A PROJECT REPORT ON TITAN

For the partial fulfillment of the course Of Management of Business Administration (MBA)

SUBMITTED TO: MEENUM ABDI

SUBMITTED BY: NIMMY JAMES

NATIONAL INSTITUTE OF ENTREPRENEURSHIP, NOIDA (U.P.) 2012

INDEX

Sr.No.
1

Particular
Introduction

Page No.
3-8

STP, Marketing mix

9-23

Latest development

23

Research methodology

23

Conclusion, finding, recommendation

23-24

Bibliography

24

Swot

24-25

Michael porters model

26-28

Introduction
History of titan Titan Industries is the world's fifth largest wrist watch manufacturer and India's leading producer of watches under the Titan, Fastrack, Sonata, Nebula, RAGA, Regalia, Octane & brand names. It is a joint venture between the Tata Group, and the Tamil Nadu Industrial Development Corporation (TIDCO) Its product portfolio includes watches, accessories and jewellery, in both contemporary and traditional designs. It exports watches to about 32 countries around the world with manufacturing facilities in Hosur, Dehradun, Goa and manufactures precious jewellery under the Tanishq brand name, making it India's only national jewellery brand. It is a subsidiary of the Tata Group. Titan Industries was established in 1984 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling, manufactured in a state-of-the-art factory at Hosur, Tamil Nadu. Leveraging its understanding of different segments in the watch market, the company launched a second independent watch brand-Sonata, as a value brand to those seeking to buy functionally styled watches at affordable prices. In addition it focused on the youth with its third brand Fastrack. It has also premium fashion watches by acquiring a license for global brands such as Tommy Hilfiger and Hugo Boss, while. It has also in its portfolio its first Swiss Made watch brand Xylys. In 1995, the company diversified into jewellery under the brand Tanishq to capitalize on a fragmented market operating with no brands in urban cities. In 2005, the company launched its second Jewellery brand, Gold Plus, for capitalizing on the opportunity in small towns and rural India. The company has now diversified into fashion Eyewear by launching Fastrack Eye-Gear sunglasses, as well as Prescription Eyewear. The Company leveraged its manufacturing competencies and branched into Precision Engineering Products and Machine Building from 2003.

Watch division Titan watch division was started in 1987. At launch it was the third watch company in India after HMT. Titan formed a joint venture with Timex, which lasted until 1998, and setup a strong distribution network across India. As of 2010, Titan watches account for a 60% share of the total Indian market and are also sold in about 40 countries through marketing subsidiaries based in London, Aden, Dubai and Singapore. Titan watches are sold in India through retail chains controlled by Titan Industries. Titan Industries has claimed to have manufactured the world's slimmest wrist watch - Titan Edge .Produced indigenously after four years of research and development, the Titan Edge has a total slimness of just 3.5 mm and a wafer thin movement of 1.15 mm. Apart from the Titan Edge, Titan also offers Steel, Regalia, Raga, Fastrack, Technology, Nebula, Bandhan, Sonata, Octane, special , Tamil Nadu. Fastrack is a popular brand among youth in India. Fastrack watches come in a variety of styles, shapes and colors. 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 2,500 sq ft (230 m2) and houses more than 1500 watches on display from Titan like Purple, Automatics, Orion, Raga, Edge, Nebula, and many more. Precision Engineering Division Precision Engineering Division of Titan was started in 2002. It has become one of the leading manufacturers of Precision Parts for Automotive and Aerospace Industries. The Diverse Product range includes pointers, dashboard clusters like Fuel Gauge, Temperature Gauge, Gear Shift Indicators, Clocks for Automobiles and any kind of Injection molded Plastic parts, Electromechanical Assemblies for automobiles, all kinds of pressed and turned parts for automobiles. The Tooling Sector of Precision Engineering Division manufactures all kinds of Press Tool, Molds, Jigs, and Fixtures for various industries.

