This paper investigates into the brand equity of a Swiss company Omega .This research has been taken up as a measure to investigate into the preferences of Indian people in the luxury watch segment. In this paper, the comparison has been made across three categories- luxury quotient, brand preference and quality. An interpretation will be established along with the data collected from 100 respondents in quantitative research.Convenient sampling method will be used. Background :
The Indian watch market is estimated to be Rs.15 Billion in the year 2010-11.Majorly sought after brands include Rolex,Rado,Omega,Cartier,Breguet,etc. With increased demand, the luxury goods market is all set to boom this year, says an ING fund manager. While the stability, strength and brand recognition of watches in India will help this luxury sector prosper. There is a huge growth potential, especially fuelled by demand from Asia. Compared to other luxury products, like handbags, watches, etc, brand recognition in the watch industry tends to be higher. Moreover sale of brands like Rolex, Swatch and Patek is also prospering. Demand over the last year has been so high and is growing at such a high rate that retailers have even been able to hike their prices without sales figures suffering.
There has been a drastic change in how the Indian consumer behavior has gone through a radical makeover. The focus has shifted from price to quality to a large extent. The reason for the splendid spending is the surging salaries because of the advent of huge multi-nationals planting their seeds in India. India has become a great market for the luxury segment. Omega is a subsidiary of the Swiss Swatch Group. Omega SA is a Swiss luxury watchmaker. It is one of the most well-known and recognized watches in the world. It claims about 25% of Indian luxury watch market.Its price starts from Rs.39500 and goes upto Rs.250000. Problem definition:
Assessing the brand equity of OMEGA watches in the Indian market. Objective of the Research:
The main objective of the study is to investigate into the brand equity of a swiss watchmaker,Omega. In order to study the primary objective the following secondary objective have been proposed * To find out customer preference about different brands of watches. * To study awareness of brand switch.
* To determine the most important factor which influences purchasing decision. * To determine the purchasing habits and attitude towards luxury products.
“A research design is the arrangement of conditions for collection and analysis data in a manner that aims to combine relevance to the researcher purpose with economy in procedure”. It constitutes the blueprint for the collection, measurement and analysis of data. As such the design includes an outline of what the researcher will do form writing the hypothesis and its operational implication to the final analysis of data.
More explicitly, the design decisions happen to be in respect of;
* What is the study about?
* Why is the study being made?
* Where will the study be carried out?
* What type of data is required?
* Where can the data are found?
* What periods of time will the study include?
* What will be the sample design?
* How will the data be analyzed?
* In what style will the report be prepared?
* What techniques of data collection will be used?
The Research Design undertaken for the study is conclusive in nature and a Descriptive one. A study, which wants to portray the characteristics of a group or individuals or situation, is known as Descriptive study.
The data collected would be primary in nature.Some of the secondary data will also be considered for a detailed analysis.For collection of primary data,we will be conducting a survey. It will consist of a structured questionnaire which will consist multiple choice questions,both...