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Project Report - I
On
A STUDY ON CUSTOMER SATISFACTION TOWARDS
FASTRACK WATCHES
Submitted in Partial Fulfillment of the requirements for the
Award of the degree of
Bachelor’s in business administration (Banking and Insurance)
Submitted To: Submitted
By:
Dr. Rajeev Dahiya Suraj Tokas
(Associate Professor) BBA(B&I)
35414901822

BATCH 2022-2025
DEPARTMENT OF BUSINESS ADMINISTRATION
Maharaja Surajmal Institute
Recognized by UGC u/s 2(f), Naac Accredited ‘A’ Grade
Affiliated to Guru Gobind Singh Indraprastha University, Delhi
C-4, Janakpuri, New Delhi-110058
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Certificate

I, Mr. Suraj Tokas, Roll No. 35414901822 certify that the Minor Project
Report (Paper Code: BBA 114) entitled “A STUDY ON CUSTOMER
SATISFACTION TOWARDS FASTRACK WATCHES .” is done by me
and it is an authentic work carried out by me. The matter embodied in this
has not been submitted earlier for the award of any degree or diploma to the
best of my knowledge and belief.

Signature of the Student

This is to certify that Project Report entitled “A STUDY ON CUSTOMER

SATISFACTION TOWARDS FASTRACK WATCHES.” which is
submitted by Suraj Tokas in partial fulfillment of the requirement for the
award of degree Bachelor in Business Administration (Banking and
Insurance) to Maharaja Surajmal Institute Affiliated to Guru Gobind
Singh Indraprastha University, C-4, Janakpuri, New Delhi-110058 is a
record of the candidate own work carried out by him under my supervision.
The matter embodied in this report is original and has not been submitted for
the award of any other degree.

Signature of the Guide

Name of the Guide: Dr. Rajeev Dahiya
Designation: Associate Professor
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ACKNOWLEDGEMENT

I take this opportunity to express my profound gratitude and deep regards

to my guide Dr. Rajeev Dahiya for his exemplary guidance, monitoring
and constant encouragement throughout the course of this project. The
blessing, help and guidance given by her time to time shall carry me a long
way in the journey of life on which I am about to embark.
Last but not least, my sincere thanks to my parents and friends for their
wholehearted supportand encouragement

Suraj Tokas
Enrol No:
35414901822
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Table of Contents
Chapter Particulars Page No.
No.
1. Introduction 1-7
Objectives of the study 8
Review of Literature 9-14
Research Methodology 15-16
Limitations of the study 17
2. Profile of the Organization 18-29

3. Analysis and Interpretation of Data 30-67

4. Conclusions and Recommendations 68-71

5. Bibliography 72

6. Annexure 73-77
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CHAPTER 1: INTRODUCTION

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INTRODUCTION

Introduction to Retail Industry

The Indian retail industry has emerged as one of the most dynamic and
fast-paced industries due to the entry of several new players. Total
consumption expenditure is expected to reach nearly US$ 3,600 billion
by 2020 from US$ 1,824 billion in 2017. It accounts for over 10 per
cent of the country’s Gross Domestic Product (GDP) and around 8 per
cent of the employment. India is the world’s fifth-largest global
destination in the retail space.
India is the world’s fifth largest global destination in the retail space. In
FDI Confidence Index, India ranks 16th (after U.S., Canada, Germany,
United Kingdom, China, Japan, France, Australia, Switzerland and
Italy).

Market Size
Retail industry reached to US$ 950 billion in 2018 at CAGR of 13 per
cent and expected to reach US$ 1.1 trillion by 2020. Online retail sales
are forecasted to grow at the rate of 31 per cent year-on-year to reach
US$ 32.70 billion in 2018. Revenue generated from online retail is
projected to grow to US$ 60 billion by 2020.
Revenue of India’s offline retailers, also known as brick and mortar
(B&M) retailers, is expected to increase by Rs 10,000-12,000 crore
(US$ 1.39-2.77 billion) in FY20.
India is expected to become the world’s fastest growing e-commerce
market, driven by robust investment in the sector and rapid increase in
the number of internet users. Various agencies have high expectations
about growth of Indian e-commerce markets.
Luxury market of India is expected to grow to US$ 30 billion by the end of 2018
from US$
23.8 billion 2017 supported by growing exposure of international
brands amongst Indian youth and higher purchasing power of the upper
class in tier 2 and 3 cities, according to Assocham.

Investment Scenario
The Indian retail trading has received Foreign Direct Investment (FDI)
equity inflows totalling US$ 1.85 billion during April 2000–June 2019,
according to the Department for Promotion of Industry and Internal
Trade (DPIIT).
With the rising need for consumer goods in different sectors including
consumer electronics and home appliances, many companies have
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invested in the Indian retail space in the past few months.

India’s retail sector investments doubled to reach Rs 1,300 crore (US$
180.18 million) in 2018.
Walmart Investments Cooperative U.A has invested Rs 2.75 billion
(US$ 37.68 million) in Wal-Mart India Pvt Ltd.

Government Initiatives
The Government of India has taken various initiatives to improve the
retail industry in India. Some of them are listed below:

 The Government of India may change the Foreign Direct

Investment (FDI) rules in food processing, in a bid to permit e-
commerce companies and foreign retailers to sell Made in India
consumer products.

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 Government of India has allowed 100 per cent Foreign Direct Investment (FDI) in
online retail of goods and services through the automatic route, thereby providing
clarity on the existing businesses of e-commerce companies operating in India.

Road Ahead
E-commerce is expanding steadily in the country. Customers have the ever-increasing choice
of products at the lowest rates. E-commerce is probably creating the biggest revolution in the
retail industry, and this trend would continue in the years to come. India's e-commerce
industry is forecasted to reach US$ 53 billion by 2018. Retailers should leverage the digital
retail channels (e-commerce), which would enable them to spend less money on real estate
while reaching out to more customers in tier-2 and tier-3 cities. The Union Budget 2019-20 is
expected to give boost to the rural consumption in India.
It is projected that by 2021 traditional retail will hold a major share of 75 per cent, organised
retail share will reach 18 per cent and e-commerce retail share will reach 7 per cent of the total
retail market.
Nevertheless, the long-term outlook for the industry is positive, supported by rising incomes,
favourable demographics, entry of foreign players, and increasing urbanisation.
Note: Conversion rate used as on September 2019, Re 1 = US$ 0.014019

Source: IBEF

The Indian retail industry is one of the fastest growing in the world. Retail industry reached to
Rs 66.39 lakh crore (US$ 950 billion) in 2018 at CAGR of 13 per cent and expected to reach
Rs 76.87 lakh crore (US$ 1.1 trillion) by 2020. India ranked 63rd in World Bank’s Doing
Business 2019. India ranked 73rd in the United Nations Conference on Trade and
Development's Business-to-Consumer (B2C) E-commerce Index 2019.

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India is the fifth largest preferred retail destination globally. The country is among the highest
in the world in terms of per capita retail store availability. India’s retail sector is experiencing
exponential growth, with retail development taking place not just in major cities and metros,
but also in Tier-II and Tier-III cities. Healthy economic growth, changing demographic profile,
increasing disposable incomes, urbanisation, changing consumer tastes and preferences are the
other factors driving growth in the organised retail market in India. India ranked 77th in World
Bank’s Doing Business 2019.
The modern retail market in India is expected to grow from Rs 94,421 crore (US$ 13.51
billion) in 2016 to Rs 1.86 lakh crore (US$ 26.67 billion) in 2019.
India’s population is taking to online retail in a big way. Online retail sale is forecasted to
grow at the rate of 31 per cent to reach Rs 2.28 lakh crore (US$ 32.70 billion) in 2018@.
Revenue generated from online retail is projected to grow to Rs 4.19 lakh crore (US$ 60
billion) by 2020. Organised retail penetration is expected to increase to 18 per cent in 2021
from an estimated nine per cent in 2017.

