consumer awareness survey on watches

BPCBA, Kadi university, Gandhinagar

CAPSTONE PROJECT REPORT

ON

“CONSUMER AWARENESS SURVEY ON WATCHES”

SUBMITTED BY:

Group No.23

Sr. No. Name of Students Roll No1 Patel Chintankumar Amrutbhai 1662 Patel Chitiben Prahaladbhai 1683 Patel Jaiminkumar Ramanbhai 1694 Patel Kartik Rajnikant 1705 Patel Mitkumar Maheshbhai 1716 Patel Devang Dineshbhai 172

GUIDED BY:

PROF. SHEETAL PATEL

(2013-2014)



ON


SUBMITTED BY:

Group No.23


GUIDED BY:

PROF. SHEETAL PATEL

(2013-2014)



ON


SUBMITTED BY:

Group No.23


GUIDED BY:

PROF. SHEETAL PATEL

(2013-2014)

BPCBA, Kadi University, Gandhinagar I

Acknowledgement

We are thank full to Kadi Sarva Vishwavidhyalaya whoseproviding us something do new and else.We are also to thank full to B. P. College of Business

Administration to mention all of mostly for teaching us to see ourachievements from the telescope and mistakes from the microscopes.We would also like to thank our Director Dr. Ramakanta Prustywho always motivated us to do.We are too much thankful to Prof. Sheetal Patel help andguidance during the Project. He gave as the detail information about theproject and provides us with all the researches we needed.We would also like to thankful our all faculties of BPCBA who arealways along with us to give motivation and increases our faith not onlyduring the capstone project through BBA.We would also like to thank our parents who are alwaysmotivated to get better education and to provide better facility.We are thanking full to our group members for their co-operationand friendly treatment given to us during out project.We are also thank to our friends to all those who have directly orindirectly help us with the preparation of this project.Thanks to all of those who provided help and guidance to makethis project a big success. It was pleasant and highly educativeexperience to work here with live project. Thanking you

BPCBA, Kadi University, Gandhinagar II

EXECUTIVE SUMMARYThis report examines the emergence of innovation and value creation forenhancing consumers experience ,as a result of increasing competition in theIndian watch industry the report providing detailed of the evaluation of thewatch industry and current trend in the locality of Gandhinagar , A’bad andMansa.It tracks various developments in the industry before, during and afterthe liberalization of the watch industry. It also provides information about theincreasing popularity of watches which led to the emergence of several privatewatch companies like Rolex, century sonata, titan, tarnish, etc.The Fastrack growth of the Indian watch industry has made it a keycontributor to India’s watch sector progress. The watch industry is growing atthe Fastrack pace in the world.This report also gives the deep understanding of the market potential inIndia and also how the companies can achieve their targets with right marketingstrategies and proper promotions programs.Market research is done, collected data from the customer to arrive atconclusion. The brand image affects the customer. What should be the futuretrend? On the basis of survey conducted various finding & conclusion has beenexplained after analysis.

BPCBA, Kadi University, Gandhinagar III

PREFACEIn spite of the theoretical knowledge gained through classroomstudy, a person is incomplete if not subjected to practical exposure of realcorporate world. We may have to face hurdles, which will be difficult toovercome without any first-hand Expose to business.In this context, research program has been designed to make theperson aware of happenings of the real business world. The projectentitled with special reference to Rolex, Titan, Lamex and Fastrack havebeen done at Gandhinagar and Ahmadabad.In this Capstone Project we get practical knowledge about theRolex, Titan, Lamex and Fastrack. All the works done on this project reportis confined to our broad objective.

INDEX

CH.NO PARTICULAR PAGE NO.

Acknowledgement I

Executive summary II

Preface III

1. Introduction 1 - 15

2. Marketing Strategy 16 - 25

3. Attributes for higher market coverage 26 - 35

4. Customer Satisfaction (Analysis &Interpretation)

36 - 51

SWOT Analysis 52 - 60

Conclusion 61 - 62

Bibliography 63 - 64

Annexure 65 - 68

BPCBA/2013-14/Sem-VI/Group No:-23 Page 1 of 68BPCBA/2013-14/Sem-VI/Group No:-23 Page 1 of 68BPCBA/2013-14/Sem-VI/Group No:-23 Page 1 of 68

BPCBA/2013-14/Sem-VI/Group No:-23 Page 2 of 68

CONTENT

Sr. No. Particular Page No

1.1

Introduction Background of watch industry Introduction on Rolex brand Introduction on Titan brand Introduction on Lamex brand Introduction on Fastrack brand

3-8

1.2 Rationale of the study 91.3 Objectives of the study 101.4 Data source and methodology 11-131.5 Chapterisation scheme 141.6 Limitation of the study 15


1.1 INTRODUCTION

Background of watch industry

A watch can be defined as “a spring driven timekeeper, small enoughto carry on a person.” The early watches were worn on a chain around theneck, and then came the pocket watches and finally, the wrist watches weredeveloped. The concept of keeping time can be traced way back to thebeginning of civilization. There were clocks before watches and there weresimple mechanisms before clocks. Time was measured by the shadowsformed from the sundials. Also, there were hourglasses that measured timeby predictable rates of sand moving through a narrow channel. Early watcheswere incredibly big. Today, they have not only become smaller, but also muchtrendier. Read on further to explore interesting and amazing information onthe history of watches.

Before 1600, driving power was the main problem in portabletimekeeping. The timepieces were driven by weights and therefore wereimpractical to transport on one person. In 1524, the first pocket watch wascreated by Peter Heinlein in Germany. Other watches appeared in 1548 thatwere of either French or German origin. After 1575, more products wereproduced in Switzerland and England. This period came to known as one ofgreat advancement and innovation in the homological industry. Initially, thefirst movements were made of steel and later on, of brass. They did not havebalance springs and were notoriously inaccurate. These watches had only anhour hand and had to be wound twice daily.

Subsequently, spiral leaf mainspring appeared which came as thegreatest innovation as it allowed long-term power without weights. Theaccuracy of the timepieces could be improved by using a limited portion of themainspring since there was a difference in timing between the long arcs andthe short arcs. Although Germany produced a watch with a cam at the end ofthe barrel arbor, it was England and France who used the fuse. The fussesstopped the watch during winding to prevent over-oscillation of the balancewheel. Stops were also included as regulators.

