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PROJECT REPORT
ON
TITAN INDUSTRIES LTD
SUBMITTED TO
PILLAI COLLEGE OF ARTS, COMMERCE AND SCIENCE
BY
POOJA GOSAI
Roll No.3240
Batch 2012-2013
IN PARTIAL FULFILLMENT OF
BACHELOR OF MANAGEMENT STUDIES (BMS),
UNIVERSITY OF MUMBAI
1
LETTER HEAD OF THE COMPANY
2
DECLARATION
I, Miss. Pooja Gosai hereby declare that this project report is the record of
authentic work carried out by me and has not been submitted to any other University
or Institute for the award of any degree / diploma etc.
Signature
Miss. Pooja Gosai
Date
3
PROJECT REPORT
ON
TITAN INDUSTRIES LTD
BY
POOJA GOSAI
4
CERTIFICATE
This is to certify that Miss. POOJA GOSAI of Pillai College
of Arts, Commerce and Science has successfully completed
the project work titled TITAN INDUSTRIES LTD. in partial
fulfilment of requirement for the completion BMS as
prescribed by the University of Mumbai.
She has worked under my guidance.
Terms of the year 2012-2013.
Professor-in –charge: Mrs. Prerna Sharma.
ACKNOWLEDGEMENT
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For the successful attempt or completion of the project at any level cannot be satisfactorily completed without the contribution, guidance and support of learned people. I am taking this opportunity to express my immense Gratitude to Mrs. Prerna Sharma for her able guidance, constant support and motivation that has encouraged us to come up with this project.
I am also thankful to all other teachers and students who have rendered their whole hearted support at all times for the successful completion of this project.
POOJA GOSAI
INDEX
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S.NO. CONTENT PAGE NO.
1 Declaration
2 Certificate
3 Acknowledgement
5 Executive Summary
6 Introduction
7 Research Methodology
8 Company Profile
9 Data collection, Analysis and Interpretation
10 Conclusion
11 Suggestions and Recommendations
12 Appendices
13 Questionnaire
14 Bibliography and Wibliography
EXECUTIVE SUMMARY
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Many b ra nds and com pan i e s a r e con s t a n t l y r e i n v ig o ra t i ng t he i r bu s ine s s e s
and pos i t i on ing t hem fo r g rowth . The re i s a cons t an t need t o i nnova t e ,
r e i nv igo ra t e , upda t e , recalibrate, or just simply fend off the competition in an effort to
better explain "why buy me."
In this final report of research methods and techniques, this project report begins with an
introduction. Then a Statistical analysis of the gathered data and finding of this project is also the part of the
report. In the end I tried to make some recommendations regarding customer.
In order to accomplish this task, initially research proposal report had been gathered. I applied the
whole research process on to it, starting from the very first step of setting the objectives for my research to
the results obtained. After setting the objectives I have selected a sample. After selecting a sample from
which primary data and the required information were to be extracted. The research instrument used for this
purpose was questionnaire. The whole data has then been analyzed statistically by conducting on a total
survey of 20 questionnaires. In the end, results are represented in the form of pie charts and conclusions
were drawn and finally recommendations were made according to that analysis.
In recent times, consumerism has undergone a sea change. Consumers today are well i n fo rmed
abou t t he p roduc t s , a s compa red t o e a r l i e r t imes . Hence , t he ma rke tp l ace
ha s be come cus tom er cen t r i c . Rec ogn i z in g t he impor t ance o f t he cus tom er s i n t he
bus ine s s structure, companies have started effecting brand repositioning exercises on a regular basis.
In the recent times, a major brand repositioning exercise has been planned by Titan
Industries Ltd. in order to provide more to its customers. The company has first gone
for change in logo and tagline. Then the communication strategy has been revamped to convey
its new position. The present study consists of reviewing the positioning strategies of Titan
brands. An analysis of repositioning strategies of Titan also forms part of the study. The main objective
of the study is to find out whether the loyal consumers of titan brands are aware of the new
positioning strategies of the company and how they perceive them.
Primary and secondary sources of data have been made use of in the study. The first part of the project, i.e., analysis of brand repositioning strategies of Titan Company has been comple t ed on t he
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bas i s o f s econda ry da t a . Fo r t h i s pu rpose , i n t e rne t , j ou rna l s , books , magazines and soon have been made use of. The s econd pa r t o f t he p ro j ec t compr i s e s o f conduc t i ng a su rvey w i th t he he lp o f questionnaire.
The survey is proposed to be conducted on a sample of 50 consumers who are loyal to Titan Company, selected through convenience sampling technique. The questionnaire consists of appropriate mix of open ended and closed ended questions. The data is presented using pie charts and bar diagrams. The conclusion part of the report would provide an insight of consumer awareness regarding brand repositioning strategies and their effectiveness in revamping the brand, TITAN.
INTRODUCTION
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, Goa and manufactures precious jewellery under the Tarnish brand name, making it India's only national jewellery brand. It is a subsidiary of the Tata Group.
Titan Industries is a manufacturing company that produces India's largest and best-known range of personal accessories – watches, jewellery, sunglasses and prescription eye wear. Titan Industries was
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established in 1984 as a joint venture between the Tata group and the Tamil Nadu Industrial Development Corporation. In 4 continents, 40 countries and 1500 cities around the world, there is a new brand to reckon – “Titan “, the new world watch.Established in 1987, titan is a part of the $8 billion Tata group, a diversified business conglomerate with interest in automobiles, steel, information technology, telecommunications, energy, chemicals, hotels, consumer products and tea.
In a short span of 13 years, Titan has clocked global sales of over 38 million watches and emerged as a world’s 6th largest manufacturer brand with sales last year touching 6 million watches. Currently Titan enjoys a nearly 40% share of the domestic quartz market (more than three times the size of its nearest competitor) and close to a 50% share among the nationally recognized brands. Titan represents a unique blend of high-end Japanese technology, legendary European design and renowned Indian craftsmanship. It is a product of an extraordinary cooperation between designers, toolmakers and marketers continents.
The Titan watch plant is a US $70 million state of the art integrated facility, set in 40000 square meters of floor space, and employs over 2500 professionals. A fierce commitment to excellence coupled with some of the most sophisticated manufacturing technologies in the world helps Titan deliver world class products in an incredible variety of designs and styles.
Every Titan is powered by robust movement, tried and tested in the hot and humid conditions of Asia and sold with confidence of a unique one year guarantee and an unmatched two year guarantee on the watch. Titans renowned design skills have helped create an exclusive range of jewellery watches…”TANISHQ”. In India, 35 world-class boutiques exclusively sell Tanishq brand jewellery made by Titan. Product styling, which is truly contemporary matched by superior finish and assured cartage, have helped tanishq establish a leadership position.
Offices in London, Dubai and Singapore and a significant distribution and service base in Europe, Africa, the Middle East, Asia and the Australian drives the company’s business across four continent and forty countries.
It is watches; however that have been Titan’s mainstay and that are perhaps singularly responsible for building Titan industries in to a professionally recognized corporate leader. Titan has been consistently ranked as India’s leading consumer durables marketing company for the past seven year’s (1993-99) by the country’s leading advertising and marketing publication A&M.
Between the years 1994 and 1998, it was also ranked in Asia’s top 200 companies and India’s top 10 by “The Far Eastern Economic Review”. Finally, and perhaps most importantly, the readers of the Economic Times also recently voted Titan India’s most admired brand.
CONSUMER INDUSTRIES
Encompassing everything from dish soap to automobiles, the consumer products industry is a vast empire made up of the multitude of material products available to customers, stretching across dozens of related industries. To get a handle on the market, analysts often divide it into two categories, durable and
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non-durable goods. As the names imply, the former comprises items with (relative) staying power, like cars, home furnishings, jewellery and electronics. The latter category includes more ephemeral merchandise, with a life expectancy of fewer than three years, like clothing, personal care items, and office and cleaning supplies. Others break the industry down into products that are staples and those that are discretionary -- the
difference between what consumers need and what they'd like to have.
WATCHES
Extraordinary things sometimes make such an everlasting impression on some ones personality that it becomes a symbol of grace. Watches are one of them which not only enhance your personality with their luxurious designs but also provide you necessity in style. Watches have full line of quality and stylish men and women of internationally renowned brands also. All these men watches and women watches are designed according to the changing trends of the life as well as according to the taste of different people. Earlier watches were used in keeping time as well as measuring the right direction while sailing or mobilizing in a war. Now the watches have become a symbol of status and luxurious necessity of modern life. Watches play a magnificent role in daily life from ordinary purpose to walking on the moon everyone needs them. The bridge between the years could be crossed only with design innovation, which is among the biggest differentiators for the watch markets. "Watches are accessories. They are driven by technology but they make a lifestyle statement.
TITAN INDUSTRIES
Lord Chesterfield's maxim that if one takes care of the minutes, the hours will take care of themselves, is a motto for Titan Industries, India's premier watchmaker. Committing itself to small, continuous improvements, Titan believes, will ensure big gains.
PROFILE
Titan Industries is India’s leading manufacturer of watches and Jewellery and the world’s sixth largest manufacturer brand of watches. Established in 1984 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation, the company transformed the Indian watch market, offering quartz technology with international Styling, manufactured at its state-of-the-art factory at Hosur, Tamil Nadu. Leveraging its understanding of different segments in the watch market, the company launched a second independent watch brand — Sonata — as a value brand to those seeking to buy functionally styled
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watches at affordable prices. It also entered the segment of premium fashion watches by acquiring a license for global brands such as Tommy Hilfiger. Titan has also diversified into fashion eyewear with its Fastrack Eye Gear sunglasses. Further, Titan leveraged its manufacturing competencies and branched into precision engineering products and machine building in 2003. Titan Industries Limited (TIL) is a dominant player in the Indian branded watch industry.
RESEARCH METHODOLOGY
Gaining knowledge about the product and services offered by titan watches
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Framing a questionnaire for collection of primary data.
Mapping the city’s market for collection of primary information.
Conducting a market survey by taking the responses of the customers around the mapped markets.
Analyzing the data
Sampling method-purposive sampling
Data collection method- primary data collection by preparing a questionnaire.
Secondary data collection through the internet.
COMPANY PROFILE
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The name TITAN is an acronym derived from the names of the promoters. Tata Industries & Tamil Nadu Industrial Development Corp.
Ti t an i s a j o in t ven tu re be tween TATA and Tami l Nadu Indus t r i a l Deve lopmen t Corporation (TIDCO). Titan is in the forefront of the TATA value system of creating w e a l t h f o r t h e n a t i o n a n d e a r n i n g t h e r e s p e c t o f a l l t h e s t a k e h o l d e r s a n d t h e community at large through excellence in every aspect of the business and individual con duc t s . Se t up i n 1985 w i th an i n i t i a l p l anned ann ua l c apa c i t y o f two mi l l i o n wa t che s , t he company t oday p roduce s ove r 6 m i l l i o n wa t che s annua l l y and ha s successfully diversified into previous jewellery and premium clocks. The company is a cc l a imed t o be a v i s i ona ry i n t he wa t ch i ndus t ry and i s pe rhaps one o f t he f ew profitable watch businesses in this part of the globe. The company has passionately pursued the business excellence model based on the Malcolm Baldridge Criterion and is assessed to be the second best in the group behind TISCO.
Brands for Titan
The main brands that have reigned on the Indian market for Titan over the years are:
• EDGE
Through cutting edge watch-making technology and four years of research and deve lopmen t , T i t an ha s c r ea t ed s ensa t i on by coming up w i th t he wor ld ' s slimmest wristwatch "Titan Edge" of just 3.5 mm in thickness and a wafer thin movement of 1.15 mm.
• NEBULA
The Trousseau Collection of expensive jewellery watches for women from Titan bear intricately carved designs in paisley and floral patterns. Watches may also have pearl dials, or studded with 16 diamonds, or deftly crafted in solid Gold of 10 carats.
• FASTRACK
Th i s r ange ha s become the obse s s ions o f t he Ind i an you th , f o r t he i r d ig i t a l technology, trendy shapes, and casual and sporty designs.
• RAGA
The watches in this collection are exclusively for women, whose gold, steel and bicolor looks with leather bands or metallic bracelets signify feminine grace and substance.
• REGALIA
The exclusive range of watches in gold and steel are meant for social occasions
• BANDHAN
The collection in gold that is solely available in pairs, has been a 'must buy' for weddings
• FLIP
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The favourite among professionals, the watches enable their owners to switch from
sporty to corporate look or between professional and personal occasions with a "flip" of the dial.
• SONATA
The w ide co l l e c t i on t ha t i nc ludes 400 mode l s o f wa t ches i s de s igned fo r cus tomer s , who l ook fo r a m ix be tween du rab i l i t y and a f fo rdab i l i t y . These wrist-gears are water resistant (for up to 30 meters) and come in metallic and a host of other cases with a guarantee of 1 year.
• XYLYS
The co l l e c t i on added was ano the r f e a the r i n T i t an ' s c ap t ha t cons i s t ed o f a premium selection of watches that are the result of exquisite craftsmanship.T h e c o l l e c t i o n w a s c r e a t e d b y T i t a n ' s d e s i g n a d v i s o r M i c h a e l F o l e y i n collaboration with renowned Swiss designer Laurent Rufenacht.
• OCTANE
Launched in early 2008, this chronograph collection for men comes in steel- a n d -c h r o m e w i t h a c h o i c e o f e y e - c a t c h i n g d i a l s t h a t c o m p l e m e n t a t r u e metrosexual.