India is expected to become the world's third-largest consumer economy, reaching Rs 27.95
lakh crore (US$ 400 billion) in consumption by 2025. ^Increasing participation from foreign
and private players has given a boost to Indian retail industry. India’s price competitiveness
attracts large retail players to use it as a sourcing base. Global retailers such as Walmart, GAP,
Tesco and JC Penney are increasing their sourcing from India and are moving from third-party
buying offices to establishing their own wholly owned/wholly managed sourcing and buying
offices. India’s retail sector investments doubled to reach Rs 1,300 crore (US$ 180.18 million)
in 2018. * Revenue of India’s offline retailers, also known as brick and mortar retailers, is
expected to increase by Rs 10,000-12,000 crore (US$ 1.39-2.77 billion) ^ in FY20.
The Government of India has introduced reforms to attract Foreign Direct Investment (FDI) in
retail industry. The government has approved 51 per cent FDI in multi-brand retail and 100 per
cent in single brand retail under the automatic route which is expected to give a boost to ease
of doing business and Make in India and plans to allow 100 per cent FDI in e-commerce.
Cumulative FDI inflow in retail between April 2000 to September 2019 stood at US$ 1.89
billion.
India will become a favourable market for fashion retailers on the back of a large young adult
consumer base, increasing disposable incomes and relaxed FDI norms.

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INTRODUCTION ABOUT WRIST WATCHES

Clocks and Watches are devices used to measure or indicate the passage of time. A clock,
which is larger than a watch, is usually intended to be kept in one place; a watch is designed to
be carried or worn. Both types of timepieces require a source of power and a means of
transmitting and controlling it, as well as indicators to register the lapse of time units.
Wrist watches were once a need, but now it has become a demand. Different brands with
different technology, design and innovations have entered into the market.

INTRODUCTION TO THE STUDY

Fastrack is one of the leading wrist watch brand in India, Fastrack was launched in 1998. The
brand was aimed at the youth segment (15-25 years of age). The brand was promoted with the
slogan "Cool Watches from Titan‖ Fastrack has an established brand image for quality, price
and ranges of style it offers. However it is often found that customers have still certain issues
with this brand, one of the issue is that the service after sales is not good. Customer often find
it difficult to repair the watch or change the strap, dial etc. most of the retail stores doesn‘t
keep spare parts reason being that Fastrack watches style changes at a faster rate, hence
customers are forced to go with domestic brands straps which doesn‘t even suit the watch.
Another issue is that all varieties of the brand is not available in all retail store, the customers
are forced for online shopping to get their desired watches.

HISTORY OF WRIST WATCHES

Today, a wristwatch is considered as much of a status symbol as a device to tell time. In an age
when cell phones and digital pagers display tiny quartz clocks, the mechanical wristwatch has
slowly become less of an object of function and more a piece of modern culture. Walk into the
boardroom of any Fortune 500 company and you‘re likely to see dozens of prestigious
wristwatches, including such names as Rolex, Vacheron Constantine, Frank Muller, Jaeger-
LeCoultre and even Patek Philippe.

However, this was not always the case. Less than 100years ago, no self-respecting gentleman
would be caught dead wearing a wristwatch. In those days of yore, real men carried pocket
watches, with a gold half-hunter being the preferred status symbol of the time²no pun intended.
Wrist lets, as they were called, were reserved for women, and considered more of a passing fad
than a serious timepiece. In fact, they were held in such disdain that many a gentlemen were

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actually quoted to say they ³would sooner wear a skirt as wear a wristwatch´. The established
watch making community looked down on them as well. Because of their size, few believed
wristlets could not be made to achieve any level of accuracy, nor could they withstand the
basic rigors of human activity. Therefore, very few companies produced them in quantity,
with the vast majority of those being small ladies models, with delicate fixed wire or chain-
link bracelets.

Watch works were developed when coiled springs were introduced as a source of power. This
type of spring was used in Italy about 1450. About 1500 Peter Henlein, a locksmith in
Nürnberg, Germany, began producing portable timepieces known popularly as Nürnberg eggs.
In 1525 another artisan, Jacob Zech of Prague, invented a fusee, or spiral pulley, to equalize
the uneven pull of the spring. Other improvements that increased the accuracy of watches
included a spiral hairspring, invented about 1660 by Robert Hooke, for the balance wheel, and
a lever escapement devised by British inventor Thomas Mudge about 1765.

Minute and second hands, and crystals to protect both the dial and hands, first appeared on
17th- century watches. Jeweled bearings to reduce friction and prolong the life of watchworks
were introduced in the 18th century.
In the centuries that preceded the introduction of machine-made parts, craftsmanship of a high
order was required to manufacture accurate, durable clocks and watches. Such local craft
organizations as the Paris Guild of Clockmakers (1544) were organized to control the art of
clockmaking and its apprenticeship. A guild known as the Clockmakers Company, founded in
London in 1630, is still in existence. The Netherlands, Germany, and Switzerland also
produced many fine artisans whose work was noted for beauty and a high degree of
mechanical perfection.

This all started to change in the nineteenth century, when soldiers discovered their usefulness
during wartime situations. Pocket watches were clumsy to carry and thus difficult to operate
while in combat. Therefore, soldiers fitted them into primitive ³cupped´ leather straps so they
could be worn on the wrist, thereby freeing up their hands during battle. It is believed that
Girard-Perregaux equipped the German Imperial Naval with similar pieces as early as
the1880s,which they ore on their wrists while synchronizing naval attacks, and firing artillery.

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In 1906, the evolution of wristlets took an even bigger step with the invention of the
expandable flexible bracelet, as well as the introduction of wire loops (or lugs) soldered onto
small, open- faced pocket watch cases, allowing leather straps to be more easily attached. This
aided their adaptation for military use and thus marked a turning point in the development of
wristwatches for men.

Another timely issue was the vulnerability of the glass crystal when worn during combat. This
was addressed by utilizing ³pierced metal covers´, frequently called shrapnel guards. These
were basically metal grills (often made of silver), placed over the dial of the
watch²therebyprotecting the glass from damage while still allowing the time to be easily read.
A less common solution was the use of leather covers, snapped into place over the watch.
While they did offer protection from damage, they were cumbersome to use, and thus were
primarily seen in the extreme climates of Australia and Africa Over the next decade, watch
companies slowly added additional models to their catalogs, and finally, by the mid-1930s,
they accounted for 65 percent of all watches exported by Switzerland. It was an uphill battle,
but the wristwatch had finally arrived. They were now accurate, waterproof and, by 1931,
perpetually self-winding, when Rolex introduced the Auto Rotor, a revolutionary design,
which is used to this day by watch companies around the world.

The success of the wristwatch was born out of necessity, and Rolex continued this tradition by
introducing a series of Professional, or ³tool watches´ in the early 1950s. These models,
including the Submariner, Explorer, GMT-Master, Turn-O-Graph, and Milgauss were also
designed out of necessity, as they included features and attributes that were essential for a
specific task or profession. Because of its rugged design, variations of the Submariner have
subsequently been issued to numerous militaries, including the British Royal Navy, Royal
Canadian Navy and British Royal Marines, as well as the U.S. Navy Seals.

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OBJECTIVES OF THE STUDY

1. To understand the existing product quality in Fastrack watches.

2. To investigate whether the product quality of Fastrack watches is capable of

addressing all demands made by customer.
3. To understand about the customer satisfaction for Fastrack watches.

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LITERATURE REVIEW

In educated societies, the human brain has been trained to analyze text in a way that a reader is
able to interpret writing as whatever he or she sees in the meaning of the words by analyzing the
context in
which the text was written. Through teaching people to read and analyze literature, the educated
society has become more accustomed to picking apart the words they are reading. That same
process, however, does not hold true for the human perception of images. Through societal
norms, we have grown accustomed to accept images as truth without using the same analytical
process to pick apart images in the way we do text. The human perception of ―truth in images‖
plays a major role in the modern day trend of manipulating photographs. In this increasingly
digital age, photographs can be manipulated to portray an illusion of whatever the manipulator
wants the picture to be. This can be especially prevalent in print advertising, where the main goal
is to influence the needs or desires
of a consumer with persuasive images. (Barry, Ann Marie Seward: Visual intelligence, 1997)

World of time keeping in general and mechanical watches in particular is a fascinating and
complex field. Highly complex micro-mechanical systems, the history of development of
movements and design trends and political and personal intrigues of industry provide for
interesting reading and endless opportunity for research. (David S Landes; Revolution in time,
2004).