In 1600s, form watches having cases shaped like animals and objectsbecame popular. They were also available in religious themes. Watches wereconsidered more like pieces of jewelry even though very few technicalimprovements took place. Rubies were first used in 1704 in watch movementsto create more accurate time pieces. To make the watch dials more visible inlow light, enamel was used in 1750. In 1780, Abraham Perrault invented thefirst self-winding movement while, in 1820, Thomas Preset registered a patentfor a self-winding watch.


In America, the first watch was manufactured by Luther Goddard ofShrewsbury, Massachusetts in 1809. The well-known Omega WatchCompany was first opened by Louis Brandt as a workshop in La Chaux-de-Fonds in 1848. Around 1850, the Americans finally went into mass productionof watches with mixed results. The main companies for the same wereWaltham, Elgin and Hamilton. In 1884, Greenwich, also named as the zeromeridian, in England was accepted worldwide as the starting point for globaltime zones. Finally, after 1900, different advancements were made inmetallurgy to improve the mechanism since the balance spring was sensitiveto temperature and position. Self-compensating balances were introducedhaving bi-metallic properties to compensate for high and low temperatures.Eventually, a balance that could compensate for middle temperature errorswas created.

In 1905, Hans Wildorf, started the Rolex Watch Company. In 1914, thefirst wrist watch with an alarm was created. The Seiko was started in Tokyo byKinttaro Hattori in 1924. By 1930, the ratio of wrist watches to pocket watcheswas 50:1. The production of pocket watches was minimized after the end ofSecond World War in 1945. The Swiss watches captured a large percentageof the world’s consumption. In 1952, battery-powered watches were availableas an alternative to the automatic ones. These electronic watches became sopopular that the mechanical ones were lost forever by 1970s. Gradually, themechanical watches flourished again in the upper sections of themarketplace. Today manufacturers like Blancpain, Rolex, Patek Phillipe,Audemars Piguet, Jaegar LeCoultre, HMT, Lange & Sohne and VacheronTitan, Lamex, Fastrack, casio, citizen, Constantin make high qualitymechanical watches.

.


Introduction of Rolex brand

The great fashion world, there are so many items, most of whichbelong to be people’s daily necessities. For instance, costumes, footwear,sporting goods, and accessories. When it comes to the necessaries, I shouldsay that they are as essential as other objects, though they look tiny or evenhumble. A case in point is the hand tag hewer replica watches. People nowwear hand watches not just for the purpose of checking the time. In fact, amajority of us regard it, especially the branded one, as wonderful attachmentwhich can greatly flaunt our fashion tastes.

What I would like to introduce to you here is the famous replicabrogues watches. Most people currently have been very familiar with it due toits high-end design and whopping price. Indeed, as one of the top-classluxuries in the world, its name is well known in the watch industry. In thefollowing passage, I will give you a brief introduction of it.The Brand Name

As we all know, Switzerland is a nation which is prestigious for itswatch industry. And Rolex, one of the world-famous brands, was registeredthere in 1908. At the beginning, Rolex watches were all featured with a logowhich looked like a palm with five fingers stretching out. It marked that thewatch was entirely hand-made with exquisite craftsmanship. As times passes,its logo has changed into the image of a gold crown as we see at present. Thecrown symbolizes Rolex’s supremacy in the world of hand watches.The Uniqueness

The reason why Rolex can survive a long history with its popularitystands still is that it offers the public high-end products. In 1920s, Rolexdesigned it first waterproof watches. In 1931, it released perpetual rotor handwatches which possessed the best performance of automatic watches at thattime. In a word, Rolex wins its popularity on account of its durability andsound water resistance. In addition, it features mature and decent looks; thus,most successful people are obsessed with it a lot.


Introduction of Titan brand

Titan is the market leader in the Indian watch industry. Titan hadrevolutionized the watch market with its emphasis on style and internationalquality. It had created strong brand equity in India and some overseas market.It has also established a strong presence in the area of branded gold jeweler.Titan with its top management team and the backing of the TATAs hasachieved one of the leading marketing companies.

Today human begins work with the time. The various activities to beperformed on generally prescribed on the basis of time factor. Thus time isconsidered to be a fresher factor in every walk of life. Now-a day we find noperson without a wrist watch and a home without a clock. Thus the watcheshave become almost a necessity for human begins; to whichever economicclass they belong. In the 18th and 19th century watch industry has flourishedin western world only, specifically

Switzerland but the second half of the 20th century has seen Indiaemerging an important manufacturer of watches. Titan Industries a TATAgroup company as created history in the Indian watch industry bymanufacturing and marketing different brands of watches not only in Indianmarket but also in the international market. This project work titled“MARKETING OF TITAN WATCHES” is a effort to study the market responseto Titan brand of watches.

Titan Industries is the organization that brought about a paradigm shiftin the Indian watch market when it introduced its futuristic quartz technology,complemented by international styling. Titan Industries is the fifth largestintegrated watch manufacturer in the world.

The success story began in 1984 with a joint venture between the TataGroup and the Tamil Nadu Industrial Development Corporation. PresentingTitan quartz watches that sported an international look, Titan Industriestransformed the Indian watch market.


Introduction of Lamex brand

Established in the year 1989, we, “Premier Watch Industries”, are oneof the renowned manufacturer, supplier and exporter of a quality rangeof Wrist Watches. Optimum quality raw material is procured from trustworthyvendors to deliver quality end products to our esteemed clients. These areappreciated across the globe for elegant & trendy designs, dimensionalaccuracy, water resistance, durability and many more.

We are backed by a well equipped infrastructure and experiencedworkforce to facilitate production of bulk stock in stipulated time frame. Thewatches are designed with precision and stringently checked by our expertprofessionals to deliver the final consignments at par with internationalstandards.

Under the table guidance of our mentor, 'Mr. Hitendra Pala', we havemade a remarkable position in the industry. His vast experience and ethicalbusiness policies have enabled us to build cordial relations with our clientsspread across countries.

We are looking export queries from Srilanka, Bangladesh, GulfCountries, Dubai, South Africa, and South East Asia.














