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CHAPTER
No.
1.
EXECUTIVE SUMMARY
PAGE
No.
2
2.
INDUSTRY PROFILE
3.
OBJECTIVE OF STUDY
4.
5.
RESEARCH METHODOLOGY
6.
7.
8.
PARTICLUALRS
PRODUCT PROFILE
ANALYSIS OF DATA
FINDINGS
9.
14
16
19
20
CONCLUSION
21
11.
BIBLIOGRAPHY
22
EXECUTIVE SUMMARY
The study was done for Titan Watches. Today Titan is the market leader of
watch industry in India. The project was undertaken to study the market analysis of
Titan Watches and its co brand Sonata. It includes market share analysis of a Titan
Watches, and brand awareness and brand preference. A dealer survey was also
conducted for studying the competition in watch market.
The customers were aimed at understanding of their perceptions and how
much aware about Titan & Sonata. It also analysis the purchase decision and brand
awareness of various top brand watches.
The survey has revealed certain facts are accessed appropriate
recommendations are made based on the study.
INDUSTRY PROFILE
Time, the Fourth Dimension poundly influences all aspects of life. People are
constantly aware of the passing of time in their daily activities. Without the ability to
synchronize comings and goings at school and work, complex societies would
simply be unable to function. Until a few hundred years ago there was no way to
tell time
they
are increasingly being supplanted by electronic and electrical time keeper. These
newer devises are cheaper easier to manufacture, and considerably more accurate.
Introduced in 1953, the funning fork watch was the first commercially
Successful electronic watch. Instead of a mechanical, it had a battery-driven funning
fork.
TITAN INDUSTRIES
Titan Industries Limited is a joint venture of the Tata Group and The Tamil Nadu
Industrial Development Corporation (TIDCO). Its business activities cover watches,
clocks and jewellery. In a short span of time, the company has built and enviable
reputation for its corporate practices, products and services.
Titan Industries is Indias leading manufacturer of watches which it markets
under the Titan and Sonata brand names. It enjoys a 25 per cent share of the total
domestic market- more than three times the size of its nearest competitor - and close to
a 50 per cent share among nationally recognized brands.
Titan Industries will make and market over 7 million watches this year,
making it the sixth largest global player in the category of manufacturer brands,
i.e. watch companies that manufacture the components that go into the branded
products they market.. It has a very wide range of products in terms of looks, function
and price points, all noted for their workmanship and reliability. A significant proportion
is sold through two Titan controlled retail chains. The companys watches are
presently sold in about 40 countries of the world through marketing subsidiaries
based in London, Dubai and Singapore. They enjoy a reputation for being excellent
value for money. Titan Industries also makes watches for international labels.
The company employs around 3,700 personnel. Its manufacturing facilities
occupy a built-up area of 33,000 square meters. The main manufacturing plants are
located at Hosur in the southern state of Tamil Nadu. In addition there is an assembly
unit at Dehra Dun in the northern state of Uttar Pradesh and a unit that produces
electronic circuitry for quartz watches in the state of Goa. Headquarter offices are in
Bangalore, the Information Technology capital of India.
OBJECTIVE OF STUDY
The research study entitled Market Survey of wrist watches will help to
understand the awareness level of Titan watches among respondents. It also helps to
understand the buying influences, Brand preference and Brand Switching. The research
findings of the study will help the Titan Watch Industries Ltd. to frame certain strategies
to improve their products.
RESEARCH OBJECTIVE
1. To study the demographic profile of the consumers who buy wrist Watches.
2. To Study the factors this influences the decision Consumer while purchasing wrist
Watches.
3. To identify the market leader in wrist watches in that Region.
RESEARCH METHODOLOGY
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Research methodology is the backbone of the project work. It means the way one
researcher selects his sample and sample size, methods of data collection, various tools used
for studying problem with certain objectives and objectives in view. Research methodology is a
way to systematically solve the research problem. The methodology plays a dominant role in
any research work. The effectiveness of any research work depends upon the correctness and
effectiveness of the research methodology. Characteristic of research methodology are that
research is directed towards a solution of a problem. It may attempt to answer questions.
Research involves gathering new data from primary data or if some secondary data. Research is
based on observable experience. Research strives to be objective and logical in applying every
possible test validates the data processed.
SOURCES OF DATA
In this research, I have used both primary data as well as secondary data.
PRIMARY DATA
Questionnaire seeking information from buyers and potential customers regarding wrist
watches.
