Wrist watches form an integral part of the personality of individuals in the present era. Earlier seen as a luxury item, they are now witnessing a fundamental change in perception, and are now gaining respect as an essential utility item. For the watch industry, time seems in its favour what with the liberalization of the Indian market coupled with the rising purchasing power of the young and consumerist Indians. Indian watches market was for long dominated by public sector organisations like Hindustan Machine Tools Ltd. (HMT). But now it is being dominated by private sector enterprise like Fast track, Titan, Sonata, Rolex, Timex, Omega along with foreign entities jostling for display space in the smallest of shops selling these products. Many watch make3rs have made significant inroads in the industry and others are in the process of establishing themselves, currently. Besides this, buyers are extremely choosy about the brand and type of wrist watches they wear. Being extremely brand conscious, their tastes have evolved over the years and have gone beyond the realms of durability to choose in terms of aesthetics and elegance. Thus it is a buyers market with multitude of designs that have entered and flooded the market place. The size of the watch market currently is estimated to be around 40 to 45 million pieces annually. The organized sector alone contributes up to 35 percent of this figure, and the rest of the demand is being met by the unorganized grey sector. This data significant indeed in view of the socio economic distribution of the Indian populace. More than 58 percent of the population is below 45 years of age. In the end, though India is still considered to be a difficult market to penetrate, due to reasons like price sensitiveness and its largely unorganized sector. However, with the right planning and the right partners and the experienced collaborators it is expected that both international and domestic watch manufacturers will do well in the Indian markets. A successful brand is the most valuable resource a company, brands are used as external cues to taste, design, qualify, prestige, value and so forth. Consumers associate the value of a product with the brand. The association reflect the fact the products are used to express lifestyle where as other associates reflect social positions, and professional roles. Marketers use brand associations to differentiate, position, and external brands, to create positive attitudes and feeling towards brands, and to suggest attributes or benefits of purchasing or using a specific brand. Brands help consumers judge the value of a product. Consumer perception play a very important role for brand equity and brand loyalty. 1.1 PROBLEM IDENTIFICATION:
Customers usually base their preference and buying decisions on a variety of factors like price, durability, utility, design and brand name. A combination of all these points ultimately forms the customer’s buying decision that translates into the purchase of a watch. The problems faced here are:
* Consumers demand for different brands of watches.
* Consumer preference is changing rapidly.
* Young generation needs and demands are increasing and their buying pattern is changing rapidly. 1.2 RESEARCH OBJECTIVE:
THE OBJECTIVE OF THIS RESEARCH :
* T o identify consumer behaviour of young generation.
* To identify the factor which influence on consumer decision. * To develop an idea in the watch market.
* To determine the perceptions of consumers about various brands in the market. * To identify the reasons why consumers choose a particular brand of watches. * To identify consumer perception and loyalty about different brand of watches. 1.3 NEED OF THE PROJECT:
* Young generation like to buy more watches.
* High spending behaviour.
1.4 SCOPE OF THE PROJECT:
* Overall study...