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TITAN : CASE STUDYSTP ; 4PS OF MARKETING; BRAND
POSITIONING; CONSUMER BEHAVIOR; CONSUMER
SATISFACTION
Presented to:-Dr.Renuka Garg
Presented by:-Sumit Chopra()Gunjan Dada (17)Jaya Dakwani(18)Shweta Dastidar(19)Amardeep Desai(20)Bhavik Desai(21)
Company Profile
Titan Industries is the world's fifth largest and India's leading manufacturer of watches. The company has manufactured more than a 100 million watches till date; and has a customer base of over 80 million.
The umbrella brand Titan is one of India's leading watch brands that brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling.
The Titan brand architecture comprises several collection and sub−brands, each of which is a leader in its segment.
Notable among them are: Titan Edge The world's slimmest watch which stands for the philosophy of "less is more"; Titan Raga the feminine and sensuous accessory for today's woman, Nebula − crafted in solid 18k gold and precious stones.
Several other popular collections like Heritage, Aviator, Regalia, Octane & WWF also form a part of the Titan wardrobe.
Today, the Titan portfolio has over 60% of the domestic market share in the organized watch market.
The company has 247 exclusive showrooms christened World of Titan', making it amongst the largest chains in its category backed by 700 after−sales−service centers.
The company has a world−class design studio that constantly invents new trends in wrist watches.
History
Sales and Marketing
Titan launched totally a new product; quartz analog watch was an entirely new product for India in 1987. Titan’s marketing strategy was initially built around five features: A product of international quality; Indian designs; Competitive prices; An intensive advertising and promotion
campaign; and Specialized retail shops to control the
presentation, since the general quality of watch merchandising in India was low.
STP : Segmentation The levels of market segmentation are: Segment Marketing :-
Titan has segmented its business into three main categories: Mass Mid-premium Luxury & Premium
Niche Marketing :-more narrowly defined group
In a study conducted to study the customers of watch market, it is revealed that 42% of them are youth. So, TITAN tried to target this by: introducing FAST TRACK price offering from Rs 500(affordable) watches with style statements
LOCAL MARKETING :- All the products of TITAN are addressed to
all the customers as a whole. Localized products are not available. But some products which are available in UK have some pictures of eminent personalities on their Dial like M.K. Gandhi, Mr. Jawaharlal Nehru, etc. so that the customers can identify the product with those dignitaries.
Geographic segmentation Urban and Rural
Demographic segmentation Age and life cycle stage
For the age group 12-20, brands like TIMEX, SONATA,DASH,FOOP etc.
For the age group 18-30, brands like FAST TRACK, TECHNOLOGY, SONATA, etc.
For the age group 30-55, brands like SONATA, NEBULA, RAGA, STEEL, REGALIA, EDGE,BANDHAN, etc.
Gender Sex (steel, regalia, nebula, fast track, technology, sonata, edge, flip) Gents (Edge,) Ladies (raga,raga flora) Married couples (bandhan)
Income Below Rs 500 - Between Rs (500-1500) - Between Rs (1500-3000) - Between Rs (3000-5000) - Between Rs (5000-10000) - Above Rs 10000
Psychographic Segmentation: Lifestyle
The luxury section it has NEBULA, AURUM,EDGE etc. In the mid-premium section RAGA, GOLD-STEEL, TECHNOLOGY, etc. And in the mass section, it has SONATA,TIMEX,FAST-TRACK etc .
Personality Ambitious : In sports & casual category,
76 products Authoritarian : Nebula,Edge,Orion
Behavioral Occasions : Formal (NEBULLA, STEEL, RAGA),
Dress wear (REGALIA, RAGA), Fashion (TECHNOLOGY, STEEL, RAGA, FAST TRACK) Diwali, Marriage,Birthdays etc.
Benefits : World Of Titan
TARGETING
The first is the single segment with a single product. Titan’s sub brand, Raga is targeting the upwardly mobile ladies in the upper premium segment.
Secondly, the marketer could ignore the differences in the segments, and choose to aim a single product at all segments.
For example, Sonata and Fast track brands of Titan are targeting mass and mid premium segment.
Multi-segment approach
BRANDS TARGET CONSUMER
PRICING FEATURES
EDGE SUPER PREMIUM SEGMENT
6800 Onwards
Slimmest watch
SONATA ECONOMY 400-1500
Common man watch
Heritage PREMIUM SEGMENT
5500 Onwards
Defined by names such as Jharokha,Taj,Jhantar Mantar.