SECONDARY DATA
The secondary data was also, collected thorough
a) newspaper
b) magazines
c) internet
LI M I T AT I O N
The first limitation is time. Only few weeks of time was allocated for research work
which is quiet inadequate
Another problem which I face was that people were hesitating to give information
about their views freely.
Some people were not willing to respond and few of them who responded were in
hurry hence the active participation was lacking. Due to which I faced difficulties in
The story of the watch in India goes back a long way to 1957. Pandit
Jawaharlal Nehru, during his visit to Japan, received a watch as a gift inspiring him
to bring watches closer home in his country. This dream became a reality in
1961 when the first watch factory was commissioned in India by Nehru in 1961.
This was the watch division of HMT Ltd.
Citizen, the popular Japanese manufacturer, evinced interest to train select
Indian people at their watch manufacturing plant in Japan. The year 1962 saw
the manufacture of the first component and then began the slow but steady
growth of watch manufacture in the country.
manufactured by HMT was the Janata model, which exists even today, was
gifted by Pandit Nehru to the
next 10 years saw the Indian-made watches carve a niche for themselves in the
market. 15000 to 20000 mechanical watches were made every month.
Smuggling was on a rise during the 1970s and the 80s period. The counter
this the watch manufacturing activities were beefed up. An assembly plant
was set up and the concept of a mother plant with other units in vaious states
was pioneered.
The early 80s were a period of technological revolution with drastic
changes in tastes and preferences. The integrated chip was invented in the US
and digitals were in demand and LED watches flooded the market. Japanese
companies took over the manufacturing of LCD for digital watches. Quartz
technology
quartz watches.1987 saw the establishment of Titan watches, which was formed
by the Tatas and TIDCO (Tamil Nadu Industrial Development Corporation).
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The Tatas took two decisions that they will manufacture only quartz (analog and
digital) and not mechanicals, and the would set up a state of the art plant to
manufacture watches in a wide variety of designs and prices.
Today the Indian market requirement for watches is well over 20 million watches
per year. Majority of the demand is generated by the sub-Rs.1000 segment.
Liberalization has brought with it a host of brands for the Indian market, viz. Piguet,
Cartier, Christian Dior, Omega, Raymond Weil, Rolex and Tissot. Indian companies are
now among the few set-ups in the world those are capable of manufacturing and
integrating all parts of a watch. The industry growth rate is close to 8%. With the
penetration level of 20 pieces per 1000, the Indian market presents an ocean of
opportunity and potential for watch markers. The new exim policy announced on 31st
March
watches - a full three years ahead of commitment made to the WTO. This will lead to
significant upheavals in the watch industry and the trade. Most affected will be the watch
makers with significant idle capacity, small or weak brands and host of component
suppliers to them. Least affected will be the players whose sales exceed manufacturing
capacity and who have both strong brands and strong distribution.
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segment which
was dominated by HMT, and the unorganized segment consisting of small time local
players and the gray market. HMT, the timekeepers to the nation, manufactured only
mechanical watches. The HMT watches fulfilled only the functional needs of a
watch. Small time players lacked the nationwide reach that HMT had. They also did not
have reliable support network. The gray market was flooded with quartz and digital
watches from Japan. Though the gray market did not have the support network their
sturdy performance and their looks made the Japanese watches very attractive
purchases.
Buyers: The penetration of watches within India was low, therefore there was a
huge untapped market. The buyers wanted watches that offered more than just the
functional benefit. There was also a latent demand for quartz analog and digitals
watches that HMT was unable to fulfill as it manufactured only mechanical watches.
The brisk sales of willing to pay a premium for watches with good design and
performance.
Suppliers: HMT had fully integrated operation for mechanical watches. There
was no concept of having vendors in the watch industry. Since the suppliers role in
this industry was very limited they did not have strong bargaining power.
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Substitutes: The quartz technology h a d become popular all over the world.
Quartz watches from Japan had already beaten the Swiss in their own game in the sixties
and the seventies. The Swiss had refused to embraces the new quartz
Technology and they had suffered because of their adherence to mechanical watches.
HMT was making
the same mistake in India. Since the imports were not freely
permitted, there was no immediate possibility of some company entering into the watch
market by assembling imported parts (assembly of completely knocked down kits).
