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PROJECT REPORT ON
MARKETING STRATEGIES OF
TOP FIVE BRANDS OF
WATCH
for the Partial fulfillment the
Degree of
MASTER OF BUSINESS
ADMINISTRATION
FROM DEPARTMENT OF BUSINESS
STUDIEIS
SESSION -2012-13
UNDER GUIDANCE OF
SUBMITTED BY
1
SOHIAL MANSOORI
PREFACE
Marketing should not be looked upon in a vacuum or
in isolation. It is an essence taking a view of MARKETING
STRATEGIES OF TOP FIVE BRANDS OF WATCH. the whole business
organization
and
its
ultimate
objective
concern
for
ACKNOWLEDGEMENT
Preparing a project of this nature is an arduous task and I was
fortunate enough to get support from a large number o persons. I wish to
express my deep sense of gratitude to all those who generously helped in
successful completion of this report by sharing their invaluable time and
knowledge.
It is my proud and previledge to express my deep regards to
Respected
SOHIAL MANSOORI
MBA IST SEM.
I declare that the project report titled " TOP FIVE BRANDS OF
WATCH" on Market Segmentation is nay own work conducted under
the supervision of MISS SHWETA RAJPUT Department of Business
Management , Swami Vivekanand University Sagar (M.P.) To the best
of my knowledge the report does not contain any work , which has been
submitted for the award of any degree , anywhere.
(SOHIAL MANSOORI)
MBA IST SEM.
CERTIFICATE
The project report titled " MARKETING STRATEGIES
Signature of the
Signature of the
Signature of the
Supervisor
Head of the
Department
Examiner
CONTENTS
PREFACE
ACKNOWLEDGEMENT
CERTIFICATE
DECLARATION
CHAPTER I INTRODUCTION
ABOUT PROJECT
AN INSIGHTOF COMPANY HISTORY
MISSION AND VISION
STANDING POSITION OF COMPANY
BRAND VALUE
CHAPTER II OBJECTIVE OF THE STUDY
CHAPTER III RESEARCH METHODOLOGY
CHAPTER IV MARKET ANALYSIS
OVERVIEW
BRANDS
CHAPTER V CONSUMER GROUPS
CONSUMER BEHAVIOUR
CHAPTER VI PRODUCT PROFILE
PLAN FOR PRODUCT MIX
PRODUCT RANGE
CHAPTER VII MARKETING STRATEGY
PRICING
POSITION AND DISTRIBUTION
PROMOTION
CHAPTER VIII ABOUT COMPETITORS
COMPETITOR FOR PRODUCT
PRICE OF COMPETITOR PRODUCT
CHAPTER IX DATA ANALYSISAND INTERPRETATION
CHAPTER X LIMITATION
CHAPTER XI CONCLUSION & SUGGESTION
BIBLIOGRAPHY
QUESTIONNAIRE
CHAPTER I
INTRODUCTION
As
technology
progressed,
the
mechanisms
used
to
electronic
watches
with
valued
quartz
movements.
more
for
History
P.A. TIME INDUSTRIES1996 was the year which saw the birth of Maxima,
The brand which was born out of the vision to serve the need of masses.
Until then, the vast majority of people had the option of buy in gather an
expensive wristwatch at above Rs 500 or be fleeced by the smuggled or
duplicate watches selling at throwaway prices but with no assurances of
quality or service .Maxima was the result of a vision to serve this vast
majority through a product that was accurate, reliable, guaranteed for
quality, backed by after sales service with a trusted brand assurance but
more importantly priced at Rs 350.
10
OMEGA has always been driven by its pioneering sprit- six lunar landings;
the first divers watch; the world only certified marine chronometer
wristwatch. No watch company in the worldholds more records for
accuracy. OMEGA is also a world leader in sports timekeeping. We are
proud of this legacy and of the commitment to innovation which led to the
launch of the exciusive OMEGA Co-Axial calibers.these achievements are
products of the drive and spirit which have made OMEGA one of the
worlds leading watchmakers.
his brother-in-law,
Alfred Davis, founded Wilsdorf and Davis, the company that would
eventually become Rolex SA, in London, England in 1905.[3] Wilsdorf and
Davis' main business at the time was importing Hermann Aegler's
Swiss movements to England and placing them in quality watch cases made
by Dennison and others. These early wristwatches were sold to jewellers,
who then put their own names on the dial. The earliest watches from
Wilsdorf and Davis were usually hallmarked "W&D" inside the caseback.
