Strategic Evaluation of TITAN Industries Limited

LEEDS METROPOLITAN UNIVERSITY

M.Sc. Marketing

ID- C7094638

1

S.no. Topics Pg. No.1 Company Overview 3

2 Company Environment Analysis (Pest Analysis) 3

3 Swot Analysis 5

4 Current Financial Data 7

5 Challenges Titan Industries Ltd experienced 9

6 Competitors 10

7 Portfolio analysis tools 11

8 Company’s target customers 15

9 Positioning Strategy 16

10 Promotional Activities 17

11 Company maintain a high level of customer service 18

12 Company pursue and ensure customer loyalty 19

13 Pricing strategy 19

14 Pricing compare with that of its competitors 20

15 Distribution of products/services 20

16 Strategic alliances 21

17 Company adopted these strategies to achieve success in

the market

21

18 Performance measurements Criteria 22

19 Strategy Recommendation 22

20 Reference 23

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3

1) Company OverviewTitan Industries Ltd. is India’s largest fashion accessories manufacturer including watches,

jewellery, sunglasses, and prescription eyewear. Titan Industries Ltd, a Joint Venture

between the Tata Group and TIDCO (Tamilnadu Industrial Development Corporation)

began on 27th July 1984. (Titan, 2009)

HMT was first major watch manufacturer in India and undisputed market

leader till the entry of Titan. In 1987 Titan established a manufacturing unit at Hosur for

the making watches. The main objective of the company is to manufacture analog

electronic watches. The Company projected to manufacture 2 million digital and ana-digi

watches in collaboration with Casio Computer Company of Japan. A MOU was signed

between Titan and Casio in November, 1986. Titan exports their watches in 32 countries

around the world. Now it is fifth largest watch manufacturer in the world. Titan Industries

launched Tanishq; a jewellery brand in 1995, In 2002 Titan initiated a new business unit

of Precision engineering components for aerospace, automotive, oil & gas, engineering,

hydraulics, solar and medical industry. Titan industries added Titan Eye+, an eye wear

brand in the year 2007. The company operates in Asia Pacific, Middle East and the UK.

It’s headquarter is located in Bangalore, India and employs around 4514 people.

(Money Control, 2010)

Strategic Business Units

• Watch segment

• Jewellery segment

• Others (eyewear and precision component)

2) Company Environment Analysis (Pest Analysis)Political Factors

• Indian Jewelry Industry is getting strong government support in form of incentives

and formation of SEZs, According to (Gujarat Government Industrial policy 2009),

Gujarat government gives scheme for insurance coverage. Gems & Jewellery Parks

have been set up to promote investments in this sector.

(India Extension Bureu, 2009)

4

• By Stable macroeconomic policies of India, International watch companies are

entering in Indian watch Industry. (Tax Management India, 2010)

• 100% FDI is allowed in the Gems & Jewellery sector and Watch sector through the

automatic route. (Investment Communication, n.d.)

• Government provide excise duty free zone where companies establish their

manufacturing units and obtain policy benefit.

(Example – Titan assemble his manufacturing unit in Uttrakhand which is excise

duty free zone) (India Extension Bureau, 2009)

Economical Factors

• India the largest consumer and importer of gold in the world, it is projected to

import around 500-550 tonnes of gold in 2010.

(Investment Communication, n.d.)

• Macroeconomic indicators, higher disposable incomes, emerging middle class,

investment friendly policies and progressive reform process all contribute towards

India being an appropriate choice for investors.

(India In Business, n.d.)

Social Factors

• Gift trend of watches and jewellery in special occasions in India support watch and

jewellery sector.

• Indian Life style is improving which is supportive for Jewellery and watch sector.

• The Indian gems and jewellery market is set to cross US$ 26 billion by 2012, on the

back of getting better lifestyle and availability of skilled labour.

(Investment Communication, n.d.)

• Indian consumer views jewellery purchase as an investment. India is the largest

consumer of gold jewellery in the world, utilizing 20% of global gold (Gold, 2010).

5

• As per a report by the Automotive Component Manufacturers Association of India

(ACMA), the turnover of the auto component industry is being estimated at around US$

19.2 billion in 2009-10. (Investment commission, n.d.b)

• Indian Diamond Institute (IDI), National Institute of Design (NID), National Institute of

Jewellery Design (NIJD) and National Institute of Fashion Technology (NIFT) have had a

substantial impact on development of the jewellery sector in India.