Titan Automation Solution, a part of Precision Engineering Division is a leading Automation Solution Provider for all kind of industries. They made significant contributions to add value during the product development stages of the low-cost water purifier, Tata swatch, developed by Tata Chemicals. The Automation Solution applied its precision engineering capabilities to supply automation solutions for the development of special assembly presses that enabled mass production of Tata swatch. Jewelry 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 colored gems. It is the fastest growing jewellery brand in India. Tanishq, established in 1995, challenged the established family jeweler and introduced new rules in precious jewellery; a category as old as civilization. Tanishq challenged the age-old jewelers word with Tata's guaranteed purity. Tanishq initial foray into the 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 Karat meter, 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 labour and environmental standards, located at Hosur, 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 jewelers, are paid fair remuneration and work under good working conditions in Tanishq. Prescription Eyewear Division (PEW) The PEW business is Titan's latest retailing venture. The company now has 48 stores under the "Titan Eye+" brand across the country. Over the next few years the company plans to expand to 250 stores. Face of Titan 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. 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. Areas of business

Titan's main products are: Watches: The four main watch brands include Titan for the mid-premium segment, Fastrack focused on the youth and trendy fashion space, Sonata for the mass market and Xylys for the premium market. The Titan brand architecture comprises several sub-brands: Titan Edge, Titan Raga, Nebula and several other collections like Wall Street, Heritage, Regalia, and the Aviator series. The company manufactures over 10 million watches per annum and has a customer base of over 100 million. Today, the Titan portfolio has over 60 per cent of the domestic market share in the organised watch market. Watches are sold through exclusive 'World of Titan' showrooms and at 12,000 outlets in more than 2,500 cities in India and internationally in over 30 countries, primarily in the Middle-East and Asia Pacific. Its after-sales-service is itself a benchmarked operation with service centers and amongst the worlds fastest turnaround times. The company has a world-class design studio for designing watches and accessories. Jewellery: Tanishq is Indias largest, fastest growing jewellery brand with a premium range of gold jewellery studded with diamonds or colored gems, and a wide range in 22kt pure gold and platinum jewellery. Gold Plus is the recent retail plain gold jewellery offering for the mass market. The jewellery division has its own design studio. Eye wear: Titan Eye+ retails sunglasses under the Fastrack brand and prescription eye wear consisting of frames, lenses, sunglasses, accessories and contact lenses of its in-house brands and other premium brands. Precision engineering: The companys Precision Engineering Division supplies precision components to the aviation and automotive industries. It also manufactures dashboard clocks as OEM to car manufacturers in Europe and America, and provides fully integrated automation solutions.

Products The company manufactures over 8 million watches per annum and has a customer base of over 80 million. It has manufacturing and assembly operations at Hosur, Dehradun, Roorkee and Baddi in Himachal Pradesh and an ECB plant in Goa. Its main products are: Watches: Currently manufactures four main watch brands viz. Titan for the premium segment, Fastrack focused on the youth and trendy fashion space, Sonata for the mass market and Xylys for the premium market. The Titan brand architecture comprises several 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 gold and precious stones and several other collections like Wall Street, Heritage, Regalia, Octane, Orion, Diva, Zoop, WWF and the Aviator series, all of which form a part of the Titan wardrobe. Sonata is today India's largest watch selling brand and is priced between Rs 295/- and Rs 1200/-. The company's first Swiss Made watch Xylys is for the hi-end connoisseur and new age achiever. It also markets Tommy Hilfiger watches under a licensing arrangement and is introducing Hugo Boss. Today, the Titan portfolio has about 65% of the domestic market share in the organized watches. The company has 255 exclusive showrooms christened 'World of Titan', making it amongst the largest chains in its category. Titan watches are sold through over 12,000 outlets in over 2,500 cities and internationally in over 30 countries, primarily in the Middle-East and Asia Pacific. Its after-sales-service is itself a benchmarked operation with a network of 750 service centers and amongst the world's fastest turnaround times. The company has a world-class design studio for watches and accessories. Jewellery: Tanishq is India's largest and fastest growing jewellery brand with a premium range of gold jewellery studded with diamonds or colored gems and a wide range in 22kt pure gold. Platinum jewellery is also a part of the product range Tanishq is one of India's largest speciality retailers and is transforming the jewellery market in India 102 boutiques in 72 cities across the country. Gold Plus' is the recent retail offering for the mass market with plain gold jewellery selling through 19 stores in 19 towns. The jewellery division has its own design studio.

