market segmentation, targeting & positioning - by arihant aski goswami
DESCRIPTION
Presentation on titan watches regarding it's segmentation,targeting and positioning process.TRANSCRIPT
Presentation on
Market Segmentation, Targeting, and Positioning
Of Watches
-BY Arihant Aski Goswami, Sonyog Goswami
Priyanka Hazarika,Jessimuddin Ahmad,
Pradyut
What is Segmentation,Targetting and Positioning in a nut shell
Segmentation, targeting, and positioning together comprise a three stage process.
determine which kinds of customers exist, then
select which ones we are best off trying to serve and, finally,
implement our segmentation by optimizing our products/services for that segment and communicating that we have made the choice to distinguish ourselves that way
The Three Stage Process(S-T-P)
Positioning Process
The S-T-P Process of Titan watches
Step 1 :Segmentation- the Titan PerspectiveThe levels of market segmentation are:
· Segment Marketing · Individual Marketing · Niche Marketing · Local Marketing
.
Segment Marketing
“Marketers target more than one segment when it is not economically feasible to design products
and services for individual segments.”
TITAN PERSPECTIVETitan has segmented its business into three main
categories: Mass Mid-premium luxury
Individual Marketing
“Individual Marketing is the extreme level ofsegmentation in which marketers focus on
individual customers.”
TITAN PERSPECTIVE
Titan has not applied this for its marketing !!
NICHE MARKETING
“A niche is more narrowly defined group, typically a small market whose needs are not well served. Marketers usually identify niches by dividing a segment into sub segments or defining a group seeking a distinctive mix of benefits”
TITAN PRESPECTIVEServing the youth since they form the majority of customer
base.
introducing FAST TRACK · price offering from Rs 500(affordable) · watches with style statements
LOCAL MARKETING
“Marketing programs being tailored to the needs and wants of local customer groups. The prominence of local
marketing has also become very dominant.”
TITAN PERSPECTIVE
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.
Criteria for segmentation(Demographic segmentation )
AGE AND LIFE CYCLE STAGE
12--2018--3030--35
GENDER GentsLadiesMarried couples
Income
Below Rs 500Between Rs (500-1500)Between Rs (1500-3000)Between Rs (3000-5000)Between Rs (5000-10000)Above Rs 10000
Social classFashion State-mentFashion State-ment but price sensi-tive
Criteria for segmentation(Psychographic Segmentation)
Lifestyle:
LuxuryMid Pre-miumMass
Personality economy category
luxury category
sports & casual category,
fashion category,
Criteria for segmentation(BEHAVIORAL SEGMENTATION)
Occasions
FormalDress wearFashion
Benefits
SERVICE CENTREhuge product rangegood life cycle
TARGETING
Four main activities in this stage
Defining the abilities of the company and resources needed to
enter a market Analyzing competitors on their resources and skills Considering the company’s abilities compared to
the competitors’ Deciding on the actual target markets.
TARGETING
SUPPLIER
Segment 1
Segment 2
Segment 3
single segment with a single product
The first is the single segment with a single product. For example, Titan’s sub brand, Raga is targeting the upwardly mobile ladies in the upperpremium segment.
TARGETING
One product for all segments
Segment 1
Segment 2
Segment 3
Supplier
Secondly, the marketer could ignore the differences in the segments, and choose to aim a single product at all segments i.e. the whole market.
SONATA FAST TRACK
TARGETING
SupplierBrand ABrand BBrand CBrand D
SEGEMENT 1SEGEMENT 2
SEGEMENT 3
Finally, there is a multi-segment approach. Here a marketer will target a variety ofdifferent segments with a series of differentiated products.
For example, Titan itself provides with the number of different brands/products which are targeting different segments in the market
POSITIONING
“Positioning is statement that shows how you are different, better or more special than your
competition.”
TITAN PERSPECTIVE
Titan initially pioneered the concept of "Gifting watches“
Titan pushed the concept of "Matching Watches to Clothes”
Earlier Fastrack was targeted at 20-25 year olds and positioned along the line "Cool watches from Titan".The company re launched the brand lowering the target segment to 18-30 year olds with the baseline “How many you have?".
GREAT TEAMS MAKE GREAT PRESENTATIONS
EXAMPLES
Criteria Segment Basis of distribution
Example
Demographic INCOME Between Rs (500-1500)
TITAN Fast Track
Between Rs (1500-3000)
TITAN REGALIA,FAST TRACK,RAGA
Between Rs (5000-10000)
TITAN EDGE
Above Rs 10000 TITAN NEBULA
EXAMPLES
Criteria Segment Basis of distribution
Example
Demographic GENDER GENTS TITAN FLIP
LADIES TITAN RAGA
MARRIED COUPLES
TITAN BANDHAN
EXAMPLES
Criteria Segment Basis of distribution
Example
Demographic Age and life cycle
12-20 TIMEX, Sonata, etc
18-30 FAST TRACK, TECHNOLOGY, SONATA,etc.
30-55 SONATA, NEBULA, RAGA, STEEL,REGALIA, BANDHAN, etc.
EXAMPLES
Criteria Segment Basis of distribution
Example
Demographic SOCIAL CLASS FASHION STATEMENT
ROYALE,AURUM, and NEBULA
FASHION STATEMENT BUT PRICE SENSITIVE
RAGA,TECHNOLOGY , FAST TRACK etc
UTILITY WATCHES
TIMEX, SONATA,KARISHMA, etc
EXAMPLES
Criteria Segment Basis of distribution
Example
Psychographic Life style LUXURY NEBULA, AURUM
Mid premium RAGA,GOLD-STEEL, TECHNOLOGY
Mass SONATA,TIMEXand KARISHMA
EXAMPLES
Criteria Segment Basis of distribution
Example
Psychographic Personality ECONOMY TITAN KARISHMA
LUXURY TITAN RAGA
SPORTS AND CASUAL
TITAN FASTRACK
FASHION STATEMENT
RAGA,NEBULA
EXAMPLES
Criteria Segment Basis of distribution
Example
BEHAVIORAL OCCASIONS FORMAL NEBULLA, STEEL, RAGA,GOLD&STEEL
DRESS WARE REGALIA, RAGA, GOLD&STEEL, ROYALE
FASHION TECHNOLOGY, STEEL, RAGA, GOLD&STEEL, FAST TRACK
EXAMPLES
Criteria Segment Basis of distribution
Example
BEHAVIORAL benefits WIDE SERVICE SERVICE CENTRE in 174 towns
HUGE RANGE FASTRACK,RAGA,NEBULA,KARISHMAETC
GOOD LIFE CYCLE
FASTRACK FOR YOUTH TO BANDHAN FOR MARRIED PEOPLE