Technological Factors

• Companies are using innovation to establish their brand in the market (ex-Titan

produce world slimmest watch).

• Innovative technologies certify the finest use of gold in the electronics sector.

• Japanese companies have come to Indian market with their highly technological

watches.

3) Swot AnalysisStrength

• Tata is finest and reliable group of companies name in India and Titan’s collaboration

with Tata has helped them to establish their brand in the market.

• Titan is market leader of watch industry in India with 60% market share.

(Titan, 2009)

• Titan has efficient customer touch point (300 exclusive ‘World of Titan' showrooms,

740 after-sales-service centres, 113 Tanishq boutiques and Zoya stores, 28 Gold Plus

stores, 88 Titan Eye+ stores) (Titan, 2009)

• Titan has capable Production capacity they have 11 manufacturing units in India.

(Titan, 2009)

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Weakness

• Poor market share in high cost watches.

• Less number of low priced products.

• High prices jewellery comparison to local players.

Opportunity

• Titan can venture into different sector, as Titan doing innovation in their services

where they launch design studio where they did designer work for titan watches,

Tanishq jewellery, and fastrack gogals and bag. In 2009 Titan launched Titan trophy

where they made trophies for various companies.

• Titan has developed foreign potential market, as now they are exporting watches in 32

countries.

• In India on every 1000 people, only 25 have watches. (World amazing records, n.d.)

• The estimated annual watch market size is around USD 195 million. The average

growth rate is 10 -15 percent per year. (World amazing records, n.d.)

• In India more than 58% of the population is under 25 years and more than 80% of the

population is below 45 years of age. (World amazing records, n.d.)

• Expected to grow at 40% p.a. to US$2.2 billion by 2010, India is the fastest increasing

jewellery market in the world. Estimated jewellery export revenue of up to us $ 25-30

billion in next five year (Investment Communication of India, n.d.a)

• The auto component industry in India has possibility to grow at a CAGR of 13% to

reach US$40 billion by 2015. (Investment Communication of India, n.d.b)

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Threaths

• Swiss automatic, stylish and super premium watches & Japnese automatic and new

technological watches have increased the competition.

• Too many players will dilute the market & the profit margin.

• Low priced China watches are also a concern.

• Mobile phones are also a threat for watches in mass market. People prefer 1000rs

mobile in which they get calculator and alarm watch.

4) Current Financial Data (These Financial data is According to Titan Industries Limited annual report)

In Titan silver jubilee year (2009-10) growth rate is 22.2%.

2007-08 2008-09 2009-100

500100015002000250030003500400045005000

Sales(in crores)

Sales(in crores)

2008-09 2009-10880900920940960980

10001020104010601080

Watches

Sales(in crores)

• Company revenue Rs. 4703.12 Crores.

• Watch segment sales grew by 13% to Rs.1052.78 crores.

8

• The Jewellery segment sales grew by 26.8% to Rs. 3,504.19 crores.

• Other segment (Eyewear and Precision Engineering) rose by 11.4% toRs.151.76

crores.

Net profit Rs. 250.32 crores company grew by 57.5%.

International Operations

The Company export turnover of Rs.101 crores during the year. Exports include sale

of watches and precision engineered components

(Titan, 2009b)

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5) Challenges Titan Industries Ltd experienced

In 1998-99, Titan tried to tap kid’s watch segment with a brand Dash. But Dash failed

to catch the market. Dash was withdrawn in 2003. Experts say that Dash was too early

for the Indian consumers. During that time, parents were not that interested in

spending on kid's accessories like Watches.

Now Titan feels that the market is ready for a brand like Zoop. The Company has re-

entered the children’s watch segment. Zoop is being positioned as a cool, fancy

accessory for kids.

(The Hindu Business Line, 2010)

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6) CompetitorsTop competitors

According to Datamonitor (2010) these are main competitors in watch and jewellery

sector.

• HMT Ltd.

• Timex Group India Ltd.

• Gitanjali Gems Ltd.

• Su-Raj Diamonds and Jewellery Ltd.