Titan's play in the lifestyle category is similar to what US watch and accessory brand Fossil
did diversifying into eyewear, handbags, jewellery, shoes and apparel (in some geographies).
Titan
Industries, which started as a watch brand in 1984, is taking a fresh gamble--to turn into a full-
scale lifestyle company. The firm's youth brand Fastrack will drive this transformation, an
effort partly to ensure that the parent brand Titan is shielded from any risk. Fastrack is
already into watches and eyewear, and now it is looking at categories like bicycles, helmets,
shoes and apparel. (Economic Times, 10 march 2012)
Every year hundreds of wrist watches are introduced. Some features innovative designs or
mechanical improvements and others available only in limited editions, keeping the field

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interesting for collectors. (Peter Bron; Wrist watch annual, 2004)

Extraordinarily innovative technology coupled with a fresh sense of style in the Titan
Fastrack watches became an instant rage especially with youths. In the Titan portfolio it is
believed to contribute a 4% value. Significant rise in Titan Fastrack watches sales has
subsequently compelled Titan to establish it as a separate brand. More than a need,
wristwatch has now become a fashion statement among the youth. They don‘t consider the
Fastrack brand as cheap but affordable. Titan has made a mark in television promotions, too,
where its advertisements have been noticed for the music tracks used in them. In 1991, Titan
was convinced that much of the segment’s potentially untapped. (Times magazine, March
2001)

Customer perception
Perceptions are always considered relative expectations. Because expectations are dynamic,
evaluation may also shift over the time – from person to person from culture to cultures.
Customers perceive the services in terms of the quality of the service and how satisfied they
are allover with their experiences. These customers – oriented terms – quality and satisfaction
– have been the focus of attention for executives and researchers alike over the last decade or
more. Companies today organize so that they can compete more effectively by distinguishing
themselves with respect to service quality and improved customer satisfaction

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Customer Satisfaction Vs Service Quality

liability Responsiveness Assurance Empathy Tangibles
Interaction quality

Situation
Service al
Reliability Physical quality factors
Responsivene environme
ss Assurance
Empathy nt quality
Tangibles

Product Custome
Reliability quality r
Responsiveness
Outcome satisfacti
Assurance
Empathy Tangibles quality on

Price Person
al
factor

Fig. Customer perception of Quality and

Customer Satisfaction

Customer satisfaction
Satisfaction is the customer‘s fulfillment response. It is a judgment that a product or a service
feature, or the product or service itself, provides a pleasurable level of consumption – related,
fulfillment. In minimal technical terms, this definition can be translated to mean that satisfaction
is the customers evaluation of a product or service in It is also important to recognize that, to
measure the customer satisfaction at a particular point of time as if it were static, satisfaction is a
dynamic, moving target that may evolve over the time, influenced by a variety of factors.
Particularly when product usage or the service experience takes place over the time,

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satisfaction may be highly variable depending on which point the usage or experience cycle is
focused on.
Determinants of customer satisfaction
Customer satisfaction is influenced by specific product or service features and by perception of
quality as suggested in Fig 2.6. Satisfaction is also influenced by customers
Product and service features: Customer satisfaction with a product or service is influenced
significantly by the customer‘s evaluation of product or service features. Customers of services
will make trade – offs among different service features depending on the type of service being
evaluated and the criticality of the service.
Customer emotions: Customer‘s emotions can also affect their perceptions of satisfaction with
products and services. These emotions can be stable, pre-existing emotions.
Attributions for service success or failure: Attributions – the perceived causes of events –
influence perceptions of satisfaction as well. When they have been surprised by an outcome (the
service is either much better or much worse than expected) consumers tend to look for the
reasons, and their assessments of the reasons can influence their satisfaction.
Perceptions of equity or fairness: Customer satisfaction is also influenced by perceptions of
equity and fairness. Customers ask themselves: have I been treated fairly compared with other
customers? Did other customers get better treatment, better prices, or better quality service? Did
I pay a fair price for the service? Was I treated well in exchange for what I paid and the effort I
expended?
Other customers, family members and coworkers: In addition to product and service features
and one‘s own individual feelings and beliefs, consumer satisfaction is often influenced by other
people like other customers, family members and co-workers.

OUTCOMES OF CUSTOMER SATISFACTION

Individual firms have discovered that increasing the levels of customer satisfaction can be linked
to customer loyalty and profits. There is an important relationship between customer satisfaction
and customer loyalty. This relationship is particularly strong when customers are very satisfied.
Thus firms that simply aim to satisfy customers may not be doing enough to endanger loyalty –
they must instead aim to more than satisfy or even to delight their customers. At the opposite end
of the satisfaction spectrum, researchers have also found that there is a

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strong link between dissatisfaction and disloyalty – or defection. Loyalty can fall off
precipitously when customers reach a particular level of dissatisfaction or when they are
dissatisfied with service/ product.
100

80

60

40

20

0 1 2 3 4 5
Highly Dissatisfied Neither Satisfied Very Highly
Dissatisfied satisfied nor Satisfied Satisfied
dissatisfied

Fig: Relationship between customer satisfaction and loyalty in competitive industry

Brand loyalty
The degree to which consumers are committed to particular brands of goods or services depend
on no. of factors: the cost of changing brands(switching cost), the availability of substitutes, the
perceived risk associated with the purchase, and the degree to which they have obtained
satisfaction in the past etc. It may be more costly to change brands as awareness of substitutes is
limited, and because higher risks may accompany services, consumers are more likely to remain
customers of particular companies with services or goods. Greater search costs and monetary
costs may be involved in changing brands of services than in changing brands of goods. Because
of the difficulty in obtaining information about services, customers may be unaware of
alternative or substitutes for their brands, or they may be uncertain about the ability of

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alternatives to increase satisfaction over present brands. If consumers perceive greater risks

with services, as is hypothesized here, they probably depend on brand loyalty to a

greater extent than when they purchase products. Brand loyalty, described as a means
of economizing decision effort by substituting habit for repeated, deliberate decision,
functions as a device for reducing the risks for consumer decisions.
Final reason for consumers being more brand loyal with services, is the recognition of
the need for repeated patronage in order to obtain optimum satisfaction from the seller.
Becoming a regular customer allows the seller to gain knowledge of the customer‘s
tastes and preferences, ensures better treatment, and encourages more interest in the
consumer‘s satisfaction. Thus a consumer may exhibit brand loyalty to cultivate a
satisfying relationship with the seller. This is more pre-dominant in the case of
corporate consumers, who regularly make purchases, year after year.
Brand loyalty has two sides. The fact that a service provider‘s own customers are brand
loyal is not a problem. The fact that the customers of the provider‘s competitors are
difficult to capture, however, creates special challenges. The marketer may need to
direct communications and strategy to the customers of competitors, emphasizing
attributes and strengths that he or she possesses and the competitor lacks. Marketers can
also facilitate switching from competitors‘ services by reducing switching costs.

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RESEARCH METHODOLOGY
RESEARCH
Once the problem has been carefully defined, the researcher needs to establish the plan
that will outline the investigation to be carried out. The research design indicates the
steps that have been taken and in what sequence they occurred. It is a systematic and
purposive Investigation of facts with an objective of understanding the customer
satisfaction for Fastrack watches. The methodology that will be applied by the study
has been chosen in order to acquire information and deduce conclusions about the
‗Customer satisfaction for Fastrack watches‘. The main purposes of this study is to
obtain an insight into the problems faced by the Fastrack watches customers in order to
propose further recommendations for better customer satisfaction.

RESEARCH DESIGN

Research design is the arrangement of conditions for collection and analyze of data in a
systematic manner that aims to combine relevance to research purpose with economy in
procedure. The research study applied here is purely descriptive.