Eye wear: Titan Eye+ is currently on a pilot mode with 5 stores in 2 cities and has sunglasses under Fastrack brand and prescription eyewear consisting of Frames, Lenses, Sunglasses, Accessories and Contact Lenses of in-house brands and other premium brands. Precision Engineering: The Companys Precision Engineering Division supplies precision components to the avionics and the automotive industry. It also manufactures dashboard clocks as OEM to car manufacturers in Europe and America. The division also provides fully integrated Automation solutions.

STP OF TITAN

SEGMENTATION OF TITAN
Titan has realized the demand of the society and has marketed its products for each of the following social strata.

First segment: For this segment, watch is a fashion statement. TitanhasROYALE, A U R U M , a n d N E B U L A f o r t h i s s e g m e n t . T h e s e p r o d u c t s H a v e s p e c i a l t i e s l i k e european leather, sapphire crystal, scratch resistant, crafted with 18 ct. Solid gold &inlaid with precious stones.

Second Segment: For this segment also, watch is all about fashion but price does matter to them. In This range, Titan has RAGA, TECHNOLOGY, FAST TRACK etc. These products have digital technology & of trendy shapes. Always splash oomph onto your ward robes and smear danger on your look.

Third segment: For this segment, watch is just an device to show the time. They i n v e s t a f t e r a l o t o f t h o u g h t s . I n t h i s c a t e g o r y, T i t a n h a s T I M E X , S O N A T A , KARISHMA, etc.

Psychographic Segmentation: Buyers are divided into different groups based on personality, values, belief, Lifestyle, motivation, etc. People within the same demographic group can exhibit very Different psychographic profiles. Lifestyle: People generally exhibit different lifestyle depending upon their income, socia group etc. People usually buy the product which suit their lifestyle.

TITAN PERSPECTIVE

According to the life style of people Titan has segmented its product to fit the box. Like in the luxury section it has NEBULA, AURUM etc. In the mid-premium section RAGA, GOLD-STEEL, TECHNOLOGY, etc. And in the mass section, it has SONATA, TIMEXand KARISHMA. Personality: Marketers can use personality variables to segment markets. They end their products with brand personalities that correspond to consumer personalities.
TITAN PERSPECTIVE

Titan advertises its products by portraying movie stars as user of its products and it offers a lot of option to its customers. For example:In economy category, 60 products In luxury category, 26 products In sports & casual category, 76 produc ts In fashion category, 99 products In formal category, 14 products Values: Values affect customer behavior in the long run. Marketers can use values and beliefs to segment the markets.

TITAN PERSPECTIVE

Time has the same value for all irrespective of cast, creed and sex. Still, T i t a n successfully segmented its products according to customer values. But it is basically related to type of generation they are in to. So, the segmentation is also related to that.

BEHAVIORALSEGMENTATION:

Organizations can divide markets on the basis of behav ior that consumer shows towardstheu s a g e o f t h e p r o d u c t s . V a r i o u s v a r i a b l e s f o r s e g m e n t i n g m a r k e t o n t h e b a s i s o f p u r c h a s e behavior of customers are occasions, benefits, user status. Usage of the products. Various variables for segmenting market on the ba s i s o f p u r c h a s e behavior of customers are occasions, benefits, user status, usage rate, loyalty, etc. Occasions: Markets can be classified on the basis of various occasions that customers encounter because people need different products for different occasions.
TITAN PERSPECTIVE

Titan also offers occasion specific products like Formal (NEBULLA, STEEL, RAGA, GOLD&STEEL), Dress wear (REGALIA, RAGA, GOLD&STEEL, ROYALE), Fashion (TECHNOLOGY, STEEL, RAGA, GOLD&STEEL, FAST TRACK)

Benefits: Market is divided on the basis of the benefits customers s e e k f r o m t h e products. Benefit segmentation can be used to position various brands within the same product category.

