Titan Mini Project

PSG Institute of Advanced Studies

Applied Business Statistics

Mini Project

“CONSUMER SATISFACTION ON TITAN WATCHES”

Mentor- Ms. Ramya

Team Members-

Abhishek .P

Dinesh

Parvadavardini.S

Sakthivel.P

Uday Kumar

TABLE OF CONTENTS

Introduction

About the product

Summary

Tables

Charts

Research Methodology

Objectives

Research Design

Data Collection Method

Sources of Data

Sample Space

Statistical Tools Used

Analysis and Interpretation

Percentage Analysis

Cross Tabulation

Chi Square Test

Independent Sample t Test

One Way ANNOVA

Correlation

Multivariate Analysis

Inference

Findings

Suggestions

Conclusions

Appendix

Questionnaire

1. INTRODUCTION

ABOUT THE PRODUCT

Titan Industries was established in 1984 as a joint venture between the

Tata Group and the Tamil Nadu Industrial Development Corporation. The

company brought about a paradigm shift in the Indian watch market,

offering quartz technology with international styling, manufactured in a

state-of-the-art factory at Hosur, Tamil Nadu. Leveraging its understanding

of different segments in the watch market, the company launched a second

independent watch brand-Sonata, as a value brand to those seeking to buy

functionally styled watches at affordable prices. In addition it focused on

the youth with its third brand –Fastrack. It has also premium fashion

watches by acquiring a license for global brands such as Tommy Hilfiger and

Hugo Boss, while. It has also in its portfolio its first Swiss Made watch brand

– Xylys.

In 1995, the company diversified into jewellery under the brand

Tanishq to capitalize on a fragmented market operating with no brands in

urban cities. In 2005, the company launched its second Jewellery brand,

Gold Plus, for capitalizing on the opportunity in small towns and rural India.

The company has now diversified into fashion Eyewear by launching

Fastrack Eye-Gear sunglasses, as well as Prescription Eyewear. The

Company leveraged its manufacturing competencies and branched into

Precision Engineering Products and Machine Building from 2003.

Today Titan Industries is India's leading manufacturer of watches and

jewellery employing 3,800 people. Titan and Tanishq are among the most

admired brands in their categories.

Titan Currently manufactures four main watch brands viz. Titan for

the premium segment,

Fastrack- focused on the youth and trendy fashion space.

Sonata- for the mass market.

Xylys- for the premium market.

Titan Raga- the feminine and sensuous accessory for today's woman.

Nebula- crafted in solid gold and precious stones.

Xylys- is for the hi-end connoisseur and new age achiever (Swiss Made).

It also markets Tommy Hilfiger watches under a licensing

arrangement and is introducing Hugo Boss. Today, the Titan portfolio has

about 65% of the domestic market share in the organized watch market.

The company has 255 exclusive showrooms christened 'World of

Titan', making it amongst the largest chains in its category. Titan watches

are sold through over 12,000 outlets in over 2,500 cities and internationally

in over 30 countries, primarily in the Middle-East and Asia Pacific. Its after-

sales-service is itself a benchmarked operation with a network of 750

service centres and amongst the world's fastest turnaround times. The

company has a world-class design studio for watches and accessories.

Eye wear: Titan Eye+ is currently on a pilot mode with 5 stores in 2 cities

and has sun glasses under Fastrack brand and prescription eyewear

consisting of Frames, Lenses, Sunglasses, Accessories and Contact Lenses of

in-house brands and other premium brands.

2. SUMMARY OF THE PROJECT

The relevant data was collected from both primary sources and

secondary sources.

Primary Data Collection:

The data was collected in the form of Questionnaire with a sample size

of 30. The questionnaire consisted of both open ended and closed ended

questions. The schedule covered parameters like reasons for consumers’

brand preference, advertisements and new designs and so on.

Secondary Data Collection:

We made a study of the brand positioning of Titan watches through

secondary sources such as internet, insurance magazines, and journals and

so on. Then we conducted a consumer satisfaction survey on Titan

Watches.

3. TABLES

a. Age of the respondent

Age of the Respondent

Frequency Percent

Valid Percent

Cumulative Percent

<20 years 9 29.0 30.0 30.0

20-35 years

9 29.0 30.0 60.0

36-50 years

9 29.0 30.0 90.0

>50 years 3 9.7 10.0 100.0

Total 30 100.0 100.0

b. Which media influenced to buy titan watch?

Which media influenced to buy Titan Watch?