SAMPLING TECHNIQUE

The simple random sampling method was used for the primary data collection. Simple
random sampling is the basic sampling technique where we select a group of subjects (a
sample) for study from a larger group (a population). Each individual is chosen entirely
by chance and each member of the population has an equal chance of being included in
the sample. Every possible sample of a given size has the same chance of selection; i.e.
each member of the population is equally to be chosen stage in the sampling process.
There are two types of sampling techniques.

They are Probability sampling and Non-Probability sampling. The researcher adopted
Non- probability sampling.

NON-PROBABILITY SAMPLING

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Non-probability sampling procedure, which does not afford any basis for estimating the
probability that each item in the population has been include in the sample

CONVENIENCE SAMPLING
The researcher has adopted convenience sampling method for this study.
SAMPLE SIZE
50 respondents are chosen as a sample size for the study.
DATA COLLECTION
Target Audience: Fastrack watches customers in New Delhi

PRIMARY DATA
Information obtained from the original source by research is called Primary Data. They
offer much greater accuracy and reliability. The data was collected from the
respondents through the questionnaire.

SECONDARY DATA

In means data that are already available i.e. it refers to the data which have already
been collected and analyzed by someone else. The data was collected from the websites
and journals.

SIGNIFICANCE OF THE STUDY

The watch industry is in the current scenario is booming and undergoing a rapid
growth. The emergence of new generation private and foreign watches in the Indian
watch market has raised the competitiveness in the industry. The study aims at
identifying the extend to which the product quality of a watch affects its
competitiveness. The outcome of the study reveals the current perception about the
watches rooted in the minds of the customers which could be useful in formulating the
strategies in future operations of the company, for the attainment of its goals in this
competitivescenario.

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LIMITATIONS OF STUDY

The following are the limitations of the study

 Mobile phone has become the most necessary commodity/service, so it was difficult
to define the population in a particular place.
 50 respondents cannot represent the population, as a whole. So the findings may be biased.

 Time plays a havoc role in data collection. So, the sample is restricted to 50.

 Chances of biased responses from the customers

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Chapter 2:
Profile of the Organization

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COMPANY PROFILE

TITAN INDUSTRIES
Titan Industries is the world's fifth largest wrist watch manufacturer and India's leading
producer of watches under the Titan, Fastrack, Sonata, Nebula, RAGA, Regalia, Octane &
Xylys brand names. It is a joint venture between the Tata Group, and the Tamil Nadu
Industrial Development Corporation (TIDCO). Its product portfolio includes watches,
accessories and jewellery, in both contemporary and traditional designs. It exports watches
to about 32 countries around the world with manufacturing facilities in Hosur, Dehradun,
Goaand manufactures precious jewellery under the Tanishq brand name, making it India's
only national jewellery brand. It is a subsidiary of the Tata Group.

Titan Watch division was started in 1987. At launch it was the third watch company in India
after HMT and Allwyn. Titan formed a joint venture with Timex, which lasted until 1998,
and setup a strong distribution network across India. As of 2010, Titan watches account for a
60% share of the total Indian market and are also sold in about 40 countries through
marketing subsidiaries based in London, Aden, Dubai and Singapore. Titan watches are sold
in India through retail chains controlled by Titan Industries.

Titan Industries has claimed to have manufactured the world's slimmest wrist watch - Titan
Edge. Produced indigenously after four years of research and development, the Titan Edge
has a total slimness of just 3.5 mm and a wafer thin movement of 1.15 mm. Apart from the
Titan Edge,

Titan also offers Steel, Regalia, Raga, Fastrack, Technology, Nebula, Bandhan, Sonata,
Octane, special RHosur, Tamil Nadu. Fastrack is a popular brand among youth in India.
Fastrack watches come in a variety of styles, shapes and colors. On 4 March 2010, Titan
Industries Announced the launch of its very first Titan flagship store is located at Opposite
Shoppers Stop, Bandra Linking Road, Mumbai, India. Store is spread over a spacious 2,500
sq ft (230 m2) and houses more than 1500 watches on display from Titan like Purple,
Automatics, Orion, Raga, Edge, Nebula, and many more. On November 16, 2011, Titan
Industries acquired Swiss watch maker Favre- Leuba for Euro 2 million

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Titan watches , the major Indian watchmaker embarked on the fashion watches category
with the launch of the Titan Fastrack watches in the year 1998. As the ever changing fashion
industry influenced the watch industry during this era, Titan watches came up with the
stylish and trendy Titan Fastrack watches collection.

Extraordinarily innovative technology coupled with a fresh sense of style in the Titan
Fastrack watches became an instant rage especially with youths. In the Titan portfolio it is
believed to contribute a 4% value. Significant rise in Titan Fastrack watches sales has
subsequently compelled Titan to establish it as a separate brand.

Titan has an enviable brand image in India, being ranked number 1 six times in the last
seven years, and second once. Reason for success- appeals to youth market and is
inspirational. Mass market brand with a strong presence at the lower end. ‘Mass with class‘
Equally popular with men and women. Brand expenditure = £339,305 - £407,166 brand
building. Value for money. Titan ranks very highly in all surveys. Company is now keen to
translate its brand advantage in to profits.

HTSE Technology
In July 2011 Titan launched the HTSE (High Tech Self Energized) collection of watches
which run on light. According to Titan these watches can be charged with as low as 200 lux
of light which makes them chargeable with light even from a candle. In its press release the
company said that "HTSE draws its design inspiration from the most complex self-
energizing bodies built by mankind — space stations, satellites and spaceships. Targeted at
the tech-savvy, young urban male, this ultra-modern assortment is truly an epitome of style
and technology." These watches are at current available at select outlets in select cities
throughout the world.

PRECISION ENGINEERING DIVISION

Precision Engineering Division of Titan was started in 2002. It has become one of the
leading manufacturers of Precision Parts for Automotive and Aerospace Industries.

The Diverse Product range includes pointers, dashboard clusters like Fuel Gauge,
Temperature Gauge, Gear Shift Indicators, Clocks for Automobiles and any kind of
Injection molded Plastic parts, Electromechanical Assemblies for automobiles, all kinds of

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 lOMoARcPSD|25834281

pressed and turned parts for automobiles. The Tooling Sector of Precision Engineering
Division manufactures all kinds
of Press Tool, Molds, Jigs, and Fixtures for various industries.

Titan Automation Solution, a part of Precision Engineering Division is a leading

Automation Solution Provider for all kind of industries. They made significant contributions
to add value during the product development stages of the low-cost water purifier, Tata
swach, developed by
Tata Chemicals. The Automation Solution applied its precision engineering capabilities to
supply automation solutions for the development of special assembly presses that enabled
mass production of Tata swach.

JEWELLERY DIVISION
Tanishq is currently the most prominent jewellery brand of India, and it pioneered the
concept of branded jewellery and ornaments in India."Tan" in Sanskrit/Urdu means body
and "Ishq" in Urdu means love. Hence "Tanishq" which is becoming popular as an Indian
baby name means "embodiment of love". "Tan" in Sanskrit also means to extend or to
spread. Hence "to extend love" or "to spread love" are other meanings attributed to the name
Tanishq. The name Tanishq has been formed by combining "Ta" (the first two letters of
Tata) and "Nishk or Nishkh" (meaning gold coin or necklace in Sanskrit).

Tanishq is India's largest jewellery brand with a wide range of jewellery in 22Kt
pure gold studded with diamonds or coloured gems. It is the fastest growing jewellery brand
in India. Tanishq, established in 1995, challenged the established family jeweller and
introduced new rules in precious jewellery; a category as old as civilization. Tanishq
challenged the age-old jeweller's word with Tata's guaranteed purity. Tanishq's initial foray
into the jewellery business
male, this ultra-modern assortment is truly an epitome of style and technology." These
watches are at current available at select outlets in select cities throughout the world.

FACE OF TITAN
The Company also runs a one of a kind contest in the retail industry called the Face Of Titan
(FOT) contest to identify the most talented Sales person, Manager & Service personnel
Technician & Cashier. The contest recognizes the best based on a set of parameters that give

21
 lOMoARcPSD|25834281

a measure of the overall development of the individual in each of the categories mentioned
above and is not solely on sales.