Introduction of Fastrack brand

Titan recognized a need in the market – a reasonably priced watch forthe youth between the age group of 15 – 25 years. Fastrack was launched inthe year 1998 as a sub-brand of Titan, with a range of digital watches startingfrom Rs. 795. The brand was aimed at the youth segment (15-25years).Fastrack entered the market saturated with International designerlabels –like Citizen, Seiko, Swatch, Casio and Timex – but managed to carvea niche for itself in the youth accessories market, with designs that arerefreshingly different, casual, eclectic and fun, clubbed with prices that do notburn a hole through the pocket. Fastrack was promoted with the slogan "CoolWatches from Titan.” Initially, in most of the campaigns, the brand waspromoted as “Titan Fastrack.” The brand was targeting young consumers whowere moving towards the competitor – Timex. It was during this time thatTimex and Titan had parted ways. Fastrack had a good start. During the firstyear, the brand clocked a turnover of Rs 15 corer.

The good run continued till 2001-2002 and was worth Rs 25crores. Butthe sales stagnated. Although the brand appealed to youngsters, the pricewas a significant dampener. It was found that the target group whichconsisted of college students could not afford this brand.


1.2 RATIONALE OF THE STUDY

Capstone project is about to collect the consumer’s review towards theWatch. This project targets all the people in the society viz. rich people,middle class and poor people.

As a management students we have select this topic because we wantto understand customer preference towards watches and to check the growthand size of market, market share in the world and in India and to find out theconsumption of watch in India, major players in market and consumerssatisfaction towards service quality.

Each and every product in market is required to be based on qualitycontrol. Consumers always prefer such items at reasonable and competitiveprice.

Data collected by the survey is much more essential to form strongplatform for products in the market. By personal meeting with the actualconsumers we could know people’s preference towards brands of Rolex,Titan, Lamex and Fastrack. We will try to find out about the choice of thepeople as well as what they are thinking about the products namely price,quality and accessibility.


1.3 OBJECTIVES OF THE STUDY

To collect Consumer’s preference about top brands To analyses and make interpretation of ratio To find out company’s design strategy To find out company’s market value and situation To find the competitive level of top brands To compare between Rolex, Titan, Lamex, and Fastrack To make Suggestions & Recommendation for improving the market

position of the company


1.4 DATA SOURCE AND RESEARCHMETHODOLOGY

Data sourcePRIMARY DATA:

The data which is collected first time is called primary data

Primary data collection methods

Questionnaire method Observation method, etc,

In our project, we have using questionnaire method. A questionnaire ofset question presented to respondents of its flexibilities, it is far the mostcommon instrument used to collect data. Where research is looking for insightinto how people think rather than measuring how many people think in acertain way.

SECONDARY DATA:

Secondary data refer to the data has been already collected. Thesecondary data, which has been used to carry out this study, are as follows:

Sources of secondary data:

Book, journal, magazines, newspapers Company’s internet site Some other relevant study material and website…

The study undertaken there to be mainly based on the primary data i.e.structured questionnaire is designed. The study also contains secondary datai.e. data from authenticated website and journals for the latest update just togain an insight for the views of various experts.


Research Methodology

Meaning of Research

Research is an academic activity and as such the term should be usedin a technical sense. Once can also define research as a scientific andsystematic search pertinent information on a specific topic.

Definitions

According to Clifford woody “Research comprises defining andredefining problem, formulating hypotheses of suggested solution; collecting,organizing and evaluating data; marking deduction and reaching conclusions;and at last carefully testing the conclusions to determine whether they fitformulating hypotheses.”

The advance learner dictionary of current English lays down “Acarefully investigation or inquiry specially through search for new fact in anybranch of knowledge.”

Meaning of Research Methodology

All those method which are used by the researcher during the courseof studying his research problem are termed as a research method.

Research method is way to systematically solve the research problem.It may be understood as a science of studying how research is donescientifically. In it we study the various steps they are generally adopted by aresearch in studying his research problem along with the logic behind them. Itnecessary for the research to know not only the research method/techniquesbut also the methodology.

Types of Research

There are four type researches: Descriptive Research and Analytical Research Applied Research and fundamental Research Quantitative and Qualitative Research Conceptual Research and Empirical Research


Target population

The collection of elements or objects that possess the informationsought by the researcher and about which inferences are to be made.

Sample Size

Sample size refers to the number of elements to be included in thestudy. Determining the sample size is complex and involves severalqualitative and quantitative considerations.

Sample Units

The basic unit contains the elements of the population to be sampled.

Target population: people in Gandhinagar, Mansa and Ahmadabad

Sample frame: Above 15 years of age

Sample Size:150


1.5 CHAPTERISATION SCHEME

Chapter- 1 INTRODUCTION

Introduction Rationale of the study Objectives of the study Data source and methodology Chapterisation scheme Limitation of the study

Chapter-2 Marketing strategy

Introduction of marketing strategy BCG Matrix Marketing Mix

Chapter- 3 Attributes for higher market coverage

Introduction of attributes in marketing Attributes on Rolex Attributes on Titan Attributes on Lamex Attributes on Fastrack

Chapter- 4 Customer Satisfaction (Analysis & interpretation)

Introduction Data analysis & interpretation

SWOT analysis

Bibliography

Annexure


1.6 LIMITATIONS OF THE STUDY

During the study, on many occasions the respondents were reluctant. The respondents form whom primary data was gathered any times

displayed complete ignorance about the complete brand rang, whichwas being studied.

Lack of time is the basic limitation in the project. Some customer refuses to cooperate with the queries. Money played a vital factor in the whole project duration. Lack of proper information and experience due to short period of time. Some of customer did not answer all the questions or do not have time

to answer.


CONTENT

Sr.No. Particular Page No

2.1 Introduction of marketing strategy 182.2 BCG Matrix 19-212.3 Marketing Mix 22-25


2.1 INTRODUCTION OF MARKETINGSTRATEGY

Marketing strategies serve as the fundamental underpinning ofmarketing plans designed to fill market needs and reach marketing objectives.Plans and objectives are generally tested for measurable results. Commonly,marketing strategies are developed as multi-year plans, with a tactical plandetailing specific actions to be accomplished in the current year. Timehorizons covered by the marketing plan vary by company, by industry, and bynation, however, time horizons are becoming shorter as the speed of changein the environment increases. Marketing strategies are dynamic andinteractive. They are partially planned and partially unplanned. See strategydynamics. Marketing strategy needs to take a long term view, and tools suchas customer lifetime value models can be very powerful in helping to simulatethe effects of strategy on acquisition, revenue per customer and churn rate.