And in 2008, the brand has collections like the Octane, Diva, WWF and Zoop – each of them unique and fascinating.
The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling, manufactured in a state-of-the-art factory at Hosur, Tamil Nadu. In 1995, the company diversified into j e w e l l e r y u n d e r t h e b r a n d T a n i s h q t o c a p i t a l i s e o n a f r a g m e n t e d m a r k e t operating with no brands in urban cities.
In 2005, the company launched its s econd j ewe l l e ry b r and , Go ld P lu s , t o c ap i t a l i s e on oppo r tun i t i e s i n sma l l towns and rural India. The company has now entered into eye wear, launching Fastrack eye-gear sunglasses and prescription eye wear.
Tata:
The house of Tata’s – The largest private sector group in India. The people who have made t he mos t s i gn i f i c an t con t r i bu t i on t o Ind i a ’ s i ndus t r i a l i z a t i on and progress in the 20th century through their involvement in the diverse industry. According to the marketing white book 2005, the size of retail is as high as85%. Within the organized retail sector, clothing and textile dominate with a 36%share followed by watches and jewellery, which has a 17% market share.
TITAN MAIN PRODUCTS:
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Titan Industries, best known as India's pioneering manufacturer of quartz watches, has also etched a niche for itself in some of the most competitive spaces in the fashion industry such as jewellery and eyewear. Precision engineering is another area of specialization that Titan Industries is proud of.
Watches:
Titan currently has four main watch brands. The premium brands are Titan and Xylys — a Swiss made watch designed to attract the high end market segment.
The c o m p a n y h a s l a u n c h e d t w o s u b b r a n d s u n d e r t h e T i t a n u m b r e l l a . T i t a n E d g e incorporates the world's slimmest watch movement and Titan Raga is a brand aimed at women . Apa r t f r om the se , t he o the r o f f e r i ngs a r e He r i t age , Wa l l S t r ee t , Rega l i a , Av i a to r and t he p r emium b rand Nebu l a , wh i ch i s c r a f t ed w i th go ld and p r ec ious stones. Sonata is India's largest selling watch brand. Fastrack focuses on youth and trendy fashions. The company also markets Tommy Hilfiger and Hugo Boss under licensing arrangements. The company has more than 200 exclusive showrooms, christened 'World of Titan', across 112 cities, making it one of the largest chains in its category. Its watches are sold through over 12,000 outlets in over 2,500 cities and are available in over 30countries, primarily in the Middle East and the Asia Pacific regions. Titan's after sales s e r v i c e i s a b e n c h m a r k e d o p e r a t i o n , w i t h a n e t w o r k o f 7 5 0 s e r v i c e c e n t r e s a n d amongst the world's fastest turnaround times. The company has a world-class design studio for watches and accessories.
The four main watch brands include Titan for the mid-premium segment, Fastrack focused on the youth and trendy fashion space, Sonata for the mass market and Xylys for the premium market. The Titan brand architecture comprises several sub-brands: Titan Edge, Titan Raga, Nebula and several other collections like Wall Street, Heritage, Regalia, and the Aviator series. The company manufactures over 12 million watches per annum and has a customer ba se o f ove r 100 mi l l i on . Today , t he T i t an po r t fo l i o ha s ove r 60 pe r c en t o f t he domes t i c ma rke t sha r e i n t he o rgan i zed wa t ch marke t . Wa tches a r e so ld t h rough exclusive 'World of Titan' showrooms and at 12,000 outlets in more than 2,500 cities in India and internationally in over 30 countries, primarily in the Middle-East and Asia Pacific. Its after-sales-service is itself a
Benchmarked operation with service centres and amongst the world’s fastest turnaround times. The company has a world-class design studio for designing watches and accessories.
o Being the world's fifth largest integrated watch manufacturer, Titan Industries has created and sold more than a 100 million pieces the world over.
o With a production rate of over 12 million watches per annum and a customer base of over 100 million, Titan Industries owns manufacturing and assembly operation centres in Hosur in Karnataka, Dehradun, Roorkee and Pant Nagar in Uttaranchal, Baddi in Himachal Pradesh, and an Electronic Circuit Boards (ECB) plant in Goa.
o Capturing the important market segments and the changing fashion trends, Titan Industries has brought forth four core watch brands:
Titan is designed for the mid-premium segment Fastrack is crafted to fit the trendy fashion space with a focus on the youth. Sonata is created for the mass market and has emerged as India’s largest selling watch
brand Xylys is fashioned for the premium market, aiming at the high-end connoisseur and
new-age achiever16
o The Titan brand architecture comprises several sub-brands, each of which is a market leader in own space. Notable among them are: Titan Edge, Titan Raga, Nebula, Heritage and several other collections like WWF, Zoop, Orion, Purple, Obaku, Automatic and the HTSE series.
o The Titan portfolio owns over 60% of the domestic market share in the organized watch market.o Titan Industries’ pride possession, a world-class design studio for watches and accessories, is the
place where some of the most coveted creations have been conceptualized.o Exclusive World of Titan and Fastrack showrooms and over 12,000 outlets in more than 2,554 cities
in India make these much-sought-after watches available to the buyers. The watches are also offered internationally in 30 countries, with a special focus on the Middle East and Asia Pacific regions. The after-sales service, a benchmarked operation with a large network of exclusive service centres spread across the country, is one of the operation units with the fastest turnaround time in the world.
o 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.
o 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 colours. 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.
Titan Edge - At 1.15 mm, it's the slimmest watch in the world. Edge is loved by customers and award committees alike.
Braille Watch - An expression of independence and self-empowerment for the visually challenged, packaged in an exquisitely designed case.
HTSE Watches - An alchemy of technology and design, these watches are recharged with light as feeble as the flicker of a candle or the glow from your mobile phone screen.
Titan manufactures two main brands viz. Titan for the premium segment and Sonata for the below-$25 category. The Titan brand architecture comprises several brands, each of which is a leader in its segment. Notable among them are:
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•Titan Edge – the world’s slimmest watch.
•Nebula – in solid gold and precious stones; the Gold and Steel collection.
•Flip – India’s first and only reversible watch with two movements and dial faces.
•Fastrack -In the sporty casual category.
•Raga - Raga 9 to 5 – for the woman achiever.
•Xylys - It is targeted at new generation achievers
•Dash- Children's watch targeting the age groups of 6-14
Images Fashion Forum adjudged Titan ‘Most Admired Brand’ as well as ‘Retailer of the Year’. Titan retained it ranking as the 'No 1 Brand' in the Brand Equity Survey, in the Consumer durables category.
Titan Raga
Titan Raga, a brand, which deals exclusively in women’s watches, has Chosen Rani Mukherjee as their brand ambassador. She promotes the Exquisite collection of women’s watches in TV, print and outdoor ads. The brand intends to launch 50 new designs, which will be priced at an average of Rs 1500-5000. Titan Raga wants to promote a range of watches that will be affordable to middle class women. The brand wishes to promote Indianess, sensuality, beauty and feminity and Rani Mukherjee embodies all these qualities. Titan is a major holder in the watch market and their Raga brand contributes to their sales in a big way, hence they intend to go all out in their promotion for the Raga brand. They have come up with a new strategy for Raga, which includes a new brand ambassador, a new campaign and a huge number of new products.
Fast track
Fast Track is a different kettle of fish. This range is broadly aimed at young Indians looking for watches that are fashionable and stylish. Vying for attention between the usual array of dignified, restrained steel and gold watches is an eye-catching display of trendy, young time pieces. The riot of colours belongs to Titan's youth brand, Fast track, and it's been carefully crafted to draw all eyes to it. Titan released television commercials for Fast track, the first in 18 months, and planned extensive activities at college functions and other youth-centric activities. The ageing of the target customer was important."The brand extension was a carefully thought-out exercise, based on in-house research by Titan. Cell phones, deodorants, sports shoes, sunglasses and handbags were most popular accessories for youngsters. While successful in its own right, the brand extension has also helped the cause of the mother brand, helping Fast track gain more visibility and creating more distribution options.Earlier, Fast track was known for its steely look, emphasizing that it was sturdy and long-lasting. But the company's research shows that young consumers --as disposable
Incomes in the hands of the young increases, Fast track is again positioning itself as a college goer's brand -- have other things on their minds, like plastic and bright colours. They promote fast track by keeping · Low prices i.e. at Rs 500 Marketing for the Masala series included sponsorships of college festivals, youth events, contests and co-branded products and promotions.
Xylys 18
Xylys is Titan's latest watch collection. Titan aims to bring about a redefinition of sorts in the premium watch segment with Xylys. It is targeted at new generation achievers who go beyond the obvious, who know who they are and set their own standards and live by their own values. It is a style statement for those who stand apart from the crowd. Xylys has been created in collaboration with renowned Swiss designer Laurent Rufenacht and Titan's own design advisor Michael Foley. It is manufactured in a state-of-the-art factory in Switzerland, which is backed by a heritage of 80 years in the art of Swiss watch making with all its intricate trappings of exquisite craftsmanship and impeccable detailing. Actor Rahul Bose, international supermodel Saira Mohan and tennis star Carlos Moya are the three brand ambassadors of Xylys.
Sonata
Titan launched Sonata last year as independent of the Titan brand. Sonata was launched not only as a challenge to Timex and HMT, but also to the grey market and the small players who cater to the price-conscious consumer. Sonata's pricing ranges reasonably, between Rs 350-to-1,150. Sonata watches are available in smart plastic, all-weather leather, hardy stainless steel and elegant gold plated-straps. All watches are water and shock-resistant and carry a one year guarantee.
The company’s Sonata range is targeted at rural customers, and is part of a strategy where the alignment of price and reliability are crucial. The range costs between Rs 495 and Rs 1,200, has showrooms exclusively for it, and is sold mainly in small-town India. Sonata was positioned as a brand for the unconventional achiever - for those who want to make a unique impression. They believed Dhoni's endorsement of Sonata would go a long way towards establishing the new communication platform for the brand. They were confident that this association will help them in further strengthening the connection between the brand and their target consumers. Dhoni would play a key role in the brand and product communication on television as well as in print and outdoor media. He would also feature in various promotions and merchandise that have been planned for it.
Jewellery:
Tanishq is India's largest jewellery brand, offering a range of gold and platinum jewellery, embellished with precious stones. It is available in more than hundred specialty boutiques in 71 cities across the country. The new brand `Gold Plus' is a retail offering for the mass market, selling plain gold jewellery in more than 20 cities. The jewellery division has an exclusive design studio. Tan i shq i s I nd i a ’ s l a rge s t , f a s t e s t g rowing j ewe l l e ry b r and w i th a premium range of gold jewellery studded with diamonds or colored gems, and a wide range in 22kt pure gold and platinum jewellery. Gold Plus is the recent retail plain gold jewellery offering for the mass market. The jewellery division has its own design. Following the suit of time products, Titan Industries’ Tanishq has been India’s largest, fastest growing and most popular jewellery brand.
Tanishq offers a premium range of innovatively created gold jewellery with an aesthetic use of diamonds and precious, semi-precious stones in various hues. Arresting designs in 22kt pure gold as well as platinum are among the most admired products on the company’s list. Gold Plus the recent retail plain gold jewellery offering is specifically created for semi urban and rural Indian market. The brand offers gold jewellery, as well as unique designs crafted with diamonds, American diamonds and other precious stones.
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Titan Industries boasts of over 129 Tanishq boutiques, 2 Zoya stores and 32 Gold Plus stores in India. The enchanting jewellery patterns that are part of these brands originate in the well-equipped exclusive jewellery design studio of Titan Industries.
Tanishq Titan’s flagship line of jewellery is today a resounding success with discerning customers. It has performed exceedingly well and has set standards, in what could best be described as a largely unorganised and unscrupulous jewellery market. The growth of the brand has once again been a testament to our customer focus. Tanishq is today a hallmark of trust, an island of purity. It is a certified division under the ISO 9001:2000 Quality Management System Standards. Established to addresses the urban market, its growth has transformed Titan into the largest integrated jewellery manufacturer and outsourcing company of India.
Tanishq is India's fastest growing jewellery brand with a premium range of jewellery, studded with diamonds or coloured gems in 18-karat gold, 22-karat pure gold and platinum jewellery. We are now one of India's largest speciality retailers and are transforming India’s jewellery market with a pan - India presence. Titan felt a need and created a means to offer elegant gold jewellery to smaller towns and rural markets. The recent launch of a retail initiative - Gold plus caters to the need. Both brands contributed to over Rs.450 million USD, and are still flourishing. Truly a phenomenon in itself, Tanishq is our pioneering Indian brand storming a market of over 400,000 independent jewellers. The brand is evolving faster than the market and is either leading or closing gaps between competitors in urban markets where we have a presence. The trust connotations that the Tata - Titan association evokes, never fails to attract increasing numbers of jewellery seekers to the fledgling designer brand. Titan ensures that they are spoilt for choice, transparency and a great shopping experience with Tanishq, the jewel of its crown.
Tanishq is a trustworthy, popular jewellery brand from India’s largest integrated jewellery manufacturer. Zoya, by Tanishq is a chain of luxury jewellery boutiques which targets elite, discerning ladies seeking designer wear of international standards. Zoya is a best-in-class shopping experience. Stores offer exquisite, artistically styled masterpieces, studded in diamonds, apart from traditional, fusion polki and kundan jewellery. There are magnificent designs to choose from, all in ultra-premium luxury, these outlets showcase luxury unsurpassed. Zoya creations are world-class in terms of quality and have been crafted in India and abroad. It boasts the finest quality in India and is on par with the best in the world. Zoya stores are located in GK I, M Block - Delhi and Warden Road - Mumbai.
