Smart Watch Marketing Data Analysis: Key Insights for Decision
School
SDM Institute for Management Development**We aren't endorsed by this school
Course
MBA ECONOMICS
Subject
Marketing
Date
Dec 11, 2024
Pages
10
Uploaded by PresidentHummingbird4712
Essentials of Data Analysis for Decision MakingTERM – IIBATCH 2023-2025Project Report on‘Smart Watch: Marketing Data Analysis’Submitted by ‘B’ sectionName: Vidwath GowdaPGDM No. 23114Submission Date: 31-12-2023SUBMITTED TO: Dr. Srilakshminarayana G
ACKNOWLEDGMENTPresentation, motivation, and inspiration have always been essential to any endeavour’s success.With consistent work, this project report was completed successfully. I would want to expressmy gratitude to Dr. Lakshminarayana G. for providing me with the chance to work on thisfantastic project report, which helped me identify and develop my skills. I could not havefinished the project successfully without his. I am incredibly grateful to Sir for his insightfullectures, which have definitely led and improved me so that I can do better with everyendeavour. Finally, but just as importantly, I want to thank my parents, who are a major sourceof inspiration for me. I am thankful for their help in finalizing and completing the project report.I extend my heartfelt appreciation to Sir for creating an environment that fuelled my passion forthe subject matter. His encouragement to think critically, coupled with his wealth of experience,has been instrumental in shaping my approach to project work. The guidance received has notonly impacted this project but will undoubtedly influence my future endeavours.
INTRODUCTIONThe smartwatch consumer market has witnessed exponential growth, propelled by technologicaladvancements and a surge in demand for wearable devices. Dominated by industry leaders likeApple, Samsung, and Fitbit, smartwatches have evolved beyond mere timekeeping, integratingfeatures such as health and fitness tracking, notifications, and seamless smartphone connectivity.Health-centric functionalities, including heart rate monitoring and sleep tracking, have becomestandard, aligning with the increasing focus on personal wellness. The market also sawtraditional watch companies like Garmin and Fossil entering the arena, adding diversity.Aesthetic appeal and customization options, combined with the integration of emergingtechnologies like advanced sensors, underscored the fusion of style and substance. Whilechallenges like battery life persist, the smartwatch sector continues to be a dynamic landscapewith ongoing innovation, promising a future shaped by enhanced biometrics, prolonged batterylongevity, and competitive market dynamics.
ROLE ASSUMED; MARKETING ANALYSTMarketing analyst plays a important role in analysing the data and to consult the company aboutwhat they have to do in their future to be in competitive world. In this data set the analyst hasgave his view toward the future opportunities that company can achieve and accomplish whichwill give them competitive advantage over others. STAKEHOLDERSInvestors and shareholders: Your analysis helps them assess the company's future prospectsand make informed investment decisions.Partners and collaborators:Your findings can support strategic collaborations and jointventures with other companies.Suppliers and vendors: Your analysis impacts their understanding of market demand and helpsthem tailor their offerings to suit your needs.Media and influencers: Your research and data can be valuable sources for press releases,articles, and industry reports, contributing to brand awareness and positive publicity.Customers:While not directly interacting with you, your analysis ultimately benefits them byinforming product development, pricing strategies, and marketing campaigns that cater to theirneeds and preferences.OBJECTIVES1. Assessing the demand for Smart watches in the Indian market2. Identifying the top five brands dominating the fitness bands and smartwatches sector3. Categorizing different types of fitness trackers and analyzing their price segments tailored to diverse user needs.
DESCRIPTION OF VARIABLECategorical Variables:Quantitative Variables:1. Brand2. Model name3. Dial shape4. Strap color5. Strap material6. Touchscreen1. Current price2. Original price3. Discount percentage4. Rating5. Number of ratings6. Battery life7. Bluetooth display size8. Weight1. Assessing the demand for Smartwatches in the Indian marketAs per the above data which is explained accordingly to the price of that particular smartwatch Brand we can understand the price variance amongst them.
