richa project

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SYNOPSIS

ON

CUSTOMER SATISFACTION TOWARDS

TITAN WATCHES

In Partial FulfillmentofThe Requirement For The

BACHELOR OF BUSINESS ADMINISTRATION

(Session 2008-2011)

INVERTIS INSTITUTE OF MANAGEMENT STUDIES,

BAREILLY

Submitted To : Submitted by :

MR. SANTOSH SHARMA RICHA SETH

(Project guide) BBA-6th



Preface

Project Work is one of the most important activities of Professional curriculum at every level

irrespective of degree or diploma. This provides us an opportunity to apply our knowledge,

skills and aptitude in real life. It also provides us an opportunity to work in a group and share

responsibilities.

The purpose of practical training for management students is to keep them understands the

management of working organization in all its aspects especially in the area of specialization. It

also helps them broaden their horizon and in efficiency grasping the intricacies in a good stand

when they are actually in management position in an organization. It also intends to integrate

the theoretical concept with the practical working of an organization.

The project should include relative information and details about various Titan watches that are

introduced in the market. Proper execution of plans and projects are responsible for the

economic growth of the country.



ACKNOWLEDGEMENT

Firstly, I would like to thank god for providing life and this environment to complete this project

work.

I express my heart-felt gratitude towards Mr. Santosh Sharma for providing me the opportunity

to complete my project work on Customer Satisfaction towards Titan Watches under his kind

guidance.

I would like to thanks my parents and friends for giving me their constant support and

encouragement in completion of my project work.

At last but not the least I would like to thank all those who are using Titan Watches who helps

me to know about the consumer behavior and choices towards Titan Watches. It was a

wonderful experience for me.

Richa Seth



Contents

y Introduction of topic

y Objective

y Research Methodology

y Company Profile

y Literature Review

y Data Presentation and Analysis

y Conclusion

y Recommendation

y

ibliography

y Annexure



OBJECTIVES

To find the customer satisfaction towards the Titan watches.

To find the promotional strategies of Titan watches.

To find techniques of sales promotion.



Jewellery division

Tanishq is currently the most prominent jewellery brand of India, and it pioneered the concept

of branded jewellery and ornaments in India. The name Tanishq has been formed by combining

"Ta" (the first two letters of Tata) and "Nishk or Nishkh" (meaning gold coin or necklace in

Sanskrit).

Tanishq is India's largest jewellery brand with a wide range of jewellery in 22Kt pure gold

studded with diamonds or coloured gems. It is the fastest growing jewellery brand in

India.[citation needed] Tanishq, established in 1995, challenged the established family jeweller

and introduced new rules in precious jewellery; a category as old as civilization. Tanishq

challenged the age-old jeweller's word with Tata's guaranteed purity. Tanishq's initial foray intothe jewellery business was a failure though. Tanishq at first introduced 18 Kt gold jewellery

advertising 18 Kt as the 'international standard.' This less pure gold was completely rejected by

the market dominated by (purported) 22 Kt gold. Later on, it exploded the market with facts

about rampant impurity across India. It introduced technology-backed challenge in a category

completely governed by blind individual trust. Tanishq introduced innovations like Karatmeter,

the only non-destructive means to check the purity of gold; machine made jewellery, which

offers superior finish and value to the customer and handcrafted jewellery which is influenced

by various jewellery traditions of India.

Tanishq has set up production and sourcing bases with thorough research of the jewellery

crafts of India. The 135,000 sq.ft. (12,500 m2). Factory is equipped with the latest and most

modern machinery and equipment. The factory complies with all labor and environmental

standards, located at Hour, Tamil Nadu. The brand brings together the work of karigars, who

specialize in different styles of making jewellery. Karigars, who continue to be an exploited lot



with other jewellers, are paid fair remuneration and work under good working conditions in

Tanishq.

Titan Industries

Type -Joint venture

Industry- Watches

Founded- 1987

Headquarters - Bangalore, India

Area served- 4 continent and 40 countries.