Eye wear:-
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Eye+ is Titan's new division, selling Fastrack sunglasses and a range of prescription eyewear — frames, lenses, sunglasses, accessories and contact lenses.
Titan Eye+ retails sunglasses under the Fastrack brand and prescription eye wear consisting of frames, lenses, sunglasses, accessories and contact lenses of its in-house brands and other premium brands.
Titan Eye+ of Titan Industries offers sunglasses under its Fastrack brand. Prescription eyewear such as lenses and contact lenses is also part of the range. Titan Eye+ offers frames, sunglasses, and accessories of Titan Industries’ in-house brands as well as other premium brands.
Titan Eye+, the third major venture of consumer business by Titan Industries, launched into the organized eyewear segment in March 2007. Titan Eye Plus offers Indian consumers a world class optical retail experience through products which showcase the best in contemporary design & style, coupled with optical expertise guaranteed thanks to the technical collaboration with Sankara Nethralaya, India’s premier eye care institute. Benchmarked against the best in the world, Titan Eye Plus has redefined the way the organized optical retail market in India operates through pioneering concepts such as the open ‘touch-feel-browse’ format, complete transparency in pricing, ‘Style Sections’ , free insurance on spectacles etc. All of this is backed by the high levels of quality & trust that customers have come to expect from the House of Tata and Titan Industries Limited in particular.
Precision Engineering:
This unit supplies precision components to the avionics and the automotive industry. It also manufactures dashboard clocks as original equipment manufacturer (OEM) to car manufacturers in Europe and America. The division also provides fully integrated automation solutions.
The Company’s Precision Engineering Division supplies precision components to the aviation and automotive industries. It also manufactures dashboard clocks as OEM to car manufacturers in Europe and America, and provides fully integrated automation solutions. This division is certified under AS 9100B for the aerospace segment, TS 16949 for the automotive segment and the coveted FordQ1 status – the highest possible supplier recognition from Ford.
The Precision Engineering division of Titan Industries supplies precision components to the aviation and the automotive industry. As an Original Equipment Manufacturer (OEM), the company makes dashboard clocks for car manufacturers in Europe and America.
Equipped with best certifications such as AS 9100B for the aerospace segment, TS 16949 for the automotive segment and the coveted Ford Q1 status - the highest supplier recognition from Ford – Titan Industries also offers fully integrated automation solutions. Precision Engineering Division of Titan was
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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 moulded 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 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.
BRAND ACTIVITIES
Understanding the Indian consumer's psyche has been vital to Titan reaching its current position of strength.
The Company today has a model for every price segment and every market, urban and rural, regional and international.
It is the rural segment within this diverse market that Titan is now looking to tap. The company’s key to success is getting into the rural market on a larger scale.
For its many customers Titan has Tata Signet, a 1, 36,000-member club that looks to build relationships through rewards, regular discounts and special offers. Customers can also count on a service-centre network that’s 550-strong and spread over 30-odd cities and towns across the country.
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The service centres have been deliberately kept apart from Titan’s showrooms. The business is different and the customer is in two different moods at the two places.
Titan is also evaluating the potential to launch a brand priced at Rs 10,000 and above, which offers the ``consumers a set of values distinct from Titan and competitive in that space they know that they can’t fight global brands in image and stature. So they are focused on fashion and style with international quality.
The Company has made efforts to ensure that it is present in all product segments, and has thus shifted its growth strategy from equipment and manpower addition to increased production through fresh ideas and greater operating efficiency by adopting the best practices followed globally.
It has started company-owned customer care centres apart from authorised franchisee service points across the country.
It’s after sales service is itself a benchmarked operation with a network of over 616 service centres and has one of the world’s fastest turnaround times.
The franchisee is a critical cog in Titan’s retail matrix. The company organises various programmes for franchisees, their managers and customer relationship officers. These include training workshops and seminars on market trends, visual merchandising, store operations and maintenance, and customer service initiatives.
COMMUNICATION TECHNIQUES
Tweaking the tunes
Ad agencies are modifying jingles to reflect the brand personality and the mood of the communication. The Titan signature tune - from Mozart's Fifth Symphony - quickly became something of an `earworm': the tune stayed in people's heads, and everyone hummed along when the tune appeared. Today, the Titan tune composed by A.R. Rahman is among the most popular mobile ringtones. Given our inherent love for music, jingles have been used by advertisers to sell everything from detergents to desktops. But ad agencies have begun to have fun with jingles, while also making a serious effort to tie them to the branding. While any communication is a `multi-sensory stimulus' comprising audio and visual elements, the audio part essentially enhances the visual element of the communication. Therefore, its form changes with time, but it is even more of a constant, and even more intrinsically linked to the brand than the visual element, and so there is a need to keep it relevant. It shows that a switch to a different musical style makes an ad more distinct, and changing the tempo or the pace of the music helps catch the attention of the consumer. The tune has been used in different ways: for example, in the `gifting' commercials, the music only begins to play at the
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moment the person - daughter, parent or wife - realises he or she has been gifted a Titan. The tune is so well-known, that when Titan celebrated the milestone of 50 million watches in January this year, consumers could walk into Titan watch showrooms or call in radio stations and hum the tune and win a watch.
Visual Merchandising
Titan, which has retail outlets in 170 locations, has to keep engaging in clever visual merchandising (VM) to ensure excitement and freshness of the product. Flashing back in 1987 watches as a category was need driven. Retail outlets were very small and extremely poor presentation of point of purchase (POP) merchandise. Today, although is a different scenario. Customers of today are driven by desire and latest trends. Stores have become a lot more glamorous. In the current day and age, VM will become increasingly significant with more and more international design trends entering the Indian market. Titan also changes its positioning and evolved from 'Titan' to 'The World of Titan' which averred made a world of a difference. Another point in note for store design specifically was that what was correct today might not be relevant tomorrow. Also, showing less did not mean selling less. Clusters of product are a definite no-no. On the display window, it is essential only to showcase a few and the rest to be displayed on the counter. VM in India is going to be the link between brand communication and the product
TITANS ADVERTISING TECHNIQUES: Titan only made people wear sleek watches who were used to wearing watches that looked like tawas earlier. The customer suddenly discovered he could actually buy his Titan watch in a relaxed and friendly ambience; one that he had been hitherto unaccustomed to. The customer also discovered the power of advertising. So much so that he would actually carry the ad with the model number and shape of the watch he desired, to show the sales person at the showroom. Titan had a dream run for several years. Its spirit of innovation guided its fortunes. It pioneered the concept of gifting watches. People gifted watches and only watches to parents, spouses, girlfriends, boyfriends and children. The brand was the market leader by far, and dominated the category. People got used to the stylish faces and looks of the Titan watch. Everybody seemed to possess at least one. People seemed to be travelling more often than not and were exposed to cheaper, and in some cases, better-looking, watches.
Titan launches off-season discount scheme
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With a view to riding out the impact of the off-season due to the monsoon, watchmaker Titan Industries Ltd is launching a hefty discount scheme for its watches during monsoon season. The scheme has been structured in such a way that higher the value of watches purchased, greater would be the savings. The scheme would be in operation across the country. Explaining the logic behind the discount structure, the company has introduced a multi-tier discount scheme for the off-season. The discount offer was not applicable on its premium brands - Xylys, the Swiss-made watch offered by Titan and Nebula, the 18k gold watches that have a different gift scheme.
PROMOTIONAL ACTIVITIES
Titan Raga, a brand, which deals exclusively in women’s watches, has Chosen Rani Mukherjee as their brand ambassador. She promotes the Exquisite collection of women’s watches in TV, print and outdoor ads.
Titan Raga wants to promote a range of watches that will be affordable to middle class women. The brand wishes to promote Indianess, sensuality, beauty and feminity and Rani Mukherjee embodies all these qualities.
Titan released television commercials for Fast track, the first in 18 months, and planned extensive activities at college functions and other youth-centric activities.
Titan promotes fast track by keeping · Low prices i.e. at Rs 500
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· Marketing for the Masala series included sponsorships of college festivals, youth events, contests and co-branded products and promotions.
One of the promotional strategies adopted by Titan Xylys was to endorse Actor Rahul Bose, international supermodel Saira Mohan and tennis star Carlos Moya as their three brand ambassadors.
Titan believed Dhoni's endorsement of Sonata would go a long way towards establishing the new communication platform for the brand. They were confident that this association will help them in further strengthening the connection between the brand and their target consumers. Dhoni would play a key role in the brand and product communication on television as well as in print and outdoor media. He would also feature in various promotions and merchandise that have been planned for it.
Titan, besides the franchisees and its own showrooms, it also sells its products through other outlets. Among them are the Time Zone stores, which stock all the leading brands, and the Value Mart outlets, which operate in Bangalore and Chennai and sell surplus-to-export watches at a discount.
TITANS STRATEGIES
In October 2004, Titan Industries Ltd. (TIL), a leading manufacturer and marketer of watches, jewellery, eyewear, and other lifestyle products, appointed Aamir Khan (Aamir) as the brand ambassador for its Titan range of watches. The company decided to use Aamir in brand and product communication on television and in the print and outdoor media.
TIL hoped to promote the latest trends in the industry. The idea was to make watches that would be seen as style and fashion accessories rather than just utilitarian devices.
Titan captures the single-minded objective of increasing the style quotient of watches amongst grooming accessories.
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Titan offered consumers quality products that blended classy designs with superior technology; it became a byword for success stories.
Outstanding service, a wide variety of models, and effective marketing has helped Titan consolidate its early gains, to the point where the company is a force to be reckoned with beyond Indian shores.
Understanding the Indian consumer's psyche has been vital to Titan reaching its current position of strength.
The company today has a model for every price segment and every market, urban and rural, regional and international .Titan’s mother brands Nebula, which comes draped in 18-carat gold; the exclusive Insignia; and Raga, which has been designed exclusively for women. Titan’s focus has always been on India.
It is the rural segment within this diverse market that Titan is now looking to tap. The company’s key to success is getting into the rural market on a larger scale.
The Company’s Sonata range is targeted at rural customers, and is part of a strategy where the alignment of price and reliability are crucial. The range costs between Rs 495 and Rs 1,200, has showrooms exclusively for it, and is sold mainly in small-town India.
Fast Track is a different kettle of fish. This range is broadly aimed at young Indians looking for watches that are fashionable and stylish.
Dash, a range that Titan launched for children. Introduced in early 2000, Dash is priced low, but it hasn’t sold too well. The company plans to change that with enhanced advertising and a different marketing strategy.
Titan had also planned extensive ad campaign during the year for the different brands of watches. The ad spend, would go up from Rs. 70 crore last year to Rs. 100 crore with watches going up from Rs. 50 crore to Rs. 70 crore.
The Titan umbrella brand had mapped out the marketing strategy for its different sub-brands — Raga (for women), Fastrack (youth) and Tommy Hilfiger (high-end), besides Sonata, the second brand of the company. These products, commanded a share of 50 per cent of the organized market. Of the Rs.1135 crore revenue, exports were Rs. 80 crore and it was a "significantly" growing market.
Titan has come up with a new strategy for Raga, which includes a new brand ambassador, a new campaign and a huge number of new products.
The Company has made efforts to ensure that it is present in all product segments, and has thus shifted its growth strategy from equipment and manpower addition to increased production through fresh ideas and greater operating efficiency by adopting the best practices followed globally.
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Titan Industries joins MTV
Titan Industries joins MTV to launch trendy unisex watches, which Maps out marketing strategy for sub-brands ENTICING YOUTH. Titan Industries in association with MTV launched the "masala collection" — ten trendy unisex watches, all priced at Rs. 500 each. Titan Industries is looking at a modest Rs. 50 crore this year from the sale of its re-launched Fastrack collection. This would take Fastrack’s share from five per cent to nine per cent in the overall revenues of Titan. The strategy was simple — price positioning and different distribution network, away from the traditional selling points. The points of sale would be youth hangouts such as malls and cafes where the company planned to set up kiosks and promotional activities. The move was clear-cut as "impulse" was the driving point for purchases made by the youth. These watches have been conceptualized and designed by Titan Design studio and endorsed and promoted by MTV. The brand also revealed a new logo, which signifies the spirit of bonding among today's youth.
MARKETING RESEARCH
Research reveals some interesting facts and figures about this heterogeneous market. The Indian market is estimated at 25 million watches a year, with 50 per cent being sold by the organised sector. Titan is the runaway market leader, with domestic sales of 6 million watches a year. There are 190 million watch-owning Indians; between them they own about 210 million watches. Urban India accounts for 120 million of these watches and 90 million are on rural wrists. More men than women own watches in India, and more working women than housewives own watches.
COMPETITORS ACTIVITIES
The Timex Corporation is a privately owned company headquartered in Middlebury, Connecticut, USA with affiliate offices located throughout North America, South America, Europe, and Asia. For over 150 years, Timex has been providing innovative, well-designed, affordable, and reliable timepieces. With hundreds of styles among its Fashion, Sports, Outdoor and Youth lines, Timex is the largest selling watch brand in America and has sold more than one-billion watches worldwide. Brand Timex is well-known in India for its sporty, techie and fashionable watches
Titans average purchase value has had a comfortable lead over rival brands such as Timex and HMT. The average value of a Titan watch sold is Rs 1,100, while that of Timex and HMT is Rs 700 and Rs 550 respectively. Interestingly, Timex claims that its average purchase value has climbed steadily to Rs 1,050 from Rs 650 two years ago. There will be some upward movement in the case of Timex mainly because of its shift in focus to the segment priced above Rs 1,000. Until last year, Timex in India was seen largely as a player in the mass market, where watches are priced below Rs 1,000, and addressed to budget conscious buyers. The brand recently revamped its portfolio, aiming for a major push in the price bracket of Rs 1,000 to Rs 5,000. Two years ago, about 90 per cent of Timex’s sales in India came from the mass market. Now,
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we sell 62 per cent of our volumes below Rs 1,000, 35 per cent between Rs 1,000 to Rs 3,500 and three per cent above Rs 3,500. We expect volumes in the Rs 1,000 to Rs 3,500 bracket to be the mainstay of our business in the years ahead.