• Vaibhav Gems Ltd

Porter’s Five forces Analysis (Industry Analysis)

(Diagram of Porter’s five forces)

Threat of new entrants - More global and local players• Increase in competition in all segments

Super premium segment : Swiss brands

Premium segment : Global fashion House / Japanese brands

Mass market : Local/regional, Chinese Watches

Power of buyers - Emergence of different consumer segments• Defined consumer segments around distinct purchasing factors

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Industry rivalry

More global and local playeras

Emergence of distinct consumer segments

Emergence of new

channels

Shift in structure of

demand

• More awareness of brands and global trends among rich urban consumers

Threat of substitutes - Emergence of new channels • Emergence new retail outlets emerging (Dept. stores/malls)

• Existing outlets (MBOs) getting attractive looking

• Unorganized retail network for mass market

Power of suppliers - Shift in structure of demand• Volume growth driven by the mass market

• Value growth driven by premium segment

(Nag, 2008, P.226)

7) Portfolio analysis tools a) Brand Life Cycle

(Brand life cycle)

Introduction Growth  Maturity Decline

Obaku Xylys Sonata Royal

WWF Raga Nebula Regalia

Orion Purple Edge Dash

Zoop Fastrack

Octane

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In introduction stage brand needs much investment to create awareness in the market.

In growth stage sales increases because customers aware the brand and its quality so brand needs more attention on 4p’s of marketing mix for establishing brand preference.

In maturity stage brand set its position in customer mind. Brand main goal is to maintain market share.

In decline stage sales begin to decline as the market saturated, brand technologically absolute, or customer taste change. (Nag, 2008, P.222)

b) Boston Consulting Group matrix analysis

In BCG Matrix Company analyse its current SBU portfolio and decide which SBU

need more or less investment and company develop growth strategies for adding new

products and businesses to the portfolio.

(Nag, 2008, P.51)

Plotting two SBU Titan Industries Ltd

i) Watch Sector

Watch Industry Growth- 13%

Titan Industries Sales in Watch Sector- 1,026.78 crores

Market leader or Close Competitors (Timex India) sale- 140.07 crores

= 1,026.78/140.07

Relative Market Share = 7.33%

ii) Jewellery Sector

Jewellery Industry Growth- 40%

Titan Industries Sales in Jewellery Sector- 3,504.19 crores

Market leader or Close Competitors (Gitnjali Gems Ltd) sale- 1,257.8 crores

= 3,504.19/1,257.8

Relative Market Share = 2.78%

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(BCG Model)

Relative Market Share

(Cash Generation)

50

Market Growth Rate

(Cash usage)

10 1 0.1

On the horizontal axis: Relative market share

On the vertical axis: market growth rate

Titan’s jewellery unit come in star because it has a high market share in fast

growing sector. Jewellery sector may generate cash but model predicts that

jewellery units will have a very strong need to support their growth.

Titan’s watch unit come in cash cow because it market leader in Indian watch

market. Watch unit has large market share in a slow growing Industry. Because of

their market position Titan watches generate cash.

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Stars Question mark

Cash Cow Dog

c) Ansoff Matrix

Ansoff Growth matrix is a tool that helps companies to grow depends on whether it

markets new or existing products in new or existing markets.

(Nag, 2008, P.245)

(Ansoff Matrix Model)

Existing Product New Products

Existing

MarketsMarket penetration Product development

New

MarketsMarket development Diversification

Market penetration-

Titan has two brands in jewellery segment and Indian jewellery industry growth rate

is 40% pa. The company promote their brand at high level in this growing industry.

Market development-

Indian Tier II and Tier III cities are growing rapidly and Titan SBUs Eyewear and

Jewellery sector need more retail network to reach them.

Product development-

Titan has good opportunity to introduce new technological watches like iPod watch

(music enable), voice recorder watch, hard drive watch and USB interface to control

it. Because Titan is market leader of Indian wrist watch market with 60% market

share and company have to do innovations in their products for maintaining their

market share.

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Diversification-

In 2007 company diversify in eyewear sector and jewellery sector growth rate is too

high in this stage both sector need investment in strategy and marketing. Company is

not that stage where they can diversify.

8) Company’s target customers

Brand /Sub Brand Segmentation Target Customer

Titan Watches Casual Wear Mid-premium Class

Edge Watches Stylish casual wear Premium Class

Nebula Watches Jewellery watches Super Premium Class

Octane Watches Sporty Premium Class

Heritage Ladies Watches Casual wear Premium Class

Orion Watches Casual wear Mid-premium Class

WWF Watches Nature lover Mid-premium Class

Raga diva Ladies Watches Party wear Super Premium Class

Raga flora Ladies Watches Jewellery watches for ladies Premium Class

Zoop Watches Kids Premium class

Purple Ladies Watches Trendy Mid- premium Class

Obaku Watches Casual wear Middle class

Automatic Watches Automatic function lover Premium Class

Xylys Watches New-age achiever Super premium Class

Fastrack Watches, Goggles,

Bags, Belts.

