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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EXPORTING ALLOVER THE WORLD
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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EXPORTING ALLOVER THE WORLD
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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EXPORTING ALLOVER THE WORLD
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.