Timex claims to be present in 5,000 odd retail points, which include 27 exclusive showrooms. The brand is poised for an aggressive expansion by foraying into non-traditional outlets and expects to add another 300 retail points through this route before the current year ends.
Timex made a conscious effort to launch products that met the needs of the younger generation at prices that they could easily afford.
Location
Headquartered in Bangalore, India, the company has manufacturing and assembly operations at Hosur, Dehradun, Roorkee, and Baddi in Himachal Pradesh, Banth nagar and an ECB plant in Goa. Titan Industries is the organization that brought about a paradigm shift in the Indian watch market when it introduced its futuristic quartz technology, complemented by international styling. With India's two most recognised and loved brands Titan and Tanishq to its credit, Titan Industries is the fifth largest integrated watch manufacturer in the world. The success story began in 1984 with a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. Presenting Titan quartz watches that sported an international look, Titan Industries transformed the Indian watch market. After Sonata, a value brand of functionally styled watches at affordable prices, Titan Industries reached out to the youth segment with Fastrack, its third Brand, trendy and chic. The company has sold 100 million watches world over and manufactures 12 million watches every year. With a license for premium fashion watches of global brands, Titan industries repeated its pioneering act and brought international brands into Indian market. Tommy Hilfiger and Hugo boss, as well as the Swiss made watch- Xylys owe their presence in Indian market to Titan Industries. Titan Industries has leveraged its manufacturing competencies and branched i n to p r ec i s i on eng inee r i ng componen t s and sub a s semb l i e s , mach ine bu i l d ing and automation solutions, tooling solutions and electronic sub-assemblies in 2002. Titan Industries has also made its foray into prescription eyewear, launching the Titan Eye+ chain of world class optical stores in 2007.W i t h o v e r 5 0 0 r e t a i l s t o r e s a c r o s s a c a r p e t a r e a o f 6 , 6 0 , 0 0 0 s q . f t , T i t a n Industries has emerged as India’s largest retail network. The company has over 290exc lu s ive ‘Wor ld o f T i t an ' , He l i o s and Fas t r ack showrooms and 745 a f t e r - s a l e s -service centres. Titan Industries is also the largest jewellery retailer in India with over 140 Tanishq boutiques, Zoya and Gold Plus stores and over 75 Titan Eye+ stores. Backed by over 4,300 employees, two exclusive design studios for watches and jewellery, over five manufacturing units, and innumerable admirer’s world over, Titan Industries continues to grow and sets new standards for innovation and quality. The organization is all geared to repeat the Titan and Tanishq success story with each new offering.
In Titan Industries,
The employees are classified into two categories:
•E-level-1021 employees•L-level-422 employees
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•Trainees-17•Shop floor (temporary)-317•Other than shop floor (temporary)-276
Process Adopted At Titan Watches:
Titan produces stainless steel, brass watch cases by cold forging and machining operations. Watch movements produced by titan are from highest class of precision technology adopted by world renowned watch manufacturing in most of the areas automatic and semi-automatic machinery’s are used for mass production. It is worth mentioning that the tool room is equipped with state of the artm a c h i n e r y ’ s w h i c h c a n p r o d u c e m i c r o n a c c u r a t e p r e c e s s i o n t o o l i n g f o r w a t c h movement and case manufacturing.
Under Watch Division:
The wa t ch d iv i s i on i s t he mo the r conce rn fo r t he ove ra l l t i t an g roup o f industries. At present the watch division consists of young and energetic male and female employees 1798 and 387 respectively. Apart from 31 trainees who are engaged in various multi skilled operators in different areas like manufacturing or watch case components, module and watch assembly.
MAJOR COMPETITOR:
Domestic Level:
HMT
Maxima-quartz
Rado
Casio
International level:
Espirt
Swatch
Citizen
Tag heuer30
Seiko
Cartier
Giordano
Fashion Houses:
Gucci
Adidas
Nike
Among all these competitors, Maxima-quartz and HMT are major players .The strength and weakness of the companies varies from segment to segment.
Maxima-quartz:
Strength: hitting hard at mid-price market. Weakness: lagging behind because of quality compared to Titan.
HMT:
Strength: turnover is very high because of low price (average price for Titan is Rs.1100 while the price for HMT is Rs.550).
Weakness: the quality, attractiveness, varieties are less compared to Titan Industry.
1. State-owned watch maker, HMT, compete in the domestic market after almost a decade.2. International player like Espirit, Swatch and Citizen compete in the mid-price segment and also trying to enter in the domestic market.3. Timex also making a spiritual comeback by capturing the mid-price segment.
Expectation from the competitor:
As we a l l know tha t ma rke t i ng mix i s ba s i ca l l y cons i s t o f 4 p ’ s i . e . p r i c e , product, place and promotion.
Price:
Advantage:Competitor of mid-price segment will capture the whole market.
Disadvantage:Competitor of premium price segment will enjoy the more market.
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Product:
Advantage:Increased in the quality will increase the cost which will give benefit to the competitor.Disadvantage:Quality decrease will help competitor to capture the whole market.
Place:
Advantage:M o r e n u m b e r o f p l a c e s o f o p e r a t i o n w i l l m a k e t h e competitor week.Disadvantage:Less number of places of operation wills leads to wipe-out from the market.
Promotion:
Advantage:Inc r ea se i n s a l e s p romot ion w i l l a f f ec t more marke t share.Disadvantage:D e c r e a s e i n s a l e s p r o m o t i o n g i v e b e n e f i t t o t h e competitor.
Market share of the Competitor in Domestic Market
HMT 19%
Maxima 13%
Rado 7%
Casio 3%
VISION MISSION STATEMENT:
I . V i s i o n s t a t e m e n t
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a) Vision:
To be innovative world class, contemporary and build India’s most desirable brands.
b) Customer focus:
Titan passionate about understanding customer needs and expectation delighting customer is therefore a nature outcome.
c) Creativity and innovation:
They were ideas company creativity and innovations are lifeblood.
d) Performance culture and team work:
They dare to dream big and work together to realize it. High performance is a way of life with them.
e) Quality:
They will attain and maintain excellence in all that they do.
f) Wealth creation:
They ensure creation of value in all that they do for stake holders.
g) Respect and care for the individual:
They value every Titanian and strive to fulfill his/her needs and aspiration.
h) Corporate citizenship:
They care about the environment and the community; they live in and will invest a part of their resources in improving them.
I I . M i s s i o n S t a t e m e n t :
T i t a n s e e k s t o a c h i e v e t h e s e v a l u e g o a l s t h r o u g h a f o c u s e d p u r s u i t o f outstanding quality in both the ends that we target and the means that we adopt. Titan encourages and enables individuals and groups to realize their fullest potential through rationality and creativity, cerebration and passion, transparency and informality, pride in the past and excitement about the future.
Purchasing power of consumers
BRAND PURCHASING POWER (PRICE) RS
CATEGORY
FAST TRACK 550-1,430 YOUTH33
EXCTA 595-1,430 LOWER MIDDLE CLASS(Office wear)
SPECTRA 650-1,830 COMMON CLASSROYAL 960-2,830 UPPER- MIDDLE
CLASSRAGA 1,420-4,000 UPPER CLASSBANDHAN 1,675-8,085 COUPLESREGALIA 1,725-7770 UPPER MIDDLE
CLASS-UPPER CLASS
EDGE4,500-5,200 BUSINESS CLASS
NUBULA 10,000-45,000 UPPER CLASS
The company’s watch sales grew by 18.8 per cent and its income increasing from Rs255.34 crore during the
second quarter of last year to Rs303.45 crore during the second quarter of this year. On the basis of the
above table and profit figure we easily understand consumer buying power in target market.
Spending habit of consumers
Despite of high inflation, high oil prices and high volatility in gold prices, watch segment of Titan Industries
doing well in the current fiscal. For these, watch segment sales income increased from Rs.168.83 crore
during the first quarter of last year to Rs.171.89 crore during the corresponding period this year. These data
indicate that consumer’s spending pattern is increasing respective target market.
From the above information we can easily understand that consumers buying more of Titan wristwatch.
There are few reasons behind the growth in sales of Titan .They are as follow.
Brand name
Quality of the products
Features ,which differentiate from others
Attractive models
New innovation
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Political forces
Political landscape:
In 2004 /05 the new Government came through election in India.
Our new Government took lots of steps to make the global relation as well as some steps to develop our
country GDP, decreasing the rate of Inflation by decreasing rate of Cash Reserve ratio (CRR) as well as by
decreasing the Repo rate. These all steps help the Industries to get sustain in the market.
As all the steps help the Titan industry to compete in the watch industry. The performance of this sector for
last few years are-
Relation with political officials
As we all know that TATA group is the one of reputed companies in the world, it really helps the country
development.
Moreover, the companies always want to make good relation with the political parties, because we know that
India is a democratic country which is it- self elected by the people the country.
Legal and regulatory forces
As the titan industries operates their business in the global area ,they have to follow lots of regulatory norms.
The industry can be directly affected by the certain rules such as change in Taxation rate.
Technological forces
Impact of Technology
Changing in technology always play a great role in the target market. Titan decided to manufacture only
QUERTZ (Analog and digital) and not mechanical and they would start plant to manufacture watches in
wide variety in design and prices.
Titan changes the technology in that ways which help in enhance the quality and the features to increase
buyers’ value. Titan gets advantages in the target market through innovative technology.
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As there is too much competition, if Titan not accept the changes in technology then they can’t sustain in
the market. In premium segment, competitor will capture whole market by improve technology. And in the
mid-price segment, other companies will give a tough competition to titan.
Technological changes
The new marketing innovation can bring a drastically changes in the marketing activities of the company.
The new innovations which can differentiate the company from the competitor are
Implementation of Heart-beat checking system in wrist watch.
Implementation of Blood pressure checking system in the wristwatch
Some companies can come with the watch which help in knowing the mood of the person.
Sociocultural Forces
Tata believes that improve the quality of the life of people and the employee is the primary purpose of their
business. It uses its resources in the best possible way. They also takes some reasonably steps to improve the
quality of life of the people of the areas in which they operates.
Tata adopt the Corporate Citizenship Index, Tata Business Excellence Model and Tata Index for Sustainable
Development which reflect its commitment to its Corporate Social Responsibility (CSR). Tata spends 5-7%
of its profit after tax on several CSR initiatives.
These CSR initiatives are spread across three core areas, such as employee welfare, the environment and the
welfare of the community at large.
Target market
Identification
The titan industry basically deals in three segments for its watches. They were as follow.
High Income/Elite consumers
In this segment mainly the consumer who buys a wrist watch as a fashion accessory.
Middle group:
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In this segment mainly consumers like some fashion in their watches. These consumers would not
purchase a watch without comparing various offers in the market.
Lower group:
This segment mainly consisted of lower- income consumers who want watch mainly as the time –
keeping device and purchase on the basis of price
HISTORY OF TITAN .
In the 1980s, Xerxes Desai and his team dreamed about a range of watches that could revolutionize the attitude of people towards the accessory that so far only indicated the time. They foresaw a future where style and design coexisted with utility; where a watch would flatter a dress or make a look. As ever, at Titan, our focus is your need. Building our own manufacturing units with the very latest technology and cutting-edge research capabilities is our way of living up to our promise of quality, every single time. We remain with our customers throughout their experience with a Titan watch, through designs created at in-house studios, provision of branded retail outlets and service centres at every nook and corner of the country.
Way back in 1986, Titan Industries Ltd. cracked the idea of using the flamboyant third movement from Mozart's 25th symphony in G minor in its first television commercial. For the first time in the country, a watch brand introduces a range exclusively for women. Launched in 1992, the Titan Raga is made known as the ethnic watch for the sophisticated Indian woman, embellished with striking symbolism from the culture of India. Titan has left an indelible footprint across the world, taking its dedication to quality and flair for design to 27 countries worldwide, including the Middle-East, South-East Asia and Africa.
A Titan watch is being bought somewhere in the world. The Titan customer is known to indicate a strong sense of trust and loyalty towards the brand. Titan has been voted Most Admired Brand (across categories) and the Most Admired Consumer Durable Brand several times. Titan is now the 5th largest
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watch producer in the world. Restless for novelty, for perfection, for accomplishment. And it is this very restlessness that has defined Titan's path breaking 24-year journey in watch-making.
Titan Industries is the organization that brought about a paradigm shift in the Indian watch market when it introduced its futuristic quartz technology, complemented by international styling. With India's two most recognized and loved brands Titan and Tanishq to its credit, Titan Industries is the fifth largest integrated watch manufacturer in the world. The success story began in 1984 with a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. Presenting Titan quartz watches that sported an international look, Titan Industries transformed the Indian watch market. After Sonata, a value brand of functionally styled watches at affordable prices, Titan Industries reached out to the youth segment with Fastrack, its third brand, trendy and chic. The company has sold 135million watches world over and manufactures 13 million watches every year.
