marketing strategy of titan

8/2/2019 Marketing Strategy of Titan

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TITAN INDUSTRIES

MARKETING STRATEGIES

GROUP MEMBERS

SANJAY KUMAR (7792)

PRESENTED TO:

MR. SAMIR S AAMIR


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Titan-Marketing strategies

Titan emerged as the top brand in the consumer

durable segment.HMT, the undisputed leader of the

wristwatch market before Titan's entry completely

neglected the quartz watch segment. Titansuccessfully filled this gap. Its wide range of designs,

high profile advertising and distribution network

helped it gain a substantial market share in a short

span of time. The Titan brand was essentiallypositioned as a premium brand.


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Titan-Marketing strategies

One of the most important components of a

successful marketing strategy is innovation.

Innovation can be in terms of any of the marketing

mix. This quality is clearly reflected in the brandstrategy of Titan. The collection is differentiated by

the unique sense of style and is following the

psychographic segmentation. Titan has continuously

experimented itself and this has helped the brand to

be a super brand.


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TITAN PERSPECTIVE

Brand extensions may be a quick way of appealing to a

loyal customer. Titan tries hard to retain all its

customers. For example Titan has launched a new

brand of watches called Titan Purple, aimed atfashion-conscious consumers. They are described as

contemporary and feminine. Priced between Rs 2,500

and Rs 7,000.


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INTERNATIONAL MARKETING

STRATEGIES


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EXPORTING ALLOVER THE WORLD

Most traditional & common approach of entering

foreign market which is referred as the marketing of

goods produced in one country in to another.

There are two types of Approaches:-

Direct Approach

In Direct Approach


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Titan watches account for a 25% share of the total

Indian market and are also sold in about 40 countries

through marketing subsidiaries based in London,

Aden, Dubai and Singapore.

The company also exports about 10 % of it watches

primarily to the Middle East, Far East and Europe. In

several key countries of the Middle East market,

Titan is ranked among the top three brands.


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Titans markets include both national andinternational customers and today Titan has morethan 75 million customers.

Titan Industries has claimed to have manufacturedthe worlds slimmest wrist watch Titan Edge.Produced indigenously after four years of research

and development, the Titan Edge has a total slimnessof just 3.5 mm and a wafer thin movement of 1.15mm.


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Titan is producing 8.0 million watches per annum and

holds over 60% share in the organized Indian Quartz

Analog Wrist - Watch business segment.

The company also exports 10% of its watchesprimarily to the Middle East, Far East and Europe.

The company also exports about 10 % of it watches

to the Asia pacific and Europe. In several key

countries of the Middle East market.


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EXPORTS

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 in all over the world

Titan Industries Limited (Titan) posted a top-line growth of

22% in FY 09/10

http://www.stockmarketsreview.com/reports/indian_stock_mar

ket_and_companies_daily_report_20100503_5877/


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ADDITIONAL INFO.

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 2500 sq ft and houses more

than 1500 watches on display from Titan like

Purple, Automatics, Orion, Raga, Edge,Nebula, and many more.


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FRANCHISING

An agreement that binds a franchiser (A

parent company) to provide a standard

package of products, systems and

management services to a franchisee (A firm

that operates in a foreign country).

Its a popular way of entering in to

international markets.


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FRANCHISING The Titan Industries franchise takes pride in the fact that most Indians find it

as their favorite place to purchase watches from it.

The jewellery business has got 164 showrooms, which are built all overIndia.

All members of the watch franchise will be made part of the network of themarket leader. The jewellery business never fails in ensuring its sustainedgrowth. Each of the Titan showrooms has a turnover of less than Rs. 30million per year.

All the different showrooms of the jewellery franchise enjoy a consistentgrowth of fifteen to twenty five per cent each year.


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FRANCHISING

The Titan Industries franchise has got an extremely committed

retail team, which is specially trained in setting up and

effective maintenance of showrooms throughout the country.

