CONSUMER BUYING BEHAVIOUR OF WRIST WATCHES

Presented byAnkita Srivastava Sushmita Jayaswal Shalini Kumari Nissi Kumari Pinky Kumari Rajan Dasgupta

About WRIST WATCH market in India..

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Watches are no longer just time-keeping devices.

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.

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

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The Indian watch market has matured over the years and has seen a paradigm shift, keeping abreast with international trends.
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Different brands with different technology, design and innovations have entered into the market.
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Indian consumers have evolved considerably with time and their aspirations are now global.
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CONSUMER PREFERENCES FOR WRIST WATCHES

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There is a lot of personal preference with a watch.

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

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

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

CONSUMER BEHAVIOUR
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.

FACTORS INFLUENCING CONSUMER BUYING PROCESS

CULTURAL

PERSONAL

SubCulture Social Class

PSYCHOLOGICAL

SOCIAL

Culture

Reference Groups Family Roles & Status

Age & LifeCycle Stage Occupation & Economic Situation Lifestyle Personality & Self-Concept

Motivation Perception Learning Belief & Attitude

RANCHI & THE WRIST WATCH MARKET SURVEY

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).

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 50 Occupation: 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: 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: 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 1.Price 2.Appearance 3.Water Resistivity 4.Durability 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 Question: Where did you buy your wrist watch from? 1.Company Showroom 2.Retail Shop 3.Online

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: 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

SUMMARY OF THE QUESTIONNAIRE

INFERENC ES

As per age
22%
5% 46%

Buying & usage of wrist watch is more prominent in

20%

Below 18 19-25 26-35

As per gender
37%

Male Femal e
63%

male customers.

7%

36-50

age group of 19-25 years.

As per occupation
12% 37%

Working Student Housewi fe

students & proffesionals.

5%

46%

FACTORS CONSIDERED BY DIFFERENT AGE GROUPS WHILE BUYING A WRIST WATCH

Above 50 36-50 26-35 19-25 Below 18

Brand Image Warranty Period Asethetic Appeal Price

Priority level

FACTORS CONSIDERED BY DIFFERENT OCCUPATION GROUPS WHILE BUYING A WRIST WATCH

Retired

Housewife

Student

Brand Image Warranty Period Asethetic Appeal Price

Working 0 1 2 3 Priority level 4 5

INFLUENCE OF PRICE ON THE MODE OF PAYMENT

13%

58%

ONLINE PAYMENT

29%

Less than Rs1000 Rs1000-5000 Above Rs5000

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

REASON FOR BUYING A WRIST WATCH (AS PER AGE)

Gifting

Better Model Available

Style Statement

Above 50 36-50 26-35 19-25 Below 18

Requirement 0 1 2 3 4 5

REASON FOR BUYING A WRIST WATCH (AS PER OCCUPATION)

Gifting

Better Model Available

Style Statement

Retired Housewife Student Working

Requirement 0 1 2 3 4 5

WHAT/WHO INFLUENCES THE BUYING BEHAVIOR?

INFERENCE
The buying decision is primarily affected by friends. Family & the celebrity involved in advertisement is also an important influencer. Celebrity Endrosement Advertisement Friends Family Self 0 1 2 3 Priority level 4

FREQUENCY OF PURCHASE
Duration of last purchase
14% Within last year 1-2years 2years and above

54%
32%

MOST PREFFERED WRIST WATCH BRAND

Others Fossil Casio Gucci Rado Rolex

Timex
Titan 0 2 4 6 8 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.

MOST PREFFERED WRIST WATCH IN RANCHI..

TITAN
The brand Titan is committed to offering its consumers watches that represent the compass of their imagination.
worldclass 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 aftersalesservice centres.

THANK YOU..