New entrants: The demand for watches in the gray market indicated that there was
space in the market for a new entrant who would provide watches with good design and
reliable performance. The new entrant could score over HMT with good design,
over the gray market by providing dependable after sales service, and over the
local players by establishing nationwide distribution network.
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PRODUCT PROFILE
1. Titan Fastrack:
Fastrack is a sub brand of titan commenced in 1998.Fastrack provides variety of new products to
satisfy the needs of youth due to changing fashion like bags, belts, wallets and wrist bands.
Fastrack watches are very popular because of their striking design and style. The price of
watches starts from Rs. 595 onwards.
2. Titan Octane:
The Octane collection is present in over 35 different styles and is priced between Rs 5,000 and
Rs 7,500. These watches are available at all World of Titan showrooms, leading multi-brand
outlets and departmental stores across the country.
3. Titan Sonata:
Associated with the Indian working class, the Sonata range comprises of both analog and digital
watches. The metal strap watches by Sonata was a big hit with the Indian working class men.
Sonata has forayed into the plastic watch arena as well. Though the watches are of
good quality they are reasonably priced. Today, Sonata is Titan's brand for the economy market
and is the largest watch brand in India in terms of volume sales.
4. Titan Edge:
Manufactured using a unique combination of style and technology Titan Edge watches are ultra
slim and exceptionally elegant. They have the slimmest quartz movement measuring 1.15mm
and is the only one of its kind in the world. Currently Titan Edge has 13 variants, 8 in stainless
steel and 5 in the plated version.
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5. Titan Raga:
Exquisite, elegant and regal the Titan Raga is a classy feminine brand of watch from Titan. This
is the only brand in India which is designed exclusively for women. Katrina kaif, the actress of
bollywood has been appointed as the brand ambassador of Titan Raga.
6. Raga Diva
An exquisite range of watches for women in the Kerala market. Inspired by traditional Kundan
work, this collection has been rendered in a delightfully contemporary form. It is priced between
Rs 4,000 and Rs 10,000.
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ANALYSIS OF DATA
Number
Percentage
15-22
113
45
23-30
97
39
31-35
15
36-45
10
Above 45
15
Total
250
100
16
Gift Occasions
Number of Respondents
Percentage
Marriage
Birthday
37
15
Festival
Others
40
16
Bought
160
64
Total
90
100
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Number of Respondents
Percentage
Titan
142
57
HMT
38
15
Citizen
15
Timex
12
Classy
Rado
Casio
Sonata
30
12
Others
Total
250
100
It is obvious from the above table that out of 250 respondents 142
(57%) remember the brand name of Titan watches when they are asked about
watches. In this regard HMT watches occupy the second position and the percentage
of respondents more familiar with the HMT brand is 15. The following positions are
occupied by Sonata (12%), Citizen (6%), Timex (5%), Rado (3%) and Casio (2%).
The above table can give the percentage analysis of the respondents familiarity to each
brand of watch
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FINDINGS
1) Titan is the number one brand.
2) Most of the customers wear Titan watches.
3) Titan Sonata is the most favourable brand.
4) Maximum customers consider Price as the most important factor while buying wrist
Watches.
5) Most of the customers are influenced by their friends in
Purchasing wrist watches.
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CONCLUSION
Plenty of different brands of watches are available in the market. Considering
the market share of those brands Titan watches stand first, it is the major shareholder in
the market. Its main features are variety in design, different price category, etc.
To increase its visibility, Titan Company can sponsor events similar to fashion shows in
which all latest designs launched are displayed. This would have multiplier effect as the
latest designs launched by the company get noticed by different segments of the customers
in varied ways. Tie up with FM radio channels for reminder advertisements and informing
customers about various sales promotion offers from time-to-time.
The customers in the different age groups and in the different income
groups consider the various features like price, design, and the brands. Their criteria
of selection differ as their income/age/ and education varies.
Most of the respondents (33%) use Titan watches. The second brand that has
significant number of customers is HMT watches. It covers the 19% of the total
customers. The other important brands of watches that the respondents use are Citizen,
Timex, Classic, Sonata etc.
To improve the market share of the Titan watches they have to emphasise on
the production of gold type and plastic type watches.
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BIBLIOGRAPHY
For completing this project I have taken help from various sources and one of them is
internet. The name of various sites from where we have collected information and data are
as follows.
www.titanindustries.in
www.worldtitan.com
Business standard and The Economic Times
Research methodology- By C.R kothari.
Research methodology in commerce- by Manan prakashan
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