11
that it had lost 1 billion Swiss francs (approx 574 million, $900 million)
invested with Bernard Madoff, the American asset manager who pleaded
guilty to an approximately 30 billion worldwide Ponzi scheme fraud.[7]
casting & plastic processing machinery, CNC systems & bearings. HMT is
headquartered at Bengaluru ( Bangalore ). Successful technology absorption
in all product groups through collaborations with world renowned
manufacturers and further strengthened by continuous in-house R&D.
Today, HMT comprises six subsidiaries under the ambit of a holding
company, which also manages the tractors business directly.
HMT Limited took over Praga Tools Limited as one of its subsidiaries 1988.
[2] Praga Tools Limited was established in May, 1943 as Praga Tools
Corporation Limited to manufacture machine tools with its head quarters
at Secunderabad. It was renamed as Praga Tools Limited in 1963. It is
mainly involved in manufacture of machine tools including CNC machines.
CHAPTER II
13
CHAPTER III
14
RESEARCH METHODOLOGY
According to Green and Tall A research design is the specification of the
methods and procedures for acquiring the information needed. It is the
overall operational pattern or framework of the project that stipulates which
information is to be collected, from where it is to be collected and by what
procedures
This research process based on primary data analysis and secondary data
analysis will be clearly defined to meet the objectives of the study.
I chose the primary sources to get the data. A questionnaire was designed in
accordance with our mentor in WATCH. I chose a sample of about 30
corporate customers
I collected some data from the secondary sources like published Company
documents, internet etc.
Research Design
A research design is the arrangement of conditions for collections and
analysis of data in a manner that aims to combine relevance to the research
purpose with economy in procedures. It is a descriptive cross sectional
design .It is the conceptual structure with in which research is conducted; it
constitutes the blueprint for the collection, measurement and analysis of
data.
It is needed because it facilitates the smooth sailing of the various research
operations, thereby making research as efficient as possible yielding
maximal information with minimal expenditure of effort, time and money.
15
16
those that do not provide every item in the universe with known cause of
being included in the sample. The selection process is partially subjective.
For my study, I employed the Non-probability sampling technique, in which
I got the data of the customers from the dealer of WATCH.
Instrument of collection of data
I have used one set of questionnaire to collect data from the customers. This
questionnaire is structured and highly ordered. This includes both close
ended and open ended questions. The close ended questions included both
dichotomous and multiple choice questions.
CHAPTER IV
17
MARKETING ANALYSIS
Marketing analysis is a vital part of a marketing plan. Its purpose is to
determine the strengths and weaknesses of the competitors within the market
(Entrepreneur,2006). Porter
s Five Forces analysis for Swatch can be interpreted as follows:New
Entrants
Strong brand recognition and customer loyalty --- Swatch is a popular
brand among customers Substitution
Many brands provide with range of similar styles
Threat from counterfeit products Buyer Power
Buyer power is high in this industry simply due to the presence of so
many competitors selling
CHAPTER V
CONSUMBER GROUPS
18
Who is a Consumer ?
Any individual who purchases goods and services from the market for
his/her end-use is called a consumer.
In simpler words a consumer is one who consumes goods and
services available in the market.
Example - Tom might purchase a tricycle for his son or Mike might
buy a shirt for himself. In the above examples, both Tom and Mike
are consumers.
What is consumer Interest ?
Every customer shows inclination towards particular products and
services. Consumer interest is nothing but willingness of consumers
to purchase products and services as per their taste, need and of
course pocket
Let us go through the following example:
Both Maria and Sandra went to the nearby shopping mall to buy
dresses for themselves. The store manager showed them the best
dresses available with him. Maria immediately purchased two
dresses but Sandra returned home empty handed. The dresses were
little too expensive for Sandra and she preferred simple and subtle
designs as compared to designer wears available at the store.
In the above example Sandra and Maria had similar requirements but
there was a huge difference in their taste, mind set and ability to
spend.
What is Consumer Behaviour ?
Consumer Behaviour is a branch which deals with the various
stages a consumer goes through before purchasing products or
services for his end use.
Why do you think an individual buys a product ?