TITAN PERSPECTIVE

Titan product has benefits like: It provides the TITANWORLDSERVICE CENTRE in 174 towns. It provides a huge product range to choose from. Its products have good life cycle.

Usage Rate : The usage rate of a particular product/service can be divided into heavy, medium and light. Marketers are usually attracted to heavy users than other type of users. Loyalty Status: The loyalty status of a particular market can be divided into different groups, according to the intensity of their loyalty to these brands.
MARKET SEGMENTATION PROCEDURE

It is a three step procedure:

1. Service stage: Here the researcher conducts exploratory interviews and focused groups to gain insights into consumer motivations attitudes and behaviors. Then the researcher prepares a questionnaire and collects data on attributes and their importance ratings, brand awareness and brand ratings, product us age patterns, attitudes towards productc a t e g o r y a n d d e m o g r a p h i c s , g e o g r a p h i c , p s yc h o g r a p h i c s a n d m e d i a g r a p h i c s o f t h e respondents.

2. Analysis Stage: In this the researcher applies factor analysis to the data to remove highly correlated variables then apply cluster analysis to create specific number of maximally different segments.

3. Profiling stage: Here each cluster is profiled according to its distinguishing Attitudes, behavior, demographics, psychographics, and media graphics and media patterns. Each segment is given a name depending on its dominant characteristics. Market segmentation should be redone periodically because they change.
EFFECTIVE SEGMENTATION

For effective segmentation, segmentation variables need to exhibit certain characteristics. These are discussed below: Measurable: The variable used for the segmentation of the markets should be measurable to be effective. F o r e x a m p l e , a v a r i a b l e l i k e t h e p u r c h a s i n g p o w e r o f potential customer is measurable. Substantial: When dividing the market into segments, a marketer should take enough care to see that each segment consist of adequate number of customers worth catering to. Accessible: T h e s e g m e n t o f t h e m a r k e t t h a t a m a r k e t e r i s t r yi n g t o t a r g e t s h o u l d b e accessible to him. The appropriate selection of the media, its coverage and other factors Like the product distribution facilities play a major role in a mark e t e r b e c o m i n g accessible to customers. Differentiable: Each segment of the market should be different from others in terms of its needs and wants. Each segment requires different marketing strategies because it responds to different strategies differently. Actionable: A segmentation variable should help marketers develop effective marketing programs to attract and serve potential customers effectively.

TARGETING
It is the second stage of the Segment Target Position (STP) process. After the most attractive segments are selected, a company should not directly start targeting all these segments. The attractiveness of the segments is also depending on other important factors. In the main activity of defining a target market, four sub activities are given which are the bases for deciding on which segments will actually be targeted. The four sub activities within targeting are:

1. Defining the abilities of the company and resources needed to enter a market 2. Analyzing competitors on their resources and skills 3. Considering the companys abilities compared to the competitors 4. Deciding on the actual target markets. After the market has been separated into its segments, the marketer will select a segment or series of segment and target it/them. Resources and efforts will be targeted at the:

a)First: the single segment with a single product. In other word, the marketer targets single product offering at a single segment in a market with many segments. For example, Titans sub brand, Raga is targeting the upwardly mobile ladies in the upper premium segment

b) 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. For example, Sonata and Fast track brands of Titan are targeting mass and mid premium segment.

SONATA

C) Finally: There is a multi-segment approach. Here a marketer will target a variety of different 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. Following is the table which represents the various sub brands and their targeted segments of TITAN.

