is there is no association between age of the respondent and which media influenced to buy the titan watch. Level of significance.584 6.234 Ratio 9 How well are you Equal Linear-by1 satisfied with the variances 1. Independent sample t test.There is no significant difference between the quality and durability of sub brand fastrack and sonata.50 15 .308 .
H0. H1.295 13 quality andLinear assumed Association durability of the Equal variances 1.α= 0.098 1.50 Inference.05 Test statistics. H1.849 Titan watch? of Valid assumed 30 N not Cases
H0. (2tailed) .55 15 .Since the significant value is 0. (2Independent sided) samples test Pearson Chi17.290 a Square 0 t df Likelihood 18.
061 Inference.Level of significance.0.since the significant value is 0.05 we accept the null hypothesis which implies that there is no significant difference between the quality and durability of sub brand fastrack and sonata.05 Test statistics.t= 1.
One way ANOVA
.308 which is higher than 0.
There is significant difference between quality and durability of titan watch with features of the watch.135 which is greater than 0.There is no significant difference between quality and durability of titan watch with features of the watch.F= 2.867 Mean Square 3 26 29
Sig.505 2.023 Inference.05 we accept the null hypothesis which implies that there is no significant difference between the quality and durability of titan with features of the watch.05 Test statistics. Level of significance.135
1.0. H1.351 23.516 19.
H0.Since the significant value is 0.How well are you satisfied with the quality and durability of the Titan watch? Sum of Squares Between Groups Within Groups Total 4.023 . .
since the significant value is 0.000 30 1.there is significant relationship between the ambience of the showroom and the display of watches in the showroom.214 .05 Test statistics. (2tailed) N Display of Pearson Watches in the Correlation Titan Showroom Sig.05 which means that we accept the null hypothesis that is there is no significant relationship between ambience of the showroom and the display of watches in the showroom.214 .
.There is no significant relationship between ambience of the showroom and the display of watches in the showroom.214 Inference.257 which is greater than 0.000 .Display of Ambienc Watches e in the in the Titan Titan showroo Showroo m m Ambience in the Pearson Titan showroom Correlation Sig.000
H0.000 . H1.257 30 30. Level of significance.257 30.0. (2tailed) N 1.R= 0.
Model 1 (Constant) Ambience in the Titan showroom Sales Personnel in Titan showroom After Sales Service of Titan
.185 .253 1.358 2. B Error Beta t Sig.870 33.780
.97713 ANOVAb Model 1 Regressi on Residual Total Sum of Squares 9. .428 .225 . 2.112 .308 .087
.533 .170 .285 .497 23.358
.107 .203 -.367 df 4 25 29 Mean Square 2.Multivariate analysis Std.069a
Mod el 1
Coefficientsa Standardi zed Unstandardized Coefficien Coefficients ts Std.955 F 2. Error R Adjusted of the R Square R Square Estimate a .030 .374 .487 Sig.201
.436 2.045 -.868 1.
B Error Beta t Sig.185
df 4 25 29
Mean Square 2.868 1.533a .97713 ANOVAb
Model 1 Regressi on Residual Total
Sum of Squares 9.349
H0.225 .170 .870 33.436 2.374 .954
Sig.191 -.285 .045 -.107 .203 -. Sales personnel in titan showroom.279
Model 1 (Constant) Ambience in the Titan showroom Sales Personnel in Titan showroom How do you feel the price levels of the Titan watch?
.there is no significant impact of Ambience in the titan showroom.428
. .Mod el 1
Std. Error R Adjusted of the R Square R Square Estimate .112 .308
.497 23. After sales
Coefficientsa Standardi zed Unstandardized Coefficien Coefficients ts Std.358
F 2. 2.253 1.375
170 which is less than 0. H1. Sales personnel in titan showroom. Price levels of titan watch on Overall showroom experience. FINDINGS
5.Since the model is not fit we accept the null hypothesis that is there is no significant impact of ambience in the titan showroom. After sales service of titan. price levels of titan watch on overall showroom experience. Price levels of titan watch on Overall showroom experience.0. after sales service of titan. Inference.05 Findings.Adjusted R2 = 0.there is significant impact of Ambience in the titan showroom. sales personnel in titan showroom.service of titan.5 hence the model is not fit. Level of significance.
This would have multiplier effect as the latest designs launched by the
. SUGGESSIONS To increase its visibility. Titan Company can sponsor events similar to fashion shows in which all latest designs launched are displayed.7.
That is. Though Titan has got more product collections. Tie –up with FM radio channels for reminder advertisements and informing customers about various sales promotion offers from time-to-time. Introduce cheaper and rough use watches for this segment. Invest more in R&D as customer expectations are changing rapidly. showrooms should be set up at places nearer to them.company get noticed by different segments of the customers in varied ways. having a limited but more depth in product collections would be more advantageous. So. Tie up with international watch brands and make them available locally. it should focus on introducing more varieties in already existing product collections. Majority of the population in India live in rural areas. the process of servicing and repairing of watches should be made faster. In other words. Introduce exclusive collection for working women which is more contemporary and complements both traditional and western wear. After sales service has to be improved. This can be done by ensuring the spare parts availability and training all sales personnel in Titan showrooms to undertake these tasks.
Take steps to change consumer perception that
Titan watches are high priced. CONCLUSION
Spread awareness about availability of watches in
lower segments as most of the consumers feel that Titan brand is synonymous with premium watches.
ANNEXURE CONSUMER SATISFACTION ON TITAN WATCHES
1. How do you rate the new designs of Titan? Poor Average Above Average Good Excellent 9. Do you think the new advertisement is effective in inspiring consumers to have a new look everyday and be more in lives? Highly effective
. Since how many years have you been using Titan watch? < 1 Year 1-3 years > 3 years 6. Which sub-brand of Titan watches do you possess? Fastrack Sonata Raga Nebula If others. Gender: <20 Male 20-35 Female 36-50 >50
4. Age: 3. Name: ___________________________________________ 2. please specify ______________________ 5. What are the features that made you prefer Titan brand? Attractive designs Reasonable price Brand image Good quality 7. Which media influenced to buy Titan watch? TV Newspaper Magazines Hoardings Radio Friends & Relatives 8.
Effective Not at all effective 10. How well are you satisfied with the quality and durability of the Titan watch? Highly Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Highly Dissatisfied 11. How do you feel the price levels of the Titan watches? Very High High Normal Low Very Low 14. How do you rate Titan’s exclusive showrooms with respect to the following? (Please Tick ) FEATURES a) Ambience b) Sales personnel c) After sales Service d) Display of Watches e) Showroom Experience 12. Do you want more retail Titan outlets in and around the city? Yes No 13. How is the battery life of Titan Watch? Best Battery Life Good Battery Life Average Battery Life Poor Battery Life Po or Avera ge Above Average Goo d Excell ent
Are you satisfied with the warranty period given for the Titan watch? Yes No 16. Please give your suggestions to improve Titan’s brand image among Customers? _____________________________________________________________ ________ _____________________________________________________________ ________
.Worst Battery Life 15.