Youth Mass market

Sonata Watches Casual wear Mass market

Gold Plus jewellery Party wear Semi-urban and middle class

Tanishq jewellery Party wear Urban class and premium Class

Titan Eye+ Casual, Trendy Mid- premium Class

(Titan, 2009c)

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9) Positioning Strategy

Titan mainly focus on two positioning strategy for their watch brands

• Price and Quality

• Lifestyle

(Nag, 2008, P.125)

(Titan Watches perceptual mapping)

Titan & Sub brands

Analyse two web pages for making Titan perceptual Map (Infibeam, 2010a )(Titan, 2009c)

a) Titan brand perception in consumers mind

Titan previous tagline was “What’s your style”, by which they want to create

perception in consumers mind as a fashion accessory. Titan repositioning itself with

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Formal / classic

Fashion/Sporty

500 1000 2000 4000 5000 10000 20000+

Fastrack

Sonata

Nebula

Xylus

Zoop

new tagline “Be More” with this new campaign they move from style statement to

personality statement. Titan’s brand ambassador Aamir khan provides much needed

frame to fire.

(Afaqs, 2008)

Fastrack is a brand for youth. Fastrack’s brand ambassador actor Genelia D'Souza and

cricketer Virat Kohli using tagline “Move on” in television campaign and Fastrack

want to create perception that we are sporty, stylish and moving towards Success.

(The Hindu Business Line, 2008c)

Xylys positioned as a premium class watch. They are targeting new age achiever. By

their new television campaign they Creating perception that Xylys is a exceptional

brand, which can change your thinking in this campaign they are using tagline “You

don’t possess a Xylys, it possesses you

(Campaign India, 2010)

Eye+ is being positioned as a style foil. Eye+ has the tagline “Kuch To Hua Hai"

meaning “Something has happened to you". In this campaign they are creating

perception that Eye+ makes you attractive and Eye+ is nothing but very basic.

10) Promotional Activities

The company use different communication technique for promoting their brands.

a) Advertising media:

Broadcasting (Television Campaign, Radio)

Print(Magazines, newspaper)

Internet

Hoardings, billboards.

b) Public relation

Gift concept (Any customer picking up a Nano booking form from a World of Titan

outlet gets gift voucher worth Rs 200.)

Exchange offer (Aug 16 2010 Titan Exchange Offer 2010’. The exchange offer

allows the customer to avail a flat 20% discount on exchange of any old watch)

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Jingles – titan use jingles to reflects the brand personality

c) Sales promotion

Sponsorship

Seasonal campaign (Tanishq, successful promotion the Queen of Diamonds in 2009-

10 first quarter of the year, Jewellery segment sales grew by 26.8 %.)

Promotion through Contests

Titan launches off-season discount scheme

Titan uses their brand ambassador for promoting their brands which suites brand

personality

Titan: Aamir Khan

Sonata: Mahendra Singh Dhoni

Raga: Amrita Rao

Xylys: Rahul Bose

Fastrack: Genelia dsouza, Virat Kohli

Tanishq: Asin

11) Company maintain a high level of customer service

Titan Customer Service centres are certified with the ISO 9001 & 14001

certification, focuses on the best post-sale experience and complete customer

contentment (Titan, 2009d)

Titan connects with their customers by website (www.titancare.co.in) where they

said “our relationship doesn’t end with the sale of watch...... but begins.....”

Titan gives 2 year warrantee on their watches.

The company encourage their employees give fast and better services to

customers.

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Titan Customer Service also sale spares and accessories, such as batteries, leather

and metal bracelets. Staffs actively encourage customers to use only original

spares in order to ensure quality and satisfaction

( Titan, 2009d )

12) Company pursue and ensure customer loyalty

Titan authorised Service Centres are attached to the ‘Multi-brand outlets’ both offer

quick and high-quality service for all types of watches.

To ensure good quality and customer satisfaction Titan Industries gives various

schemes.

Titan's loyalty Signet program – is component of Titan’s effort to retain and value its

loyal customers. Under this program they give membership to their customer for

joining the club.

Titan gives opportunity to their customer every year to exchange their watch by new

one in Exchange Offer Campaign.