This program was conceived as an assessment center for front-line staff - by Aparna
Ponnappa, inspired at that time by staff who expressed their desire to 'perform' and 'be
recognized' for what they do. This program enabled the retail wing of Titan to empower staff
to take charge of their own skill development and provided them with a healthy and fun
environment to compete and showcase their own talent.

The contest leapfrogged into the digital era from the year 2006-07 with the introduction of
IT in the capturing of survey data across all of its 200+ stores, that year also saw the
introduction of the data gathered at the store level being used to profile the staff at various
levels using a custom built web based software developed by I.GEN Labs.

TITAN company has good reputation in Indian stock market (NSE). Sonata reached the top
100 most trusted brands of India in a study - The Brand Trust Report conducted by Trust
Research Advisory. The same study has also ranked Titan as 10th Most Trusted Brand.

FASTRACK WATCHES
Fastrack is the brand for the young generation which is part of the Titan brand. Many brands
have vice lines which target a separate segment of population. This helps to maintain a
unique identity for each brand and also helps the mother company to differentiate between
the focus areas for the different brands. Thus, in India, Titan is a company which is part of
the renowned Tata group and it has launched Fastrack which caters mostly to the young
generation.

When a brand targets the youth, it needs to keep changing and reinventing itself to stay in
tune with the latest trends in the market which attract the urban youth. Fastrack similarly is
one such brand which has been changing its product lines, introducing new elements in
accessories as well as in designs so that it attracts the urban youth of India today. It is said to
be one of the inventive youth brands. Initially the brand started off with watch designs
which were trendy and youthful; since then it has moved onto eyewear, bags which are
again marketed in different eye catching ways. While watches are marketed as wrist gear,
sunglasses are marketed as eye gear. The campaigns for Fastrack are loud and shocking,
with taglines open to interpretation and innovative designs in their showrooms.

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 lOMoARcPSD|25834281

Today Fastrack features a wide range of products for the young at heart. From watches and
sunglasses, they have moved onto bags, belts, wallets and even wristbands.

Watches
There are various collections which can be found amongst the Fastrack watches. Each
collection signifies a certain style which is present in each of the models in that collection.
The New collection signifies all the latest models being introduced by Fastrack while there
are the Grunge, Hip Hop, Neon, Digital Fashion, Aluminum, Colour Play, Bikers, Army and
others, each with their distinct range of watches.

The Hip Hop range

The latest collection which is featured is the Hip Hop range. True to the flamboyant style of
the hip hop culture, the watches have distinct styles and surprise elements in their design.
The most stunning piece is the 3049YM01 for guys. This watch comes in gold or white
metal and is to be worn like a pendant on a chain around the neck. The strap is in the form of
a chain and the watch is designed like a pendant representing the male symbol.

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 lOMoARcPSD|25834281

Women’s collection Men’s collection

The Denim range

The Denim collection amongst Fastrack watches are unique and are highly in demand.
These feature mostly square designs where the case may be round but the dial is square
shaped. The dial shapes and case shapes differ in each model and so do the straps. From
leather to metal, there are straps which come in the denim material, making it perfect for
pairing with your favorite pair of jeans.

Women’s collection Men’s collection

The Biker’s range

If you look at the Bikers collection, you would be taken aback by some of the sleek designs
that this collection has for young women. Overall the designs are sporty and come with
round dials, leather or metal straps and are trendy and sporty in style.

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 lOMoARcPSD|25834281

Women’s collection Men’s collection

The Army range

This range probably represents the most elaborate designs amongst Fastrack watches. The
straps are wide in which the watch is embedded. The dial is in the form of a bullet and the
glass is designed to camouflage the dial. The leather straps add an expensive aura to these
watches which are made for true army fans.

Women’s collection Men’s collection

The other collections are all worth a look. The Color Play collection has classy designs
which flaunt square cases with bold patterned dials and have alligator skin pattern leather
straps. The Aluminum range features silvery white watches of different designs while the
Basics collection features watches in plastic and rubber.

Thus, there is ample choice when it comes to watches for young men and women amongst

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 lOMoARcPSD|25834281

Fastrack watches.

CUSTOMER SEGMENTATION:
After carrying out an in-depth market study, Titan identified three distinct market segments
for its watches. The segments were arrived at using benefit and income level as the bases.
The first consisted of the high income/ elite consumers who were buying a watch as a
fashion accessory not as a mere instrument showing time. The next segment consisted of
consumers who preferred some fashion in their watches but to them price did matter. The
third segment consisted of the lower- income consumers who saw a watch mainly as a time-
keeping device and bought mainly on the basis of price

PROMOTION
Before Titan‘s arrival on the scene, Indian watches manufacturers saw advertising as a
rather unnecessary expense.

Titan saw it as a vital investment, as it went about fashioning brand - building criteria that
has since been embraced by the entire industry.

Titan has made a mark in television promotions, too, where its advertisements have been
noticed for the music tracks used in them. In 1991, Titan created a set of three promotional
films to develop the gifting market. Watches had always been a great gift favorite, but Titan
was convinced that much of the advertising aside, the conception

and ambience of Titan‘s own retail outlets have strategically located in the newer parts of
cities and towns, always with highly refined and uniform frontage with window displays
that invite people to walk in. Inside, the Titan experience takes over. Brand offerings are
highlighted in highly refined settings that have the best of lighting, props and contextual
information. Even if a visit does not consummate in a purchase, the Titan touch is imprinted
on consumers.

Essentially Fastrack was a sub-brand endorsed by the Titan Brand. In most of the
campaigns, the brand was promoted as Titan Fastrack. The brand was targeting young
consumers who were moving towards the competitor Timex. It was during this time that
Timex and Titan parted ways.

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Fastrack had a good start. During the first year, the brand clocked a turnover of Rs 15 crore.
The good run continued till 2001-2002 and the brand was worth Rs 25 crore at that period.
But the sales stagnated. Although the brand appealed to the youngsters, price was significant
dampener.

The brand found that the target group which consisted of college students could not afford
this brand.
During 2003-04, the brand went in for a repositioning exercise targeting executive segment
as well as casual watch segment. It was a suicidal experiment. The brand sales came down
to Rs 23 crore. The change in positioning did not fit well with the brand. The consumers
were not willing to pay Rs 1200-2700 for a watch that did not have the executive image.

It was in 2004 that Fastrack launched its range of sunglasses. The move was made after a
consumer research which shoed that mobiles/deo/sports shoes and sunglasses are popular
accessories in the purchase list of youngsters. And Sunglasses fitted perfectly as a brand
extension for Fastrack. In my personal view, sunglasses offered a great opportunity for the
brand. There was no Indian brand of sunglasses at that time. The brands available were Ray-
Ban and other foreign brands which were imported. These brands were damn expensive and
often consumers chose local unbranded sunglasses.

In 2005, the brand went for another repositioning exercise with a new logo and new
positioning. The brand adopted the famous break-away positioning of Swatch. The brand
decided to target the youngsters again but for that the brand had to break the price barrier.
The brand discarded the steely look of the watches and looked at a mix of plastic and steel.
It was a perfect cut-copy from the strategy adopted by Swatch . By doing so, the brand was
able to reduce the price range to Rs 500.

The brand then took the help of advertising to change the perception of watches as a
functional tool to a fashion accessory. The brand launched a campaign with the slogan "
How many you have ".

The campaign , the positioning and the price was a great hit . The brand sales zoomed to Rs

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35 crore. The sunglasses also contributed significantly to this sales boost.

Fastrack have adopted the following core brand values
>Fashionable and trendy
>Affordable Pricing
>Fresh Communication to attract the young consumers. The brand wanted to be the ultimate
fashion accessory for the youth.

For the sunglasses, the brand roped in the youth icon John Abraham as the brand
ambassador. The celebrity fitted well with the brand. Taking a cue from the fact that most of
the TG for Fastrack owned a bike, Fastrack launched a biker's collection which again is a
classic example of consumer-centric product innovation.
The latest innovation is the neon - disc range of Fastrack watches that does not have Hands
to show the time but have electroluminescent disc that lits up to show the time.