Marketing strategy involves careful and precise scanning of the internaland external environments. Internal environmental factors include themarketing mix and marketing mix modeling, plus performance analysis andstrategic constraints. External environmental factors include customeranalysis, competitor analysis, target market analysis, as well as evaluation ofany elements of the technological, economic, cultural or political/legalenvironment likely to impact success. A key component of marketing strategyis often to keep marketing in line with a company's overarching missionstatement.

Once a thorough environmental scan is complete, a strategic plan canbe constructed to identify business alternatives, establish challenging goals,determine the optimal marketing mix to attain these goals, and detailimplementation. A final step in developing a marketing strategy is to create aplan to monitor progress and a set of contingencies if problems arise in theimplementation of the plan.

Marketing Mix Modeling is often used to help determine the optimalmarketing budget and how to allocate across the marketing mix to achievethese strategic goals. Moreover, such models can help allocate spend acrossa portfolio of brands and manage brands to create value.


2.2 BCG GROWTH-SHARE MATRIXHistory of BCG Matrix

• Founded by Bruce D Henderson in 1963

• A global consulting firm with 42 offline countries

• One of only three companies to appear in the top 15 of fortunes bestcompanies to work for report for seven consecutive years in the 201112 fortune list BCG is listed as the second best company to work


STARSHigh growth, high market share

Stars are leaders in business.

They also require heavy investment, to maintain its large market

share.

It leads to large amount of cash consumption and cash generation.

Attempts should be made to hold the market share otherwise the star

will become a CASH COW.

CASH COWSLow growth, High market share

They are foundation of the company and often the stars of yesterday.

They generate more cash than required.

They extract the profits by investing as little cash as possible

They are located in an industry that is mature, not growing or declining.

DOGSLow growth, Low market share

Dogs are the cash traps.

Dogs do not have potential to bring in much cash.

Number of dogs in the company should be minimized.

Business is situated at a declining stage.

QUESTION MARKSHigh growth, Low market share

Most businesses start of as question marks.

They will absorb great amounts of cash if the market share remains

unchanged.

Why question marks?

Question marks have potential to become star and eventually cash cow

but can also become a dog.

Investments should be high for question marks.


BENEFITS BCG MATRIX is simple and easy to understand.

It helps you to quickly and simply screen the opportunities open to you,

and helps you think about how you can make the most of them.

It is used to identify how corporate cash resources can best be used to

maximize a company’s future growth and profitability.

LIMITATIONS BCG MATRIX uses only two dimensions, Relative market share and

market growth rate.

Problems of getting data on market share and market growth.

High market share does not mean profits all the time.

Business with low market share can be profitable too.


2.3 MARKETING MIX


1. People

This is where it all begins, people. First it’s very important that you findout through research if there are enough people in demand of a certain typesof products and services.

Typically you can get a good idea of the demand for certain productsand services by conducting thorough keyword research. In certain marketsthere may be several different types of products which can cater to aparticular segment of people.

If there is a high demand of certain types of products, then this can begreat news for you. This will help you when it comes to creating your salesfunnel and for future product development for repeat sales to that segment ofpeople down the road.

The “people portion” can also include the people who you have hiredto take care of certain tasks and operations for you within your business.

2. Products

Do you have the right products for the market you are trying to target?

As mentioned earlier, you absolutely need to have the right types ofproducts that are in demand for your market. But, how do you know?

A great place for finding out the types of products that your targetmarket might want to get their hands on is inside of online forums.

What types of questions are they asking in threads? What types of responses are they getting to their questions? Are there already products available that may address their situation?

If there is, you might want to ask yourself, “Well, what can I do to offera better product to this group of people than my competitors. What can giveme the edge to stand out?”

I can’t tell you how many times I’ve been inside one of the Skypegroups I belong to where people are asking where they can find a certainscript that does “this or that”, or who provides the best solution to a servicethey are needing.

Skype groups can provide you with some good marketing Intel. It maybe something you want to consider when looking for a product or service youmight want to create. Facebook groups can be great for this type of researchas well.


3. Price

Price is the next thing that’s important within your “marketing mix.”

This is actually an area where you have to be somewhat careful, plus,be mindful of what your target market might actually be willing to pay.

This is a touchy area. If you or your company hasn’t made a big namefor itself already in a particular market, it’s unlikely that people would be willingto pay you the types of fees that some of the bigger marketers or businessescommand.

That’s not to say, they won’t in the future, but you must be realistic ofwhere you are positioned in the present time.

Pricing has a lot to do with how a product is perceived as well.

If you price your product too low, then it might be considered assomewhat inferior to your competitions. Then again, if you try and shoot toohigh, you could be shooting yourself in the foot, since people may not thinkthe benefits of the product or service are worth your asking price.

Be sure to take a good look at your competitor’s products and services,their positioning, and how you think you’ll best fit in to be competitive in themarket.

If you already have current customers, you might also want to surveythem to get some good honest feedback.

4. Promotion

The fourth “P” in the “marketing mix” is Promotion.

This part of your process in your marketing plan can include severalcomponents in how you are getting the word out about your product,including:

1. PPC2. Article marketing3. Social media marketing such as YouTube, Facebook, Twitter etc.4. JV partners5. Media buys

Your combination and how you go about promotion will depend on yourbudget, the message you want to communicate, and the group of customersyou are targeting.


Things to consider:

How much money you have to spend Access to partners willing to promote for you The types of incentives you can offer

For best results, you may want to consult a professional in this area to layout an optimal strategic plan for you.

5. Place

At first glance, you might think place is obvious. Of course, you’ll beselling your products or services from your web site; however, you canleverage the use of several sites to help you get more sales.

For instance, you may want to list your product or service inside of oneor more affiliate networks. This can be extremely powerful, especially if yourproduct is well received and becomes popular among affiliates wanting topromote for you.

6. Process

The next thing to consider within the marketing mix is the process ofhow your products are delivered.

This is generally the technical part of the equation. For this you aregoing to need an effective “sales system”.

It’s how you are going to get paid, and deliver your products. For mostdigital products this is all done online. However, if one of your products orservices happens to be physical, you might require the use of a distributioncompany.

There are several effective sales systems available on the markettoday.

You’ll want a system that is capable of handling your main offer andany possible up sell or down sell offers. Of course you’ll also want to beimplementing a system that is capable of integrating Webber or GetResponse as well, so you can be building your buyers list of customers at thesame time.

There are many to choose from, that fall into different budgets. Takethe time to figure out what you think will best suit your needs.