RAGA DIVA SUPER PREMIUM SEGMENT
8995 Onwards
Gold finish,22 jewels
FAST-TRACK ECONOMY 400 Onwards
Youth-centric
OctaneOrionAutomatic
PREMIUM SEGMENT
5000 Onwards
Targeting Men,Contructive watches
NEBULA SUPER PREMIUM SEGEMENT
50000 Onwards
Rose-gold finish,33 jewels,Lifetime warrenty
POSITIONING
Titan initially pioneered the concept of "Gifting watches".
Titan found its persona in Mr. Aamir khan which provided the much needed edge to the brand.
Titan pushed the concept of "Matching Watches to Clothes" in the recent commercials.
“BE MORE EVERYDAY” or “REDISCOVER THE JOY OF GIVING” to name a few.
INTEGRATED MARKETING: 4Ps
PRODUCT AND PRICE STRATEGY Strong brands for each segment of
the market which suite their need and traits. For Various Age Groups For Various Type of Access/Occasions For All Level Of Community People
DISTRIBUTION STRATEGY “Watch Stores : WORLD OF TITAN” Applied three level strategy
Product Visiblilty Affordable, Available at bookstores, Boutiques, gift hopes, Malls. Youth hang-outs.
PROMOTIONAL STRATEGY
Celebrity Endorsements Amir Khan-Titan Rising and others Rani Mukherji-Titan Raga
Making the product visible :- Shifted a commodity product to fashionable & Implusive Choice ; affordable & available at unconventional location.
Attractive tag-lines. Youth & Advertisement
AGAINST THE GRAY MARKET
Tied with Timex and introduced 250 variants under the brand name of Timex with economical prices.
Extensive advertising, marketing and at the same time provided low-priced products to the practically feasible.
Got cheaper raw material to fight against gray market on price factor.
What Influences Consumer Behavior ?? Cultural Factors
Lower lowers. Upper lowers. Working Class. Middle Class. Upper Middles. Lower Uppers. Upper Uppers.
Social Factors Reference Group :-It includes family, friends, neighbour
and co-workers. Family of orientation
Husband & Wife Youth and Family
Role and Status Aamir Khan is shown with different type of watches
according to the clothes he is going to put on. Titan is associating itself with status.
Personal Factors Age and Stages in Life cycle : Aamir and
grandmother Personality and self-concept : Nebula, Quartz, Xylus
which is associating a person with his sincerity and soberness.
Lifestyle Sonata Nebula
Titan Watches: Brand Positioning Strategies
Attribute Positioning User Positioning Benefit Positioning Competitor Positioning Quality or Price Positioning
Men-Segment :Watches have joined the list of tie, deodorant and shoes to represent the occasion and flaunt your status. Dress Wear
Nebula, Regalia and Insignia. Classic Watches
Classique: Royale Spectra
Sports Watches PSI2000 Titan Fast Track
Technology Watches Technology (2350-8200)
Women Segment Dress Wear Nebula (6000-65000)- Regalia Raga and the Silver Raga
Child Segment Dash {Popeye Collection’} Zoop
CUSTOMER RELATIONSHIP:-
Delivering high customer value Titan core positioning has been durability ,but the
buyer is promised more than just durability, other includes stylish, classic, multidial model etc.
Product and service quality Titan right from the beginning stressed on the
importance of quality. E.g, tropical country like India, gold plated watches lose their shine within a few months of usage.
After recognizing this problem Titan go for vacuum technology which would increase the life of the product.
Excellence service Titan employed trained service personnal
in its service center. With excellent post service, the brand
captured the customer confident Once sales rep logs on to Office Titan , he/she can add new clients using default address input that actually improves their typing skills.
Telemarketing, post card mailing, client addressed letters and e-mail list serving to you their clients is a major function of all great marketing strategies.
Office Titan has all these tools integrated for seamless operation.
Customer Product and Service Fulfillment From customer contact to customer product and service
fulfillment, Titan handles all procedures involved. They track their inventory and know what inventory is
required for "Invoices not Shipped“. Create commercial invoices for international shipping.
Use the automated reordering tool to order standard products that they stock.
Value Added Services of Titan Gift vouchers from World of Titan, in denominations of
Rs 1001, Rs 501, Rs 251 and Rs. 101 are available at all World of Titan Stores across the country.
The customer can obtain a Gift Exchange Card along with the watch which entitles the recipient of the watchto exchange it for another watch of a higher value or Gift Voucher of appropriate value at any World of Titan across the country.
Enterprise Capable They create multiple passwords for their sales
representatives. Track their sales and their work performance. Office Titan security allows their sales team to harness just the program capabilities they need to do their job efficiently.
Office Titan Is sales accounting software that was developed
for business that require quotations/sales orders, marketing and billing.
Writing quotations are easy with the quotation tool. It is easy to reference a quote at a later date, because the quote stays with the client file.
Create invoices by using the inventory tool or create a custom invoice as required.
Bibliography :-
THANK YOU..