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H I N D U S T H A N I N S T I T U T E O F T E C H N O L O G Y
C O I M B A T O R E - 3 2
DEPARTMENT OF MBA
ASSIGNMENT REPORT ON
MARKET SURVEY ON TITAN WATCH
Submitted By: SASIKUMAR D
Reg No: 720811631049
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INDIAN WATCH INDUSTRY
The watch market is continuing tobecome a very competitive marketplace fraught with
competition, so much so that consumers are finding it more and
more difficult to know which watch to choose. They want a
trendy and fashionable watch, one that looks cool, but they also
want one that looks nice and reflects their own personality.
Nearly 34 million watches are sold through gray market
channels. Currently, sales in India stand at an low number of 25
watches per1, 000 people, compared with 250 watches per 1,000
people in a developed society. So to pick the right watch can
take time. Whether that be time spent researching on the internet
- going from one website to another and comparing different
brands, styles, and prices - or from going into shop after shop on
a sunny Saturday afternoon when there is no space to move andsales assistants are trying their best to earn a sale. Either way,
finding the exact right watch can be very difficult Situation.
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TITAN
INTRODUCTION:
Titan is the market leader in the Indianwatch industry. Titan had revolutionized the watch market with
its emphasis on style and international quality. It had created
strong brand equity in India and some overseas market. It has
also established a strong presence in the area of branded gold
jewelers. Titan with its top management team and the backing of
the TATAs has achieved one of the leading marketing
companies.
COMPANY HISTORY:
Titan was set up in July 1984, under the leadership of
Xerxes Desai, with its corporate office in Bangalore. When it
entered the market, HMT was the market leader. Titan went
ahead with its plan to make the quartz watches. The company
made only a handful ordinary looking quartz watches and had
neglected styling as a whole. Titan believed that the Indian
consumers desire to own a good looking watch had been totally
ignored. Titan decided to grow the market by encouraging
ownership of multiple watches thereby stimulating the purchaseof replacement watches and targeting under penetrated segments
like women and first time buyers.
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Titan looked at new business opportunities.
Titan realized that its watches alone might not be able to price
open the global market. The Companys diversification into
jewelers was a good gamble. Tanishq was branded and hadbeen set up as an export- oriented unit to complement the
watches division.
The company started the manufacture of
jeweler andjewelers watches in 1994. Titan decided to focus on
the domestic market. By the early 2000s Titans share of the
legal watch market had dropped. Despite these setbacks, Titanstarted reworking its strategy, making several changes in the
product and product mix. In 2002, Titan announced plan to
regain its market share.
The company also began extension forays
into silverware, leather accessories and sunglasses. Titan also
looked at opportunities in instrumentation, automobile andaerospace industries where it could leverage its precision
engineering skills.
The venture took birth from the TATA group the constant
innovation and effective Titan watch division was started in
1987. At launch it was the third watch company in India after
HMT and All Titan entered at a time when HMT watches wereenjoying a monopoly-market segmentation has been the great
boon of the company. Today the company has a model for every
price segment and every market.
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Initially when the mechanical technology
was the norm, Titan went against the tide and built-up its line
with Quartz. Styling was not a factor initially with the Indian
watch industry but Titan was there to make a difference andgave a fresh breath of life to the age-old rusty style
of wrist watches.
Titan formed a joint venture with Timex,
which lasted until 1998, and setup a strong distribution network
across India. As of 2005, Titan watches account for a 25% share
of the total Indian market and are also sold in about 40 countriesthrough 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 watchTitan Edge.[3]
Produced indigenously after four years of research anddevelopment, 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, Bandana, 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.
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The brand Titan is committed to offering
its consumers watches that represent the compass of their
imagination. Titan's customers are therefore consistently
introduced to exciting new collections, which connect, withvarious facets of their deeprooted yearnings for self expression.
The new brand philosophy of Titan, encapsulated in the words
"Be More", touches this as well as all other aspects of the brand.
The Titan brand architecture comprises
several collection and subbrands, each of which is a leader in
its segment. Notable among them are: Titan Edge The world'sslimmest watch which stands for the philosophy of "less is
more"; Titan Raga the feminine and sensuous accessory for
today's woman, Nebula crafted in solid 18k gold and precious
stones. Several other popular collections like Heritage, Aviator,
Regalia, and Octane & WWF also form a part of the Titan
wardrobe.The Titan portfolio has over 60% of the
domestic market share in the organized watch market. The
company has 247 exclusive showrooms christened World of
Titan', making It amongst the largest chains in its category
backed by 700 aftersalesservice centers. The company has a
worldclass design studio that constantly invents new trends inwrist watches.
