BRAND EQUITY FOR TITAN

Saurav Miglani

2013G38

MBA EE (2013-16)

ABOUT TITAN

Titan Industries was established in 1984 as a joint venture between the Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO).

Titan is the largest watch company in India and the fifth largest in the world.

Its product portfolio includes watches, accessories and jewelry, in both contemporary and traditional designs. It exports watches to about 32 countries around the world with manufacturing facilities in Hosur, Dehradun, Goa

The company has manufactured more than a 100 million watches till date; and has a customer base of over 80 million.

Titan is one of India's leading watch brands that brought about a paradigm shift in the Indian watch market , offering quartz technology with international styling.

TITAN WATCH DIVISION

Titan Watch division was started in 1987.

At launch it was the third watch company in

India after HMT and Allwyn.

Titan formed a joint venture with Timex, which

lasted until 1998, and set up a 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.

BRAND PORTFOLIO

Titan Edge - World’s slimmest watch (at 3.45mm) that epitomizes the philosophy ‘less is more’.

Titan Raga - a feminine and opulent accessory for today's affluent woman

Nebula - watches crafted with solid 18k gold and precious stones

Sonata - India's largest selling watch brand to suite the common man's wallet

Xylys - a Swiss-made, impeccably designed watch for the connoisseur and new age achiever

Fastrack – watches created to accessories the trendy youth of today

The watch division also boasts of collections such as Automatic, Heritage, Nebula, Orion, Raga, Zoop and series like Aviator, Octane and WWF.

NETWORK OF DEALERS AND SERVICE

CENTERS

CBBE- CONSUMER BASED BRAND EQUITY

Target segment – Young IT professionals

between the age groups of 25-32 years, with

yearly incomes ranging from 4-10 lakhs.

A consumer survey was conducted on the target

segment to understand the brand equity of Titan

using Kellers four steps of brand building.

A total of 23 respondents were asked to respond

to a survey consisting of 28 questions.

Salience: Strong Depth –Moderate Breadth

• High top-of-mind recall (74%)

• Strong and clear category membership in watch category

• Breadth-Consumers think of Titan as a gifting option during special occasions

• Reliable (91%)

• Easily serviced ( 82%)

• Only 44% respondents like

the look, feel and design

• Highly Competent but not

exciting and rugged

• Daily and weddings wear , not

at all a party or picnic wear

watch

• High Quality

• Value for money

(69%)

• Low brand

consideration

• Low brand

superiority vs.

foreign brands

• Warmth

• Self respect

• Security & Social

approval

• No Fun and

Excitement

• Very Little

Loyalty (17%)

• No sense of

community

• No Engagement

Brand Resonance Pyramid

SALIENCE

The depth of brand awareness is strong as

the brand exhibits high top-of-mind recall

among consumers (74%) when choosing

watches, its main product category. Also,

74% of the consumers can recall the symbol

or logo of Titan.

Moderate Breadth- 61% of respondents think

of Titan as a gifting option for special

occasions.

Q-When you think of wrist watches , which is the

brand that first comes to your mind?

1- Strongly disagree

5- Strongly agree

PERFORMANCE

91% of the respondents think that the brand is

very reliable . The brand has performed

consistently over time .

82% of the respondents believe that the watches

can be easily serviced and are happy with the

network of service centers that the brand has.

(751 service centers in 358 towns).

56% of the respondents don’t like the look , feel

and design of titan watches.

With its watches priced at low to medium price

range , titan makes quality watches affordable

for everyone.

IMAGERY

Titan has a strong brand history , having been

established in India for more than 25 years.

The brand exudes a competence, sincere and

sophisticated image but people do not consider it

exciting or rugged.

58% of respondents consider it as a daily wear

watch , another 27% considering it as a

wedding/occasional wear.

Consumers do not think of Titan watches as

party or picnic wear .

JUDGEMENT

100 % of the respondents perceive the

products as high quality. This could also

be because 69% of the respondents think

that the Titan products are value for

money .

Only 21% are considering to buy a Titan

watch in the next one year.

Very low brand superiority when

competing against foreign brands

1- Low Quality

5-High Quality.

1- Strongly disagree

5- Strongly agree

Q-It makes sense to buy Titan brand instead of any

other foreign brands, even if they are the same in

quality or price

1- Strongly disagree

5- Strongly agree

FEELING

The brand gives a feeling of Warmth, security,

social approval and self respect.

The brand needs to work upon adding Fun and

Excitement quotient.

RESONANCE

Only 17% consumers consider themselves loyal to

the brand which is very alarming for the brand.

If titan brand was not available , it would make

difference to 39% consumers if they had to use

another brand.

Medium attachment with the brand. (39% of

consumers will miss the brand if it went away)

No sense of community

No active engagement with the brand . Only 13%

consumers would be interested in merchandise

with Titan brand’s name on it.

RECOMMENDATIONS

The arrival of international brands at competitive

prices has had an impact on the brand Titan.

Affluent consumers do not consider titan watches as

superior to the international brands and are willing to

spend extra to upgrade to a foreign brand.

The brand needs to work upon the look, feel and

design for the target audience considered in the

analysis .

Even though 100% of respondents consider the brand

as high quality ,they don’t think watches are rugged.

This aspect needs to be communicated better.

Titan should project/design its watches as stylish

which are also suitable as party wear.