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Cb wrist watches
- 1. Consumer Behavior Assignment Segment„Wrist Watches‟ PRESENTED TO – PROF. KRISHNAMOORTHY.V Presented by – Group no. 2 Group Members – Amritesh (05) Ravi Rajiv (31) Madhu Vinita (40) Nikita Phutela (51) Shashikant Sharda (80) Siddhant Shrivastava (83) Vivek Kapate (100)
- 2. INTRODUCTION • INDUSTRY: LuxuryGoods • FOUNDED: 1987 • HEADQUARTERS: Bangalore (INDIA) • AREA SERVED: Global • KEY PEOPLE: Vikram Kapoor (CHAIRMAN) Bhaskar Bhatt(MD) • REVENUE: Rs. 9914 Crore • NET INCOME: Rs.700 Crore (Appx) • PARENT: TATA GROUP • CONSUMERS: All Segment • MARKET SHARE: 60%
- 3. CONSUMER BEHAVIOUR: Consumer behavioris the study of individual, groups, or organizations and the processes they use to select, secure, and dispose of product, services, experiences or ideas to satisfy needs and the impact these processes have on the consumer and society. IMPORTANCE OF CONSUMER BEHAVIOUR FOR TITAN: • Consumer is the “KING” in the market • Cut throat competition • Various market segment • Taste and preference of consumers
- 4. APPLICATION OF CONSUMER BEHAVIOURBY TITAN: • Brand recall • Launched various brands to cater different market segment. • To analyze market opportunity. • Helps in modification of product.
- 5. EVOLUTION OF CONSUMERBEHAVIOR AS A FIELD OF STUDY AND ITS RELATIONSHIP WITH MARKETING • Consumer behavior at the time of evolution: „Positivism‟- Marketer influences consumer behavior. • Consumer behavior in today‟s scenario: „Interpretivism‟- Consumer behavior influences marketer.
- 6. Consumer Model EconomicView (Rational) – Sonata Watches Cognitive View - Titan Watches Passive View (Irrational & Impulsive) – Fastrack Emotional View (Mood, Impulsive, Emotional) – Xylus, Raga
- 7. Model of ConsumerBehavior – General Model 1. Economic Model Macro Economic Model Relative Income Hypothesis Permanent Income Hypothesis • Initially Sonata, After increase in Income Titan or Xylys • Initially Sonata, After Change in Income SONATA
- 8. Cont.. 2. Psychological Model– Fastrack Watches 3. Psychoanalytical Model – Ex – Youth having personal liking towards product like Fastrack, titan came out with particular segment of watches to fulfill their needs.
- 9. Cont.. 4. Sociological Model- Consumer takes decision on his social status and society Ex – Fastrack, Titan, Xylys & Raga
- 11. • There were2 main objective for Titan to start consumer research: • Competition (new players) • To change consumers view (from gifts to fashion statement) • Titan as a result of its research made segment based on various factors.
- 12. •The market researchwas done to understand the change in the consumer requirements. Reason for Consumer Research for TITAN •STP was done for the changing consumer behavior. Research Perspectives •Timex was launched in India in 1993 and Titan launched its new range in the same year in view of competition.
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- 14. Range of Product Wide range of watches for the different segments Titan Sonata Fastrack Xylys Nebula Raga
- 15. Contd Titan Sonata FastrackXylys Nebula Raga Age P P Gender P P P P P P Income P P P P Generation P P City P P Need P P P P P P Perception P P P P P P Lifestyle P P P P P P Persona P P P P P P Awarenes P P P Occasions P P P Loyalty P P Price(Rs.) 350- 23000 Up to 2799 395-4995 9500- 23995 42000- 275000 3500- 32495
Editor's Notes
- #7 Economic View – In this model the consumer is regarded as Rational.Ex – Sonata Watches (Consumer is clear about his choice and he have various alternatives, he will go for product which will suit his needs in best possible way. He takes a decision and makes a choice as after taking into account the cost and benefit)Cognitive View - The consumer is regarded as being a problem solver, who searches for products to fulfill his needs/wantsEx - Titan Watches, FastrackPassive View – Consumer is Irrational & ImpulsiveEx – FastrackEmotional View – Consumer regards as emotional & impulsive (personal liking, mood)Ex – Xylus, Raga
- #8 Relative Income hypothesis – Persons expenses increases by increase in the income & influenced by peersPermanent Income hypothesis – Purchase pattern doesn’t change easily by change in income.
- #9 Pyschological Model -People have needs and wants; They are driven towards products which they purchase (response), and they get satisfied, repeat experience depend upon reinforcement received.Psychoanalytical Model -The model tries to explain consumer behavior as a resultant of forces that operate at subconscious level. The individual consumer has a set of deep seated motives which drive him towards certain buying decisions.This causes can be understood by drawing inferences from observation and casual probing.
- #10 4. Sociological Model - A person’s consumption pattern and buying behavior is affected by social factors; his family, friends, peers, social groups, they play an important role in consumer’s decision.Ex – Consumer takes decision on his social status and society.Person with Salary of Rs. 30,000 per month will take a Titan watch which cost Rs.2000 – 2500Person with Salary of Rs. 1,00,000 per month will take a Titan watch which cost Rs.20,000 – 35,000