Another advantage for this brand is the freshness that the agency had bought in its
communication. Most of the Fastrack ads has been refreshing. The brand had adopted a 360
degree approach in its communication and it is an example of a brand which had used Social
media to its advantage.

PRICING
The price of the models of Fastrack ranged from Rs.550 to Rs.2, 430 and was designed
exclusively keeping in mind the Generation X of the subcontinent .Titan’s primary pricing
kill objective competition.
Being an Indian manufacture and infusing the advantages of the Indian market with the
dynamics of the western market the company has carved itself a place difficult to achieve by
foreign players

PRICE DISCOUNTS AND ALLOWANCES

Fastrack once a year comes out with a Price discount sale on the MRP of the watches which
is base on the stock carried by the company year end.
Warranties and Service Contracts Fastrack provides warranty or service contract to its
watches and this is backed up by the name TATA which is especially needed to convince
and march ahead in the lower segment market. Product Line Pricing Tata‘s have paid Rs.10

28
 lOMoARcPSD|25834281

crore for the three-year contract.

For the Tata’s themselves it meant more than the sponsorship– it signaled the beginning of a
new era in the Tata regime. One of the main reasons for the sponsor of this event is
―Global event like these provide a great opportunity to corporate to satisfy their marketing
objectives and cross-promote their brands, The differences in the prices of the watches are
justified by the features, the style, and the differences which make up each watch. Titan
prices all its watches in such a way that it maximizes the total profit on the
total mix. The Tata Open the battleground for this new strategy of synergy started with the
Tata (India‘s biggest tennis tournament) held every year in December – January.

29
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Chapter 3:
Analysis and Interpretation of
Data

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 lOMoARcPSD|25834281

ANALYSIS ANDINTERPRETATION

For evaluating the quality of customer satisfaction of Fastrack watches, a number of critical
variables are selected for conducting an in depth analysis. The results of the analysis are
presented in the following sections.

OCCUPATION OF THE RESPONDENTS

TABLE 1

S.NO. OCCUPATION PERCENTAGE

1 Professional 14

2 Business 30

3 Employee 34

4 Student 22

Total 100

INTREPRETATION
From the above table, it shows that, 34% of the respondents were employee, 30% of
the respondents were Business People, 22% of the respondents were students and
14% of the respondents were professional.

It inferred that Majority (34%) of the respondents were employees.

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 lOMoARcPSD|25834281

OCCUPATION OF THE RESPONDENTS

CHART 1

35

30

25
PERCENTAGE OF

20
THE

15

10

Professional Business Employee Student

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 lOMoARcPSD|25834281

EDUCATIONAL QUALIFICATION OF THE RESPONDENTS

TABLE 2

S.NO EDUCATION PERCENTAGE

1 School Level 34

2 Under Graduate Level 50

3 Post Graduate Level 14

4 Others 2

Total 100

INTREPRETATION
From the above table, it shows that, 50% of the respondents were under
graduates, 34% of the respondents studied up to school level, 14% of the
respondents were post graduates and 2% were included in others.

It inferred that majority (50%) of the respondents were under graduates.

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 lOMoARcPSD|25834281

EDUCATIONAL QUALIFICATION OF THE RESPONDENTS

CHART 2

50

45

40

35

30

25
PERCENTAGEOF

20

15

10

0
School Level Under Graduate Post Graduate Others

34
 lOMoARcPSD|25834281

AGE OF THE
RESPONDENTS
TABLE 3
S.NO AGE PERCENTAGE

1 Below 25 38

2 26 – 35 42

3 35 – 45 14

4 Above 45 6

Total 100

INTREPRETATION
From the above table, it shows that, 42% of the respondents belong to the
age group 26 - 35, 38% of them were below 25, 14% belong to the age
group 35-45, only 6% of the respondentswere above 45.
It is inferred that, (42%) Majority of the respondents belong to the age group 26-35.

35
 lOMoARcPSD|25834281

AGE OF THE
RESPONDENTS
CHART 3

45

40

35
PERCENTAGE OF

30

25
THE

20

15

10

Below25 26 – 35 35 – 45 Above 45

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 lOMoARcPSD|25834281

GENDER OF THE RESPONDENTS

S.NO GENDER NO OF RESPONDENTS PERCENTAGE

1 Male 30 60

2 Female 20 40

Total 50 100

TABLE 4

INTREPRETATION
The analysis shows that, 60% of the respondents were Male and 40% of
the respondents were Female.

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 lOMoARcPSD|25834281

GENDEROF
THERESPONDENTS
CHART 4

PERCENTAGE OF THE RESPONDENT

40% 60%
Female Male

60%

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 lOMoARcPSD|25834281

AWARENESS ABOUT THE PRODUCT THROUGH ADS

Table 5
Response Percentage

Strongly agree 54

Some what agree 31

Disagree 8

Strongly disagree 7

Neutral 0

Total 100

Interpretation
54% of the respondents strongly agree that they are aware about the range of products
provided by Fastrack watches through advertisements‘. 31% of the respondents
somewhat agree.While8% ofthemdisagreethisand 7% ofthe
respondentsstronglydisagreethis.
Majority of respondents are aware about the various range of products provided by
Fastrack watches through advertisements‘.

39
 lOMoARcPSD|25834281

AWARENESS ABOUT THE PRODUCT THROUGH ADS

Chart 5

Strongly agree
Some what agree

60 Disagree
Strongly disagree Neutral
50

40
Percenta

30

20

10

40
 lOMoARcPSD|25834281

COMPARISONOFFASTRACKWATCHESWITHOTHERTITANBRANDS

TABLE 6

S.NO OPINION PERCENTAGE

1 Strongly Agree 20

2 Agree 56

3 Disagree 2

4 Strongly Disagree 22

Total 100

INTREPRETATION
From the above table, it shows that, 56% of the respondents agreed, 22% of the respondents
strongly disagreed, 20% of them strongly agreed and only 2% of the respondents disagreed
that Fastrack watches and other Titan brands only differ in price range. It inferred that 56% of
the respondents agreed Fastrack watches and other Titan brands only differ in price range

41
 lOMoARcPSD|25834281

COMPARISON OF FASTRACK WATCHES WITH OTHER TITAN BRANDS

CHART 6
60

50

40

30
PERCENTAGEOF

20

10

0
Strongly Agree Agree Disagree Strongly Disagree

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 lOMoARcPSD|25834281

COMPARISON OF FASTRACK WATCHES WITH ITS

COMPETITORS TABLE 7

S.NO OCCUPATION PERCENTAGE

1 Excellent 30

2 Good 46

3 Satisfactory 20

4 Poor 4

Total 100

INTREPRETATION
From the above table shows that, 46% felt that Fastrack watches are good
than its competitors, 30% of them felt excellent, 20% of them were
satisfied and only 4% of the respondents felt poor.

It inferred that majority (46%) of the respondents felt that Fastrack watches
are good than its competitors

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 lOMoARcPSD|25834281

COMPARISON OF FASTRACK WATCHES WITH ITS COMPETITORS

CHART 7

50

45

40

35
PERCENTAGE OF THE

30

25

20

15

10

0
Excellent Good Satisfactory Poor

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 lOMoARcPSD|25834281

PERIOD OF USAGE OF FASTRACK WATCHES BY THE RESPONDENTS

TABLE 8

S.NO PERIOD OF USAGE PERCENTAGE

1 More than 1 year 66

2 1 Year 20

3 6 Months 4

4 Recently 10

Total 100

INTREPRETATION
The above table shows that, 66%% of the respondents used Fastrack
watches for more than 1 year. 20% of them used for 1 year, 10% of the
respondents used only recently & only 4% of the respondents used only
before 6 months.

It inferred that (66%) majority of the respondents used the Fastrack

watches for more than 1 year.

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 lOMoARcPSD|25834281

PERIOD OF USAGE OF FASTRACK WATCHES BY THE

RESPONDENTS

CHART 8

60
PERCENTAGE OF

50

40
THE

30

20

10

More than 1 year 1 Year 6 Months Recently

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 lOMoARcPSD|25834281

AFFORDABILITY OF FASTRACK WATCHES

TABLE 9
S.NO AFFORDABLE PERCENTAGE

1 Strongly Agree 32

2 Agree 56

3 Disagree 6

4 Strongly Disagree 6

Total 100

INTREPRETATION
From the above table shows that, 56% of the respondents agreed that
Fastrack watches are affordable. 32% of them strongly agreed it. Only
6% of them disagreed and strongly disagreed it.