Key people- Xerxes Desai, Founder

Products- Watches, Jewellery, Eyewear & Precision Engineering

Employees- 3,000

Parent- Tata Group

The Company also runs a one of a kind contest in the retail industry called the Face Of Titan

(FOT) contest to identify the most talented Sales person, Manager & Service personnel



Technician & Cashier.[citation needed] The contest recognizes the best based on a set of

parameters that give a measure of the overall development of the individual in each of the

categories mentioned above and is not solely on sales.

This program was conceived as an assessment center for front-line staff - by Aparna

Ponnappa, inspired at that time by staff who expressed their desire to 'perform' and 'be

recognized' for what they do. This program enabled the retail wing of Titan to empower staff

to take charge of their own skill development and provided them with a healthy and fun

environment to compete and showcase their own talent.

The contest leapfrogged into the digital era from the year 2006-07 with the introduction of IT

in the capturing of survey data across all of its 200+ stores, that year also saw the

introduction of the data gathered at the store level being used to profile the staff at various

levels using a custom built web based software developed by I.GEN Labs.

TITAN company has good reputation in Indian stock market (NSE). Sonata reached the top

100 most trusted brands of India in a study - The Brand Trust Report conducted by Trust

Research Advisory. The same study has also ranked Titan as 10th Most Trusted Brand.

[edit]

PRODUCTS

Titan Industries, best known as India's pioneering manufacturer of

quartz watches, has also etched a niche for itself in some of the most



competitive spaces in the fashion industry such as jewellery and

eyewear. Precision engineering is another area of specialization that

Titan Industries is proud of.

Watches: Being the world's fifth largest integrated watch

manufacturer, Titan Industries has created and sold more than a 110

million pieces the world over.

With a production rate of over 12 million watches per annum and acustomer base of over 100 million, Titan Industries owns

manufacturing and assembly operation centers in Hosur in Karnataka,

Dehradun, Roorkee and Pant Nagar in Uttaranchal, Baddi in Himachal

Pradesh, and an Electronic Circuit Boards (ECB) plant in Goa.

Capturing the important market segments and the changing fashiontrends, Titan Industries has brought forth four core watch brands:

Titan is designed for the mid-premium segment

Fastrack is crafted to fit the trendy fashion space with a focus on

the youth

Sonata is created for the mass market and has emerged as Indias

largest selling watch brand

Xylys is fashioned for the premium market, aiming at the high-end

connoisseur and new-age achiever



The Titan brand architecture comprises several sub-brands, each of

which is a market leader in own space. Notable among them are:

Titan Edge, Titan Raga, Nebula, Heritage and several other collections

like WWF, Zoop, Orion, Purple, Obaku and the Automatic series. The

Titan portfolio owns over 60% of the domestic market share in the

organized watch market.

Titan Industries pride possession, a world-class design studio for

watches and accessories, is the place where some of the most coveted

creations have been conceptualized.

Exclusive World of Titan and Fastrack showrooms and over 12,000

outlets in more than 2,554 cities in India make these much-sought-

after watches available to the buyers. The watches are also offered

internationally in 30 countries, with a special focus on the Middle East

and Asia Pacific regions. The after-sales service, a benchmarked

operation with a large network of exclusive service centers spread

across the country, is one of the operation units with the fastest

turnaround time in the world.

Jewellery: Following the suit of time products, Titan Industries

Tanishq has been Indias largest, fastest growing and most popular

jewellery brand.



Tanishq offers a premium range of innovatively created gold jewellery

with an aesthetic use of diamonds and precious, semi-precious stones

in various hues. Arresting designs in 22kt pure gold as well as

platinum are among the most admired products on the companyslist. GoldPlus the recent retail plain gold jewellery offering, is

specifically created for semi urban and rural Indian market. The brand

offers gold jewellery, as well as unique designs crafted with

diamonds, American diamonds and other precious stones.

Titan Industries boasts of 119 Tanishq boutiques, 2 Zoya stores and 29Gold Plus stores in India. The enchanting jewellery patterns that are

part of these brands originate in the well-equipped exclusive

jewellery design studio of Titan Industries.