With a license for premium fashion watches of global brands, Titan Industries repeated its pioneering act and brought international brands into Indian market. Tommy Hilfiger and FCUK as well as the Swiss made watch – Xylys owe their presence in Indian market to Titan Industries.
Entering the largely fragmented Indian jewellery market with no known brands in 1995, Titan Industries launched Tanishq, India’s most trusted and fastest growing jewellery brand. Gold Plus, the later addition, focuses on the preferences of semi-urban and rural India. Completing the jewellery portfolio is Zoya, the latest retail chain in the luxury segment.
Titan Industries has also made its foray into eyewear, launching Fastrack eyewear and sunglasses, as well as prescription eyewear. The organization has leveraged its manufacturing competencies and branched into precision engineering products and machine building. With over 786 retail stores across a carpet area of over 10, 08,083 sq. ft. Titan Industries has India’s largest retail network. The company has over 325exclusive ‘World of Titan' showrooms and over 65 Fastrack stores. It also has a large network of over 700 after-sales-service centres. Titan Industries is also the largest jewellery retailer in India with over 130 Tanishq boutiques and Zoya stores, over 30 Gold Plus stores. It also sports over 190 Titan Eye+ stores.
The company has two exclusive design studios for watches and jewellery Backed by over 6,000 employees, two exclusive design studios for watches and jewellery, 10 manufacturing units, and innumerable admirers world over, Titan Industries continues to grow and sets new standards for innovation and quality. The organization is all geared to repeat the Titan and Tanishq success story with each new offering.
In 1984
- The Company was incorporated on 26th July, at Chennai. The Manufacture analog electronic watches with a choice of over 150 designs. The company was promoted jointly by Questar Investments, Ltd., a Tata Company with its associates Tata Sons, Ltd., and Tata Press, Ltd., and Tamil Nadu Industrial Development Corporation, Ltd. (TIDCO). The main objective of the company is to manufacture analog electronic watches with a choice of over 150 designs.
- The Company undertook to set up a plant for the manufacture of quartz analog electronic watches in the State Industries Promotion Corporation of Tamil Nadu, Ltd. Industrial area at Hosur.
- The Company entered into a collaboration agreement with France Ebauches (FE) of France, manufacturers of watch movements and components, for technical documentation, assistance in procurement of manufacturing equipments, raw materials, etc.
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- The Company proposed to manufacture 2 million digital and ana-digi watches in collaboration with Casio Computer Company of Japan. A MOU was signed between the Company and Casio in November, 1986.
1987
- The Company established a manufacturing facility at Hosur for the manufacture of components for watches.
- In April the Company also issued 5, 25,000 - 13.5% secured redeemable partly convertible debentures of Rs 300 each for cash at par. The debentures were allotted on preferential basis: (i) 26,250 debentures to employees/workers of the Company and associate companies (ii) 52,500 debentures to shareholders of Tata Press Ltd. and (iii) 1, 31,250 debentures to NRIs on repatriation basis. The remaining 3, 04,500 debentures along with the unsubscribed portion of 78,900 debentures from the preferential quota were offered for public subscription during April. Additional 1, 31,250 debentures were allotted to retain over-subscription.
- The convertible portion of Rs 100 of the face value of each debenture was converted into 10 equity shares of Rs 10 each at the end of three months from the date of allotment of debentures (65,62,500 equity shares were allotted accordingly).
- The non-convertible portion of Rs 200 of the face value of each debenture was to be redeemed at par at the end of the 10 years from the date of allotment of debentures.
1989
- A new range of watches called `Aqura' was launched in December.
- The case plant at Hosur was commissioned. The plant was to produce 1.5 million watch cases. The project cost was financed partly through internal resources and largely through borrowings from IFC, Washington and the Tamil Nadu Industrial Development Corporation, Ltd.
- The Company set up a satellite case plant at Dehra Dun in Uttar Pradesh with a capacity of 5,00,000 watch cases per annum to improve operating efficiency and reduce costs.
- During August, the Company issued 2, 52,000 - 12.5% convertible debentures of Rs 500 each as follows: (i) 2, 40,000 debentures on rights basis in the proportion 1 debenture: 100 equity shares held and (ii) 12,000 debentures to employees/workers of the Company on an equitable basis. A total of 2, 84,455 debentures were allotted under this issue including retention of oversubscription.
- The proceeds of the issue were to be utilised to meet a part of the fund requirement of the company's project to manufacture watch cases and other critical components in-house.
- The Company proposed to offer 40, 26,700-12.5% fully convertible debentures of Rs 100 each on Rights basis in the proportion 2 debs: 20 equity shares held. Another 2,012,340 - 12.5% debentures were to be issued to the employees' on an equitable basis.
1991
- A joint venture Company along with Economic Development Council of Goa, Daman & Diu Ltd., in the name of Titan Time Products, Ltd., was set up at Goa, for the manufacture of Electronic Circuit Blocks.
- The company undertook to set up a jewellery business at Hosur. The jewellery repertoire was to include both daily-wear jewellery and luxury products.
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- Grant Walker, a U.K. based firm, was to provide the necessary consultancy services and the marketing was to be undertaken worldwide through an offshore company controlled by Titan Watches Ltd., with its main base in London.
- The Company along with other Tata Associates were to participate in the equity of Timex, who were to offer equity shares of Rs 10 each at a premium of Rs 40 per share. It was also proposed to make a Partly convertible debenture of nearly Rs 60 crores.
1992
- Over 150 new models were introduced of which `Raga' introduced in June, `Spectra' a range of watches in steel and gold plated was reintroduced with a new look in August. It was proposed to introduce a host of new products based on new movements.
- It was also proposed to sell the brand name `Aqura' and the right to make Aqura products to Timex, with a view to move up market.
- With a view to streaming the Company's international operations, it was decided to set up a wholly owned subsidiary "Titan Holdings BV" in Netherlands. Approval was received for investment of share capital of 2 million U.S. $ in that Company.
- Titan Time Products, Ltd. is a joint sector project set up with the Economic Development Council of Goa, Daman and Diu.
- Titan Properties Ltd. was incorporated to undertake land development and housing scheme for the Company's employees at Hosur.
- The Company issued 134,22,300 Rights equity shares of Rs 10 each for cash at a premium of Rs 40 per share in the proportion 1:2 (all were taken up).
- Another 5,69,000 No. of equity shares of Rs 10 each were issued at a premium of Rs 40 per share in proportion 2 shares: 1 debenture held to Part B holders of 12.5%. Convertible debentures issued in 1989. (all were taken up).
- 6,99,600 No. of equity shares of Rs 10 each were offered at a premium of Rs 40 per share to employees of the Company and those of promoter companies on an equitable basis (only 3,02,600 shares taken up).
1993
- The name of the Company was changed with effect from 21st Sept. from Titan Watches, Ltd. to Titan Industries Ltd., in view of the fact that the Company's products consisted of not only watches but also jewellery.
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- The Company introduced `Tanishq' range of watches made of 18 carat gold and studded with precious stones. A new range of watch `Insignia' manufactured for the European market likely to be introduced in the domestic market.
- The Company proposed to expand the watch manufacturing to 5 million pieces by adding some balancing equipment and productivity devices in the component manufacturing plants.
- The Company proposed to establish new facilities for the manufacture of table clocks with a capacity of 1.5 million pieces per annum. New facilities were also being established for the manufacture of complex integrated metal bracelets with a capacity of 1.2 million bracelets with technical assistance from a reputed manufacturer in Japan.
- A new Company was established in Singapore to market products in South and South East Asian countries.
1995
- The Company proposed to set up a joint venture company with Hour Glass of Singapore to set up watch boutiques in leading Indian cities for the sale of luxury watches and also be responsible for wholesale and after-sales operations.
1996
- The Company has introduced new economy range of watches called "Sonata" and Tanishq 22 Karat ethnic Jewellery during the year.
- 23, 00,000 Pref. shares issued on private placement basis.
1998
- 3.5%, 14% and 12% redeemable cumulative preference shares have been fully redeemed.
- The Company now has 102 exclusive Titan Showrooms and a chain of 83 Time zone outlets in addition to being present in over 5400 dealer outlets in 1300 towns and cities across the country.
- Mr A C Mukherji and Mr T K Balaji retire by rotation and are eligible for reappointment.
- During the year, the Tamilnadu Industrial Development Corporation (TIDCO) nominated Mr R Gopalan, their Chairman and Managing Director.
- The Research & Development Group has developed a slim movement with date which has been introduced in the market.
2000
- Titan Industries has announced the launch of Cyber, a range of digital clocks.
- ICRA has withdrawn the A1+ rating assigned to the Rs 15 crore CP programme of the company as there is
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no outstanding against the instrument.
- Titan Industries has been conferred the award for excellence in electronics for the year 1998 by the ministry of information technology (MIT).
- Titan has launched a new `Style at Work' collection under its Classic range.
- Tanishq, the jewellery division of Titan Industries Ltd, has opened its second showroom in Kerala.
- Titan Industries' jewellery arm Tanishq is getting into an memorandum of understanding with Canara Bank and Corporation Bank to convert gold articles into slabs.
- Titan Industries has announced a new range of Fastrack watches for young women in the city.
2001
- Titan Industries Ltd. has launched three new collections of its popular Dash brand of watches for kids -- Popeye, Digital and Lumibrite.
- Titan Industries on June 27 reported its profit rose 21.8 per cent in the past year to March, reflecting strong sales growth by its jewellery division.
2002
- Titan Industries Ltd informs that the Board of Directors have appointed Mr. V.K.Jeyakodi, IAS, Executive Director, Tamil Industrial Development Corporation Ltd as a Director of the Company, in place of Mr. Hemant Kumar Sinha who has resigned.
- Titan Industries Ltd informs that Mr Bhaskar Bhat is appointed as Managing Director of the Company. Mr Bhaskar Bhatt succeeds Mr Xerxes Desai who steps down as Managing Director on March 31, 2002, at the end of his tenure.
-Titan Industries Ltd, the Board of Directors have appointed Mr M Kalaivanan, appointment in place of Mr V K Jeyakodi who has resigned from the Board on March 27, 2002.The Board of Directors have also appointed Mr Krishnadas Nair as an additional independent Director on the Board of the Company effective May 02, 2002.
- At the Board meeting of Titan Industries Ltd held today (June 26, 2002), the Board of Directors noted and accepted the resignation of Mr A Gowrishankar as Chairman and Director and Mr M Kalaivanan as a Director, both of them were nominee directors of Tamil Nadu Industrial Development Corporation Ltd (Tidco) The Directors have also approved the appointment of Dr R Vijaykumar as a Nominee Director of Tidco in place of Mr M Kalaivanan.
- Titan Industries Ltd decides that it would be in the long-term interest of the company to rationalise its manpower and to improve productivity. With a view to achieve this objective and keeping the best interests of both employees and the company in mind the company has decided to introduce a Voluntary Retirement Scheme to its permanent employees. The scheme has been notified today July 25, 2002 to the employees of the company.
-Arun Kumar appointed as Director & Chairman of Titan Industries.
2003
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-Tanishq steps into a new segment Silverware. The silverware range has been designed by Michael Folly, the designer for Titan. We have introduced silverware in all metros, said YL Saroja, group manager, sales and marketing, Tanishq. This is a Rs 5,000 crore market and has few organised and branded players.
-Management decided to declare partial lock-out at the company's manufacturing facilities at Hosur.
-Floats towards automotive and aerospace precision mechatronics for aviation and auto tools.
-Mr Jacob Kurian, Chief Operating Officer gives his resignation to the company.
-Sold business of publishing Readers Digest Magazine for a lump sum consideration of Rs 150 million to Living Media India ltd.
2004
-GVM International Ltd., a licensee of Tommy Hilfiger Licensing Inc (a wholly-owned subsidiary of Tommy Hilfiger Corporation), and a member of the Murjani Group, enters into an exclusive sub-licensing agreement with Titan Industries Ltd to market and distribute Tommy Hilfiger watches in the country
-Re -launches 'Raga', the women's watch range
-Titan has announced the launch of a new collection of women's watches called 'Raga Miniatures'. Small and delicate in size the watches bracelets in 15 varieties of gold and steel and is priced at Rs 2995 onwards.
-Titan Industries Ltd announced the launch of the customer service `Original Spares' logo
-Titan has announced the launch of Raga 9 to 5 collections of watches aimed at working women. The collection comprises around 40 designs and is targeted at women in the age group of 25 to 45. The new range is available at a price ranging from Rs 1650 to Rs 5000.
-Titan Industries on June 18, 2004, announced the launch of the Tommy Hilfiger watch collection in India. Titan has entered into an exclusive sub-licensing arrangement with GVM International Ltd, a member of the Murjani Group, for the marketing and distribution of Tommy Hilfiger watches in India.
-Watch and jewellery manufacturer Titan Industries forayed into the fashion accessories industry with the launch of sunglasses, a Rs 330-crore market
-Rolls out new range of designer eyewear in Chennai
-Titan Industries on July 22, 2004, launched the Flip collection - a dual-faced watch that incorporates two watch movements embedded in a single case
-Titan rolls out new range of jewellery watches under the 'Nebula' brand
-Titan Industries launches Crown Collection watches
2005
-Titan re-introduces Fastrack range of watches
-Titan introduces new gold & steel collection in Coimbatore
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-Titan rolls out bi-metal range of watches in Vizag
-Titan launches multiple watches under Raga coordinate range.