It inferred that majority (56%) of the respondents agreed that Fastrack watches
are affordable.

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 lOMoARcPSD|25834281

AFFORDABILITY OF FASTRACK WATCHES

CHART 9

60

50
PERCENTAGE OF

40
THE

30

20

10

0
Strongly Agree Agree Disagree Strongly Disagree

48
 lOMoARcPSD|25834281

CUSTOMER SERVICE OF FASTRACK WATCHES

Table 10

Response Percentage

Strongly agree 28

Some what agree 38

Disagree 16

Strongly disagree 12

Neutral 6

Total 100

Interpretation
As from the above table it can be seen that 28% of the respondents have
strong agreement that the customer service personnel have sufficient
knowledge about their products. 38% of them somewhat agree to this.
16% of the respondents disagrees to this and 12% of the strongly
disagrees this. Remaining 6% of the respondents neutral to this.
Most of the customers felt that customers service personnel has good
knowledge about the product.

49
 lOMoARcPSD|25834281

CUSTOMER SERVICE OF FASTRACK WATCHES

Chart 10

Strongly

40
agree Some
35 what
30
Percentag

agree Disagree
Strongly
disagree
Neutral
25
20

15

10

0
lOMoARcPSD|25834281

50
 lOMoARcPSD|25834281

GENERAL BEHAVIOR OF CUSTOMER SERVICE PERSONNEL

Table 11
Response Percentage

Strongly agree 42

Some what agree 12

Disagree 32

Strongly disagree 5

Neutral 9

Total 100

Interpretation
It can be seen from the above table that 42% strongly agrees that the
general behaviour of customer service personnel of Fastrack watches was
good. 21% of the respondents somewhat agrees that it was good. While
32% of them disagrees and according to them it was not good, only 5% of
the respondents strongly disagrees this.
Only 42% of customers are satisfied with General Behavior of customer
service personnel of Fastrack watches, majority of customers are not
satisfied because the product range of Fastrack is vast and it is difficult for
the service personnel to give proper service aids to Fastrack watches.

51
 lOMoARcPSD|25834281

GENERAL BEHAVIOR OF CUSTOMER SERVICE PERSONNEL

Chart 11

StronglyagreeSomewhatagree
DisagreeStronglydisagree
45 Neutral
40
35
Percenta

30

25

20

15

10

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 lOMoARcPSD|25834281

PRODUCT OF COMPETITOR

Table 12
Response Percentage

Yes 36

No 64

Total 100

Interpretation
From the above table it can be seen that 36% of the respondents have
watches of competitor, 64% of them do not have any other watches.

53
 lOMoARcPSD|25834281

PRODUCT OF COMPETITOR
Chart 12

Percentage

Yes 36%

No 64%

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 lOMoARcPSD|25834281

RESPONSE OF STAFF TOWARDS CUSTOMER’S ENQUIRY

Table 13

Response Percentage

Strongly agree 14

Some what agree 38

Disagree 20

Strongly disagree 28

Neutral 0

Total 100

Interpretation
It can be seen from the above table that 14% of the respondents strongly
agrees that whenever they approached the staff with a question they
responded properly. 38% of the respondents somewhat agree with this,
while 20% of the respondents disagree this, remaining 28% of them
strongly disagree this.
Most of customers are not satisfied with Fastrack‘s customers enquiry,
so Fastrack should give proper knowledge & awareness to their staff
regarding their products & services so they can give sufficient
clarification for all queries that arise from customers.

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 lOMoARcPSD|25834281

RESPONSE OF STAFF TOWARDS CUSTOMER’S ENQUIRY

Chart 13

Strongly agree
Some what agree
40 Disagree
35 Strongly
disagree
Neutral
Percenta

30

25

20

15

10

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 lOMoARcPSD|25834281

SUGGESTIONS FOR IMPROVING QUALITY OF SERVICES

Table 14
Suggestion No. of Percentage
respondents
Minimization of
0 0
service time

Better customer 69 69
care
Better communication
21 21
of product detail

Modern 10 10
technology
Total 100 100

Interpretation

It can be seen fromthe above table that according to 69% of the respondents better customer
care is the suggestion for improving quality of services. According to 21% of the
respondents better communication of product detail is the suggestion. According to 10% of them
modern technology is the suggestion. None of the respondents put forward the suggestion of
minimization of service time.
Most of respondents are demanded that Fastrack should better its customer carewith
more pleasingnature, willingto helpthemetc inorderto attainthecustomersatisfaction.

57
 lOMoARcPSD|25834281

SUGGESTIONS FOR IMPROVING QUALITY OF SERVICES

Chart 14

Minimization of
service time

70 Better customer care

60
50
Percentag

Better communication
40
of product detail
30

Modern technology
20
10

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 lOMoARcPSD|25834281

PRODUCT RANGE OF FASTRACK WATCHES

Table 15

Response Percentage

Strongly agree 37

Some what agree 25

Disagree 16

Strongly 11
disagree
Neutral 11

Total 100

Interpretation
The above table shows that 37% of the respondents strongly agrees that
the product range provided by Fastrack is satisfying. 25% of the
respondents somewhat agrees to this. While 16% disagree this, 11%
strongly disagree and remaining 3% neutral this.
Majority of customers are satisfied with product range of bank. It will
help the brand to establish new leads & to have new customers with
reference to the existing customers.

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 lOMoARcPSD|25834281

PRODUCT RANGE OF FASTRACK WATCHES

Chart 15

Strongly agree

Somewhat agree

Disagree
40
35 Strongly disagree

30 Neutral

25
20
Percenta

15
10
5
5
0

60
 lOMoARcPSD|25834281

CHANCE OF PURCHASING RIVAL BRAND

Table 16

Response Percentage

Strongly agree 15

Some what agree 22

Disagree 46

Strongly disagree 17

Neutral 0

Total 100

Interpretation
As from the above table it can be seen that 15% of the respondents
strongly agrees that they will purchase watches of rival brand. 22% of
the respondents somewhat agree to this. While 46% of them disagree
this. 17% of the respondents strongly disagree that they will purchase
watches of rival brand.
63% of customers are disagree the fact that they will purchase rival
brand, it show the Fastrack providing excellent service and products to
their customers to keep its customer & to survive in competitive
environment.

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 lOMoARcPSD|25834281

CHANCE OF PURCHASING RIVAL BRAND

Chart 16

Strongly agree

Some what

agree Disagree
50 Strongly
45 disagree Neutral
40

35
30
Percenta

25
20
15
10
5
0

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OPINION ABOUT WEBSITE

Table 17

Reason Percentage

Excellent 40

Good 35

Satisfactory 21

Needs improvement 4

Total 100

Interpretation
From the above table it can be seen that 40% of the respondent are of the
opinion that the website of Fastrack watches is excellent. 35% of the
respondents expressed that it is good. According to 21% of the
respondents it is only satisfactory. Remaining 4% of them expressed
their opinion that it needs improvement.
Study shows that Fastrack watches website have excellent rating and it
can be further improved again by including detailed information of
various vouchers, offers & promotions related to their products.

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OPINION ABOUT WEBSITE

Chart 17
Needs improvement Percentage
4%

Satisfactory 21%

Excellent
40%
Good
35%

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STATISTICAL STUDY
TESTING OF HYPOTHESIS
The statistical test, in which the test statistics follow a chi-square distribution, is called the
chi-square test. Therefore chi-square test is a statistical test, which tests the significance of
difference between observed frequencies and the corresponding theoretical frequencies of a
distribution, without any assumption about the distribution of the population. Chi-square test
is one of the simplest and most widely used non-parametric test in statistical work. This test
was developed by Prof. Karl Pearson in 1900.

HYPOTHESIS 1

H0 : There is no significance difference between customers opinion about affordability of

Fastrack watches.