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And, for the third segment, Titan first offered the TIMEX
watches and later, when the arrangement with Timex was
terminated, the SONATA range. The price range was Rs.350-
500. It was offered in 200 different models. Titan also offeredthe Dash! range for children. In-depth segmentation helped
Titan launch segment-specific product.
THE TITAN VIEW OF A WATCH
A watch is now looked at as a personalaccessory, an extension of a persons lifestyle. The design of the
dial and the strap influence a buyers choice rather than just the
function. Also, a whole new range of technologically superior
watches has also entered the market.
The emergences of this trend, TITAN has clearly
segmented their consumer base targeting niche markets withdifferent products. While Titan introduced `Dash targeted at
children, it introduced `Raga exclusively for Ladies Party
Wear.
Another niche segment caters to the technology savvy
consumers, with brands such as `Edge, `Technology, `PSI
2000 to cater to this segment.
There is also the fashion segment, where TITAN has a
collection for men and women. For instance, Titan has `Fasttrack, and Raga, Regalia and Royale in the stylisth segment.
International styling, such as the `WORLD WATCH which was
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the major revenue generators of the company and every 5 years
the showroom is fully done up updating it to modern
international standards.
VALUE MART
These outlets sell surplus stocks of Titan
watches at reduced prices, offering fabulous value for money
with the same warranty as a regular, full-priced watch. These
concepts in the recent past have caught up with any product with
it being total value for money. However these shops would notbe placed in the main locations so as to interfere with the
working of the normal shops. This is to make the customer go to
the shop rather than the shop calling the customer and hence the
locations are not very suitable for shopping.
MARKETING-WATCHES
The quartz watch was an entirely new product for India. Titan
decided that it would change the way watches were marketed in
the country. Titans marketing strategy had five main bases:a
product of international quality, Indian designs, competitive
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for the different segments. Titan has segmented the watch
market and identified clearly the needs of each group.
Titan has segmented the market on the basis of the
following variables: Demographic (age and social class),
Psycho graphic (lifestyle and personality), Behavioural
(benefits and occasions, Geographical (region), Targeting
segments and User positioning. After carrying out an in depth
market study, Titan identified three different specific 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 consumerswho were buying a watch as a fashion accessory. They
were also willing to buy a watch on impulse. The price
tag did not matter to this segment. The price range
between Rs.20, 000 and Rs.1 lakh.
The next segmented consisted of consumers whopreferred some fashion in their watches but to them
price did matter. The price range between Rs.500 and
700.
The third segment consisted of the lower incomeconsumers who saw a watch mainly as a time keeping
device and bought mainly on the basis of price. The
price range between Rs.350 and 500.
FasTrack, Raga, Sonata, Xylys, Nebula and Flip are
sub-brands within Titan that are aimed at the youth, men,
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women and children Sonata is the value for money watch brand
from Titan industries. It is targeted at consumers seeking
durability and value with a clear positioning of No
compromise watch.
Titan targeted its Raga watches at women in the premium
segment which gave them the feeling of intimacy. The company
realized that more women were wearing watches for functions.
It offered slimmed down and sleeker watches for women. The
Raga range remained for more special reasons, like marriages
or parties.
Titan Edge and Titan Steel are the mainstream Titan
products which enhance the brands image of leadership,
innovation and pride. Titan is considered to have one of the
successful segmentation and targeting. Titan adopted a strategy
of focus. Titan tries to achieve competitive advantage by
optimizing its strategy in the different market segments.
POSITIONING
Market Segmentation The young and teenagers, who are looking for their first
watch
The low ownership segment like women
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Middle and upper segments of society Price range of Rs 500Rs 15000 International watch at Indian prices
MARKETING MIX FOR TARGET MARKETING
Once the target segment is decided, the marketing
mix strategy automatically follows. If your product is
independent, but you have adopted geographic segments, thenyour pricing, promotions and placement depends on the
purchasing power and other characteristics of that geographic
segment.
Similarly, if you have decided to target the higher
income group segment, you need to have a product which
appeals to the high income group, it has a premium pricing as
high income groups are not interested in products whicheveryone can buy, it needs to have a good product placement
such that it is in the reach of high income group segment, and
finally the promotions needs to compliment this target marketing
strategy.