2006
-Titan Industries Ltd has informed that Mr. Harish Bhatt is being appointed as Chief Operating Officer (COO) - Watches and Licensing & Accessories Division of the Company.
-Titan to set up Tanishq exclusive stores in US.
-Titan Industries unveils Xylys watches.
-Titan Industries sets up boutique in Banjara Hills.
2007
-Titan Industries Ltd has informed that Mr. Sunil Paliwal, IAS, Executive Director, Tamil nadu Industrial Development Corporation Ltd (TIDCO) has been inducted as an Additional Director in the Board of the Company with effect from February 26, 2007.
- Titan Industries Ltd has informed that the Board of Directors of the Company at its meeting held on October 29, 2007, inter alia, has appointed Mr. Kumar Jayant, IAS, nominee Director, Tamil nadu Industrial Development Corporation Ltd as an Additional Director in the Board of the Company with effect from October 29, 2007.
Mr. Sunil Paliwal, IAS, nominee Director, Tamil nadu Industrial Development Corporation Ltd has resigned as Director of the Company.
2008
-TIL ties up with Sankara Nethralaya.
2009
- Titan Industries Ltd has appointed Mrs. Anita Praveen, IAS, Chairperson & Managing Director of Tamilnadu Industrial Development Corporation Ltd (TIDCO) as an Additional Director of the Company with effect from June 01, 2009.
Corporate Citizenship-
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- We ensure that a part of our resources is invested in environment and community betterment. Titan has built on this principle over the last 15 years, almost year after year: In 1989, it was Aqura, the trendy range for the youth, colourful, smart and affordable plastic watches for the youth: The other side of Titan for the other side of you.
•In 1992, it was Raga, the ethnic range, with striking symbolism from ethnic India, for the sophisticated India woman who appreciated such things.
•In 1993 , i t was In s ign i a , ve ry d i s t i nc t i ve and i n t e rna t i ona l - l ook ing t op -end watches, for those seeking exclusivity and status.
•In 1994 , i t was p s i 2000 , r ugged , spo r ty and ve ry mascu l i ne wa t ches w i th serious sports features (200-m mater resistance, high precision chronographs) for those with the penchant for adventure.
•In 1996, it was Dash, the cute and colourful range for kids.
•In 1997 , i t was Sona t a , t he a f fo rdab l e , good qua l i t y r ange fo r t he budge t - conscious.
•In 1998 , i t was Fas t r ack , t he coo l , t r endy , f unky r ange fo r t he young and young-at-heart.
•I n 1999 , i t was Nebu l a , t he so l i d go ld and d i amond- s tudded r ange o f l uxu ry watches for those affluent people to whom gold is a precious acquisition.
•In 2001, it was Steel, the smart and contemporary collection for the young 21stcentury executive.
Time Products Division
The Time Products division is where the Titan story began. Today, this division has placed Titan Industries among the world’s largest retail networks and earned the company the place of fifth largest integrated watch manufacturer in the world. With over 6000 employees spread over 3 business units in Bangalore, India, a manufacturing unit at Hosur and 3 assembly plants located in the north of India, the division continues to add world-class brands to the company’s portfolio.
Outstanding brands
Our customers have been at the core of this growth and the division offers a slew of products that cater to their inherent needs. Some of the most notable brands in the division’s portfolio are:
Titan Edge - The world’s slimmest watch (at 3.45mm) that epitomizes the philosophy ‘less is more’.
Titan Raga - a feminine and opulent accessory for today's affluent woman
Nebula - watches crafted with solid 18k gold and precious stones
Sonata - India's largest selling watch brand to suite the common man's wallet
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Xylys - a Swiss-made, impeccably designed watch for the connoisseur and new age achiever
Fastrack – watches created to accessorise the trendy youth of today
The watch division also boasts of collections such as Automatic, Heritage, Nebula, Orion, Raga, Zoop and series like Aviator, Octane and WWF.
The brand Titan enjoys a 60% market share in the organised watch market in India.
Retail
The time product division also markets some well-known international brands such as Tommy Hilfiger and FCUK under a licensed agreement, giving the new generation of customers an access to premium brands with their well-equipped retail chain. The division has sold over a million watches through the unique retail format of 'World of Titan' - where both in-house brands & licensed brands are offered - and through a vast network of dealers and lifestyle stores in India and in 27 countries worldwide. The division offers after-sales service network that has been considered a benchmarked operation in the industry.
The division constantly endeavours to understand and predict the customers’ needs and strives to launch newer and trendier products regularly.
Helios the store is another feather in the division’s cap. These stores are specially designed for the upscale, well-travelled connoisseur with a discerning taste in watches and a highly brand conscious outlook.
Spread over a spacious area of 2650 sq ft, the high-end multi-brand watch store houses more than 2200 watches and over 35 premium international watch brands including Versace, Seiko, Movado, Hugo Boss, Citizen, Fossil, Titan, Xylys, DKNY, Roberto Cavalli, Esprit, Tommy Hilfiger, Raymond Weil, Baume & Mercier, and Victoriana, among others.
Design Studio
Titan Industries’ design studio is where India’s most popular watches and eyewear are conceptualised. The studio is truly a testimonial to the creative and innovative spirit of the company.
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A blend of young and experienced designers - dynamic and original - from India’s most prestigious fashion and design institutes creates award-winning pieces year after year. The studio boasts of a cross-disciplinary amalgam of some of the most imaginative and innovative designers across the country.
The design studio serves as a one-stop shop for the design needs of the brands: Titan, Fastrack, Sonata and Xylys. With design and execution of the Timescapes range of outdoor clocks to its credit, the studio also designs and manufactures trophies for in-house requirements as well as for various clients such as Standard Chartered, Taj Group, the Government of India, among others. These trophies, created under the brand name Titan Trophée are as much joy to present, as they are to receive.
The Visual Merchandising team that ensures impeccable implementation of ideas enhances the product design. A robust in-house process, based on special constraints of various creative activities, is in place to manage design projects. Seamless synchronization of cutting-edge technology and appealing designs spells the expertise of the design team. Marketing requirements are translated into attractive accessories with effortless spontaneity. The studio focuses on user-centric designs that bring global trends to the discerning Indian customer.
Titan Global Design is a new multi - disciplinary design studio known for its innovative and refreshing approach towards design. It aims to explore design opportunities in the external world & expand its design expertise to newer horizons.
Our holistic approach involves Immersion, Ideation and Implementation as the three main pillars of the design process. This goes hand in hand with design research which is conducted to spot, interact and analyze trends in social behaviour. Our passion is to create user centric design.With many prestigious awards to pride it on, the design studio shares the adventurous spirit of Titan Industries and looks into the future with a will to conquer.
Integrated Supply Chain Management
Titan changed the way watches were designed, manufactured and marketed; Titan revolutionized the Indian Watch Industry and today watches are considered as a fashion accessory, rather than a time keeping device.
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Titan watches, the most trusted and popular watches in India are manufactured at Hosur, an Industrial suburb of Tamil Nadu, India. Set up in 1985, with initially planned annual capacity of 2 million, today the unit produces components for over 11 million quartz analog wrist watches, thanks to the state-of-art manufacturing facilities at the unit.
Titan Industries’ Movement manufacturing set-up was established in technical collaboration with France Ebauches, a leading quartz analog movement manufacturer in France. In 1989, watch case manufacturing technology was obtained from Citizen Watch Co. of Japan and in mid 90s, the technology for complicated watch cases and solid link bracelets manufacture was obtained from a Swiss company. State of art physical vapour coating facilities have been established with the help of technology from German and Swiss coating expert companies. A Watch Assembly unit was established at Dehradun in 1990 and another since then; two more assembly units are functional: Roorkee, Uttarakhand (2007) and the latest one at Pantnagar, Uttarakhand (2010). Today, Titan Industries' watch assembly capacity is about 13 million watches per annum.
Titan Industries is one of the very few manufacturers in the world that manufactures watch movements, watch cases and watch assembly under one roof. It is the fifth largest, integrated watch manufacturer and retailer in the world. From the initial offering of 150 models in 1987, today the supply chain and manufacturing set-up has the capability to handle over 3000 watch variants every year, the fact that depicts the product mix complexity. In-house watch case plant has unique capability to produce range of products that varies from cost effective value for money products to complex designs that adore the wrists of different brands’ customers like Titan, Fastrack and Sonata. In-house movement plant produces the world’s slimmest movement “Edge” with pride.
Titan Customer Service
Spread across India, with 786 service contact points across 343 towns, Titan Industries’ service centre network is committed to deliver a satisfying post-sales experience to all the customers.
The Watch Care Centres are attached to the World of Titan and Authorised Service Centres are attached to the ‘Multi-brand outlets’, both offer quick and high-quality repairs for all types of watches currently sold by Titan with a six-month service guarantee. At the Titan Watch Care Centres, all repair activities follow a strict and systematic process that is controlled and measured through an ISO audit system. To ensure good quality, faster turnaround time and customer satisfaction, Titan Industries has various schemes in place. A post service follow-up (for major repair activity) is mandatory to complete the cycle of customer satisfaction. Titan's loyalty Signet program - where customers can redeem their points – is part of Titan’s effort to retain and value its loyal customers.
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Titan Customer Service also markets spares and accessories, such as batteries, leather and metal bracelets to all outlets that sell Titan, Sonata and Fastrack watches. A staff actively encourages customers to use only original spares in order to ensure quality and satisfaction.
Titan Customer Service, with the ISO 9001 & 14001 certification, focuses on the best post-sale experience and complete customer contentment.
Titan International
1991. This launched the Titan brand of watches in the UAE, Oman, Qatar and Bahrain. Saudi Arabia and Kuwait were added in 1994.
Titan Industries has distributors in every country it operates in. The distributors set up exclusive and multi – brand stores to sell Titan products. Apart from this arrangement, retail also takes place via high street retailers, power retailers and department stores.
To remain a successful global player, Titan has further reinforced its thrust in the international markets by evolving products to suit the tastes of the local consumer as well as being contemporary keeping the current international trends in mind.
Being the fifth largest integrated watch manufacturer in the world, Titan emphasizes world-class quality supported by excellent after-sales service policy that goes beyond the international norms. At the international level, Titan operates in the mid-premium price segment category. With innovative technology-driven products like Titan Edge - the slimmest watch in the world - Titan is presently the market leader in its category in Oman and Bahrain, and at No. 2 position in the Middle East.
Titan expanded to Asia Pacific in the late nineties, and has recently made a foray into South Africa; Singapore, Dubai, Malaysia, Oman, and Vietnam are some of the major countries where the brand is offered. The customers include non-residential Indians as well as Vietnamese, Thais, Arabs and Filipinos. Through a
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combination of contemporary style, excellent quality and affordable prices, Titan has put together an exceptionally appealing proposition for the people of these countries.
With over a hundred million satisfied consumer’s world over, Titan has successfully established its brand value internationally.
Titan Manufacturing Division and its Products:
A Titan industry has three major manufacturing divisions namely:
•Watch division
Quartz analog wrist watches
•Jewellery division
Precision jewellery watches
•Bracelet and new business division.
Metallic bracelet and pieces
Strategies followed by Titan
The following strategic priorities will form the basis for developing the vision of the division:
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Titan will invest in its watch brands to create profitable, desirable and powerful brands.
Titan will create a delightful shopping and service experience for its consumer and build enduring and profitable relationship with its associates.
Titan will improve manufacturing efficiencies and reduce capital employed in order to achieve significant cost reduction and improve profitability.
Ti t an w i l l u se i t s co re compe t enc i e s i n t he a r ea s o f de s ign and r e t a i l i ng t o extend the brand strengths to other prestigious, personal accessory category.
T i t a n w i l l e n s u r e t h a t i t c o n t i n u o u s l y d e l i v e r s i n c r e a s i n g p r o f i t s a n d profitability to its share holders.
Corporate Social Responsibility:
A Titan industry has a clearly defined policy in social responsibility and believes that an organization cannot be an island of excellence in a sea of troubled waters. CSR initiatives include children’s education, enabling the disabled, Artisan pa rks , women’ s empowermen t env i ronmen t managemen t p rog rammers and o the r commun i ty i n i t i a t i ve s . T i t an i s a s i gna to ry t o t he G loba l compac t and ha s been awarded to the company. The manufacturing units of watch and jewellery division at Hosur are certified under ISO 9001:2002 quality management system standards as well as ISO 14001environment system standards.
Goal of the Company:
Ensure high degree of satisfaction to all stake holders.
Place India on the world map of high quality goods and services.
Constantly and value to the prestigious TATA name.
Titan’s Corporate Objectives:
A significant and respected global watch brand
The market leader in India
Ensure high degree of satisfaction to all stake holders
Place India on the world map of high quality goods and services.
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Five Core Values:
The Ta t a g roup ha s a lways sough t t o be a va lue d r i ven o rgan i za t i on . t he se values continue to direct the group’s growth & business. The five core Tata values under pinning the way do businesses are:
Customer Focus:
We are passionate about understanding customer needs and expectations.
Delighting our customer is therefore a natural outcome. Performance culture and term work:
We dare to dream big and work together to realize it.
High performance is the way of life with us.
Quality:
We will attain and maintain excellence in all we do.
Creativity and Innovation:
We are an ideas company. Creativity and innovation are our lifeblood.
Wealth creation:
We ensure creation of value in all that we do for our stakeholders.
Titan Derivation:
The name T i t an i s an ac ronym de r ived f rom the words Ta t a i ndus t r i e s and Tamilnadu. Titan watches limited is a joint venture of Tata industries & Tamilnadu Industrial Development Corporation Limited &located in state of Tamil nadu. Another contributing factor to the choice of the name was its rich meaning the word ‘Titan’ means.