H1 : There is significance difference between customers opinion about affordability of

Fastrack watches

2
(O – E ) 2
O E (O – E)
E

Strongly agree 12 10 4 .4

Some what agree 15 10 25 2.5

Disagree 10 10 0 0

Strongly disagree 12 10 4 .4

Neutral 1 10 81 8.1

50 50 11.4

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X2 = (O – E)2 = 11.4 E

Degree of freedom, n-1 = 5 – 1 = 4 Significance level =

0.05 Table value = 9.488

Interpretation: Table value is less than calculated value so we reject null hypothesis and accept
alternatehypothesis

There is significanct difference between customers’ opinion about affordability of Fastrack

watches

Hypothesis 2

H0 : There is no significance difference between customers‘ opinion about product range provided
by Fastrack watches.
H1 : There is significance difference between customers‘ opinion about product range provided by
Fastrack watches

2
(O – E ) 2
O E (O – E)
E
Strongly agree 13 10 9 .9

Some what agree 15 10 25 2.5

Disagree 11 10 1 .1

Strongly disagree 6 10 16 1.6

Neutral 5 10 25 2.5

50 50 7.6

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X2 = (O – E)2 = 7.6 E
Degree of freedom, n-1 = 5 – 1 = 4 Significance level =
0.05 Table value = 9.488

Interpretation: Table value is greater than calculated value so we accept null hypothesis.

There is no significance difference between customers’ opinion about product range

provided by Fastrack watches

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Chapter 4:

Conclusions and

Recommendations
lOMoARcPSD|25834281

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FINDINGS AND SUGGESTION

FINDINGS

1. Majority of respondents are aware about the various range of

products provided by Fastrack watches through advertisements‘.
2. Majority of the respondents agreed Fastrack watches and other Titan
brands only differ in price range
3. Majority of the respondents felt that Fastrack watches are good than its competitors

4. Majority of the respondents used the Fastrack watches for more than 1 year.

5. Majority of the respondents agreed that Fastrack watches are affordable.

6. Most of the customers felt that customer service personnel has good
knowledge about the product.
7. Majority of customers are not satisfied with general behavior of customer
service personnel because the product range of Fastrack is vast and it is
difficult for the service personnel to give proper service aids to Fastrack
watches.
8. Majority of customers use Fastrack watches only, this shows that loyalty of
customers enjoyed by company. This strong customer loyalty is laying an
effective foundation for Fastrack watches.
9. Most of customers are not satisfied with Fastrack‘s customers‘ enquiry, so
Fastrack should give proper knowledge & awareness to their staff regarding
their products & services so they can give sufficient clarification for all
queries that arise from customers.
10. Most of respondents are demanded that Fastrack should better its customer
care with more pleasing nature, willing to help them etc in order to attain the
customer satisfaction.
11. Majority of customers are satisfied with product range of bank. It will help
the brand to establish new leads & to have new customers with reference to
their existing customers.

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12. Majority of customers disagree the fact that they will purchase rival brand, it
show the Fastrack providing excellent service and products to their customers
to keep its customer & to survive in competitive environment.
13. Study shows that Fastrack watches website have excellent rating and it can be
further improved again by including detailed information of various vouchers,
offers & promotions related to their products

SUGGESTIONS
1. Customer of Fastrack watches is well known about the product range
provided by the brand.
2. From the survey it is clear that majority of the customers were young people
and the advertisements, products offered by Fastrack watches exactly matches
the demand of youth. This makes Fastrack watches ahead of its competitors
3. From the survey it is clear that service quality offered by the Fastrack brand
has a good influence on customers. So Fastrack should improve its customer
service quality to retain and satisfy customers
4. In order to improve its sales, ad promotion should be taken care, excellent
customer care should be provided and also it should reduce its service time.
5. There is so much percentage of customer are dissatisfied with general
behavior of customer service personnel, so they should be given proper
training to improve the quality of service
6. Often the product range displayed in the ads are not available in stores, so it
should be ensured that product ranges are available as soon as possible. Or
the website should provide a solution like e-tailing.
7. Due to emergence & tough competition from rivals Fastrack watches should
soon implement online ordering and selling. If cash on delivery scheme is
implemented it can enhance sales
8. For common doubts & queries suitable recordings can be made. Queries &
recommendations can be uploaded in website of Fastrack.

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9. Website of Fastrack can be improved again by including detailed information

of new products, offers & promotions. It should also provide Customer‘s
feedback option while they use online

CONCLUSION
On the growing influence of globalization on the Indian watch industry, a number of
global manufacturers are coming into the Indian watch industry. In such a dynamic
environment Fastrack need to be more quality conscious since the products offered
are almost similar by all the watch manufacturers in the industry. Fastrack needs to
take serious efforts to make itself competitive and stable in the dynamic market
situation by focusing on the service quality aspects.

Gaining and maintaining consumer preference is a battle that is never really won.
Continued and consistent branding initiatives that reinforce the consumer‘s purchase
decision will, over t ime, land the product in consumer preference sets. Attaining and
sustaining preference is an important step on the road to gaining brand loyalty. Most
of the consumers prefer Fastrack watches due to its strong brand image, and the main
factor forcing the customers to buy Fastrack watch is advertisements through the
print and electronic media

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Bibliography
1. Kotler P (2006) ,―Marketing management‖, 10th edition.

2. Kothari. C.R.(2005), ―Research Methodology Methods and Techniques‖, 4th edition

3. L R Potty (2011), ―Research Methodology‖

4. Barry, Ann Marie Seward. (1997). Visual Intelligence: Perception, Image
and Manipulation in Visual Communication.
5. Kotler & Keller (2008), Marketing management, 8th edition

WEBLIOGRAPHY
1. http://encartaupdate.msn.com/wristwatches.aspx

2. http://realestate.msn.com/branding/titanindustries.aspx?cpdocumentid

3. http://watches.about.com/od/history/a/Deontological.htm

4. http://productquality.about.com/b/2003/12/31/product

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Annexure

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QUESTIONNAIRE
Questionnaire for the Project on the topic “Assessment of product and service quality of
Fastrack watches”

1. Do you own a Fastrack watch?

□ Yes
□ No

2. Reason for selecting Fastrack watch

□ Brand value
□ Style
□ Prestige symbol
□ Others

3. You came to know about the brand via?

□ Ads
□ Social network
□ Peers
□ Family
□ Others

4. How long have you been using Fastrack watch?

□ 0-6 months
□ 6-12 months
□ 12-18 months
□ More than 18 months

how many times you went to repair the watch

5.
□ Never
□ One time
□ Two time

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□ Three time
□ More than three times

6. Put tick mark for your choice

Strongly Agree Disagree Strongly

agree disagree
Style range is good
It is worth the money
Advertised collection is available in
store
Satisfied with what I paid for what I
bought

7. In your most recent customer service experience how did you contact the representative?

□ In person
□ By phone
□ Through retailer/dealer
□ Other
□ Not applicable

8. Did the representative (select all that apply)

□ Quickly identify the problem

□ Appear knowledgeable and competent
□ Help you understand the cause and solution to the problem
□ Handle issue with courtesy and professionalism
□ Not applicable

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9. About how long it take to get this problem resolved?

□ Immediate resolution
□ Less than a day
□ 2-3 days
□ More than a week
□ Problem is still not resolved
□ Not applicable

10. Compared to other brands Fastrack is

□ Much better
□ Somewhat better
□ About the same
□ Somewhat worse
□ Much worse

11. Fastrack watches are affordable

□ Strongly agree
□ Agree
□ Neutral
□ Disagree
□ Strongly disagree

12. Titan brands like Raga, Sonata etc only differ in price range

□ Strongly agree
□ Agree
□ Disagree
□ Strongly disagree

13. Fastrack is excellent for the following (Answer if only applicable)

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Strongly agree Agree Neutral Disagree Strongly

disagree
Overall quality
Purchase experience
Usage experience
After
purchase
service
(warranty, repair
etc)

14. Put tick for the applicable ones

Definitely Probably Not sure Probably will Definitely will

will will not not
Buy Fastrack
again
Recommend
others to
buy Fastrack
Will buy other
brand

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