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3.PositioningEach product of Titan is positioned
separately. Furthermore when you walk into the retail store ofTitan (World of titan) you will find that there are separate
sections for each class of customers depending on their
income groups.
4.Customer life cycle marketingAnother example of target marketing
is having every product in the kitty for each level of a
customers life cycle. Thus by having brands like Fast track,raga and others, Titan ensures that it has a product whether its
customer is a college going individual, a working women or a
high income professional.
PRICING STRATEGY
Titan prices according to the featuresand value delivered. They get the maximum market share from
Sonata. Since there is no one offering pure gold watches and
jewellary watches so it is able to skim the market with their
distinct products.
Titan comes out every year with a price
discount sale on watches. The differences in the prices arejustified with its important features and style. They are trying to
maximize their profits with the help of different product mix.
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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
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 ofPrecision Engineering Division is a leading Automation
Solution Provider for all kind of industries.
PRICING OBJECTIVES
Titan consists of watches that cater to
various segments and to various categories and so their pricing
strategy is also in accordance to their products and the features
offered by them cashing in on monopoly, unique features,
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outstanding performance and the name TITAN.
Titans primary pricing objective is to
kill Competition. Being an Indian manufacture and infusing the
advantages of the Indian market with the dynamics of thewestern market the company has carved itself a place difficult to
achieve by foreign players.
The Objective for pricing are mixed with them being
Survival: Exacta, Spectra, Raga
Maximum Market ShareSonata, World Watch
Market Skimming- Nebula, The Steel collection Insignia
Product Quality - LeadershipAll watches in their respective
segments.
SURVIVAL
In case of some of the watches titan prices them
according to the features and the value delivered by them. The
exacta is a simple steel watch priced at around 600 to 1,100.
This unique combination of simplicity and good styling is to
keep the brand going with its offering being value for money.
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MARKET SHARE
In India 70% of the sales in watches come from the
lower segment and hence by pricing the sonata at 350 onwards,
backing it with a TATA guarantee no one can match the valuefor the price of Rs.350.
Titan prices its world watches which are compared equal to an
international Player Like Calvin Klein where a customer pays
about 4 times a value of the world watch hence penetrating the
market with low prices to international players to gain market
share.
MARKET SKIMMING
In the Indian watch industry there is no one offering
pure gold watches, watches in pair, Jewellery watches and this
concept though exists with foreign competition has just come to
India.
Though foreign competition has set in to theseconcepts. TITAN offers these products with the Indian touch in
its designs, the products, the looks. Hence it is able to skim the
market with certain products in these ranges.
PRODUCT QULAITY
Quality and leadership are synonymous to Titan. It
seek to achieve both through their value for products compared
to their prices.
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PRICING METHOD
MARK UP PRICING
Titan goes in for the mark up pricingstrategy. The Titan product carries a maximum retail price on it.
Now shops such as the world of titanexclusive showrooms
buy directly from the dealer and hence the element of the
middleman is not there.
A retailer in this category buys the watch for
17-18% lesser than the MRP and hence he is able to get the 17%
profit margin on sales. It is up to the discretion of the retailer tooffer any discount on the MRP as it would affect what he gets in
return.
In the recent past Titan has also used the
PERCEIVED VALUE PRICING to its advantage.
It is managing to successfully convince the
customer of the perceived value of the WORLD WATCH
using billboards and hoardings all around the city, increasing
buyers image, trust worthiness, innovation, differentiation, value
for the product.
The hoardings go about to say the international
presence of an Indian Watch. Titan has also in the past done so
for its steel collection but using Commercial Advertisements.
There is always a positive relationship between
high prices, high quality, and a high advertising budget. Titan
too demonstrates this feature. People are willing to pay the price
for the quality and titan spends 25 crores a year on advertising
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its products. This is the highest spending done in the watch
industry in India. More so ever with high value and lower prices
in case of the sonata, the product is the heart throb in the watch
industry.PROMOTIONAL PRICING
PRICE DISCOUNTS AND ALLOWANCES
Titan once a year comes out with a
Price discount sale on the MRP of the watches. Now this is
entirely based on the stock carried by the company at the yearend.
Allowances are more on the
company to the retailer where the retailer gets a special
allowance if the store picks up more than a certain quantity.
