CONSUMERBUYINGBEHAVIOUROF WRISTWATCHES Presented by- Ankita Srivastava Sushmita Jayaswal Shalini Kumari Nissi Kumari Pinky Kumari Rajan Dasgupta
About WRIST WATCH market inIndia..o Watches are no longer just time-keeping devices.o Going beyond its generic role, wrist watches nowfocuses on performing a voguish role as a fashionaccessory that helps in making a self-expressivestyle statement.oFrom being a “Need”, wrist watch has turned tobecame a “Demand”.oThe Indian watch market has matured over theyears and has seen a paradigm shift, keepingabreast with international trends.oDifferent brands with different technology, designand innovations have entered into the market.o Indian consumers have evolved considerably withtime and their aspirations are now global.
CONSUMER PREFERENCESFOR WRIST WATCHESo There is a lot of personal preference with a watch.o Consumers reach their final purchase choice, not on asingle attribute but on multi-attribute.o It is important for companies to determine the mostfavourable features for their product that can optimize thelevel of satisfaction.
OBJECTIVE OF STUDYAnalysing the marketleader in wristwatches, studying how its4 Ps(Product, Price, Place &Promotion) influences theconsumer behaviour in
CONSUMER BEHAVIOURBuying Behaviour is the decision processesand acts of people involved in buying andusing products.There are five stages of consumer purchasebehaviour :• Problem/Need Recognition• Information search.• Evaluation of purchases.• Purchase decision.• Post purchase behaviour.
FACTORS INFLUENCING CONSUMER BUYINGPROCESS • Culture • Reference • Age & Life- • Motivation PSYCHOLOGICAL CULTURAL PERSONAL SOCIAL Groups Cycle Stage • Sub- • Perception Culture • Family • Occupation & Economic • Learning • Social • Roles & Situation Class Status • Belief & • Lifestyle Attitude • Personality & Self-Concept
RANCHI & THE WRIST WATCHMARKET SURVEYThe study was carried out using the surveyapproach. A self-administered questionnaire wasdeveloped and utilized to elicit data from thesample respondents.The gross sample size of the survey is 80 people.The study was conducted in and aroundB.I.T.,Mesra (Ranchi).
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 50 Occupation: ⃝ Private ⃝ Buisness ⃝ Govt. Service ⃝ Student ⃝ Housewife ⃝ RetiredQuestion: Do you use a wrist watch? Which brand(s) If more than one?Question: Are you satisfied with your wrist watch? ⃝ Yes ⃝ NoQuestion: Rate the factors,according to your preference that you considered whilemaking the purchase. Question: WhoWhat influenced your buying behaviour?5.Very Important 4.Imporant 3.Neutral 2.Less Important 1.Least Important 4.Highly 3.Modertly 2.Slightly 1.Negligible 1.Self ⃝ 1.Price 2.Family ⃝ 2.Appearance 3.Friends ⃝ 3.Water Resistivity 4.Advertisement ⃝ 4.Durability 5.Celebrity Endorsement ⃝ 5.Brand Image 6.Long Warranty Period Question: When did you make the last purchase of a wrist watch? Question: What is the price range of your wrist watch? 1.Within last year ⃝ 1.Less than RS1000 ⃝ 2.Between last 2 to 5 years ⃝ 2.Between Rs1000 & Rs5000 ⃝ 3.Before last 5 years ⃝ 3.More than Rs5000 ⃝ Question: What is your reason for buying a new wrist watch? Question: If given a chance to swich your wrist watch brand, you have a likelihood to 1.Requirement ⃝ go for which brand? 2.Style statement ⃝ 1.Titan ⃝ 3.Better model in market ⃝ 2.Timex ⃝ 4.Gifting 3.Rolex ⃝ 4.Rado ⃝ 5.Gucci ⃝ Question: Where did you buy your wrist watch from? 6.Casio ⃝ 1.Company Showroom ⃝ 7.Fossil ⃝ 2.Retail Shop ⃝ 8.Others ⃝ 3.Online ⃝
SUMMARY OF THEQUESTIONNAIREINFERENC• As per age BelowES As per gender 22% 5% 18 37% 46% 19-25 Buying &usage of wrist Malewatch is more 26-35prominent in Femal 20% 36-50 e 7%•male 63%customers.•age group of As per occupation19-25 years. 12% Working 37%•students &proffesionals. 5% Student Housewi 46% fe
FACTORS CONSIDERED BY DIFFERENT AGEGROUPS WHILE BUYING A WRIST WATCHAbove 50 36-50 Brand Image 26-35 Warranty Period Asethetic Appeal 19-25 PriceBelow 18 0 1 2 3 4 5 Priority level
FACTORS CONSIDERED BY DIFFERENTOCCUPATION GROUPS WHILE BUYING AWRIST WATCH RetiredHousewife Brand Image Warranty Period Asethetic Appeal Student Price Working 0 1 2 3 4 5 Priority level
INFLUENCE OF PRICE ON THE MODE OFPAYMENT 13% ONLINE 29% Less than Rs1000 PAYMENT Rs1000-5000 58% Above Rs5000 *Online payment covers just 11% of the total purchase.
REASON FOR BUYING A WRIST WATCH(AS PER AGE) GiftingBetter Model Available Above 50 36-50 26-35 Style Statement 19-25 Below 18 Requirement 0 1 2 3 4 5
REASON FOR BUYING A WRIST WATCH(AS PER OCCUPATION) GiftingBetter Model Available Retired Housewife Student Style Statement Working Requirement 0 1 2 3 4 5
WHAT/WHO INFLUENCES THE BUYING BEHAVIOR? INFERENCE Celebrity Endrosement• The buyingdecision isprimarily affected Advertisementby friends.• Family & the Friendscelebrity involvedin advertisement Familyis also animportantinfluencer. Self 0 1 2 3 4 Priority level
FREQUENCY OF PURCHASE Duration of last purchase 14% Within last year 54% 32% 1-2years 2years and above
MOST PREFFERED WRIST WATCH BRANDOthersFossil Casio Gucci Rado RolexTimex Titan 0 2 4 6 8 10
CONCLUSIONS (drawn from thesurvey) 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.
MOST PREFFERED WRIST WATCH INRANCHI.. TITAN The 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.