Eye wear: Titan Eye+ of Titan Industries offers sunglasses under its

Fastrack brand. Prescription eyewear such as lenses and contactlenses is also part of the range. Titan Eye+ offers frames, sunglasses,

and accessories of Titan Industries in-house brands as well as other

premium brands.

Precision Engineering: The Precision Engineering division of Titan

Industries supplies precision components to the aviation and the

automotive industry. As an Original Equipment Manufacturer (OEM),

the company makes dashboard clocks for car manufacturers in Europe

and America.



Equipped with best certifications such as AS 9100B for the aerospace

segment, TS 16949 for the automotive segment and the coveted Ford

Q1 status - the highest supplier recognition from Ford Titan

Industries also offers fully integrated automation solutions.

Company profile



Titan Industries is the organization that brought about a paradigm shift in the Indian watch

market when it introduced its futuristic quartz technology, complemented by international

styling. With India's two most recognized and loved brands Titan and Tanishq to its credit, Titan

Industries is the fifth largest integrated watch manufacturer in the world.

The success story began in 1984 with a joint venture between the Tata Group and the Tamil

Nadu Industrial Development Corporation. Presenting Titan quartz watches that sported an

international look, Titan Industries transformed the Indian watch market. After Sonata, a value

brand of functionally styled watches at affordable prices, Titan Industries reached out to the

youth segment with Fastrack, its third brand, trendy and chic. The company has sold 100 million

watches world over and manufactures 12 million watches every year.

With a license for premium fashion watches of global brands, Titan Industries repeated its

pioneering act and brought international brands into Indian market. Tommy Hilfiger, Hugo Boss

and f c u k as well as the Swiss made watch Xylys owe their presence in Indian market to TitanIndustries.

Entering the largely fragmented Indian jewellery market with no known brands in 1995, Titan

Industries launched Tanishq, Indias most trusted and fastest growing jewellery brand. Gold

Plus, the later addition, focuses on the preferences of semi-urban and rural India. Completing

the jewellery portfolio is Zoya, the latest retail chain in the luxury segment.

Titan Industries has also made its foray into eyewear, launching Fastrack eyewear and

sunglasses, as well as prescription eyewear. The organization has leveraged its manufacturing

competencies and branched into precision engineering products and machine building.

With over 624 retail stores across a carpet area of over 7, 70,848 sq. ft. Titan Industries has

Indias largest retail network. The company has over 300 exclusive World of Titan' showrooms

and over 650 after-sales-service centers. Titan Industries is also the largest jewellery retailer in

India with over 119 Tanishq boutiques and Zoya stores, over 28 Gold Plus stores and over 120

Titan Eye+ stores. The company has two exclusive design studios for watches and jewellery

Backed by 4,934 employees, two exclusive design studios for watches and jewellery, 11

manufacturing units, and innumerable admirers world over, Titan Industries continues to grow

and sets new standards for innovation and quality. The organization is all geared to repeat theTitan and Tanishq success story with each new offering.



Research methodology

This part of the report i.e. research methodology is intended to give the details of the

conceptual framework within which the study was carried out. This describes the methods

followed in carrying out research and method of collecting the information of the study

Data Collection

Secondary data: Secondary data are those data which have already been collected by someone

else and which have already been used as per required.

There are basically two sources of data:

*Internally:Provided by the company.



*Externally: Provided by the various publications of books, magazines, newspaper,internet.

Our research is concerned with secondary data only.

.1 Objectives

To review the brand positioning strategies of different sub-brands of Titan watches

To analyze the brand repositioning strategies of Titan watches.

To study consumer awareness and perception about the brand repositioning strategies of

Titan watches

To recommend suitable measures to be taken by the Titan Company to further .improve its

brand perception and loyalty among its customers. This study would help titan industry to



LIMITATIONS

The study is confined to Hyderabad area only

There is possibility of sampling errors in the study

The responses of the consumers may not be genuine

The questions included in the questionnaire may not be comprehensive



LITERATURE REVIEW

The repositioning strategy is rolled out in three stages: introductory, elaboration and

fortification stages. This involves the introduction of a new or a repositioned brand, seeking tounderline the brands value over others, and to broaden the brand proposition. Itis truly tough

to change the customers perceived attitude towards a brand, and therefore the risk is great

that the attempt to repositioning might be unsuccessful. [9]



After rolling out the strategy, it is time to modify the proposition through update of the

personality and through repositioning. There are benefits and risks with both of this segments

and it is of great significance that they are truly evaluated when deciding the next step in the

process. To further understand the stages stated above, figure.1 will guide you through the

different phases that follow after establish a brand proposition.