FASTRACK

P OSTIONING INTRODUCTION

The importance of an image has become an emotional part of ever y o n e . A b r a n d n a m e represents the image, character and personality of a brand. A brand

name should be clear, lucid, easy to remember, distinct from the competition and should not be generic to the category. It should become customer's Top of the mind brand (TOMB). Most successful brand names would s a t i s f y t h e s e c r i t e r i o n s t o q u i t e a n e x t e n t . B r a n d l o ya l t y i s o n e t h i n g w h i c h h a s m a d e t h e branding more popular. As someone rightly said "Brand loyalty is not dead, it's just more like loyalty to a girl/boyfriend than loyalty to a husband/wife. Vast flow of names today makes a brand harder to differentiate them unless they come out with their own uniqueness. This way, they could come to their special position in everyday life. Thei m a g e f o l l o w i n g a p a r t i c u l a r n a m e i s a l s o d e t e r m i n e d b y t h e r o l e o f c o m m u n i c a t i o n i t undergoes; of which the followings are included: its manner, personality, behavior, ethics, values, etc. The importance of brands depends on the true ambitions of the company. The increasing spread and domination of international brands has seemed inevitable for at least the last 30 years. All around the world we have witnessed the disappearance of local brands and local variants. But despite this trend, local and regional brands still remain strong. In India, for example, protected for many years by government policy from the invasion of foreign brands, homegrown brands dominate many sectors Tata automobiles and Titan watches, to name but a few. In the end people want both global and local brands - brands that make them feel part of wider international community and brands that root them in their home culture.

TITAN PERSPECTIVE

A. Titan initially pioneered the concept of "Gifting watches". The ads captured the essence of gifting and along with the trendy music, easily caught the imagination of the market. Customers who were fed up with ugly time machines welcomed the brand and Titan hada dream run for many years. Titan then moved away from gifting. Titan was positioning itself as a fashion accessory rather than a time keeping device. Titan also found its persona in MR.Aimerkhan This provided the much needed edge to the brand. Titan was careful in keeping the brand above the celebrity. The ads were fresh and neatly executed. The idea was to make watches that would be seen as style and fashion accessories rather than just utilitarian devices. The company decided to use Aamir in brand and product communication on television and in the print and outdoor

media. Though, the vast distribution and service network of TIL had served as an effective entry barrier in the 1990s, foreign brands were becoming increasingly popular in the early 2000s, thanks to the paradigm shifts in the retail scenario and the growing affluence of the Indian consumers. And TIL found that it was not safe even at the bottom of the pyramid. The grey market with cheap Chinese imports and the unorganized sector had cornered a sizable chunk of the low-end market. The appointment of Aamir Khan as brand ambassador for the Titan brand was seen as an attempt to broad base the appeal of the Titan brand.

B. Titan also was pushing another strategy. Watches were perceived as a onetime buy and consumers seldom owned multiple watches. So Titan pushed the concept of "Matching Watches to Clothes in the recent commercials. Since men are becoming more serious customers of fashion accessories, this is strategy that is worth trying out. For Titan, even if the concept fails, It has created the much needed freshness in the brand.

C. Earlier Fastrack was targeted at 20 -25 year olds and positioned along the line " Cool watches from Titan". Then the company found out that the youth in the age group of 1 1 - 2 0 ye a r s a c c o u n t f o r 4 2 % o f w a t c h b u yi n g i n I n d i a . B a s e d o n t h i s i n s i g h t , t h e company relaunched the brand lowering the target segment to 18 30 year olds with the baseline How many you have?". Again the strategy aimed at promotingmultiplew a t c h o w n i n g c o n c e p t s . F a s t r a c k a l s o l a u n c h e d a r a n g e o f f a s h i o n a c c e s s o r i e s l i k e Sunglasses trying to be a lifestyle brand.