•One who has extraordinary size, strength, intellect or power.
•Member o f r a ce o f g i an t s who we re de scendan t s o f Uranus & Gaea , early Greek Gods.
Titan industries limited was incorporates in 1984 as joint venture between the Titan and Tamilnadu Industrial Development Corporation Limited. A government of Tamilnadu undertaking.
The company has its registered office on Hosur an industrial town in Tamilnadu titan corporate offices located in Bangalore Karnataka state.
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“External Recognition for Titan Brand”:’
•T i t an ha s won t he “ r e t a i l e r o f t he yea r “ award fo r 2005 fo r wa t ches r e t a i l i ng and a l so r e t a i l e r awa rd i n ove ra l l a c ro s s o the r c a t ego r i e s and brands it images fashion award successively for 5 years.
•Titan bagged the “Award for brand leadership” in the consumer durables category conducted by brand summit it also won the “retailer of the year awa rd “ fo r r e t a i l exce l l ence i n t he l i f e s t y l e c a t ego ry a t t he Ind i a r e t a i l summit.
•Business world “Best lifestyle product design award” was bagged by titan “Edge” slimmest watch in the universe.
•Titan world watch campaign won the “silver medal “in the year 2004.
Titan Franchise
•Titan is the market leader, having a variety of ranges .The trainees learnt to become more approachable by observing the personnel department.
The World of Titan:
We have revolutionized watch retailing in India, by setting up a chain of high p ro f i l e s t o r e s . The Wor ld o f T i t an i s ou r f a ce i n t he ma rke t , a s t o r e p rov id ing an international ambience showcasing our entire range. This provides the customer with the complete brand experience - making it the most preferred place to buy the most preferred watch from.
Current Network:
Over a pe r i od o f 20 yea r s , t he cha in ha s g rown to 235 showrooms a t p r ime locations across 113 towns in India. These showrooms have grown along with the company, both in business and profits, which is testimony to the success of the chain.
•The World of Titan is the face of 'Titan' in the marketplace. Hence, each showroom has a turnover of about Rs. 20 to 30 million a year in large cities a n d a b o u t R s . H a l f a m i l l i o n a y e a r i n s m a l l e r t o w n s . A l l e x i s t i n g showrooms exhibit a consistently high growth of about 15% to 25% every year.
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•The World of Titan stores shows a healthy return on investment of more than24%. Although the net earning potential of a showroom varies from market to market, in all cases it exceeds market rental value of the property.
•Most showrooms break even in the first year and start making profits from the second year onwards.
•We have a dedicated retail team with professional expertise in setting up and operating showrooms across the country. This team is dedicated to the World of Titan and works on improving their business potential.
Distribution in India:
A k e y b u s i n e s s p a r t n e r o f T i t a n i n t h e m a r k e t p l a c e , i s t h e r e d i s t r i b u t i o n stockiest. The distribution channel handles well over 50% of the watch business of the c o m p a n y . T h e m a i n f o c u s o f t h i s c h a n n e l i s m a r k e t p e n e t r a t i o n a n d c o v e r a g e . Currently we have 65 distributors handling well over 6000 dealers across the country.
Watch Industry:
Started as a watch company, Titan Industries' main focus has been to increase the breadth and depth of its portfolio of product offerings. International labels such as Tommy Hilfiger and Hugo Boss are now a part of its basket, along with Fast track — a b r a n d t a r g e t i n g y o u t h a n d t h e m i d -r a n g e b r a n d S o n a t a . T h e c o m p a n y manufactures more than nine million watches every year, has a customer base of over 80 million, and accounts for 60 per cent of India's organized watch market.
In 2005, bolstered by the success of Tanishq —- a range of premium branded jewellery — the company launched its second jewellery brand, Gold Plus, aimed at t he mass ma rke t . The company ha s r e cen t l y d ive r s i f i ed i n to f a sh ion eyewea r by l a u n c h i n g F a s t t r a c k E y e G e a r s u n g l a s s e s a n d p r e s c r i p t i o n e y e w e a r . T i t a n ' s m a n u f a c t u r i n g c a p a b i l i t i e s w e r e l e v e r a g e d i n t o a n e w b u s i n e s s u n i t c a l l e d t h e Precision Engineering Division in 2003.
Competitive Strengths:
Strong brands
Strong retailing, distribution and supply network.
Design experience.
Integrated manufacturing
Leading market position54
Focus on quality
Experienced management and technical team.
SWOT ANALYSIS
A] STRENGTH:-
1. Style:
Titan first introduced the ‘style’ concept in India and projected the watch as f ashion accessory. Now a day’s style is a very much evident factor among the youth. And there is a craze for stylish wristwatch. So, Titan makes the peoples life more glorious by making stylish wristwatch.
2. Models:
As Titan offers the best and the biggest range to customer to choose the watch of their choice with an affordable price. It offers about 14 different names with about 1000plus different varieties with a watch for literally everyone.
3. Exclusive products:
Today Titan holds the pride for say that its products both within the country and internationally running
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in battle position. It’s EDGE the slimmest watch in the world position. Other than these there have few more strength like-
4. Contribution of owned brands and retail. The profit is accounted by being in the retail space which is booming.
5. Wa tches a r e ava i l ab l e w i th popu l a r f unc t i ons l i ke da t e s , mu l t i f unc t i on and chronographic.
6. Guarantee/warranty
B ] W E A K N E S S E S : -
1. Pricing:
The ave rage p r i c e o f T i t an i n m id -p r i c e s egmen t i s ve ry h igh t han t he o the r competitor. Average price for Titan is Rs.1100 while the price for HMT is Rs.550. In themed-p r i c e s egmen t t he company i s no t pe r fo rming up t o t he ma rk due t o t he l a ck o f choice of consumers.
2. Market share:
As t he ave rage p r i c e o f T i t an wr i s twa t ch i s f a r more t han t he o the r competitor, Titan has less market share. The market is more demonstrate by middle class people and for them Titan is quite costly. Among 75% market share in mid-segment.Titan market share is between 18-20% which is far lower than HMT and Maxima.
3. Globalized:
As the company is Indian based which leads it to the strength, where as it is the weakness also because the company not sufficiently globalized.
D ] O P P O R T U N I T I E S : -
1. Seasonality:
A t t he t ime o f f e s t i va l , l i ke D iwa l i T i t an p romote s Nebu l a , Bandhan because there is demand for the products. Gold watches and pairs are the like as a wedding occasion. The f a s t t r a ck b r and i s p romoted i n mon th o f June -Augus t when s choo l s and colleges re-open.
2. Gifting concept:
Titan started as a brand which was associated with gifting and relation. The fight concept sells well for people have come to associate Titan with love care and makes emotion run high.
3. Exchanging offer:
The Titan stores offer exchange offer of any old watch, of any make,i n any cond i t i on func t i ona l o r o the rwi se and r ece ive a f l a t d i s coun t o f 25% on t he i r purchase of a brand new, stylish and technologically advanced watch from Titan.
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D] Threats:-
1. Competitor:
As we know that lots of foreign brands are entering in our country with their branded watches. As the removal of quantitative restrictions on import watches leads to threat to titan.
2. Premium segment:
As in premium segment Titan is getting threats from reputed international brand such as Espirit, Swatch and Citizen.
3. Mobile: Now a day’s people can get the time and the other feature in mobile phone. So, the need of wristwatch is in decreasing trend. People can talk and see the time in a cell phone and some people think that there is no need of wristwatch.
Marketing Objectives:
Titan industries in watch hold 70% in Domestic level and 60% in Share in organized sector market. Companies the marketing objectives is to increase in market share by 5% .Before implementing the of marketing strategies we must have to focus on certain things, which include the BCG Matrix representation. Titan industries have registered an Income of Rs.1, 104.85 crore as compared to previous year which was Rs 7, 25.11. In all the income the Titan industry had contributed Rs.3, 03.45 crore.
Marketing Mix:
o PRICE
o PRODUCT
o PROMOTION
o PLACE
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A] Price: As achieve our marketing our marketing objectives, we can do some change in the pricing .The main consideration will be in changing price are followings.
--Survival:
In case of some of the watches titan prices them according to the features .The Exacta is a simple s t e e l wa t ch p r i c ed a t Rs .600 -1 ,100 . As t he company a l so dea l s w i th Spec t r a , Raga t h rough pricing policy.
--Market share:
As we know that 70% of sales in watches come from the lower segment, therefore by pricing Sonata at 350 onwards with guarantee. Titan prices its world watches which compared equal to an international players like Calvin Klien where a customer pays 4 times as value of the world watch, therefore market with low prices to international players to gain market share.
--Market Skimming:
In Indian watch industry there is no one offering pure gold watches, watches in pair, jewellery watches. Here Titan offers there product with the Indian touch in its design, the product, the love.
B] Product:
Qua l i t y and l e ade r sh ip a r e t he two ma in t e rms fo r t he T i t an . As t o a ch i eve t he ma rke t i ng objectives this aspects should also be considered.
--Product line:
To increase the sales, the difference in the prices of the watches is justified by the features.
--Product pyramid:
Portfolio of Titan’s product is of 3 distinct price-range that can be defined i n gene ra l , a s Popu l a r , Mid , and P remium. A t t he popu l a r s egmen t , t he emphas i s i s on i n volumes but not in margins. At the premium segment, the emphasis is on profits and image but not in volumes. Obviously, company giving more emphasis at the top of the pyramid as profits at the top of the pyramid is very high. This pyramid guided the strategy of Titan.
--Product strategy:
Titan was first focused only on the premium segment of the watch market. As per the product strategy they took, Titan moved in to the mass market for watches. To widen base, Titan created new segments and
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increasingly focusing on segments individually. In the past few years Titan has took a lot of initiatives to focused on specific segments
--Product Quality:
Quality and leadership are synonymous to Titan. It seek to achieve through their value for products compared to their prices.
C] Promotion:
--Marketing pricing:
As by opening new shops such as the world of Titan – buy directly from the dealer and hence the element of middleman is not there.Here the retailer in this category buys watches for 17-18% lesser than MRP and hence they are able to get
the 17% profit margin on sales.
It is managing to successfully convince to the customer of the perceived value of ‘WORLD WATCH’ using
hoarding all around the city, increasing buyer image, trust worthiness, innovation, differentiation, value for
the product.
Price discount and allowances:
Every year Titan comes with a price discount sale on the MRP of the watches. The allowances vary from
one segment to another.
--Creative advertising: Titan introduces a contest on cartoon network in india.com which invites children to use creativity and design watch.The prize winning design was launched as a new watch in summer 2002 collection.
Type of advertising:Titan believes in making its ads clean, well made, touch on emotional chord. As the company is using celebrities or superstars that is Aamir Khan for the Titan watches. As here we can say that a female actress would be more effective for the promotional purpose. It can be Katrina Kaif, as now she is one of the popular actresses in Bollywood.
-- Promotion on occasion:
Titan is one of the companies which formally believe in the policy of promotion the product based on the occasions.
D] PLACE:
Keeping in mind about the trendy and fashionable consumers, Titan distributes its product and setup ‘world of titan’ in different region. The consumer’s lifestyle in India, especially in urban area plays a significant role in India.
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--Time Zone:
Titan industries bring together the country’s leading watch brands under one roof, providing the customer with variety in brands, looks and price ranges and also efficient after-sales-service. These 1142 Times zones located across 89 towns which offer its customer the complete watch shopping experience.
--Value mart:
These outlets sell surplus stocks of titan watches at reduced prices. This is to make the customer go to the shop rather than the shop calling the customer. Hence, the locations are not very suitable for shopping.
--Sonata stores:
It is an Authorized Service Centre for a Sonata & titan brands. It meets the large scale demand for the watch and also to attract customers in more. These shops had full stocks of the watch in demand whereas the others could afford to maintain only limited stock.
Consumer Buying Behaviour:
Cultural
Social
Culture
Subculture
Social Class
Reference group
Family
Roles and statuses
Personal
Age and life-cycle stage
Occupation
Economic circumstances
Lifestyle
Personality and self-concept
Psychological
Motivation
Perception
Learning
Beliefs and attitudes
Buyer
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A. Cultural Factors
· Value, perception, and preferences
· Nationalities, religion, race, geographical regions
· Social class
B. Social Factors
· Reference Groups Social Class
· Roles & Status
C. Personal Factors
· Economics Circumstances
· Occupation
· Age & Life Cycle Stage
· Lifestyle
· Personality and self-concept
D. Psychological Factors
· Motivation
· Perception
· Learning
· Beliefs and attitudes
Marketing Implementations
Marketing plan basically implemented on the basis of market segmentation .We have gone through the target market segment which basically include
High income class
Middle income class
Lower income class
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The marketing mix is the part of marketing strategies ,which help to the company to match the needs of the consumer as well as the need of company, because we know that “MARKETING IS THE SOCIETAL PROCESS WHICH HELP IN FULFILLMENT OF THE NEED, DEMAND OF THE CONSUMER AT A PROFIT”.
Implementation is an integral part of strategy. It make sense when it is implemented into Indian jewellery market it saw an opportunity for an organized sector. The customer was moving towards branded goods in other segments. Titan did the process of creating brands in the minds of customer.
New Product Development
On July 22, 2004, Titan introduced its latest innovation, 'FLIP', India's first dual face watch with dual functionality and styling. FLIP, once again underscored the excellent collaborative work undertaken between Titan's Design Studio, the Production Department and the R&D team.