WARRANTIES AND SERVICE CONTRACTS
Titan promotes sales by adding a
free 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
The differences in the prices of the
watches are justified by the features, the style, and the
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LOWER SEGMENT
The SONATA Brand which
proudly emphasizes it to be a TATA product is the watch for thecommon man and for the lower class of the society.
Pricing itself between Rs.300
Rs.900 is Titans fastest selling watch.
This watch was launched to make
titan everybodys company from the image of it being a
Richmans company. Watches were offered for as low as Rs.300
with a guarantee of 1 year and the styles were very appealing for
the price. Titan in this case has followed the Penetration policy.
Maxima Quartz is a competitor with
similar offerings at Rs.350. The lower end market being price
sensitive, such pricing used to drive away competition, making
people buy the product to make one trust what a Titan is all
about was promptly why this low price was offered.
There are many in the stable such
as the Exacta, Spectra and Fast Track which is priced at what
one would pay for a simple but impressive watch. These
watches deliver value for money with Titans name and the
innovation done by the company to deliver better models at the
same price.
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BRAND PRICE
Brand Price Range No. of Models (Approx)
Insignia Gents Rs.3750 to Rs.7750 98
Insignia Ladies Rs.1600 to Rs.7500 89PSI2000 Gents Rs.1780 to Rs.7500 61
PSI2000 Ladies Rs.800 to Rs.4350 36
Regalia Gents Rs.1820 to Rs.7790 157
Regalia Ladies Rs.1725 to Rs.7770 168
Royale Gents Rs.960 to Rs.2810 123
Royale Ladies Rs.1120 to Rs.2830 91Classique Gents Rs.850 to Rs.2450 268
Classique Ladies Rs.565 to Rs.2930 161
Spectra Gents Rs.1140 to to Rs.1830 57
Spectra Ladies Rs.650 to Rs.1410 22
Exacta Gents Rs.600 to Rs.1170 48
Exacta Ladies Rs.595 to Rs.800 25
Fast Track Gents Rs.550 to Rs.1430 57
Fast Track Ladies Rs.850 to Rs.1050 11
Technology Rs.2350 to Rs.8170 55
Raga Ladies Rs.1420 to Rs.4000 123
Nebula Gents Rs.8950 to Rs.13500 8
Nebula Ladies Rs.5950 to Rs.6950 4
Bandhan Rs.1675 to Rs.8085 34Sonata Gents Rs.295 to Rs.1195 200
Sonata Ladies Rs.350 to Rs.1100 96
Sonata Pair Rs.1495 to Rs.2000 10
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PROMOTION
Titan ties up with various magazines,
television and outlets where Titan watches were given as gifts
for winning a particular contest. Another of promoting the Titan
watches is through seasons.
For example gold watches are
preferred for a wedding occasion. Titan is directly tapping the
customers by sponsoring major events, culturals and other fests
in colleges, schools and other happenings.
Titan introduced a contest on
cartoonnetworkindia.com which invites children to use their
creativity and imagination to design a watch. The best design
was launched as the new summer collection and also the
received the first watch of that collection.
The one-point agenda of the Tatagroup has been to bring about synergy among its individual
companies, and to promote Tata as a single, unified, central
brand.
The Tatas have realized that many of
their companies are addressing the same target clientele and
share a common customer base. So it makes sound businesssense to synergies the marketing efforts for these companies.
The main reason behind Tata doing this
was the results of a survey which revealed that: the Tata brand
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is like sameone who is established, but not modern, large but not
focused, profitable but not in top gear, a warm person but not
efficient, Tata group is so large and fragmented that the central
brand gets lost in the vastness of the empire.
As a result, the top-of-the-mind recall of the Tata
brand-pegged at Rs.10,000 crore is not so strong amongst its
various products, be it Taj hotels, Titan watches or Westside
garments.
Tata has come to realize that their biggest asset istheir name TATA and not their factories and hence like the
value of the assets the value of a brand can also come down and
so is the name coming down, now the Tata Brand Equity and
Business Promotion Agreement states thatadvertisements and
commercials by any Tata company must carry the TATA mark.
The Tatas may be a 102-year-old company, but
they want to be seen as a young, contemporary, new, entity,.
Besides evolving a central brand for all companies, the Tata
group has also redefined its objectives and laid down three key
themes that would guide the philosophy of the new Tatas
global, futuristic and modern. The target audience? Generation
next.