Need
Social Status
Gifting Purpose
Why do you think an individual does not buy a product ?
No requirement
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Income/Budget/Financial constraints
Taste
When do you think consumers purchase products ?
Festive season
Birthday
Anniversary
Marriage or other special occasions
There are infact several factors which influence buying decision of a
consumer ranging from psychological, social, economic and so on.
Personal Sources
Commercial Sources
Public Sources
Personal Experience
20
CHAPTER VI
PRODUCT PROFILE
21
Watches Industries
Watches
Industries
Limited is
the
world's
fifth
largest wrist
with
manufacturing
facilities
22
23
24
25
26
MAXIMA
P.A. TIME INDUSTRIES1996
was the year which saw the birth
of Maxima, The brand which was
born out of the vision to serve the
need of masses. Until then, the
vast majority of people had the
option of buy in gather an expensive wristwatch at above Rs 500 or be
fleeced by the smuggled or duplicate watches selling at throwaway prices
but with no assurances of quality or service .Maxima was the result of a
vision to serve this vast majority through a product that was accurate,
reliable, guaranteed for quality, backed by after sales service with a trusted
brand assurance but more importantly priced at Rs 350.The success of
Brands
single
point
communication
of
"India's
first
guaranteed
27
OMEGA
OMEGA is the last letter of the Greek alphabet
and symbolises accomplishment and perfection
- qualities that have been inherent in every
OMEGA watch since the company's founding
by Louis Brandt in La Chaux -de-Fond, Switzerland, in 1848.
The brand's reputation for innovation and quality has led to numerous
awards over the company's 150-year history, starting as early as 1900 with
the Grand Prix at the Paris World Fair and continuing with the world
precision record of 97.8 points at the Kew-Teddington observatory in
England in 1936.
OMEGA went on to be official timekeeper at no less than 21 Olympic
Games, bringing numerous innovations to Olympic sports over the years,
such as the first electronic timekeeping at the Helsinki games in 1952 - the
same year in which the company was awarded the Olympic Cross of Merit
for its outstanding contribution to sport.
On account of its precision and reliability, OMEGA's Speed master watch
was chosen by NASA as its official chronometer in 1965 and 4 years later
was the first watch to be worn on the moon, when, on 21 July 1969, Neil
Armstrong made his giant leap for mankind.
In more recent years, OMEGA has continued to build on its reputation for
precision and innovation, presenting the world's first self-winding
wristwatch with central tourbillon (launched in 1994) and the revolutionary
28
29
30
Rolex
Rolex SA and its subsidiary Montres Tudor SA design, manufacture,
distribute and service high-quality wristwatches sold under the Rolex and
Tudor brands. Founded by Hans Wildorf and Alfred Davis in London,
England in 1905 as Wilsdorf and Davis, Rolex moved its base of operations
to Geneva, Switzerland in 1919.
Bloomberg Business week magazine ranked Rolex No.71 on its 2007 list
of the 100 most valuable global brands.[2] Rolex is the largest
single luxury watch brand, producing about 2,000 watches per
day, with estimated 2003 revenues of approximately
US$3 billion.
31
32
HMT Limited
HM
T Limited, formerly Hindustan Machine Tools Limited, is a state-owned
manufacturing company under the Ministry of Heavy Industries and Public
Enterprises inIndia.[1]
Incorporated in 1953 by the government of India as a machine tool
manufacturing company.
The company manufactures tractors, watches under its watch division and
industrial machines and tools mainly under its praga division.
HMT limited has 18 manufacturing units. The constituent subsidiaries are
given below while the holding company retains the tractors business group
33
34
CHAPTER VII
MARKETING STRATEGY
As we all know that marketing mix is basically consist of 4 ps i. e price,
product, place and promotion.
Pricing strategy:
Products are available in market about all ranges, like maxima starts from
range minimum 350/- and maximum 15,000/- and titan starts from range
minimum 2000 and maximum 50,000/- and rolax started rates 50,000 to
4,00,000/- Omega rates started 2000 to 20000/- and HMT started 1500 to
15000/-.
Strategy pertaining to product:
Increased in the quality will increase the cost which will give benefit to the
competitor.
Quality decrease will help competitor to capture the whole market.
strategies pertaining to place:
more number of places of operation will make the competitor week.
less number of places of operation will leads to wipe out from the market.
