Scribd Logo
Upload

Welcome to Scribd!

  • 132 views

    Finale Edit

    Uploaded by

    Luthio Marchoz Mahyuddin
    This document discusses the wrist watch industry in India. It provides statistics on the size of the Indian watch market, estimated at $195 million annually with 40-45 million pieces sold. The organized sector contributes 35% of sales. It also examines psychological and socio-cultural factors that influence consumer behavior and watch purchasing in India such as needs, personality, learning, culture, social class, family, peers, and reference groups. Finally, it provides a segmentation table that categorizes the market based on demographics, benefits, user characteristics, and usage patterns.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd

    Finale Edit

    Uploaded by

    Luthio Marchoz Mahyuddin
    132 views11 pages
    This document discusses the wrist watch industry in India. It provides statistics on the size of the Indian watch market, estimated at $195 million annually with 40-45 million pieces sold. The organized sector contributes 35% of sales. It also examines psychological and socio-cultural factors that influence consumer behavior and watch purchasing in India such as needs, personality, learning, culture, social class, family, peers, and reference groups. Finally, it provides a segmentation table that categorizes the market based on demographics, benefits, user characteristics, and usage patterns.

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document discusses the wrist watch industry in India. It provides statistics on the size of the Indian watch market, estimated at $195 million annually with 40-45 million pieces sold. The organized sector contributes 35% of sales. It also examines psychological and socio-cultural factors that influence consumer behavior and watch purchasing in India such as needs, personality, learning, culture, social class, family, peers, and reference groups. Finally, it provides a segmentation table that categorizes the market based on demographics, benefits, user characteristics, and usage patterns.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    132 views11 pages

    Finale Edit

    Uploaded by

    Luthio Marchoz Mahyuddin
    This document discusses the wrist watch industry in India. It provides statistics on the size of the Indian watch market, estimated at $195 million annually with 40-45 million pieces sold. The organized sector contributes 35% of sales. It also examines psychological and socio-cultural factors that influence consumer behavior and watch purchasing in India such as needs, personality, learning, culture, social class, family, peers, and reference groups. Finally, it provides a segmentation table that categorizes the market based on demographics, benefits, user characteristics, and usage patterns.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    Wrist watches in India

    Presented by : DAVINIA A/P CHANDRAN


    DIYANA RASHID LUT MAHYUDDIN NUR ADIBA MAHADZER

    -It's All About the Money-

    INTRODUCTION
    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. The Indian wrist watch industry has tremendous potential to grow; whereby efforts would have to be focused and penetrative.

    QUESTION 1
    The total estimated sales volume in India 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 is significant indeed in view of the socioeconomic distribution of the Indian populace. In dollar terms, the estimated annual market size is around USD 195 million, despite the fact that the penetration of watches is the lowest, compared globally. Not withstanding the presence of global players and the opening up of the market, the Indian market has always been dominated by a single player. In the past, till the late 80 s, in the mechanical era, HMT dominated the market. And after that it has again been the domination of a single company, Titan. In the current market, there are a total of three major players which comprises of TITAN, HMT and TIMEX. However, the other fellow players in the market would include Rado, Tommy Hilfiger, and Evidenza from Longiness.

    In India, there exist a wide variety of mens' and womens' wrist watches featuring some of the finest brands, like designer watches, style watches, luxury watches, unisex watches, and sports watches for men, females, and youngsters. Male wrist watch buyers far outnumber females and account for around 65% of sales. Students are the largest segment of buyers accounting for approximately 30% of the sales.

    QUESTION 2
    Internal (Psychological Influences)
    a) Needs/Motivation (i) Basic Needs
    Wrist watches are conveniently worn around the wrist so that timekeeping is easily accessible. (ii) Social Needs People buy a watch to impress others, mainly to fit into a specific social group to acquire the sense of belonging. It also acts as a natural enhancement to both men and women to create attraction. (iii) Ego Needs People buy a watch to augment some notion of self image, as a piece of jewelry. Previously, luxurious fashion focuses on males but now more brands are increasingly wooing females that will suit the actual women's critical tastes. This is to create the impression that this is a person of wealth and taste.

    b)Personality Personality
    Performing a voguish role as a fashion accessory that helps in making a self-expressive style statement. People buy a watch because they want to seek variety; e.g. glow in the dark watches, water proof, calculator watches, phone watches etc. Sometimes, also to conform to a trend, or to keep up with the latest fashion-look, in accordance to their age and gender. Some consumers seek to be unique, by purchasing designer watches or limited edition watches.

    c)Learning (Involvement) Learning


    A wrist watch is generally a high involvement product as consumers tend to analyze the attributes of the watch in detail. Eg: Digital vs Analog, Automatic vs Manual, or Occasional usage vs Daily usage

    External (Socio-cultural Influences)


    a)

    Culture
    Cultures that value luxury also socially value these personal descriptors in a very real way. Not only that, but to be comfortable socially in some of these cultures you actually need to display these messages on your body (in some form or another) as much as possible, such as by wearing a really nice wrist watch.

    b) Social class
    Social etiquette often involves looking your best. People judge how smart, tasteful, attractive, and successful you are based on visual indicators. So, having something of class and elegance on your wrist is a message to people dealing with you that you should be taken seriously and indicates social status and recognition.

    c) Family
    Every family member doesn t have the same opinion to buy the same product; different family members have different choice to buy the product. So, in one family consumer behavior varies. However, in India parents play an important role in an individual decision to purchase a wrist watch. Eg: A daughter would buy the same brand as her mother.

    d) Peers
    Friends are the second most influential people after family members. The generation of youth nowadays are easily influenced by peers who are closest to them, reason being, they merely want to fit in and want to feel associated. Eg: Colleagues influence buying behaviour of wrist watches

    e) Reference Group Influences (Comparative)


    Wrist watches is considered as a public necessity where the influence on the product is weak but on the brand is strong. Celebrities is one of a reference group appeals that are used in the Indian wrist watch industry. E.g.: Aamir Khan and Katrina Kaif for Titan.

    SEGMENTATION TABLE
    Segmentation Bases / Variables DEMOGRAPHICS Gender Age Income BENEFIT (NEEDS-BASED) Benefit Sought USER-RELATED Usage Rate Loyalty Status Occasional High Occasional High Daily Moderate Prestige and Class Exert Feminism Convenience and Durability Male 35 50 years More than 100,000 rs. Female 30 45 years More than 100,000 rs. Male and Female 18 30 years More than 20,000 rs. Bond Time Piece Diva Time Piece Dual Effect Time Piece

    You might also like