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THE TATA OPEN
The battle ground for this new strategy of
synergy started with the Tata Open (Indias biggest tennistournament) held every year in DecemberJanuary.
The tatas have paid Rs.10 crore for the three-
year contract. For the Tatas themselves, it meant more than just
sponsorshipit signaled the beginning of a new era in the Tata
regime.
One of the main reasons for the sponsor of
this event isGlobal event like these provide a great
opportunity to corporates to satisfy their marketing
objectives and cross-promote their brands,
CREATIVE ADVERTISINGTitan introduced a contest on
cartoonnetworkindia.com which invites children to use their
creativity and imagination to design a watch.
The prizewinning design was launched as
a new watch in the Summer 2011 collection and the winner
received the first watch of this collection. The Top 5 won aDash! Watch each and all participants were awarded
certificates.
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TYPE OF ADVERTISING
Titan believes in making its ads clean, well
made, touch an emotional chord, convey the message, havecatchy jungles and make an impact. The use of celebrities,
superstars is not there.
These only ad to the expense packet of the
company and companies only catering to the niche market of the
upper cream like a Rolex or an Omega afford these. Majority of
the people are rational buyers and very rarely get carried awayby celebrity endorsements.
They also know that they will eventually
end up paying for such celebrity endorsement. Rich kids, Young
DINKS (Double income, no kids) and Yuppies may fall for such
ads but not ordinary people. At the end of the day, if your
product or service is not good enough or does not offer value formoney, your advertising will get no where.
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 ona set of parameters that give a measure of the overall
development of the individual in each of the categories
mentioned above and is not solely on sales.
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This program was conceived as an assessment centre
for frontline 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, thatyear 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
PROMOTION:-
1. Advertising
2. Sales promotion
3. Public relation
ADVERTISING MEDIA:
Television media Print media Internet
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TITAN BRAND AMBASSADOR:
Titan Brand: Aamir Khan
Sonata: Mahendra Singh Dhoni
Raga: Gul Panag, Rani Mukherjee
It has appointed MahendraSing Dhoni (himself
belonging to Ranchi) as the brand ambassador of its Sonata
collection to reach out to the rural population.
On the other hand, his counter-part Aamir Khanwas capturing the minds of the urban segments. It brought out
the Aqua, a trendy collection for the youth.
Raga was for the sophisticated Indian woman.
This was a significant move as the women were now more
liberal in the society and the corporate culture was establishing
its roots in India.
The needs of women throughout the nation
were changing and the brand was aimed to cater these very
needs. Dash for the kids. Sonata for the masses and the budget-
conscious. Its brands like Bandhan were aimed towards couples
while EXCTA and SPECTRA towards the common class for
office wear.
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Titan tagline: Be more
Fast track tagline: How many you have?
PUBLIC RELATION
Gift concept Promotion On Occasions Special discounts on festive and marriage seasons
SALES PROMOTION
Sponsorship Seasonality Promotion through Contests Old watch exchange offer to attract custome
DISTRIBUTION
Titans watches were sold in thousands of stores including
company showrooms and exclusive stores. In addition to this
they opened hundreds of service centres to repair watches,
replace batteries or change straps.Titans approach to distribution marked a different example.
They opted to find a way around wholesalers, reaching out to the
retail channels directly.
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Its good to see corporate in India waking up to
the new web 2.0 oriented media space of today, otherwise many
corporate outside the IT vertical usually do not have a clue about
the whole peer-to-peer thingy or have some vaguemisconception about it. On the Indian watch industry, Fastrack
has taken a lead on this front with this and it will be interesting
to see how much benefit they are able to derive out of it.
It Will be good to follow this campaign and review
in say six months again. Corporate globally have been using the
social media, read these corporate blogging case studies, tobenefit for their businesses.
There have been small organizations that have used
the social media as a cost-effective way of competing their rivals
with huge marketing communication budgets. In India, only a
few seem to have gone on this route.
Fastracks initiative is a good start that will
encourage others to follow and identify social media as a good
and low priced source of advertising.
In its silver jubilee year, Titan Industries Limited has
come out with a sterling performance. Sales income for the year2011-12 was Rs.4,703.12 crores, crossing the billion dollar
(US) figure and registering a growth of 22.2% over last year
sales ofRs. 3,847.72 crores. The year startedon a sombre note
against the backdrop of a slowdown worldwide but the recovery
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of the Indian economy and strategic steps taken by Titan
Industries have helped register a historic performance. Profit
before tax for the Company grew by 39.4% to Rs.321.32
crores, while netprofit grew by 57.5% over last year toRs.250.32 crores.
THE WORLD OF TITAN:COLLECTION OF TITAN:
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concentration is on technological leadership. They decided to
manufacture only quartz (analog and digital) and not
mechanicals, and they would set up state-of-the-art plant to
manufacture watches in a wide variety of designs and prices.
STYLES
Titan was first in India to introduce the `style
concept. They projected the watch as a fashion accessory. They
clearly identified that their main competitor was not HMT, butthe gray market. Style is a very evident factor in Titan watches
and is a part and parcel of the company.
Titan products are shapers and not adapters. Over
the years Titan had built a formidable distribution and support
network.
Titans customer orientation was reflected throughtheir advertising campaigns. Whereas HMT called themselves
timekeepers of the nation,Titan tells the masses if you
have the inclination, we have the time.
By providing a lifestyle product Titan not only got
a premium but also convinced consumers to buy multiple
watches.
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MODELS IN PRODUCT LINE
Today titan offers the best and the biggest
range to choose from offering from the scratch to the highestlevel in watches. With offering such a variety of models.
Titan provides variety to the customer and
still is able to segment itself creating not a niche but its ability to
segment takes it a step further in terms of its product offerings.
If offers about 14 different names with about 1000 plus different
varieties with a watch for literally everyone.
EXCLUSIVE PRODUCTS
Today TITAN holds the monopoly, pride to
say that it owns products both within the country and
internationally which no one offer. Its EDGE the slimmestwatch in the world positions the companys product where the
fashionable, the business class, the innovative would got in for
this EDGE since it being unique in the world and the concept of
UNIQUENESS is catching in any business whether it being
construction or clothing.
In the country it offers the Sonata which isthe watch every player would dream to have under his portfolio
for the guarantee the quality the trust the innovativeness every
thing for as low as Rs.495 which is very much acceptable in the
Indian market. This watch can be sold to the first time user, the
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price sensitive user, in the rural markets, as a gift on occasions, a
great time piece, simplicity with style and value. These products
designed with the view of monopoly go a long way to outshine
titan to its competitors.
CORE COMPETENCY
The TITAN core competency is on many
fronts with Quality being the top runner in the list. This is the
area where a Titan beats players hollow. This is for the lowersegment watches like HMT and Maxima.
People when they buy a Titan they know its a
piece of quality and backed up by the Tatas and the companys
strong presence in India rather now the world the watch is one
which creates absolutely no doubt at all for its quality.
In the Higher priced segments Titan is famous
for pioneering innovations with innovations being in the field of
Technology, Style, Uniqueness, and having a market for every
one to offer from steel to gold to diamonds.
The titan Edge a unique creation in the world
only owned by Titan, The Bandhan The Pair the concept firststarted by Titan in Indian, The Nebula Solid Gold Watches
and a list of many more.
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Titans core competency is Quality
delivered at each purchase and this is for the lower segment
watches like HMT and Maxima. When people buy a Titan they
know its a piece of quality and is backed by the Tatas.
Titans innovations in the field of
technology, style, uniqueness and they have a market from steel
to gold to diamonds. Titan Edge is a unique creation in the
world, owned by Titan.
MARKETING-WATCHES
The quartz watch was an entirely new
product for India. Titan decided that it would change the way
watches were marketed in the country. Titans marketing
strategy had five main bases: a product of international
quality, Indian designs, competitive prices, intensive
advertising and promotion, and specialized retail shops
to control the presentation.
Titans ambitious marketing program
aimed at positioning its watches as high quality fashionable
products available in clean and comfortable surroundings, priced
higher than the other watches.
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Titan decided not to compete directly
with mechanical watches from HMT.
They put in place an integrated
marketing mix consisting of attractive designs, high quality
products, sufficient inventory, a logistical support system and a
well timed promotional campaign.
CONCLUSION
Titan chooses to see that its product can survive, rise
and be the product leader. They have achieved a balance
between cost focus and differentiation focus.
They help in providing customers convenience in their
shopping. Titan has its shop in almost all localities so its
feasible for the customers to walk in to the Titan shops at any
time irrespective to the distance.
Titan provides the best quality watches at affordable
price and design. This is the most salient feature of Titan. Titan
concentrates on all economic class of customers there by
achieving maximum customer base.