STAGES IN BRAND STATEGY DEVELOPMENT.

The implication with the term repositioning is that a company modifies something that is

already present in the market and in the consumers mind. The definition of repositioning

changes different individuals and professions. To view the different definitions and perceive a

greater understanding about this concept, three examples of repositioning given by individuals

in different professions is stated below.



the brand in some kind of direction, it is about having a balance between the category party

and differentiation when using reposition strategies (Leading brand strategist) From these

definitions, it is obvious that reposition is about moving something to a newer and hopefully to

a more attractive and relevant position. The purpose of the movement differs with regards to

what the company wants to achieve. A company might want to reach out to a larger targetgroup, or be involved in several different positions at the market. There is also a visible relation

between price and quantity aspects. When a company perceives the market as a demand curve,

the purpose is to down stretch or up stretch in this curve. When moving down it is often spoken

of as an expansion down wards, and when moving up and there is a need for reaching the

premium segment and expand up wards.

THE PRINCIPAL OF REPOSITIONING

Experienced quality When striving towards a new position in the market, it is important to

understand that consumers minds are limited. Peoples minds select what to remember and it

is therefore significant to convince the consumers with great arguments. The market demand

changes rapidly and therefore reposition can be necessary to meet these demands, newer and



stronger arguments have to be established to convince them to stay as loyal customers. As

stated in the literature, repositioning is a very complicated matter and therefore there are no

detailed theories or models. The aim with repositioning differ from person to person, and the

only connection between all the different theories is that repositioning is moving something

from somewhere towards a greater position at the market. Corstjens andD

oyle (1989)identified three types of repositioning strategies:

(1) zero repositioning, which is not a repositioning at all since the firm maintains its initial

strategy in the face of a changing environment;

(2) gradual repositioning, where the firm performs incremental, continuous adjustments to its

positioning strategy to reflect the evolution of its environment; and (3) radical repositioning

that corresponds to a discontinuous shift towards a new target market and/or a new

competitive advantage. After examining the repositioning of several brands from the Indian

market, the following 9 types of repositioning have been identified. These are: 1.Increasing

relevance to the consumer 2.Increasing occasions for use 3.Making the brand serious 4. Falling

sales 5.Bringing in new customers 6.Making the brand contemporary 7.Differentiate from other

brands 8.Changed market conditions. [12]

It is not always that these nine categories are mutually exclusive. Often one reason leads to the

other and a brand is repositioned sometimes for a multiplicity of reasons. A four-phased brand

repositioning approach can be followed to achieve the intended benefits: Phase I. Determining

the Current Status of the Brand

Phase II. What Does the Brand Stand for Today?

Phase III. Developing the Brand Positioning Platforms

Phase IV. Refining the Brand Positioning and Management Presentation

The benefits that can be derived from brand repositioning exercises can be summarized as:

Value over others Updated personality Relevant position Up to date image The risks

associated with such strategies are: Loss of focus Neglecting original customers Losing

credibility for the brand Confusing the brand Therefore, brand repositioning is more difficult

than initially positioning a brand because one must first help the customer unlearn the

current brand positioning (easier said than done).Three actions can aid in this process: (1)

carefully crafted communication, (2) [13]



new products, packaging, etc. that emphasize the new positioning and (3) associations with

other brands (co-branding, co-marketing, ingredient branding, strategic alliances, etc.) that

reinforce the new brand positioning. This exercise is so critical to an organizations success that

the organizations leadership team and its marketing/brand management leaders should

develop it,preferably with the help and facilitation of an outside brand positioning expert.

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