7. Physical Evidence

When it comes to online marketing “physical evidence” pertains to howyou, your products, or your company is presented in the market place.


CONTENT

Sr.No Particular Page No3.1 Introduction of attributes 28-293.2 Attributes on watches

Attributes on Rolex Attributes on Titan Attributes on Lamex Attributes on Fastrack

30-33


3.1 ATTRIBUTES FOR HIGHER MARKET COVERAGE

Attributes in business pertain to brands or products, companies andeven employees. They can be best described as certain underlyingcharacteristics that best represent all brands or businesses in themarketplace. Companies may be strong in some of these characteristics andweaker on others. Companies that identify and keep track of key attributesknow where they stand versus key competitors. They can then use theirstronger attributes to their advantage in building sales and profits.

CORE COMPETENCIES

Business and employee attributes are basically core competencies.These are things that companies do better than their competitors. Companiescan be service leaders, offering the best customer service in the industry.They can also be leaders or innovators, the first ones to introduce newtechnologies. Similarly, companies may be known for having strong marketingstaffs or superior engineering, which are attributes that reflect the skills of theiremployees.

PRODUCT ATTRIBUTES

Companies also have certain attributes associated with the productsand services they sell. Thirty-nine percent of respondents cited "the quality oftheir product or service" as the attribute they use most often to differentiatethemselves, according to "Inc." online magazine's May 2007 "CompanyAttributes." Companies must sell high quality products so that they withstandrepeated usage. Otherwise, they would receive a spate of complaints fromcustomers. Business owners offering services such as lawn care and haircutsmust also strive for high quality to gain loyal customers. Other importantproduct and service attributes include value, hospitality, professionalism,accuracy and timeliness.

OBTAINING ATTRIBUTE RATINGS

Companies can obtain ratings on attributes through marketing researchstudies. Marketing managers often hire marketing research agencies toconduct phone surveys among customers. Some of these customers mayalso purchase competitive products. Hence, it is also helpful to measureattribute ratings of key competitors in these surveys. During this process,customers are usually asked to rate certain attributes on 5-point scales -- with5 as the highest rating and 1 as the lowest. Companies can later compareratings for various attributes, determining for which attributes they scorehigher than the competition


ATTRIBUTE USES

Many companies highlight key attribute strengths in their advertisingand promotions. For example, a company scoring the highest quality ratingmay state that fact in television, radio, phone book, Internet and magazineads. It may also mention its high quality ratings in direct mail brochures thecompany distributes to people. That way other non-buying consumers canfind out about the company's high quality products. Company owners mayalso use certain core competencies to gain market share.


3.2 Attributes on watches

ATTRIBUTES ON ROLEX

In marketing Rolex brand watch mostly purchased by the upper class.It is upper class product. This product do not purchased by middle classpeople.

This product mostly purchased by upper class. Because its price levelis high .It is only afford by rich people so, price affecting the people to buy theRolex brand watch.

Rolex brand showroom is in Ahmadabad and our sample area isGandhinagar. So, affects by place people do not easily purchased the watchand no showroom in Gandhinagar.

Comparatively its publicity level is low .No more advertisement arelaunch in market .Its personal selling level low to other companies..

Consumers interpersonal skills, attitude are affect the Rolex brand.people education level also affect the buying process of Rolex brand. Theydo not easily afford this brand watch.

Physical evidence is the element of the service mix. Which allowancethe consumer again to make judgment on the company brand .It people like tobuy important design for that thing? They will pay high price so, design affectsthe Rolex brand.


ATTRIBUTES ON TITANIn marketing Titan brand watch mostly purchased by the middle class

.It is Middle class Product.

In the Gandhinagar Only one showroom so, people do not easilypurchased the watch so, place affect the titan brand they provide maximum20% Discount.

Its Personal selling level is low, it’s no need advertisement are launchin the marketing on December 22, 2013 Launch the new advertisement but itis not repeated again.

Comparatively to sonata, titan affect by people, people mentality about thetitan brand is not good.

Physical evidence is the element of the service mix which allows theconsumer again to make judgment about the brand .It people like to buy newdesign ,it is not available in this brand .


ATTRIBUTES ON LAMEXOn the market Survey this brand watch mostly purchased by girl. In the

boys does not famous this brand so, its selling rate is low. this brandpurchased by upper & middle class both. But its price is affecting to buypeople .its price level is high.

In the Gandhinagar no one showroom is available and our sample areais Gandhinagar so, its non-availability is affecting. In the Ahmadabad, itsshowroom located in manager, satellite, gurukul road and maninagar area so,it is mostly located in VIP areas .On this it’s prove to buy the watch by VIPpeople most Because. They have afforded the price of watch.

These brand watch whole year no discount provide. It they providediscount on watch so, its selling level is high. Whole year they only one timeprovide discount at 10%.

People know about this brand to see the advertisement on TV, andRadio, on the TV, their last advertisement lanced on august 21, 2013. Theylaunch the advertisement but they do not repeat the same advertisement.

Consumer again to make judgment on the Company brand on theirquality and design Lamex quality and design both are very good. But on highprice so, people does not fatly decide to purchase this brand.


ATTRIBUTES ON FASTRACKOn the market survey of consumer behavior, Youngsters are mostly

like this brand more. These brands launch design for youngsters, not for oldpeople or college people.

Its design and quality both are good or satisfactory but its design levelis repetitive. Its model color is same no changes in model color so, peopledoes not attract their design and color.

But, Comparatively Fastrack is providing higher rate of discount at40%. On the special occasion or on festivals they provide 40 to 50%discounts so; it is good to attract people.

In the Gandhinagar only one showroom is available so, it is difficult topeople to purchase the watch of Fastrack. Its advertisement more attack topeople. Its last advertisement launched on sep.30, 2013 and its plus point isto repeat on T.V.


