07-07-2012, 10:03 AM
CONSUMER PERCEPTIONS ABOUT DIFFERENT BRANDS OF WATCHES
DIFFERENT BRANDS OF WATCHES.doc (Size: 449.5 KB / Downloads: 40)
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.
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 enterprises like Titan, Sonata, Ajanta and Timex along with foreign entities jostling for display space in the smallest of shops selling these products.
FINDINGS
1. Design is an important attribute while purchasing hence consumers are looking forward to innovative designs by different brands.
2. 72% of the respondents in the age group of 20 – 30 years possess fast track watch. This shows that the positioning strategy of these watches has been good.
3. There is a misconception about pricing of Titan products among the consumers. They perceive them to be high priced.
4. Logos and taglines are rarely noticed by the watch consumers. Hence, any change in them also goes unnoticed.
5. Advertisement in mass media such as television, newspapers, and magazines are best means to spread awareness about brand.
6. Celebrity endorsement of watches not only increases the visibility of the product but also gives an assurance to the consumers that it is of high quality.
7. The effective after sales service is one attribute that assures confidence in buying a particular brand.
CONCLUSION
Consumer perceptions of brand are multi-dimensional yet many of the dimensions they identify appear to be very similar. The image that a good or a service has in the mind of the consumer - how it is positioned probably more important to its ultimate success than are its actual characteristics. Marketers try to position their brands so that they are perceived by the consumer to fit a distinctive niche in the marketplace - a niche occupied by no other product.