CONSUMER BUYING BEHAVIOUR OF WRIST WATCHES

Presented by-Ankita SrivastavaSushmita JayaswalShalini KumariNissi KumariPinky KumariRajan Dasgupta

About WRIST WATCH market in India..

o Watches are no longer just time-keeping devices.

o Going beyond its generic role, wrist watches now focuses on performing a voguish role as a fashion accessory that helps in making a self-expressive style statement.

o From being a “Need”, wrist watch has turned to became a “Demand”.

o The Indian watch market has matured over the years and has seen a paradigm shift, keeping abreast with international trends.

o Different brands with different technology, design and innovations have entered into the market.

o Indian consumers have evolved considerably with time and their aspirations are now global.

CONSUMER PREFERENCES FOR WRIST WATCHES

o There is a lot of personal preference with a watch.

o Consumers reach their final purchase choice, not on a single attribute but on multi-attribute.

o It is important for companies to determine the most favourable features for their product that can optimize the level of satisfaction.

Analysing the market leader in wrist watches, studying how its 4 P's (Product, Price, Place & Promotion) influences the consumer behaviour in making the buying decision.

OBJECTIVE OF STUDY

Buying Behaviour is the decision processes and acts of people involved in buying and using products.

There are five stages of consumer purchase behaviour :• Problem/Need Recognition• Information search.• Evaluation of purchases.• Purchase decision. • Post purchase behaviour.

CONSUMER BEHAVIOUR

FACTORS INFLUENCING CONSUMER BUYING PROCESS

CULTURAL

• Culture• Sub-

Culture• Social

Class

SOCIAL

• Reference Groups

• Family• Roles &

Status

PERSONAL

• Age & Life-Cycle Stage

• Occupation• Economic

Situation• Lifestyle• Personality &

Self-Concept

PSYCHOLOGICAL

• Motivation

• Perception

• Learning

• Belief & Attitude

The study was carried out using the survey approach. A self-administered questionnaire was developed and utilized to elicit data from the sample respondents.

The gross sample size of the survey is 80 people. The study was conducted in and around B.I.T.,Mesra (Ranchi).

RANCHI & THE WRIST WATCH MARKET SURVEY

WRIST WATCHES BRANDS IN INDIA

QUESTIONNAIRE CIRCULATED IN RANCHI (in and around B.I.T.,Mesra) (opinion survey)

NAME:________________________________________________________ GENDER:______________AGE: � Below 18 � 19-25 � 26-35 � 36-50 � Above 50Occupation: � Private � Buisness � Govt. Service � Student � Housewife � Retired

Question: Do you use a wrist watch? Which brand(s) If more than one?

Question: Are you satisfied with your wrist watch? � Yes � No

Question: Rate the factors,according to your preference that you considered while making the purchase. 5.Very Important 4.Imporant 3.Neutral 2.Less Important 1.Least Important

5.Brand Image 6.Long Warranty Period

Question: What is the price range of your wrist watch?1.Less than RS1000 �2.Between Rs1000 & Rs5000 �3.More than Rs5000 �

Question: What is your reason for buying a new wrist watch?1.Requirement �2.Style statement �3.Better model in market �4.Gifting

1.Price 2.Appearance 3.Water Resistivity 4.Durability

Question: Who\What influenced your buying behaviour?4.Highly 3.Modertly 2.Slightly 1.Negligible 1.Self �2.Family �3.Friends �4.Advertisement �5.Celebrity Endorsement �

Question: If given a chance to swich your wrist watch brand, you have a likelihood to go for which brand?1.Titan �2.Timex �3.Rolex �4.Rado �5.Gucci � 6.Casio �7.Fossil �8.Others �

Question: When did you make the last purchase of a wrist watch?1.Within last year �2.Between last 2 to 5 years �3.Before last 5 years �

Question: Where did you buy your wrist watch from?1.Company Showroom � 2.Retail Shop � 3.Online �

SUMMARY OF THE QUESTIONNAIRE

As per age Below 1819-2526-3536-50 Above 50

46%

7%

As per gender

MaleFe-male

63%

As per occu-pationWorking

Student

Housewife

Retired

•INFERENCES

Buying & usage of wrist watch is more prominent in

• male customers.

• age group of 19-25 years.

• students & proffesionals.

37%

46%

37%

12%

5%

20%

22% 5%

FACTORS CONSIDERED BY DIFFERENT AGE GROUPS WHILE BUYING A WRIST WATCH

Below 18

19-25

26-35

36-50

Above 50

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

Brand ImageWarranty PeriodAsethetic AppealPrice

Priority level

FACTORS CONSIDERED BY DIFFERENT OCCUPATION GROUPS WHILE BUYING A WRIST WATCH

Working

Student

Housewife

Retired

0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5

Brand ImageWarranty PeriodAsethetic AppealPrice

Priority level

INFLUENCE OF PRICE ON THE MODE OF PAYMENT

Less than Rs1000Rs1000-5000Above Rs5000

ONLINE PAY-MENT

29%

58%

13%

*Online payment covers just 11% of the total purchase.

REASON FOR BUYING A WRIST WATCH(AS PER AGE)

Requirement

Style Statement

Better Model Available

Gifting

0 1 2 3 4 5

Above 5036-5026-3519-25Below 18

REASON FOR BUYING A WRIST WATCH(AS PER OCCUPATION)

Requirement

Style Statement

Better Model Available

Gifting

RetiredHousewifeStudentWorking

0 1 2 3 4 5

WHAT/WHO INFLUENCES THE BUYING BEHAVIOR?

Self

Family

Friends

Advertisement

Celebrity Endrosement

0 0.5 1 1.5 2 2.5 3 3.5 4

INFERENCE

• The buying decision is primarily affected by friends.

• Family & the celebrity involved in advertisement is also an important influencer.

Priority level

FREQUENCY OF PURCHASE

Within last year1-2years2years and above

Duration of last purchase

54%32%

14%

MOST PREFFERED WRIST WATCH BRAND

Titan

Timex

Rolex

Rado

Gucci

Casio

Fossil

Others

0 1 2 3 4 5 6 7 8 9 10

CONCLUSIONS (drawn from the survey)

Male watch buyers far outnumber females. Students are the largest segment of buyers.

The most important attributes influencing purchase of watches were its aesthetic appeal, brand (Indian), price category (Rs.1,000-5,000), outlet (company showroom), purchase need, mode of payment (cash payment) and warranty (1-2 years).

Findings indicate that friends, celebrities associated with the product effect the self decision and new watch introduction have little impact.

Consumers have no preference for internet shopping for watches priced above Rs. 5,000.

TITANThe brand Titan is committed to offering its consumers watches that represent the compass of their imagination.•world−class design product and constantly inventing new trends in wrist watches.

•available in different price segments, namely as low priced (under brand “Sonata”), medium priced(as “Fastrack”)and high priced watches (as “Nebula”).• effective philosophies “Be More”, “Less is More” and applauded celebrity endorsement.• 247 exclusive showrooms, backed by 700 after−sales−service centres.

MOST PREFFERED WRIST WATCH IN RANCHI..

THANK YOU..