Frequency

Percent

Valid Percent

Cumulative Percent

TV 13 41.9 43.3 43.3

Newspaper 2 6.5 6.7 50.0

Magazines 4 12.9 13.3 63.3

Hoardings 2 6.5 6.7 70.0

Radio 1 3.2 3.3 73.3

Friends and Relatives

8 25.8 26.7 100.0

Total 30 100.0 100.0

c. What are the features that made you prefer titan brand?

What are the features that made you prefer Titan brand?

Frequency

Percent

Valid Percent

Cumulative Percent

Attractive designs

7 22.6 23.3 23.3

Reasonable price

3 9.7 10.0 33.3

Brand image 9 29.0 30.0 63.3

Good Quality 11 35.5 36.7 100.0

Total 30 100.0 100.0

d. Which sub brand of titan watches do you possess?

Which sub brand of titan watches do you possess?

Frequency Percent

Valid Percent

Cumulative Percent

Fastrack

12 38.7 40.0 40.0

Sonata 3 9.7 10.0 50.0

Raga 4 12.9 13.3 63.3

Nebula 1 3.2 3.3 66.7

Titan 10 32.3 33.3 100.0

Total 30 100.0 100.0

e. How well are you satisfied with the quality and durability of the titan watch?

How well are you satisfied with the quality and durability of the Titan watch?

Frequency Percent

Valid Percent

Cumulative Percent

Highly Satisfied 7 22.6 23.3 23.3

Satisfied 17 54.8 56.7 80.0

Neither Satisfied nor Dissatisfied

4 12.9 13.3 93.3

Dissatisfied 1 3.2 3.3 96.7

Highly Dissatisfied 1 3.2 3.3 100.0

Total30

100.0

100.0

f. Ambience in the titan showroom

Ambience in the Titan showroom

Frequency Percent

Valid Percent

Cumulative Percent

Above Average

9 29.0 30.0 30.0

Good 14 45.2 46.7 76.7

Excellent 7 22.6 23.3 100.0

Total 30 100.0 100.0

g. Display of watches in the titan showroom

Display of Watches in the Titan Showroom

Frequency Percent

Valid Percent

Cumulative Percent

Good 18 58.1 60.0 60.0

Excellent

12 38.7 40.0 100.0

Total 30 100.0 100.0

h. Sales personnel in titan showroom

Sales Personnel in Titan showroom

Frequency Percent

Valid Percent

Cumulative Percent

Poor 1 3.2 3.3 3.3

Average 13 41.9 43.3 46.7

Above Average

7 22.6 23.3 70.0

Good 6 19.4 20.0 90.0

Excellent 3 9.7 10.0 100.0

Total 30 100.0 100.0

i. After sales service of titan

After Sales Service of Titan

Frequency Percent

Valid Percent

Cumulative Percent

Poor 2 6.5 6.7 6.7

Average 3 9.7 10.0 16.7

Above Average

13 41.9 43.3 60.0

Good 10 32.3 33.3 93.3

Excellent 2 6.5 6.7 100.0

Total 30 100.0 100.0

j. How do you feel the price level of titan watch?

How do you feel the price levels of the Titan watch?

Frequency Percent

Valid Percent

Cumulative Percent

High 16 51.6 53.3 53.3

Normal

13 41.9 43.3 96.7

Low 1 3.2 3.3 100.0

Total 30 100.0 100.0

4. RESEARCH METHODOLOGY

OBJECTIVES OF THE STUDY

Primary objective:

The primary objective of the report is to analyze about the

consumer satisfaction on Titan Watches.

Secondary objective:

To study and analyze the factors which influenced consumers

to purchase Titan watch.

To know whether the product is economical to the consumers

and also to improve the product efficiency by getting

suggestions from the respondents.

To know the brand positioning strategies of Titan watches.

To recommend suitable measures to be taken by the Titan

Company to further improve its brand perception and loyalty

among its customers.

Research design:

The nature of the study is descriptive as the study describes the consumer

satisfaction on Titan watches.

Sampling design:

Population:

The consumers of Titan watches in Coimbatore are the population considered

for the study.

Sample:

30 consumers were taken as the sample for the study.

Sampling technique:

The sampling technique used here is convenient sampling.

Tools for analysis:

Simple percentage analysis:

This technique is used to study and arrive at the percentages of the different

opinions of the respondents.

Cross tabulation:

It is a statistical tool that describes two or more variables simultaneously and

results in tables that reflect the joint distribution of two or more variables.

Chi-Square test:

It is a statistical tool used to test whether there is any association between two

variables or not.

Independent Sample t-test:

It is a statistical tool used to test whether the population means and sample

means are equal.