This dedicated team of professionals constantly tries to

enhance their potential by working under the Titan team. Thewatch franchise believes firmly that its success solely lies in

the success of its members.

The Economic Times reported that Titan Industries Limitedsaid that it would add 20 franchise stores pan-India by the end

of this fiscal, in addition to the 35 already added so far.


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STRATEGIC ALLAINCE

Internationally renowned designer watch brand TommyHilfiger may soon be sold in India by Titan Industries. TheBangalore-based Titan is set to enter into a strategiclicensing arrangement to market Tommy Hilfiger watches inthe country.

For Titan, this will be the second alliance with a foreigncompany, the first being a joint venture with TimexCorporation of the US. Titan parted ways with Timex a fewyears ago.


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STRATEGIC ALLAINCE

Titans people are in talk with the company and plan toenter into a licensing arrangement for selling TommyHilfiger watches in the country. We feel that our productportfolio misses high-end fashion brands. Tommy Hilfigerfits in there. The deal will be finalized by next month. The

arrangement is likely to be for five years.

The company also is in talk with leading global luxurywatch brands for maintenance and service pacts. Titan hasaround 600 service centers in India.


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STRATEGIC ALLAINCE

The luxury watch market is estimated to beabout 10 per cent of the total market forwatches in India. The market for branded

watches in the country is estimated at about25 million.

The Swatch group with brands like Rado,

Longines, CK, Tissot and Omega claims to haveabout 80 per cent share in the high-endmarket.


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Titan Differentiation

Introducing variety of watches

Focus on latent needs

Finding new segments by using (R&D)

Generic Strategy


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Timex Cost leadership

Introducing low price watches

Same standards as Titan but low R&D

High financial support

Generic Strategy


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HMT watches Focus strategy

Serving niche market Specialized in Mechanical watches

Captured rural areas

Generic Strategy


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MARKETING MIX

The entire evaluation of the strategies are being

carried out on the basis of the 4 Ps of marketing

mix

Product

Price

Place

Promotion


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Marketing mix priorities and

synchronization for Titan

Maximizing profit through brand inventory

Approach towards marketing mix is

methodical

Unorganized quartz market much larger than

organized quartz market

Carefully arrange marketing mix


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Product and Price Strategy

Successful identified the changing trends in thelifestyles of the Indian consumers and launched the

relevant brands over the period of time.

Through exclusive product quality and finishing titan

used the gold and stainless steel.

Strong brands for each segment of the market which

suits their needs and traits.

For various Age groups

For various types of access / occasions

For all level of community people


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Distribution Strategy

Titan successfully identified consumer psyche about the

outlets of watch as Watch Stores, titan by the exclusive

outlets for selling the brands of titan called The world of

Titan, change the perception of consumer.

Delivery was done by day to day basis

MIS used to intensify the distribution system since 1999.

Titan watches are sold through over 9000 outlets in over 2300

cities and internationally in over 30 countries including theUK, Spain, Greece and countries in the middle East and Asia

Pacific


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Applied three level strategies

Product visible

Affordable

Available at bookstores, boutiques, gift hopes.


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Promotion Strategy

Celebrity endorsement

Aamir Khan Titan rising and others

Rani Mukherjee Titan Raga

Making the product visible (Shifted commodity product to

fashionable & impulsive choice), Affordable at unconventionallocations

Highly emphasized on brand building activity.

Changed the buying behavior of consumer for a watch from

consumer durable mentality to impulsive buying bycampaigns.

Employed pull strategy for promotion rather than push it tocustomer as in the case of HMT.


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Middle East

Started export to Bahrain in 1991 just on demand basis

Extended it to other middle east countries

Employed the traditional distribution system

Conducted detailed research on consumer behavior Used promotional schemes to make agree the retailers to sell

Titan and Indian brands

Advertising carried out considering local taste, and culture.

marketing strategy of titan

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