Titan planned to invest Rs 10 crore in 2004 to strengthen its brand and an additional Rs. 10 crores to brace up its distribution and service network.
Titan showrooms accounted for around one-third of the company's sales, while the remaining came from multi-brand outlets.
Bhatt remarked, "We foresee 15-20 per cent year-on-year growth. Our watch business will contribute 55 per cent while the rest of the sales will come from the Tanishq brand of jewellery.”
Awards and Recognition
Awards are an indication of an outside perception of TIL and its brands and a corroboration of the Titan’s drive towards excellence. During the year 2005-06 Titan had achieved the following Awards and Recognition.
Both Titan and Tanishq continued to be voted as most admired brands as well as the Retailer of the Year Awards.
Brand Titan won the Brand Leadership Award at the India Brand Summit as well as the Effie Gold Award.
Dehradun factory got the State Award for Outstanding Employer of the Handicapped.
The highest (Platinum) Award from the Readers’ Digest as the Most Trusted Brand went to Titan.
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Kaizen Awards for Quality.
Watch Manufacturing got the Golden Peacock Award for Environment Management.
Data Collection and Survey Analysis
1. Which sub-brand of Titan watches do you possess?
Titan sub-brands possessed by respondents
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S.NO. Sub Brands Percentage%
1 Fastrack 72
Survey Analysis: Titan sub-brand owned
This was a multiple choice question where respondents were asked to choose sub-brands of Titan
which they possess. It was found that around 72% of the consumers in the age group of 20-30 years possess
Fastrack brand, 14% Sonata, 6% Raga, 4% Nebula and only 2% own WWF and Edge.
2 .Since how many months / years have you been using Titan watch?
Period of Titan watch’s use
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S.NO. Period Of UsageYears
Percentage%
1 1-4 64
2 4-7 24
3 7-10 12
Survey Analysis: Period of use
The respondents were asked to mention since how long they have been brand loyal to Titan. This was
an open ended question and hence various responses were received. The minimum period of use was set as
one year, as mentioned earlier, while the maximum period of use was determined. For convenience, the
different responses are categorized into three: 1year – 4years, 4years – 7years and 7years – 10years.
64% of the respondents fall into first category, i.e., they are using Titan watch in the range of one to
four years. 24% respondents are in second category and the rest 12 % are using it for more than seven years.
3. Why do you prefer Titan brand?
Reasons for brand preference.
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S.NO. Reasons No. of respondents(out of total 50)
1 Attractive designs 39
2 Reasonable Price 7
3 Brand image 22
4 Good quality 25
Survey Analysis: Reasons for brand loyalty
The respondents were asked to select the reasons from the options given for their preference for Titan
watches. For this question, multi-responses were received.
4. Do you remember the original tagline of Titan watches? If yes, please mention.
Recall of Titan’s original tagline
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S.NO. Recall of Titan’s Tagline Percentage%
1 YES 22
2 NO 78
Survey Analysis: Recall of Titan’s tagline
Titan’s tagline, before brand repositioning exercise has been undertaken, was
“What’s your style”. This tagline was adopted during first rebranding exercise in 2004.
The respondents were asked to indicate whether they remember the tagline in dichotomous way, i.e., as “yes” or “no”. It was found that only 22% of the respondents were able to recall the tagline and the remaining 78% answered in negative.
5. Have you seen the advertisement of Titan watches? In which media have you seen
the advertisement?
Major advertisement media
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S.NO. Major Advertisement Media No. of respondents(out of 50)
1 TV 46
2 Magazines 25
3 Newspaper 36
4 Hoardings 15
5 Radio 4
Survey Analysis: Titan’s advertisements
Titan advertises its watches in almost all media vehicles. The advertisements can be seen in TV, magazines,
newspaper, hoardings, billboards, radio and so on.
All the 50 respondents have seen the advertisements of Titan watches in various media. This was a
multi-response question and the options given to select were restricted to TV, magazines, newspapers,
hoardings and radio.
6. Who is the brand ambassador of Titan watches?
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Awareness of brand ambassador
S.NO. Awareness of Brand Ambassador No. Of Respondents(out of 50)
1 Don’t know 4
2 Correct responses 46
Survey Analysis: Brand Ambassador of Titan
Aamir Khan is the brand ambassador of Titan since 2004. When the respondents were asked to
recollect the same, it was found that 46 of 50 sample sizes were able to correctly mention the brand
ambassador while the remaining 4 did not give any response implying that they are not aware of it.
7. Are you aware of the new tagline of Titan?
Awareness of new tagline
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S.NO. Awareness of new Tagline Percentage%
1 Aware 36
2 Not Aware 64
Survey Analysis: Awareness of new tagline – “Be More”
The survey has revealed that less than half of the total numbers of respondents are aware of new
tagline. 36% of the respondents could correctly mention the tagline while the rest are not even aware that
Titan has adopted major rebranding strategies last year.
8. How do you rate the new designs of Titan?
Consumer perception of new designs
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Data Analysis:
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The analysis gave some important results in the key areas where the products can capitalize on the opportunity to tap new clients. The Product has the opportunity to develop new customer relations and increase the market share.
The project included an in-depth study of the customer’s habits and their current expectations from the
products. The questionnaire so filled up by their responses acts as a representative of the same. So it would
be easy for the company’s officials to pitch in to these traders while providing them the customer services.
The data was analyzed taking into consideration the following criteria which were the most important
according to the products brand point of view.
1. Customer who is not satisfied with the brand has to focus.
2. To tap the customers who are with the habits of changing taste & frequent switcher.
3. With high class range of watches, they have to tap the market of good potential people.
4. With the celebrity participation in the promotion of the brand, the brand’s reorganisation enhances &
results in increase of the sale.
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LIMITATIONS OF THE STUDY:
Usually the market is indifferent to providing information about their personal likes & dislikes.
The customers are busy throughout the day. So they have to be approached tactfully so as to get the required information.
They have to be convinced about the secrecy of information and then the primary data is collected.
The customers have to be convinced about the product and so one needs to have a thorough knowledge of the product before interacting with them.
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CONCLUSION
Titan Industries is India’s leading manufacturer of watches and Jewellery and the world’s sixth largest manufacturer brand of watches. Titan has over 60 per cent of the domestic market share in the organised watch market. Its exclusive retail showroom chain – World of Titan – is amongst the largest in its category. Titan watches are sold through over 9,000 outlets in over 2,300 cities and internationally in over 30 countries. Titan’s retail operations are a mix of company-owned and franchised outlets, with the idea being to ensure a dominant presence in all market areas through different kinds of stores, and to assure the availability of every Titan product. Titan retained its ranking as the 'No 1 Brand' in the Brand Equity. Titan was adjudged 'Most Admired Brands' as well as ‘Retailer of the Year' by Images Fashion Forum.
Titan is the most trusted brand under the roof of TATA group.
Titan should focus on their promotion of high range products, like tanishq, Raga, etc. As promotion is not up to the mark & high class people still prefers global brands.
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According to the project data analysis it found that titan has capture the 60% of the Indian watch market. In which 80% market is in low range watches.
SUGGESTIONS AND RECOMMENDATIONS
To increase its visibility, Titan Company can sponsor events similar to fashion shows in which all latest designs launched are displayed. This would have multiplier effect as the latest designs launched by the company get noticed by different segments of the customers in varied ways.
Tie -up with FM radio channels for reminder advertisements and informing customers about various sales promotion offers from time-to-time.
Invest more in R&D as customer expectations are changing rapidly. Though Titan has got more product collections, it should focus on introducing more varieties in already existing product collections. In other words, having a limited but more depth in product collections would be more advantageous.
Introduce exclusive collection for working women which is more contemporary and complements both traditional and western wear.
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Majority of the population in India live in rural areas. So, showrooms should be set up at places nearer to them. Introduce cheaper and rough use watches for this segment.
After sales service has to be improved. That is, the process of servicing and repairing of watches should be made faster. This can be done by ensuring the spare parts availability and training all sales personnel in Titan showrooms to undertake these tasks.
Tie up with international watch brands and make them available locally.
Make use of internet to spread awareness among consumers about the brand.
Introduce more trendy and innovative designs
Focus on niche markets such as working men and women
Spread awarenes s abou t ava i l ab i l i t y o f wa t ches i n l ower s egmen t s a s mos t o f t he consumers feel that Titan brand is synonymous with premium watches.
Take steps to change consumer perception that Titan watches are high priced.
Improve after sales service.
The findings of the consumer awareness survey are listed below:
72% of the respondents in the age group of 20 – 30 years possess fastrack watch. This shows that the positioning strategy of these watches has been good.
Most of the consumers prefer Titan watches for their attractive designs and good quality. However, there is a misconception about pricing of Titan products among the consumers. They perceive them to be high priced.
Logos and taglines are rarely noticed by the watch consumers. Hence, any change in them also goes unnoticed.
Advertisement in mass media such as television, newspapers, and magazines are best means to spread awareness about brand.
Celebrity endorsement of watches not only increases the visibility of the product but also gives an assurance to the consumers that it is of high quality.
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Titan watches’ designs are rated as “good” by 78% of the respondents. This indicates that they are looking forward for more innovative designs to be introduced by the company.
Only 50% of the respondents have seen the new campaign launched by Titan watches in July 2008. This implies that the reach of the campaign in six months has been to more or less half of the consumers. However, those who have seen the new campaign consider it to be effective in conveying the message it intended to deliver, i.e., to “be more” in lives.
The after sales service and behaviour of sales personnel have been given low ratings compared to other variables mentioned in the questionnaire with respect to Titan’s exclusive showrooms.
APPENDICES
1. Since how many months / years have you been using Titan watch?
2. Why do you prefer Titan brand?
A) Attractive designs, b) Reasonable price c) Brand image d) Good quality
3. Do you remember the original tagline of Titan watches? If yes, please mention.
4. Have you seen the advertisement of Titan watches?
a) Yes b) No
5. In which media have you seen the advertisement?
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a) TV b) Newspaper c) Magazines d) Hoardings e) Radio
6. Who is the brand ambassador of Titan watches?
7. Are you aware of the new tagline of Titan?
8. How do you rate the new designs of Titan?
a) Poor b) Average c) Above Average d) Good e) Excellent
9. Which type of watch do you use?
Sports Chain Bracelet others _____________
10. which brand you are currently using ?
Titan Timex Casio others____________
11. Feature you consider while purchasing a watch ?
Warranty Quality Price Brand image Style /design
12. What level warranty of watch affects you while making a purchase ?
Priority Often Rare Not Affected
13. Does publicity of watches by celebrity affects your buying decision?
Yes No
14. Are you satisfied by the brand you are using ?
Yes No
15. What features would you like to go for?
-------------------------------------------------
16. How often you swtiched off the brand ?
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Very often Depends on mood Affordability No (Brand Loyal)
17. Given chance to change the watch which one would you go for?
Titan Casio Timex other_____________
18. Which sub-brand of Titan watches do you possess?
a) Fastrack b) Sonata c) Raga d) Nebula
19. Have you seen the new campaign of Titan?
a) Yes b) No
20. Do you think the new advertisement is effective in inspiring consumers to have a new look everyday and be more in lives?
a) Not at all effective b) Effective c) Highly effective
QUESTIONNAIRE
1. Since how many months / years have you been using Titan watch?
2. Why do you prefer Titan brand?
A) Attractive designs, b) Reasonable price c) Brand image d) Good quality
3. Do you remember the original tagline of Titan watches? If yes, please mention.
4. Have you seen the advertisement of Titan watches?
a) Yes b) No
5. In which media have you seen the advertisement?
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a) TV b) Newspaper c) Magazines d) Hoardings e) Radio
6. Who is the brand ambassador of Titan watches?
7. Are you aware of the new tagline of Titan?
8. How do you rate the new designs of Titan?
a) Poor b) Average c) Above Average d) Good e) Excellent
9. Which type of watch do you use?
Sports Chain Bracelet others _____________
10. which brand you are currently using ?
Titan Timex Casio others____________
11. Feature you consider while purchasing a watch ?
Warranty Quality Price Brand image Style /design
12. What level warranty of watch affects you while making a purchase ?
Priority Often Rare Not Affected
13. Does publicity of watches by celebrity affects your buying decision?
Yes No
14. Are you satisfied by the brand you are using ?
Yes No
15. What features would you like to go for?
-------------------------------------------------
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16. How often you swtiched off the brand ?
Very often Depends on mood Affordability No (Brand Loyal)
17. Given chance to change the watch which one would you go for?
Titan Casio Timex other_____________
18. Which sub-brand of Titan watches do you possess?
a) Fastrack b) Sonata c) Raga d) Nebula
19. Have you seen the new campaign of Titan?
a) Yes b) No
20. Do you think the new advertisement is effective in inspiring consumers to have a new look everyday and be more in lives?
a) Not at all effective b) Effective c) Highly effective
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BIBLIOGRAPHY
Research Methodology – Methods and Techniques-C. R. Kothari
Research Methodology- Dr. v. p. Michael
WIBLIOGRAPHY
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www.shodhganga.com
www.sramanamitra.com
www.wikipedia.org
www.google.com
“The Titan brand has three attributes - leadership, innovation and pride in the consumer's mind. Research tells us that even to an up-market SEC a customer, Titan means style and elegance. Where
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we fell short was in these "softer" attributes. Primarily because innovation was less frequent and less visible from Titan in the last few years. However, we are back on the track with innovation, which is the essence of Titan, apart from leadership and pride.”
- Bhaskar Bhatt, Managing Director, Titan Industries.
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