1-Way ANOVA:

It is a statistical tool used to test the homogeneity of several means.

Correlation:

It is a statistical analysis which measures and analyses the degree or extent to

which two variables fluctuate with reference to each other. The correlation

measures the closeness of relationship between the variables. Thus the

association of any two variables is known as correlation.

Multivariate analysis:

It is a statistical technique in which we use observed data to relate a variable of

interest which is called the dependent variable (also called as response variable)

to one or more independent variable (also called as predictor variable).

5. ANALYSIS AND INTERPRETATION

Percentage analysis

Brands of titan

Brands of titan

Frequency

Valid Percent

Cumulative Percent

Fastrack

12 40.0 40.0

Sonata 3 10.0 50.0

Raga 4 13.3 63.3

Nebula 1 3.3 66.7

Titan 10 33.3 100.0

Total 30 100.0

Inference

From the table we can interpret that about 40% of the respondents

use fastracks brand because of the name and the quality. Next is titan

which has 34%. Raga brand has about 13% share and 10% occupied by

sonata brand.

Cross tabulation

Since how many years have you been using Titan watches? * How well are you satisfied with the quality and durability of the Titan watch?


Highly Satisfied

Satisfied

Neither Satisfied

nor Dissatisfie

dDissatisfi

ed

Highly Dissatisfie

d Total

Since how many years have you been using Titan watches?

<1 year 0 6 1 0 0 7

1-3 years

3 6 2 0 0 11

>3 years

4 5 1 1 1 12

Total 7 17 4 1 1 30

InferenceMost of the respondents have used the titan watch for 1- 3 yrs and

they are satisfied. Totally 12 respondents have used the watch for more than 3 yrs and their response was that they are satisfied. Only a few are neither satisfied nor dissatisfied.

Chi square test

Age of the Respondent * Which media influenced to buy Titan Watch?

Which media influenced to buy Titan Watch?

TVNewspa

perMagazi

nesHoardi

ngsRadi

o

Friends and

Relatives Total

Age of the Respondent

<20 years

1 2 1 2 0 3 9

20-35 years

5 0 1 0 0 3 9

36-50 years

6 0 1 0 1 1 9

>50 years

1 0 1 0 0 1 3

Total

13 2 4 2 1 8 30

Chi-Square Tests

Value dfAsymp. Sig.

(2-sided)

Pearson Chi-Square

17.500a 15 .290

Likelihood Ratio 18.559 15 .234Linear-by-Linear Association

1.098 1 .295

N of Valid Cases 30

H0- There is no association between age of the respondent and which media

influenced to buy the titan watch.

H1- There is association between age of the respondent and which media

influenced to buy the titan watch.

Level of significance- α= 0.05

Test statistics- χ2 = 17.50

Inference- Since the significant value is 0.290 which is greater than 0.05

therefore we accept the null hypothesis that is there is no association

between age of the respondent and which media influenced to buy the

titan watch.

Independent sample t test.

H0- There is no significant difference between the quality and durability of

sub brand fastrack and sonata.

H1- There is significant difference between the quality and durability of sub

brand fastrack and sonata.

Level of significance- 0.05

Independent samples test

t dfSig. (2-tailed)


Equal variances assumed

1.061 13 .308

Equal variances not assumed

1.584 6.849 .158

Test statistics- t= 1.061

Inference- since the significant value is 0.308 which is higher than 0.05 we

accept the null hypothesis which implies that there is no significant

difference between the quality and durability of sub brand fastrack and

sonata.

One way ANOVA


Sum of Squares df

Mean Square F Sig.

Between Groups

4.516 3 1.505 2.023 .135

Within Groups

19.351 26 .744

Total 23.867 29

H0- There is no significant difference between quality and durability of titan

watch with features of the watch.

H1- There is significant difference between quality and durability of titan

watch with features of the watch.


Test statistics- F= 2.023

Inference- Since the significant value is 0.135 which is greater than 0.05 we

accept the null hypothesis which implies that there is no significant

difference between the quality and durability of titan with features of the

watch.

Correlation


Display of Watches in the Titan

Showroom


Pearson Correlation

1.000 .214

Sig. (2-tailed) .257

N 30.000 30Display of Watches in the Titan Showroom

Pearson Correlation

.214 1.000

Sig. (2-tailed) .257

N 30 30.000

H0- There is no significant relationship between ambience of the showroom

and the display of watches in the showroom.

H1- there is significant relationship between the ambience of the showroom

and the display of watches in the showroom.


Test statistics- R= 0.214

Inference- since the significant value is 0.257 which is greater than 0.05

which means that we accept the null hypothesis that is there is no

significant relationship between ambience of the showroom and the display

of watches in the showroom.