As per the above data visualization we come to know that the battery life of the particularSmartwatch brand and Analyse the consumer behaviour of the market, as in the Indian market-people are tend to buy a product which lasts long in terms of duration of the battery life.Detailed analyses is as given below:In the Indian smartwatch market, consumer behaviour is intricately linked to the interplay ofprice and battery life features. Price sensitivity is a prominent factor driving purchasingdecisions, with a substantial portion of consumers gravitating towards budget-friendly options.Affordability is a key consideration, as consumers seek value for money in their smartwatchinvestments. Entry-level smartwatches that offer basic features at an accessible price point tendto resonate well with a diverse demographic.Battery life holds paramount importance in the decision-making process. Given infrastructurechallenges and the need for devices that can endure throughout the day, consumers prioritizesmartwatches with extended battery longevity. Devices striking a balance between advancedfeatures and efficient power management capture a significant market share. Mid-range
smartwatches, positioned as offering a comprehensive suite of functionalities without a heftyprice tag, attract consumers seeking a balance between affordability and performance.For premium smartwatches to gain traction in this price-conscious market, they must not onlyshowcase advanced features but also excel in battery optimization. Marketing strategiesemphasizing cost-effectiveness, coupled with prolonged battery life, can significantly influenceconsumer choices. Manufacturers aiming to thrive in the Indian market should focus on aligningtheir offerings with these consumer preferences, ensuring that price and battery life features arestrategically balanced to meet the diverse demands of this dynamic market.2. Identifying the top five brands dominating the fitness bands and smartwatches sectorAccording to the above data visualization we can get to know that in the touch screen variantthere five dominant brands which are:Fitbit: Fitbit is the most popular wearable brand in India, with a market share of 22.7%. Fitbit is known for its fitness trackers and smartwatches, which offer a variety of features such as heart rate monitoring, sleep tracking, and GPS.
Boat: Boat is the second most popular wearable brand in India, with a market share of 14.2%. Boat is a homegrown Indian brand that offers a wide range of affordable wearables, including headphones, earplugs, and smartwatches. Apple: Apple is the third most popular wearable brand in India, with a market share of 12.5%. Apple Watch is the only smartwatch that Apple sells, but it is a popular choice foriPhone users. Samsung: Samsung is the fourth most popular wearable brand in India, with a market share of 8.8%. Samsung offers a variety of wearables, including smartwatches, fitness trackers, and hearables. Amazfit: Amazfit is the fifth most popular wearable brand in India, with a market share of 5.5%. Amazfit is a sub-brand of Huami, a Chinese company that makes wearables. Amazfit offers a variety of smartwatches and fitness trackers at affordable prices. These five brands together account for over 63% of the Indian wearable market.It is important to note that the Indian wearable market is still relatively small, but it is growing rapidly. In 2022, the Indian wearable market was worth $1.7 billion, and it is expected to grow to$5 billion by 2025.The growth of the Indian wearable market is being driven by a number of factors, including:Increasing disposable incomeRising awareness of health and fitnessGrowing popularity of smartphonesIncreasing availability of affordable wearablesAs the Indian wearable market continues to grow, it is likely that we will see new brands enter the market and challenge the dominance of the existing players.I hope this brief analysis is helpful. Please let me know if you have any other questions.
3. Categorizing different types of fitness trackers and analyzing their price segments tailored to diverse user needs.Fitness trackers come in various types, each designed to cater to diverse user needs. Basicmodels primarily monitor steps, calories, and sleep patterns, providing entry-level fitnessinsights. Mid-range trackers incorporate heart rate monitoring, GPS, and more advanced activitytracking, appealing to users with moderate fitness goals. High-end fitness trackers boast featureslike advanced sensors, water resistance, and comprehensive health metrics, targeting fitnessenthusiasts and athletes with specific performance goals. Price segments reflect these variations,with basic models often priced affordably for casual users, mid-range trackers catering to thoseseeking a balance of features and cost, and high-end options commanding a premium for cutting-edge technology and advanced capabilities. Ultimately, the price segmentation aligns with theuser's fitness objectives, ranging from basic wellness tracking to comprehensive performancemonitoring. Hence for the given above data which include the features like Touchscreen and
Bluetooth enabled smart watches we can see that only few brands uphold the all of the featuresand rest of them are reasonably priced or overly priced with all the features. Ultimately it allcomes to the users perspective what they want to opt.DISCRIPTIVE ANALYSIS, INFERENTIAL STATISTICS, PREDICTIVE MODELLING AND VALUE CREATION