13) Pricing strategy

a) Titan Industries mainly used three types Pricing Objectives

i) Market share - In this objective product capture market share price main purpose

is serve maximum people. (i.e. Titan, Sonata, Fastrack, Goldplus)

ii) Market skimming – product main objective is maximize the profit and attract

price sensitive customer. (i.e. Titan Nebula, Raga, Tanishq)

iii) Value-based pricing - product based on the value it creates for the

customer(zoop)

b) Pricing methods of Titan Industries

i) Product line pricing – Titan use product line pricing method. The company

select price according to product’s specification.

ii) Promotional pricing – In promotional activities company give discount in

product’s price.

(Nag, 2008, P.137)

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14) Pricing compare with that of its competitors

Indian watch market is clearly divided and lot of players are fighting out. The mass

market segment has HMT, Titan, Maxima fighting it out. The mid-premium segment

has Titan, Timex etc and the premium segment has Titan, Citizen etc. The super

premium segment is also hitting up with lot of international brands setting shops in

India.

TITAN HMT MAXIMA TIMEX CITIZEN

Mass Market 400-1,500 400-1,500 380-1,200 600-1,500

Mid-

premium

2000-4,000 ----- ------- 2,500-6,000 2,760-6,000

Premium 5,000-10,000 ------- ------- 6,000-10,000 8,000-14,000

Super

Premium

10,000-85,000 -------- -------- 14,000-31,100

Infibeam (2010a, b, c, d)

15) Distribution of products/services

Titan Industries operates stores under the flagship of World of Titan, Tanishq

boutiques, Zoya Stores, Gold plus Stores, Titan Eye+ Stores. It also provides after sale

services, home delivery, and repairing services of watches.

The company expanding its retail network with a net addition of 52 stores of Watches,

Jewellery and Eyewear businesses. As on 31st March 2010, the Company has a total of

539 stores, with over 6, 85,000 sq. ft of retail space.

(Titan, 2009b)

In India Titan has 786 service points across 343 towns.

• 300 exclusive ‘World of Titan' showrooms

• 113 Tanishq boutiques and Zoya stores

• 28 Gold Plus stores

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• 88 Titan Eye+ stores

(Titan, 2009d)

16) Strategic alliances

• Titan Industries Limited tied up with Sankara Nethralaya for supporting their Titan

eye+ brand.

(The Hindu Business Line, 2008a)

• The company tied-up with Essilor and Kodak for manufacturing lenses

(Trading Markets, 2010)

• Titan has entered into an exclusive sub-licensing arrangement in 2003 with GVM

International Ltd, for marketing and distribution of Tommy Hilfiger watches in

India.

(The Hindu Business Line, 2004b)

17) Company adopted these strategies to achieve success in the market

a) Diversification

• Diversification into jewellery sector, with upper class and middle class brand

Tanishq, Goldplus. Because Indian jewellery sector is unorganized and one of the

fastest growing sector of India.

b) Proper segmentation and Targeting

• Wide range of products with proper segmenting and targeting as stylish, function

and price points.

c) Public Relation

• The company doing public relations by Titan Signet Club, gift concept and

Exchange offers. This helps to make Customer loyalty for company.

(Nag, 2008, P.326)

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18) Performance measurements Criteria

a) Market share –

As earlier says in this report Titan is market leader with 60% market share.

Relative market share of Watch sector which comes from BCG matrix-7.33%

Jewellery sector- 2.78

b) Brand equity-

Titan Industries has been awarded with these awards like which shows Brand equty of

Titan -

Titan and Tanishq were adjudged 'Most Admired Brands'

'Friends of BIL Award' - for employing handicapped person.

The Titan Design team received 7 accreditations at the National Institute of Designs -

Business World Awards, including the 'Young Design Entrepreneur of the Year'.

The President of India's Award - for employing disabled person.

Titan retained its ranking as the 'Number 1 Brand' in the Brand Equity Survey, in the

Consumer Durables category. (Business Maps of India, 2007)

(Nag, 2008, P.353)

19. Strategy Recommendation

1. Expand the showroom numbers in Tier II and III cities Titan eye+, Fastrack and

tanishq)

2. The company should diversification in other products (fastrack Belt, Cap)

3. Titan should launch new brand in premium goggle market

4. Promotion in foreign market

5. Promotion campaigns of Sonata Yuva collection & TitanEye+ on Internet advertising

(Tier2 &Tier3 cities for new age achievers)

6. More focus Jewellery segment because In jewellery Market growth rate is 40% p.a.

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25

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26

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Nag, A. (2008) Strategic Marketing:Marketing Strategies & Profit. 2nd ed. Haryana, Baba

Barkha Nath prienters.

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