Multivariate analysis

Model R

R Square

Adjusted R Square

Std. Error of the

Estimate

1 .533a .285 .170 .97713

ANOVAb

ModelSum of Squares df

Mean Square F Sig.

1 Regression

9.497 4 2.374 2.487 .069a

Residual 23.870 25 .955

Total 33.367 29

Coefficientsa

Model

Unstandardized Coefficients

Standardized

Coefficients

t Sig.B Std. Error Beta

1 (Constant) 2.868 1.358 2.112 .045


-.225 .203 -.253 -1.107 .279

Sales Personnel in Titan showroom

.428 .185 .436 2.308 .030

After Sales Service of Titan

.358 .201 .324 1.780 .087

How do you feel the price levels of the Titan watch?

-.358 .375 -.191 -.954 .349

H0- there is no significant impact of Ambience in the titan showroom, Sales personnel in titan showroom, After sales service of titan, Price levels of titan watch on Overall showroom experience. H1- there is significant impact of Ambience in the titan showroom, Sales personnel in titan showroom, After sales service of titan, Price levels of titan watch on Overall showroom experience. Level of significance- 0.05Findings- Adjusted R2 = 0.170 which is less than 0.5 hence the model is not fit. Inference- Since the model is not fit we accept the null hypothesis that is there is no significant impact of ambience in the titan showroom, sales personnel in titan showroom, after sales service of titan, price levels of titan watch on overall showroom experience.

5. FINDINGS

7. SUGGESSIONS

To increase its visibility, Titan Company can sponsor events similar to

fashion shows in which all latest designs launched are displayed. This

would have multiplier effect as the latest designs launched by the

company get noticed by different segments of the customers in

varied ways.

Tie –up with FM radio channels for reminder advertisements and

informing customers about various sales promotion offers from time-

to-time.

Invest more in R&D as customer expectations are changing rapidly.

Though Titan has got more product collections, it should focus on

introducing more varieties in already existing product collections. In

other words, having a limited but more depth in product collections

would be more advantageous.

Introduce exclusive collection for working women which is more

contemporary and complements both traditional and western wear.

Majority of the population in India live in rural areas. So, showrooms

should be set up at places nearer to them. Introduce cheaper and

rough use watches for this segment.

After sales service has to be improved. That is, the process of

servicing and repairing of watches should be made faster. This can be

done by ensuring the spare parts availability and training all sales

personnel in Titan showrooms to undertake these tasks.

Tie up with international watch brands and make them available

locally.

Spread awareness about availability of watches in lower segments

as most of the consumers feel that Titan brand is synonymous with

premium watches.

Take steps to change consumer perception that Titan watches

are high priced.

8. CONCLUSION

9. APPENDIX

10. ANNEXURE

CONSUMER SATISFACTION ON TITAN WATCHES

1. Name: ___________________________________________

2. Age: <20 20-35 36-50 >50

3. Gender: Male Female

4. Which sub-brand of Titan watches do you possess? Fastrack

Sonata Raga NebulaIf others, please specify ______________________

5. Since how many years have you been using Titan watch? < 1 Year 1-3 years > 3 years

6. What are the features that made you prefer Titan brand? Attractive designs Reasonable price Brand image Good quality

7. Which media influenced to buy Titan watch? TV Newspaper Magazines Hoardings Radio Friends & Relatives

8. How do you rate the new designs of Titan? Poor Average Above Average Good Excellent

9. Do you think the new advertisement is effective in inspiring consumers to have a new look everyday and be more in lives? Highly effective

Effective Not at all effective

10. How well are you satisfied with the quality and durability of the Titan watch? Highly Satisfied Satisfied Neither Satisfied nor dissatisfied Dissatisfied Highly Dissatisfied

11. How do you rate Titan’s exclusive showrooms with respect to the following? (Please Tick )

FEATURES Poor Average Above Average

Good Excellent

a) Ambience b) Sales personnel c) After sales Service d) Display of Watches e) Showroom Experience

12. Do you want more retail Titan outlets in and around the city? Yes No

13. How do you feel the price levels of the Titan watches? Very High High Normal Low Very Low

14. How is the battery life of Titan Watch? Best Battery Life Good Battery Life Average Battery Life Poor Battery Life Worst Battery Life

15. Are you satisfied with the warranty period given for the Titan watch? Yes No

16. Please give your suggestions to improve Titan’s brand image among Customers?

_____________________________________________________________________

_____________________________________________________________________

Documents

Titan Mini Project