Positioning
WATCHES Raga The slimmest watch in the universe All good things are packaged small. Or we can say they are packagedslim. Titan presents a large range of Titan Edge watches the slimmest in the world. Clean cut, elegant designs that speak of who you are. Go ahead; choose a style that says so much with so little. And you can see it is adding an edge to your persona.

Orion A unique range of watches inspired by the astral wonders of the universe. The collection celebrates the intelligence and masculinity of todays men. Octane Be speed, be more A range of high octane sports watches personifying speed and power with multi-functions, retrograde, analog-digital and chronograph. Nebula Inspired by the noble metal. Titan presents a classic collection of stunning jewelry watches-NEBULA. Crafted superbly from 18 karat solid gold and inlaid with precious stones, each piece comes with a lifetime guarantee. Zoop Titan presents Zoop- timepieces for young stars. Take your pick from floral, butterfly, duckling, and base ball themed watches or go digital with features such as dual time, countdown timer, 50 yr calendar, compass, stopwatch, alarm, EL backlight and more. WWF Titan & WWF have joined hands to celebrate the beauty & behavior of six endangered species with the launch of six new animals themed watches. A part of the proceeds from every watch sale is contributed to WWF towards the preservation of these animals. Raga Unveil the real you, Be more The magic of ornate motifs and blushing enamel casts a spell on you.From intricate dials glowing with inner radiance, to delicate bracelets that flow around you in familiar embrace. The essence of woman, Revealed at last.
FASTRACK

Titan Fast track is positioned as an essential thing for the trendy youth of today. With its special offerings it is really serving the urban youth. Its strongest offerings are availability and affordability. Titan Eye+ T i t a n I n d u s t r i e s o f f e r s s u n g l a s s e s u n d e r i t s F a s t r a c k brand. Prescription eyewear such as lenses and contact lenses is also part of the range. Titan Eye + offers frames, sunglasses, and accessories of Titan. Tanishq Coolers of Royalty: Colored jewelry corrected the impression of tanishq having only modern design.

 Aarka: Positioned tanishq as high fashion 22 karat gold collection. Fashion earrings: collection of studded jewelry, an attempt to move tanishq from being a traditional studded collection.

Brand Positioning of Tanishq P r o m i s e o f p u r i t y a n d a u n i q u e e x p e r i e n c e . D e s i g n a n d r e t a i l innovatin have been the hallmark of tanishq all these years. Promise of purity and unique experience Design and retail innovation have been the hallmark of tanishq all these years First and only jeweler to guarantee the purity of its gold jewelry and certifies the quality of its diamonds and colored gems in writing. Trust It has established itself as a highly ethical player in a market that was rated as having the highest incidents of under karat age. They even have gold meters where one can check the purity of the gold. Luxury Tanishq also has been positioned as a branded jewelry of luxury rather than commodity. It moves jewelry beyond investments to the fashion and adornment sector. Superior Product In order to compete with the regional players tanishq introduced the concept of consistency in delivering promise T a n i s h q i s k n o w n f o r i t s a b i l i t y t o d e v e l o p s p e c i a l i z e d d e s i g n collection21 It is the only jewelers that house a fully fledged design studio w i t h a t e a m o f s e v e r a l i n t e r n a t i o n a l a w a r d s w i n n i n g I n d i a n designers. Offer a totally new perspective to jewelry buying especially when it comes to exquisite oriental jewelry.

MARKETING MIX

PRODUCT STRATEGY: product strategy titan started making and marketing over 6 million watches titan used an aggressive approach in producing its product. usually the quality of watches were contemporary in style titans produced new models and dials at regular intervals. CONTINUATION:

CONTINUATION. Titan started producing quartz watches. It produced more than 1000 models in corporate world trends. Titan produced watches which matched ones dress on occasions and even it produced jewelry watches. Finally it launched nebula which were gold plated watches.
PRICE STRATEGY:

PRICE STRATEGY Initially titans produced watches were sold at a mere price rate. Gradually titan quartered two distinct segments - RS 9000 to RS 15000 (medium category) and RS 15000 to RS 80000 (top of the line category). It emerged its business by successfully tapping the middle and the upper market segments which produced watches costing more than RS 500. CONTINUATION: Continuation. It conferred a dominant position in the market by pricing its watches at a range of RS 350-500 It even produced high priced watches for the upper class society named-NEBULA costing around 5950-32000 Designed watches for children DASH and priced them at a cost of RS 250-395 And finally in the year 1999-2000 titans sales turnover came to RS 630 cr. , net profits were 19.2 cr. And watch business generated 20% return on capital employed.

Promotion strategy: Promotion strategy Titan , started promoting both of its kinds mechanical and quartz. The promotion was so vigorous that market got an impression titans the first to produce quartz watches , but HMT had already introduced it back in 1981 It started selling and promoting its watches in two segments person to person gifting , and using it as a corporate gift. Titan made its product available at localities such as , bookstores , gift shops and boutiques.

Continuation.:
Continuation. It followed a principle , ONCE YOU HAVE TARGETTED YOUR CUSTOMER , FOLLOW HIM WHEREVER HE GOES. Titan voted for showrooms idea and started franchising a network of trends titan showrooms. It spent over RS 20 cr /yr. for promotion in the initial years One of its SALES PROMOTION scheme was GOLD BONAZA , which offered a

first prize of jewelry worth RS 1.5 lakes and RS 1 lakes in cash. Further it allocated a promotion budget of RS 42 cr. as compared to 35 cr. the prev. year.

PLACE STARTEGY:

PLACE STARTEGY The companys watches are currently sold in about 40 countries of the world , through marketing subsidiaries based in London , Dubai , and Singapore. It has more than 6000 retail shops spread through out the country , covering 1200 towns. Currently titan has spread over 350 shops in the UAE , OMAN , BAHRIAN , and QATAR.

LATEST DEVELOPMENT IN TITAN

collection, Titan sets new ... The new Edge with less than 4mm casing redefines the standards for slim watch ... Development Corporation (TIDCO) commenced operations in 1987. Growth Rate: Titan is maintaining a growth rate of 30-35%.Future Plans. Titan is planning to roll out its own Swiss made premium watches brand ` Xylys by August 2007, in order to lure the watch market. Xylys would be competing with premium international brands including Tissot and Rado. Titan is aiming to be a$1 billion company by 2010(Rs 4,700) core hence acquiring a threefold growth. Titan has realized the demand of the society and has marketed its products for each of the following social strata.

RESEARCH METHODOLOGY SECONDARY DATA: The secondary data is used to prepare this project. As the data is collection from secondary source it cannot be said as reliable source/evidence.

CONCLUSION, FINDING & RECOMMENDATION Titan is worlds sixth largest manufacturer plant for watches. It has achieved this position by its wonderful marketing strategies. From time to time, it has been involved in STP analysis to sustain its brand image and growth rate and also to become the leader in the Indian watch market. Through its meticulous segmentation, it has been able to reach out to every possible single segment of consumers. The product range varies from Rs.350 to Rs. 1, 00,000 covering all the economy and super premium segments. In addition to giving a tough competition to various Local brands in India, it is also a strong competitor of various leading International watch makers. The main competitors of Titan are Timex, Citizen, Esprit, and Swatch. HMT is its closest competitor in numbers. Titan manufactures over 7 million watches per annum and has a customer base of over 65 million. Titan has over 60 per cent of the domestic market share in the organized watch market. Its exclusive retail showroom chain World of Titan is amongst the largest in its category. Titan watches are sold through over 9,000 outlets in over 2,300 cities and internationally in over 30 countries including the UK, Spain, Greece and countries in the Middle East and Asia Pacific. Its after sales service is itself a benchmarked operation with a network of over 616 service centers and has one of the worlds fastest turnaround times.