CONTENT

Sr.No Particular Page No4.1 Introduction of customer satisfaction 36-374.2 Data analysis & interpretation 38-51


4.1 INTRODUCTION OF CUSTOMERSATISFACTION

Introduction

Satisfaction is the customer‘s fulfillment response. It is a judgment thata product or a service feature, or the product or service itself, provides apleasurable level of consumption – related, fulfillment. In minimal technicalterms, this definition can be translated to mean that satisfaction is thecustomers evaluation of a product or service in It is also important torecognize that, to measure the customer satisfaction at a particular point oftime as if it were static, satisfaction is a dynamic, moving target that mayevolve over the time, influenced by a variety of factors. Particularly whenproduct usage or the service experience takes place over the time,satisfaction may be highly variable depending on which point the usage orexperience cycle is focused on

Determinants of customer satisfactionCustomer satisfaction is influenced by specific product or service

features and by perception of quality. Satisfaction is also influenced bycustomers

Product and service featuresCustomer satisfaction with a product or service is influenced

significantly by the customer‘s evaluation of product or service features.Customers of services will make trade – offs among different service featuresdepending on the type of service being evaluated and the criticality of theservice.

Customer emotionsCustomer‘s emotions can also affect their perceptions of satisfaction

with products and services. These emotions can be stable, pre-existingemotions.

Attributions for service success or failureAttributions – the perceived causes of events – influence perceptions of

satisfaction as well. When they have been surprised by an outcome (theservice is either much better or much worse than expected) consumers tendto look for the reasons, and their assessments of the reasons can influencetheir satisfaction.

Perceptions of equity or fairnessCustomer satisfaction is also influenced by perceptions of equity and

fairness. Customers ask themselves: have I been treated fairly compared withother customers? Did other customers get better treatment, better prices, orbetter quality service? Did I pay a fair price for the service? Was I treated wellin exchange for what I paid and the effort I expended?Other customers, family members and coworkers


In addition to product and service features and one‘s own individualfeelings and beliefs, consumer satisfaction is often influenced by other peoplelike other customers, family members and co-workers.

Outcomes of customer satisfaction

Individual firms have discovered that increasing the levels of customersatisfaction can be linked to customer loyalty and profits. There is animportant relationship between customer satisfaction and customer loyalty.This relationship is particularly strong when customers are very satisfied.Thus firms that simply aim to satisfy customers may not be doing enough toendanger loyalty – they must instead aim to more than satisfy or even todelight their customers. At the opposite end of the satisfaction spectrum,researchers have also found that there is a strong link between dissatisfactionand disloyalty – or defection. Loyalty can fall off precipitously when customersreach a particular level of dissatisfaction or when they are dissatisfied withservice/ product.


4.2 DATA ANALYSIS & INTERPRETATION1) How often you wear a watch?

Yes 129No 21

Total 150

Interpretation:-In the above diagram out of 150.129 people use watch

routine life.21 people are not use watch in your routine life.

86%

14%Yes No


2) Which brand do you like most?

Rolex 41Titan 53Lamex 20Fastrack 36Total 150

Interpretation:-Out of 150 respondents, 41 respondents are like Rolex brand

watch. 53 respondents are like Titan brand watch. 20 respondents are likeLamex brand watch. And 36 respondents are like Fastrack brand watch. Outof 100%, 36% respondents are highest liking Titan brand. In short Titan brandis famous brand in middle class customers.

Rolex






27%

36%13%

24%Rolex Titan Lamex Fastrack







3) Why do you like this brand?

Attractivedesigns

ReasonablePrice

BrandImage

GoodQuality Total

Rolex 15 6 3 17 41Titan 5 8 10 30 53Lamex 4 4 4 8 20Fastrack 16 2 3 15 36Total 150

Interpretation:-Above diagram show that Rolex watch brand 15 person like

on their attractive design 6 persons like for brand reasonable price 3 personlike for brand image and 17 persons like for good quality out of 41respondents

Titan watch brand 5 people like for attractive design, 8 people like forreasonable price 10 people like for brand image and 30 people like for goodquality of 53 respondents

Lamex watch brand 4 people like for attractive design, 4 people like forreasonable price 10 people like for brand image and 4 people like for goodquality of 8 respondents

Fastrack watch brand 16 people like for attractive design, 2 people likefor reasonable price 10 people like for brand image and 3 people like for goodquality of 15 respondents.

051015202530

Atteacivedesigns

155 4

16

Rolex



Attractivedesigns

ReasonablePrice

BrandImage

GoodQuality Total







ResasonablePrice Brand Image Good Quality6 3

178 10

30

4 4 816

2 315

Rolex Titan Lamex Fastrack



Attractivedesigns

ReasonablePrice

BrandImage

GoodQuality Total







Good Quality

15


4) Which brand advertisement do you like?

Rolex Titan Lamex Fastrack Total38 59 15 38 150

Interpretation:-Out of 150 respondents 59 respondents like advertisement of

titan watch brand. Rolex and Fastrack brand have equal likeness ofadvertisement of 38 respondents and 15 respondents are like to see Lamexadvertisement.

Rolex

38






Titan Lamex Fastrack

5915 38

Series1






Fastrack

38


5) In which media you came across the advertisement?

TV Magazines Hoardings Radio TotalRolex 22 11 4 1 38Titan 34 21 2 2 59Lamex 8 2 4 1 15Fastrack 24 10 2 2 38Total 150

Interpretation:-In Titan out of 59 People, 34 respondents see advertisement

in TV, 21 read in magazines, 2 Persons are use hoardings and 2 listen inradio.

In Rolex out of 38 people 22 respondents are see advertisement inTV, 11 are read in magazines, 4 Persons are use hoardings and only 1 listenin radio.

In Lamex out of 15 People, 8 respondents see advertisement in TV, 2are read in magazines, 4 Persons are use hoardings and only 1 listen in radio.

In Fastrack out of 38 People 24 respondents see advertisement inTV,10 read in magazines ,2 Persons are use hoardings and only 2 listen inradio.

05101520253035

TV

2234

824

Rolex









Magazines Hoardings Radio

11 4 1

21

2 22 4 1

2410

2 2Rolex Titan Lamex Fastrack









2


6) In your routine life which brand watch do you use?

Companyname

No. ofrespondents


Interpretation:-Out of 129 respondents, 55 respondents use the Titan

brand in there routing life 28 respondents are using Rolex brand 27respondents using Fastrack brand and 19 respondents are using Lamexbrand.

Rolex

28



Companyname

No. ofrespondents





55

19 27



Companyname

No. ofrespondents





7) Which feature influenced you to buy this watch?

Price Design FeaturesAvailability in

market Total32 59 23 36 150

Interpretation:-Out of 150 respondents, 59 respondents influence by design

to buy watch, 32 respondents are influence by price 23 respondents areinfluence by future and 36 respondents are influence by availability in marketto buy watch.