Promotion strategy:
Increase in sales promotion will affect more market share.
decrease in sales promotion give benefit to the competitor.
Industrys Role
As there have many competitor exists in this Industry, the competition is too
much. Whenever any company bring changes in its marketing mix, all the
companies also implement changes in their marketing mix to sustain in the
competition. By that the structure of whole industry is changing and affects
the competitive forces in the Industry
35
CHAPTER VIII
Main Competitors
36
Now, this may seem odd to you. Youre probably thinking, doesnt a
company know who its competitors are? Not always. New firms come
seemingly out of nowhere, preempting existing companies with different
technologies or approaches they never saw coming.
Often a company in an adjacent area will change its positioning to try and
address your market, or a new startup may emerge in a related area. You
need to create a master list of your key competitors and make sure you
keep this up to date.
Trade shows can take a big chunk out of a companys marketing budget,
so it is important to know which shows your competitors participate in.
You may not learn much from one single event or white paper, but youll
learn a lot when you look at these as a whole. Youll see trends and
patterns that clearly indicate how these companies are positioning or
repositioning themselves.
37
CHAPTER IX
70
60
50
40
30
20
14
10
0
6
Titan
Maxima
Omega
6
Roles
38
HMT
Other
Q.1
Percentage
75%
25%
Yes
No.
25%
Yes
No.
75%
39
Q.2
Brands
percentage
50%
25%
5%
5%
10%
5%
Titan
Maxima
Omega
Rolex
HMT
Other
50%
50%
45%
40%
35%
30%
25%
25%
20%
15%
10%
10%
5%
5%
0%
Titan
Maxima
Omega
40
5%
Rolex
5%
HMT
Other
Q.3
Percentage
80
20
Yes
No.
20%
Yes
No.
80%
41
Q.4
Percentage
10
80
10
Print Media
Elecronic Media
Media
80
80
70
60
50
40
30
20
10
10
10
0
Print Media
Elecronic Media
42
Media
Q.5
Brands
percentage
60%
10%
5%
20%
5%
Titan
Maxima
Omega
Rolex
HMT
60%
60%
50%
40%
30%
20%
20%
10%
10%
0%
5%
Titan
Maxima
Omega
43
5%
Rolex
HMT
Q.6
Percentage
70
30
Yes
No.
70
60
50
40
30
20
10
0
Yes
No.
44
Q.7
Quality
Price
Product
45%
40%
40%
35%
35%
30%
25%
25%
20%
15%
10%
5%
0%
Quality
Price
45
Product
CHAPTER X
Limitations
The study is confined to Sagar area only
There is possibility of sampling errors in the study
The responses of the consumers are not good.
Lack of knowledge about watch.
Limited time available for interviewing the respondents. As a result
of this it was not possible to gather full information about the
respondents.
When I interviewed children and teenagers, sometimes they use to
Give answers under the influence of their parents or elders.
As summer training is going under summer season so sometimes
People are less interested in filling up questionnaire..
46
CHAPTER XI
Most of
company should maintain its level and launch the new products in
accordance with this statement.
4.Firstly the company should increase the advertising so as tocompete with it
s competitors. Advertising in News Papers,Magazines, Radio, T.V. should
be
increased
on
T.V.
which
is
nowthe
more
I found that
effective
media
many of
the
.Most of the people felt that company is good from the point of view
47
Conclusion
Through this research we can conclude that: Titan had the highest market
share among all compnies in the relevant market. maxima is used by many
peoples because of its low price. Rolex is not affordable everyone because
of its high price.omega is a world leader in sports timekeeping.
48
BIBLIOGRAPHY
Book
Aotumetic wristwatch from Switzerland: self-winding
wristwatch
Master wristwatch (Hitory)
100 years of vintage watches
Magzines
India today
The week
Madhu muskan
Website
http://www.titanworld.com
http://www.rolex.com
http://www.maximawatches.com
http://www.omegawatches.com
http://www.hmtwatches.in
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Questionnaire
Name_____________________________________________________
Add/ Mob. ________________________________________________
Occupation ________________________________________________
Q.1
Q.2
(b) No.
Q.3
Q.4
(b) No.
Q.5
Q.6
Q.7
( b)NO
Q. 8 Any Suggestions:
50