BIBLOGRAPHY
WWW.TITAN.COM WWW.GOOGLE.CO.IN WWW.INFOSHINE.COM WWW.SCRIBD.COM WWW.WIKIPIDIA.COM

SWOT Analysis
Strength a) b) c) d) e) f) g) Weakness a).Waterproof watches not a part of its kitty. b).Rural India does not form a substantial part of customer base. c).kids is fascinated with mobile phone rather than watches and incidentally, they show the time Opportunities a).under-penetrated market for watches as only 35 %( approximately) of Indian population possess watches. b).watches positioned as a fashion wear rather than just utility products. c).with a changing consumer attitude, people like to possess multiple watches for different occasions and event. d).huge market in the exchange business. e).introducing waterproof watches. f).rural market may be tapped. Threats From competitors a).Japanese- citizen, Casio. The varied offering to diverse segment with a clear cut positioning. The quality of watches is impressive. Innovation is core to its strategy. Visual merchandizing has been titans strength ever since its inception. Good retail network by world of titan. Excellent customer service. International tie-up with Hugo boss and Tommy Hilfiger.

b).swiss-rolex, omega, rado, tissot, tag heur, etc. c).Chinese watches d).unorganized sector/ grey market. e).mobile phone and wall clocks are a substitute to watches. f).the fashion trend keep on changing.

MICHAEL PORTERS MODAL

BARRIERS TO ENTRY
Cluttered Market Lack of Differentiation

SUPPLIER POWER
No strong suppliers Lack bargaining power R i s e o f China, Taiwan as

DEGREE OF RIVALRY
Increased number of firm slow switching costs Strategic stakes is high

BUYER POWER
Price sensitivity, Buyers Preferences

low cost suppliers

THREAT OF SUBSTITUTES No close substitutes

1. Supplier Power:

TITAN has its own fully integrated operation for production of its watches. Titan has its own production facilities for which it has invested roughly 120 core rupees over the years, the m a n u f a c t u r i n g c a p a c i t y o f w h i c h i s 6 m i l l i o n u n i t s . A l s o t h e r e h a s b e e n a r i s e o f l o w c o s t producers in China & Taiwan which has provided an opportunity for watch makers to outsource watches at low cost, just as Titan has done to outsource the components for Dash. Due to the large supply of watch movements available, there is little supplier power in the watch market. 2. Buyer Power: The TITAN watch buyers are very price sensitive, especially in the l o w e r e n d o f t h e market. There is still a huge untapped market in India with market penetration of only 20 units per thousand people while the world average is more than 100. At the same time there are s egment of people who are willing to pay a premium for watches with good performance and with a recognized brand name. So understanding the buyers preferences is very crucial in this industry in order to gain a substantial market share. 3. Entry Barriers: The Indian watch market in the recent years has shown a dramatic increase in the number of brands available in the market due to removal of quantitative restrictions. So the new entrant has to have an offering, which can be positioned and differentiated from the other players in the market. This could be either price or functional or emotional appeal. So the prime barrier for entry, in the current context, for a new entrant is to build a brand image and price competitively. 4. Threat of Substitutes: There are no such substitutes to watch as a product. However, in terms of the companies offering various variations for watches such as pendant watches and jewellery watches, some sort of substitution has developed. Rich consumers prefer to purchase watches more as a fashion accessory rather than simply for its typical use. 5. Degree of Rivalry: There are many companies in the Indian watch market; however, t h e p r o d u c t r a n g e s offered by them are manifold. This makes the competition very stiff. Also at the lower end of the market it is basically the Value for Money,

which differentiates the players. The strategic stakes for the producers are very high. Titan Ltd., the largest company in terms of market share in the organized sector has faced losses in the quarter ended June 2011 despite increase in the market share due to macroeconomi c situation. TITAN faced a similar Situation when Titan was introduced in the 1980s leading to a sharp fall in its market share.