0102030405060

PriceSeries1 32







Price Design Features Avabilityin market32 59 23 36







Avabilityin market


8) How many watches do you have?

No. Of. WatchesNo. of

respondents1 382 573 294 165 56 5

Total 150

Interpretation:-Out of 150 respondents have watch, 57 respondents have 2

watch, 29 respondents have 3 watch, 5 respondents have 5 watch and 5respondents have 6 watch.

1 2 3 4 5 6Series1 38 57 29 16 5 50102030405060


9) Do you think the new advertisement is effective in inspiringconsumers to have a new look every day?

Not at all effective 24Highly effective 35Effective 55Neutral 36Total 150

Interpretation:-Out of 150 respondents, 24 respondents said new

advertisement is not at all effective, 35 respondents said highly effective, 55respondents said effective and 36 respondents said neutral.

Not at alleffective Highlyeffective Effective NeutralSeries1 24 35 55 36

2435

5536

0102030405060


10) Are you satisfied with your watch?

Yes 121No 8

Total 129

Interpretation:-Out of 129 respondents, 121 respondents are satisfied with

their watch and 8 respondents are not satisfied.



Yes 121No 8

Total 129



94%

6%Yes No



Yes 121No 8

Total 129




11) Do you want to change your watch brand?

Yes 25No 104

Total 129

Interpretation:-Out of 129 respondents, 104 respondents are not want to

change their watch brand and 25 respondents are want to change their watchbrand.

0 20Yes

No



Yes 25No 104

Total 129



40 60 80 100 12025

104



Yes 25No 104

Total 129




12) If yes, than which brand will you prefer?


Interpretation:-Out of 25 respondents, 7 respondents are like to buy Rolex

watch brand, 8 respondents are like to buy titan watch brand, 3 respondentsare like to buy Fastrack watch brand and 7 respondents are like to buy Lamexwatch brand.

Rolex, 7 Titan, 8

0123456789

Rolex






Titan, 8

Lamex, 3

Fastrack, 7


Series1






Series1


13) In following parameters, you suggest to change in any brand?

AttractiveDesign

Reasonableprice

Goodquality

Availability inmarket Total

Rolex 46 23 25 31 125Titan 9 50 28 25 112Lamex 31 23 34 18 106Fastrack 48 31 32 46 157Total 134 127 119 120 500

Interpretation: -Out of 125 respondents of Rolex brand,46 respondents are

suggests attractive design.23 respondents are suggests reasonable price.25respondents are suggests good quality.31 respondents are suggestsavailability in market.

Out of 112 respondents of Titan brand,9 respondents are suggestsattractive design.50 respondents are suggests reasonable price.28respondents are suggests good quality.25 respondents are suggestsavailability in market.

Out of 106 respondents of Lamex brand,31 respondents are suggestsattractive design.23 respondents are suggests reasonable price.34respondents are suggests good quality.18 respondents are suggestsavailability in market.

Out of 157 respondents of Fastrack,48 respondents are suggestattractive design.31 respondents are suggests reasonable price.32respondents are suggests good quality. 46 respondents are suggestsavailability in market.

01020304050

AttractiveDesign

46

931

48

Rolex



AttractiveDesign

Reasonableprice

Goodquality








AttractiveDesign Resonableprice Good qulity Avability inmarket

23 25 3150

28 2531 23 3418

4831 32 46

Rolex Titan Lamex Fastrack



AttractiveDesign

Reasonableprice

Goodquality









14) Give the rank on the basis of your satisfaction level on the scale offour.

1 2 3 4 TotalRolex 49 42 29 30 150Titan 47 40 34 29 150Lamex 27 23 61 39 150Fastrack 27 45 26 52 150Total 150 150 150 150 600

Interpretation:-Out of 150 respondents, 49 respondents are gave 1st rank to

Rolex.47 respondents are gave 1st rank to Titan.27 respondents are gave 1st

rank to Lamex and Fastrack both.

Out of 150 respondents, 42 respondents are gave 2nd rank to Rolex. 40respondents are gave 2nd rank to Titan.23 respondents are gave 2nd rank toLamex.45 respondents are gave 2nd rank to Fastrack.

Out of 150 respondents, 29 respondents are gave 3rd rank to Rolex. 34respondents are gave 3rd rank to Titan. 61 respondents are gave 3rd rank toLamex. 26 respondents are gave 3rd rank to Fastrack.

Out of 150 respondents, 30, 29, 39, and 52 Persons are gave 4th rankRespectively Rolex, Titan, Lamex and Fastrack.

49 42 29 3047 40 34 2927 2361 3927 45 26 52

010203040506070

1 2 3 4Rolex Titan Lamex Fastrack


Rolex

Rolex

Parent Company Rolex

Category Watches and Accessories

Sector Lifestyle and Retail

Tagline/ Slogan A crown for every achievement

STP

Segment High Income group premium watches segment

Target Group The mature High Income buyer regardless of age

Positioning High quality watch brand possessed by high achievers

SWOT Analysis

Strength

1. Brand image strongly established as a premiumluxury brand

2. Rolex has stood up to its brand image by beingthe game changers in the industry.

3. Introduced the first waterproof watch, firstautomatic dating watch, the first watch meantfor divers have all been developed by Rolex

4. It is one of the largest and most reputed luxurywatch manufacturer in the world

5. Excellent advertising and branding byassociating itself with celebrity brandambassadors

6. Sponsorship of global sports events as well asother international events

7. Rolex watches are present in over a 100countries


Weakness1. Counterfeit and fake imitations affect the brandimage2. Competition from several premium watches andmaintain brand essence means lot of investments

Opportunity

1. Rolex could introduce separate product lines withdifferent brand identities under the Rolex brand2. Emerging economies pose a great opportunity topenetrate the global market further

Threats

1. Rolex’s limited dealership and long waiting periodscan lead to consumers switching over to its competitorbrands2. Fake imitations can hurt the brand’s image

Competition

Competitors 1.Breguet2.TagHeuer3.Louis Cartier


Titan

Titan

Parent Company TATA Group



Tagline/ Slogan Be More

STP

Segment Watch brands from luxury to sporty to fashion

Target Group Mid and Premium Market Working men and women

Positioning Not just a watch, but a style statement

SWOT Analysis

Strength

1. Large network of exclusive stores and servicecenters

2. High Top of the mind recall, especially for the Midmarket segment

3.Different sub-brands under the brand Titan havebeen successful in their positioning based onDemographic segmentation

