CONSUMER BUYING BEHAVIOUR OF WRIST WATCHES WITH RESPECT TO COLLEGE STUDENTS
CHAPTER: 1
1.0 INTRODUCTION:
Wrist watches form an integral part of the personality of individuals in the present era. Earlier seen as a luxury item, they are now witnessing a fundamental change in perception, and are now gaining respect as an essential utility item. For the watch industry, time seems in its favour what with the liberalization of the Indian market coupled with the rising purchasing power of the young and consumerist Indians.
Indian watches market was for long dominated by public sector organisations like Hindustan Machine Tools Ltd. (HMT). But now it is being dominated by private sector enterprise like Fast track, Titan, Sonata, Rolex, Timex,
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1.5 LIMITATIONS OF THE PROJECT: * Only college students were chosen. * Primary data is limited to questionnaire. * Some of the respondents being rarely interested gave some rough ideas for the sake of answering. * Due to paucity of time it was impossible to know the interest of large number. * Questionnaire understanding.
CHAPTER : 2
2.0 REVIEW OF LITERATURE:
2.1 IN DETAIL ABOUT 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 2700 crores. Vast proportion of Indaian market is below Rs 500 by about 68%. The market share of Indian watch industry 2009 market has been split into: * Low end * Mass market * Premium and luxury brands
50 million wrist watches are sold in India every year. Notwithstanding the presence of global players and the opening up of the market, the Indian market has always been dominated by a single player. In the past, till the late 80’s in the mechanical era, HMT dominated the market. And after that it has again been the domination of a single congrats, Titan had almost 65% market share of the organized watch market in the country. The organized watch market itself is estimated at 35% of the total industry size. In value terms, the size of the organized market is estimated at around Rs 1500 crores, which means that the average price of watches sold even today is less than Rs 1000.
2.2 WATCH
The LG Watch Phone’s high design quality will also make the product attractive to the watch aficionados who purchase fashionable Omega and trendy Prada time pieces. The target markets desire quality, reliability and simplicity of operation.
Research from retail analysts Mintel has found that one in four people who wear a watch rarely use them to tell the time. A similar proportion – 27per cent - say they wear one as a fashion accessory, but this rises to almost one in two for those aged 20-24, showing how attitudes are changing. Some one in eight say they wear their watch as a status symbol, but this rises to one in four of those 25-34s. Mintel found that the wealthy are most likes to view their watch as a badge of wealth and success. (Sean Poulter)
Omega (part of the Swatch Group portfolio of brands), was facing a similar demise in the early 1990's and successfully repositioned itself and became a major profit driver for the group. It achieved this by carefully selecting its marketing programs and drastically trimming its product line from 2,500 to 130. This strategy needs to be applied to Swatch, which focuses on the basic and middle-priced market. This is supported by the fact that the number of resellers dropped from 3,000 in the early 1990's to 1,200 in 1998. Swatch needs to apply a SWOT analysis and determine which product lines are successful in this market space and drop the remaining products. In addition, the Swatch Group needs to look at their consumer base and determine if it would be profitable to launch a new product line that captures past consumers who have now progressed to the next stage of their lives and are desiring a more expensive and sophisticated watch. A marketing campaign needs to be chosen that helps attract new consumers in the basic and middle price market focusing on the smaller number of brands and a separate campaign should be created that focuses on
This paper aims to examine the brand’s major strengths and weaknesses, the current target market and the new markets that Rolex has not yet covered. It will also investigate the state of affairs of the company’s major competitors, together with their marketing and pricing strategies. This report also provides some insight into the company’s operations and strategies that aim to preserve its leadership in the luxury watchmaking
In previous years there was a huge competition between Indian and the foreign brands like Timex, Swatch, Titan, Rolex, Mont Blanc, Movado, Swatch, etc. Many companies have already gained a respectful place in the industries while some others are still in the process of developing themselves.
Wrist Wearables are a fairly new market segment and they are mostly only marketed to a niche audience. With less than half the U.S. population with any knowledge of the existence of smart wearables and half of that population even considering buying one, the marketability for this technology appears slim. Although, the potential for brand awareness, along with customer loyalty, is huge and a beneficial opportunity for any company to get their hands on.
Have you ever seen someone trash a pricey piece? I did just that. It was my grail; something I always chased for. It was my ‘watch’. I gazed as the sunlight made the expertly cut crystals dance, the chocolate alligator skin felt smooth and cool against the wrist. It was a lovely piece for 8 years and yet this watch was hurting me more than it complimented me.
The guts of a watch are the source of its existence without them the watch cannot function. There are multiple differences in what goes into a watch. Some watches can be made from expensive things like diamonds or emeralds while others are just made of different stainless steels. For example, regular watches are made of tiny gears placed on top of each other in a watch shell made of plastic or some type of metal. Smart watches on the other hand are made up like computers because they use circuit boards, processors, rechargeable batteries, and other small components. Not only are watches made up of that but they also use some different bands that also have hundreds of different forms from wood, to metal, and nylon which means you can accessorize as much as you like.
Egyptian and Babylonian astronomers used the sundial as a primitive form of today’s smart watch. Train conductors have utilized pocket watches to maintain a tight and precise schedule due to their accurate time keeping. Watches in the military have components such as tachometers, barometers, and atomic timekeepers that aid in more than just timekeeping. Wall Street uses watches to coordinate trades and exchanges in stock. Watches are depended upon all over the world without being thought of as much. When a wristwatch is used every day continually its value doubles not only in sentimental value, but the rarity of the timepiece increases.
“Indian Fashion Jewellery consumer market is one of the fastest growing in the world & is larger than Europe & America put together”
Movado, a company established in 1881 by Achille Ditesheiem, has become one of the top luxury watch brands in the world today. Movado has always continually been innovating in all aspects. Movado 's historical success gives a strong background financially, technologically, and strategically. An analysis of the brand, the history, the present, jobs of high managers, customer responses, and incites. Will be presented with through details and examples. After the analysis, we expect to understand how the hierarchy of Movado created the one of the largest names in the watch making industry, the struggles faced by the company and what it takes to strategically plan such a big brand. Along with that we want to learn why Movado is able to attract
Most, however, have no special meaning; they are either a simple way to show off how much money a person has, a basic utilitarian way to tell time, or a fashion statement. I have come into contact with a watch that means so much more than just another object; it is a watch that has survived decades, and after years of neglect, has come to my hands.
Price: Designer watches of course will be affected by the cost of research and acquisition of a reputable designer but for the brand to be recognized they will have to start creating a slide, ie, a current price is 375$ for a rose gold plated watch. It has been noted that these watches turn colors after limited use. A partnership with Movado will enhance the novelty and the price so expect to be seeing 1000$ being a price for a watch, if only as to secure this market. Handbags also will need an upheaval in price so far. Note, prices in the range of 5000-7500$ for a bag with tribal print and/or animal print this will give the consumer recognition of this brand in a non-fad way.
We decided that it was first best to determine the frequency with which respondents wear jewellery, which gave us an insight into the frequency of jewellery use in the target market (respondents were all females aged 18-50). After discovering that of 38 respondents, 32 wore jewellery every day we were able to determine that the management issue was certainly not with the demographic of MoiMoi’s target market. (Q1, Appendix
But these products were never quite able to break out of a “niche” category. From a marketing standpoint, two main issues have always plagued smartwatches: