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Introduction
Titan is the market leader in the Indian watch 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 jewellery. 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 looked at new business opportunities. Titan realized that its watches alone
might not be able to price open the global market. The Company’s diversification into
jewellery was a good gamble. Tanishq was branded and had been set up as an export-
oriented unit to complement the watches division. The company started the manufacture
of jewellery and jewellery watches in 1994. Titan decided to focus on the domestic
market.
By the early 2000’s Titan’s share of the legal watch market had dropped. Despite
these setbacks, Titan started 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 and aerospace
industries where it could leverage its precision engineering skills.
Core Competency
Titan’s 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 it’s
a piece of quality and is backed by the Tata’s. Titan’s 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. Titan’s 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.
Distribution
Titan first launched its quartz range with heavy advertising. The first
advertisement described the titan quartz as the international watch that could be bought in
Indian rupees. Later campaigns also positioned the watch as a gift item, with
advertisements saying: The next time your husband wants to buy you a saree ask him for
a Titan watch. This campaign was an enormous success.
FasTrack, Raga, Sonata, Xylys, Nebula and Flip are sub-brands within Titan
that are aimed at the youth, men, 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”.
FasTrack was positioned as a youth brand. The young Indian racing driver
Narain Karthikeyan was the brand ambassador. The company used focused distribution
supplementing its watch outlets with youth focused outlets like music stores and internet
café’s for FasTrack.
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.
Xylys comes from the House of Titan, is targeting a new generation of achievers
who are looking for symbols to reflect their lifestyle, attitude, moods and beliefs.
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 prices according to the features and 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 are
justified with its important features and style. They are trying to maximize their profits
with the help of different product mix.
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.
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 it’s 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. Also its advertising
strategy is so brilliant that it captures the minds of customers thereby imparting an
emotional thirst and motivating them to buy Titan brands.
REFERENCES
www.titanworld.com
http://www.tata.com/titan/articles/20051011_timing.htm
http://www.icmrindia.org/casestudies/catalogue/Marketing1/MKTA013.htm
http://analyticsbhups.blogspot.com/2007/07/brand-dilution-is-as-important-as-brand.html