4. One of the world’s top five and India’s biggestwatch manufacturer

5. Titan watches are exported in over 40 countries

Weakness

1. Premium category Titan brands like Xylems havebeen camouflaged by the Titan brand Image of beinga mid-market player2. Haven’t penetrated the global market as someother international watch makers


Opportunity

1. India is an under penetrated market for watches2. Global expansion and tie-ups with global watch andJewelry brands

Threats

1. Broad Target segment may lead to lack of focus inBrand strategy2. Stiff Competition faced by foreign brands,particularly in the premium segment

Competition

Competitors1.Timex2.Casio3.Citizen


Lamex

Lamex

Parent Company Lamex


Sector Lifestyle

STP

Segment Middle Income group premium watches segment

Target Group The mature middle Income buyer regardless of age

PositioningHigh quality watch brand possessed by middleachievers

SWOT Analysis

Strength

1. Brand image strongly established as a premiumluxury brand2. Lamex has stood up to its good quality by being thegame changers in the industry.3. It is one of the largest and most reputed luxurywatch manufacturer in the India4. Sponsorship of global sports events as well as othernational events

Weakness

1. Counterfeit and fake imitations affect the goodquality2. Competition from several premium watches andmaintain brand essence means lot of investments

Opportunity

1. Lamex could introduce separate product lines withdifferent brand identities under the Lamex brand2. Emerging economies pose a great opportunity topenetrate the global market


Threats

1. Lamex limited dealership and long waiting periodscan lead to consumers switching over to its competitorbrands2. Fake imitations can hurt the brand’s image

Competition

Competitors1.Titan2.Fastrack3.Casio


Fastrack

Fastrack

Parent Company Titan Industries Limited (Tata Group)



Tagline/ Slogan Move on

STP

Segment Trendy and colorful lifestyle accessories

Target Group Mid Premium Urban youth

PositioningYouth brand for stylish youth owning multiplewatches

SWOT Analysis

Strength

1. Good Distribution Network – over 100 Fast trackstores across 50 towns with Titan Service Centersacross India2. High youth connect – Positioning as a youthstylish brand

3. Fast changing designs to keep up with latesttrends

4. One of the most trusted brands in India5. Excellent advertising and brand visibilityconnecting with the youth6. Has a diverse portfolio of watches, sunglasses,bags, wallets etc

Weakness

1. Products have a short life due to changing trends– Adds to the cost of production2. Limited global reach despite being a popularbrand


Opportunity

1. Fast growing youth segment presents growthopportunities.2. Global penetration would help brand grow andtarget youth worldwide3.Tie-up with fashion houses and special schemesfor youth

Threats

1.Youth segment is price sensitive.2. Entry of foreign players has led to toughcompetition3. With lots of options available, brand switching isquite high

Competition

Competitors1.Lamex2.Casio3. Timex


CONCLUSIONFrom the all above information gathered we can conclude that

whatever the competition level and the technology come into the market theconsumers will always be benefited they will get quality products at areasonable rate .Each and every economy company want to get more marketshare and for that they are ready to give away higher margin and provideproducts and after sale services at a lower rate.

Watch industry now in the stage of growth due to more attraction of thewatches among the young generation. And these companies try to attractconsumers by giving more price cuts and more features, design, comfort etc.at a same price or at a low price same numbers of features are available.

Titan is the market leader in the wrist watch, India

Fastrack one of its most successful and profitable brand

Even after the entry of other players, Fastrack in its segment remainslargely un-threatened and expansion of its product line shall ensure that itremains a strong player in the coming decades.

This marketing plan summarizes the main points of how Rolex willmarket their wristwatches to a younger generation than the current targetmarket. This exemption will allow Rolex to move an untapped area thateducation on the value of a high-quality time piece. In order to properlyaddress this objective, Rolex needs to update their marketing strategy toinclude a greater presence in advertisements that target this younger marketas well as a strong showing in the social media realm.

Rolex has a long tradition of creating the standard for luxury inwristwatches. By adding a new segment of the population of their customerbase, they will ensure that they continue their standard of excellence. Movingforward as technology evolves is key in achieving this goal.


BIBLIOGRAPHY

In this project report, while finalizing and for analyzing qualityproblem in details the following Book and websites have been referred. All thematerial detailed below provides effective help and a guiding layout whiledesigning this text report.

Books:

Kotler, Philips. Marketing Management, 12th Edition, PearsonEducation.

M.N. Mishra. Modern Research, Himalaya Publication House. S.A Chunawala. Sale and Distribution Management, Himalaya

Publication House. Peter Fisk. Marketing Genius.

Website:

www.rolex.com

www.titan.co.in

www.lamex.com

www.fastrack.in

www.slideshare.net

www.google.co.in


ANNEXURE

Instructions:-

The information received will be used for the purpose of research only&will be treated as confident

Please tick (√) in appropriate boxes for ‘yes’ response & leave theboxes blank for ‘No’ response


Personal Detail

Name: _______________________________Age:

15-22 23-30 31-3536-45 46 & above

Gender:Male Female

Occupation:Businessman Govt. Job Private JobHouse wife Student

Consumer satisfaction segment

1) How often you wear a watch?Yes No

2) Which brand you like most?Rolex TitanLamex Fastrack


3) Why do you like this brand?Attractive designs, Reasonable priceBrand image Good quality

4) Which brand advertisement does you like?Rolex Titan

Lamex Fastrack

5) In which media you came across the advertisement?TV MagazinesHoardings Radio

6) In your routine life which brand watch do you used?Rolex TitanLamex Fastrack

7) Which features influenced you to buy this watch?Price DesignFeatures Availability in market

8) How many watches do you have? _________

9) Do you think the new advertisement is effective in inspiringconsumers to have a new look every day?

Not at all effective EffectiveHighly effective Neutral

10) Are you satisfied with your watch?Yes No

11) Do you want to change/switch your watch brand?Yes No

12) If Yes than which brand will you prefer?Rolex TitanLamex Fastrack

Any One __________


13) In following parameters, you would like to suggest any changes inthe respective brand:

14) Give the rank on the basis of your satisfaction level on scale of four.

Place: __________ Date: __________Sign: ___________

Parameter Rolex Titan Lamex FastrackAttractive DesignReasonable PriceGood QualityAvailabilityin market

Brands Name RankRolexTitanLamexFastrack